Global Atomic Announces Q3 2025 Results
NEWS RELEASE
Global Atomic Announces Q3 2025 Results
Toronto, ON, November 12, 2025: Global Atomic Corporation (“Global Atomic” or the “Company”), (TSX:
GLO, OTCQX: GLATF, FRANKFURT: G12) announced today its operating and financial results for the quarter
ended September 30, 2025. For more detail, please refer to the Condensed Interim Consolidated Financial
Statements and Management’s Discussion and Analysis for the three and nine months ended September
30, 2025, on the Company’s website at www.globalatomiccorp.com.
Stephen G. Roman, President & CEO of Global Atomic, commented, “During the third quarter of 2025, we
made significant progress on site earthworks and civil works for the foundations of the processing plant at
the Dasa Project . In addition, we continued to move closer to obtaining necessary approvals for the
financing required to complete the Dasa Project.”
“We’re pleased that our meetings with the U.S. development bank have continued through the U.S.
Government shutdown. Those meetings have been focused on completing the bank’s internal process to
prepare for their Credit Committee’s review and approval of our Dasa Project. Similarly, we have continued
meeting with a potential JV partner regarding a project level minority joint venture investment into our
SOMIDA subsidiary in Niger.”
“Until we obtain a commitment for funding the remaining capital to develop Dasa, we will manage capital
spending to conserve cash while maintaining key parameters on the Project’s critical path for completion.”
OUTLOOK
Dasa Uranium Project
The Company remains actively engaged with a U.S. Development Bank to establish a debt facility from
which the Company could draw funds to finance up to 60% of Dasa’s development costs.
The U.S. Development Bank has confirmed that their internal process to present and finalize the review
of the Dasa Project loan to its Credit Committee is nearing completion.
If approved by the Credit Committee, the Dasa Project loan will then move to the Investment
Committee and then the Board of Directors for final approval. We understand the US Development
Bank is working to a year-end approval timeline.
While working toward completion of the debt facility, the Company is also in active discussions
regarding a minority project level investment, representing a potential alternative to finance the Dasa
Project. Any such investment would be based on the int rinsic value of the Dasa Project as per the
Company’s 2024 Feasibility Study plus investments made by the Company to advance the Project since
that Study, and not the current price of the Company’s shares.
The Company is also pursuing other non-equity funding options.
The Company continues to manage its capital spending at the Dasa Project and subsequent to Q3 2025
completed a$37.1 million equity offering which will provide additional time to finalize project financing
on terms best suited to the Company while continuing to advance the Dasa Project.
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Turkish Zinc Joint-Venture
Higher zinc prices, improved availability of the joint -venture’s primary raw material; electric arc
furnace dust (EAFD) from area steel mills and lower input costs, are expected to contribute to
profitable operations for the balance of 2025.
Area steel mill productivity has stabilized since the earthquakes in early 2023 and the preceding COVID
pandemic.
HIGHLIGHTS
Dasa Uranium Project – Mine Development
Underground development, underway since November 2022, has ramped down to the third level
adjacent to the footwall of the ore zone with development waste being hauled to surface.
Waste development tonnes brought to surface include medium grade (3,000 to 5,000 ppm), low grade
(1,300 to 3,000 ppm) and mineralized waste (240 to 1,300 ppm), all of which can be processed during
the commissioning of the plant.
Ramping and underground level development will continue in order to facilitate stope access on five
mining levels in time for commissioning of the processing plant.
Underground ventilation, electrical services, and water management infrastructure upgrades are being
installed in coordination with the deepening of the mine.
Dasa Uranium Project – Plant Construction
Selection of long-lead equipment is complete. Manufacturing has been completed for many of these
components, many of which have been delivered to the Dasa site.
Our Engineering, Procurement and Contract Management (“EPCM”) contractors are completing the
final detailed engineering and ordering the remaining components for the Processing Plant.
The Company continued earth and civil works in Q3 2025 to prepare the site for construction of the
Processing Plant. To date, earthworks are largely complete and civil works contractors are currently
preparing foundations prior to equipment installation.
A 90-tonne crane arrived at site in Q3 2025 to facilitate construction and equipment installation.
The Company has completed the construction of additional housing for employees and construction
crews including a new 260-person housing facility. Final testing of electrical and plumbing systems is
underway.
Plant commissioning is subject to the timing of project financing.
Dasa Uranium Project – Niger Government Support
Continued dialogue with government officials at both the national and regional level have confirmed
strong support for the Dasa Project.
A recent video highlighting development work at Dasa and community engagement was distributed in
Niger via social media and national television in early October to help raise awareness with
stakeholders. The video was well received in country and is available for viewing on the Company’s
website.
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Turkish Zinc Joint Venture
The Turkish JV processed 25,147 tonnes EAFD and sold 8.1 million pounds of zinc in concentrate in Q3
2025.
The average monthly LME zinc price in Q3 2025 was US$1.28/pound compared to US$1.26/pound in
the same quarter of 2024.
For Q3 2025, the Company’s share of EBITDA was $2.6 million ($0.9 million in Q3 2024 ), and the
Company’s equity share of net income was $1.4 million ($0.3 million loss in Q3 2024).
The cash balance of the Turkish JV was US$4.2 million at the end of Q3 2025 (end of 2024 - US$4.4
million).
The revolving credit facility of the Turkish JV was US$0.7 million at the end of Q3 2025 (Global Atomic
share US$0.4 million) down from US$6.5 million at the end of 2024 (Global Atomic share – US$3.2
million).
Corporate
On October 23, 2025, Global Atomic closed a Bought Deal public offering for gross proceeds of $37.1
million at a price of $0.62 per Unit consisting of one common share and one common share
warrant. Net proceeds from the financing are being used for the a dvancement of the Dasa Project
and general working capital purposes.
Global Atomic received management fees and monthly sales commissions from the Turkish JV of $0.4
million in Q3 2025 compared to $0 in Q3 2024.
The Company’s cash balance as of September 30, 2025, was $5.0 million.
About Global Atomic
Global Atomic Corporation ( www.globalatomiccorp.com) is a publicly listed company that provides a
unique combination of high -grade uranium mine development and cash -flowing zinc concentrate
production.
The Company’s Uranium Division is currently developing the fully permitted, large, high grade Dasa
Deposit, discovered in 2010 by Global Atomic geologists through grassroots field exploration. The “First
Blast Ceremony” occurred on November 5, 2022, and commissioning of the processing plant is targeted
for H2 2026. Global Atomic has also identified 3 additional uranium deposits in Niger that may be
advanced with further assessment work.
Global Atomic’s Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. (BST) Joint
Venture, which operates a modern zinc recycling plant, located in Iskenderun, Türkiye. The plant recovers
zinc from Electric Arc Furnace Dust (EAFD) to produce a high -grade zinc oxide concentrate which is sold
to zinc smelters around the world. The Company's joint venture partner, Befesa Zinc S.A.U. (Befesa) holds
a 51% interest in and is the operator of the BST Joint Venture. Befesa is a market leader in EAFD recycling,
with approximately 50% of the European EAFD market and facilities located throughout Europe, Asia and
the United States of America.
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Key contacts:
Stephen G. Roman
Chairman, President and CEO
Tel: +1 (416) 368-3949
Email: [email protected]
Bob Tait
VP Investor Relations
Tel: +1 (416) 558-3858
Email: [email protected]
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
The information in this release may contain forward- looking information under applicable securities laws. Forward -looking
information includes, but is not limited to, statements with respect to completion of any financings; Global Atomics’ development
potential and timetable of its operations, development and exploration assets; Global Atomics’ ability to raise additional funds
necessary; the future price of uranium; the estimation of mineral reserves and resources; conclusions of economic evaluation;
the realization of mineral reserve estimates; the timing and amount of estimated future production, development and
exploration; cost of future activities; capital and operating expenditures; success of exploration activities; mining or proc essing
issues; curr ency exchange rates; government regulation of mining operations; and environmental and permitting risks.
Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “is expected”,
“estimates”, variations of such words and phrases or statements that certain actions, events or results “could”, “would”, “might”,
“will be taken”, “will begin”, “will include”, “are expected”, “occur” or “be achieved”. All information contained in this news
release, other than statements of current or historical fact, is forward -looking information. Statements of forward -looking
information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of
activity, perform ance or achievements of Global Atomic to be materially different from those expressed or implied by such
forward-looking statements, including but not limited to those risks described in the annual information form of Global Atomic
and in its public documents filed on SEDAR from time to time.
Forward-looking statements are based on the opinions and estimates of management at the date such statements are made.
Although management of Global Atomic has attempted to identify important factors that could cause actual results to be
materially different from those forward-looking statements, there may be other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and futur e
events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance
upon forward- looking statements. Global Atomic does not undertake to update any forward- looking statements, except in
accordance with applica ble securities law. Readers should also review the risks and uncertainties sections of Global Atomics’
annual and interim MD&As.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this news
release.