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Yahoo
6 days ago
- Business
- Yahoo
Global Atomic Announces Q2 2025 Results
TORONTO, Aug. 12, 2025 /CNW/ - 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 June 30, 2025. For more detail, please refer to the Condensed Interim Consolidated Financial Statements and Management's Discussion and Analysis for the three and six months ended June 30, 2025, on the Company's website at Stephen G. Roman, President & CEO of Global Atomic, commented, "During the second quarter of 2025, we continued with pre-development work at the Dasa Project with earthworks and civil works well underway at the plant site, and new worker accommodations and support facilities nearing completion." "We're pleased to report an increased pace of work with the U.S. development bank with a focus on the preparation of documentation to support Credit Committee review. Positive Credit Committee review will mark a significant step forward towards loan approval by the Bank's Investment Committee and Board of Directors. We are encouraged by the Bank's level of engagement and look forward to a successful outcome. In the meantime, we continue to advance other financing options, including a project level minority joint venture investment into our SOMIDA subsidiary in Niger." "With the closing of our C$24.8 million equity financing at the end of the second quarter we will manage capital spending to conserve cash while maintaining key parameters on the Project's critical path for completion. We will keep investors informed of any material developments in project financing." OUTLOOK Dasa Uranium Project The Company is actively engaged with a U.S. Development Bank to establish a debt facility to finance 60% of Dasa's development costs. The Bank provided its letter of interest in June 2022 and has undertaken due diligence and financing discussions since that time. In the interim several events, including the recent announcement of the nationalization of a gold mine, occurred in Niger that served to slow progress on our file. While development finance loans typically feature a longer timeline than commercial loans, the geopolitical situation in Niger has contributed to an even longer review and approval timeline. Notwithstanding, the Bank has continued to work on our project and has confirmed that their internal process to advance the approval of a debt facility for our Dasa Project is nearing completion. Once approved by the Credit Committee, the Dasa Project loan will then move to the Investment Committee and the Board of Directors for final approval. While working toward completion of the debt facility, the Company has also been 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 intrinsic value of the Dasa Project as per the Company's most current Feasibility Study plus investments made by the Company to advance the Project since that date, 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 to provide additional time to finalize project financing on terms best suited to the Company and its shareholders. Turkish Zinc Joint-Venture Better availability of this 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 in the second half of 2025. Area steel mill productivity has stabilized since the earthquakes in early 2023 and the preceding COVID pandemic. Zinc prices, like the price of many critical minerals, are expected to be volatile during the year amid global tariff talks. Q2 2025 HIGHLIGHTS Dasa Uranium Project – Mine Development Underground development, underway since November 2022, is now ramping 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 to facilitate stope access on five 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 of many of these components has been completed and 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 earthworks in Q2 2025 to prepare the site for construction of the Processing Plant. To date, multiple tiers of earthworks have been completed and handed over to the civil works contractors who are preparing foundations prior to equipment installation. A 90-tonne crane is scheduled to arrive at site in August to facilitate the equipment installation. The Company is completing additional housing for employees and construction crews including a new 260-person housing facility that includes recreation facilities. Plant commissioning is subject to the timing of project financing. Dasa Uranium Project – Niger Government Support During a recent trip to Niger, President & CEO Stephen G. Roman met with Mines Minister Abarchi and U.S. Ambassador Kathleen FitzGibbon, both of whom continue to strongly support Global Atomic, SOMIDA and the Dasa Project. Turkish Zinc Joint Venture The Turkish JV processed 10,728 tonnes EAFD and sold 13.2 million pounds of zinc in concentrate in Q2 2025. The average monthly LME zinc price in Q2 2025 was US$1.18/pound compared to US$1.31/pound in the same quarter of 2024. The Company's share of EBITDA was $2.6 million in Q2 2025 ($2.8 million in Q2 2024), and the Company's equity share of net income was $0.6 million ($0.8 million in Q2 2024). The cash balance of the Turkish JV was US$3.7 million at the end of Q2 2025 (end of 2024 - US$4.4 million). The revolving credit facility of the Turkish JV was US$3.1 million at the end of Q2 2025 (Global Atomic share – US$1.5 million) down from US$6.5 million at the end of 2024 (Global Atomic share – US$3.2 million). Corporate On June 26, 2025, Global Atomic closed a private placement for gross proceeds of $24.8 million at a price of $0.80 per Unit consisting of one common share and one common share warrant. Net proceeds from this financing are being used for the advancement of the Dasa Project and general working capital purposes. During Q2 2025, Global Atomic received management fees and monthly sales commissions from the Turkish JV of $0.2 million in Q2 2025 compared to $0.3 million in Q2 2024. The Company's cash balance as of June 30, 2025 was $25.8 million. About Global Atomic Global Atomic Corporation ( 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. 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 processing issues; currency 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, performance 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 future 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 applicable 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. SOURCE Global Atomic Corporation View original content to download multimedia: Fehler beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten
Cision Canada
26-06-2025
- Business
- Cision Canada
Global Atomic Announces Closing of C$24.8 Million Private Placement
, June 26, 2025 /CNW/ - Global Atomic Corporation (" Global Atomic" or the " Company") (TSX: GLO, OTCQX: GLATF, FRANKFURT: G12) is pleased to announce the closing of its previously announced non-brokered private placement (the " Offering") for gross proceeds of C$24,839,160 from the sale of 31,048,950 units of the Company (each, a "Unit") at a price of C$0.80 per Unit. Red Cloud Securities Inc. and Canaccord Genuity Corp. (collectively, the " Finders") acted as finders in connection with the Offering. Each Unit consists of one common share of the Company (each, a "Common Share") and one common share purchase warrant (each, a " Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share at a price of C$1.00 at any time on or before June 26, 2028. The Company intends to use the net proceeds from the Offering for the advancement of the Dasa Project and for general working capital purposes. The Offering remains subject to the final approval of the Toronto Stock Exchange (the " TSX"). The Units were sold to purchasers resident in Canada pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (" LIFE Units"), and purchasers resident in certain offshore foreign jurisdictions pursuant to applicable regulatory requirements and in accordance with OSC Rule 72-503 - Distributions Outside Canada (" OSC 72-503"). The Units sold to purchasers in the United States were issued on a private placement basis pursuant to one or more exemptions from registration requirements of the United States Securities Act of 1933, as amended (the " U.S. Securities Act"). The LIFE Units and Units issued under OSC 72-503 are immediately freely tradeable under applicable Canadian securities laws. As consideration for their services in connection with the Offering, the Finders received a total cash commission of C$1,180,958 and were issued 1,526,198 non-transferable warrants of the Company (the " Finder's Warrants"). Each Finder's Warrant entitles the holder thereof to purchase one Common Share at a price of C$0.80 at any time on or before June 26, 2028. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. About Global Atomic Global Atomic Corporation ( 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 scheduled for H2 2026. Global Atomic has also identified 3 additional uranium deposits in Niger that can 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. 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 financing and use of proceeds; 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 processing issues; currency 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, performance 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 future 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 applicable 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.
Yahoo
25-06-2025
- Business
- Yahoo
Global Atomic Announces Results of Annual Meeting
TORONTO, June 25, 2025 /CNW/ - Global Atomic Corporation ("Global Atomic" or the "Company") (TSX: GLO) (Frankfurt: G12) (OTCQX: GLATF) today announced shareholder voting results from the Annual General and Special Meeting of Shareholders held June 25, 2025. A total of 137,372,872 common shares representing 44.59% of the common shares outstanding as of the Record Date; May 6, 2025 were voted. Directors were elected to the Board as per the voting results in the table below: Director Nominee Votes For % Withheld % Tracey J. Arlaud 108,271,732 99.78 230,666 0.21 Asier Zarraonandia Ayo 108,239,863 99.76 262,535 0.24 Dean R. Chambers 108,243,431 99.76 258,967 0.24 Richard R. Faucher 107,680,724 99.24 821,674 0.76 Fergus P. Kerr 108,276,751 99.79 255,647 0.21 Derek C. Rance 91,947,244 84.74 16,555,154 15.26 Stephen G. Roman 107,737,912 99.29 764,486 0.70 Shareholders also approved the re-appointment of Ernst & Young LLP as Auditors of the Company and all unallocated entitlements under the Corporation's stock option plan for the ensuing three years. About Global Atomic Global Atomic Corporation ( 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 scheduled for H2, 2026. Global Atomic has also identified 3 additional uranium deposits in Niger that can 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. 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 processing issues; currency 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, performance 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 future 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 applicable 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. SOURCE Global Atomic Corporation View original content to download multimedia:
Yahoo
17-06-2025
- Business
- Yahoo
Global Atomic Announces Private Placement of up to C$30 Million
/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ TORONTO, June 17, 2025 /CNW/ - Global Atomic Corporation ("Global Atomic" or the "Company") (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) is pleased to announce a non-brokered private placement (the "Offering") for gross proceeds of up to C$30,000,000 from the sale of up to 37,500,000 units of the Company (each, a "Unit") at a price of C$0.80 per Unit. Canaccord Genuity Corp. and Red Cloud Securities Inc. will be jointly acting as a finder in connection with the Offering. Each Unit will consist of one common share of the Company (each, a "Common Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Common Share at a price of C$1.00 at any time for a period of 36 months following the issue date. The Company intends to use the net proceeds from the Offering for the advancement of the Dasa Project and for general working capital purposes. Global Atomic President and CEO, Stephen Roman stated, "Today's offering will support continued development work at Dasa. We have mitigated the size of this offering by slowing our capital spending, which will continue until we have secured our primary funding commitments. "We continue to work on several financing solutions and remain very upbeat about securing a financial commitment soon. We are actively working with the U.S. development bank on final preparations for their presentation to their credit committee. Simultaneously we have reached agreement with a JV partner on the major terms of an agreement for them to take a minority interest at the project level. The Company also continues to assess non-equity interim financing options." Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions ("NI 45-106"), up to 25,000,000 Units that may be sold under the Offering, representing gross proceeds of up to C$20,000,000 (the "LIFE Units") will be offered for sale to purchasers in all of the provinces of Canada (the "Canadian Selling Jurisdictions") pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the "Listed Issuer Financing Exemption"). The Common Shares issuable pursuant to the sale of the LIFE Units are expected to be immediately freely tradeable under applicable Canadian securities legislation if sold to purchasers resident in Canada. All Units sold in the Canadian Selling Jurisdictions but not under the Listed Issuer Financing Exemption (the "Non-LIFE Units") will be offered pursuant to the accredited investor exemption outlined in Part 2 of NI 45-106. The Units may also be sold in offshore jurisdictions and in the United States on a private placement basis pursuant to one or more exemptions from the registration requirements of the United States Securities Act of 1933 (the "U.S. Securities Act"), as amended. The closing of the Offering is expected to occur on or around June 25, 2025 and is subject to receipt of all necessary regulatory approvals including the Toronto Stock Exchange (the "TSX"). Finder's fees will be payable in accordance with the policies of the TSX. There is an offering document related to the LIFE Units being sold pursuant to the Offering that can be accessed under the Company's profile at and on the Company's website at Prospective Canadian investors purchasing under the Listed Issuer Financing Exemption should read this offering document before making an investment decision. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. About Global Atomic Global Atomic Corporation ( 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 scheduled for H2 2026. Global Atomic has also identified 3 additional uranium deposits in Niger that can 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. 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 processing issues; currency 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, performance 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 future 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 applicable 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. SOURCE Global Atomic Corporation View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
13-05-2025
- Business
- Cision Canada
Global Atomic Announces Q1 2025 Results
TORONTO, May 13, 2025 /CNW/ - 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 March 31, 2025. For more detail, please refer to the Condensed Interim Consolidated Financial Statements and Management's Discussion and Analysis for the quarter ended March 31, 2025, on the Company's website at Global Atomic President and CEO, Stephen G. Roman commented, "During the first quarter of 2025, progress continued at the Dasa Project. Earthworks and civil works are advancing and large components for the process plant are now arriving on site. Transport through Nigeria has proven to be an effective alternative route, which gives us more flexibility in bringing materials and equipment to site." "In early May, we achieved a significant milestone of 1,000 days with no lost time injury, which is a testament to the strong safety culture that governs our operations in Niger." "Our Turkish zinc joint venture has returned to profitability, even though steel mills in the region who supply our primary raw material, electric arc furnace dust, are operating at only 70% of their designed capacity." "Financing arrangements for the Project continue and we expect to be in a position to provide further announcements prior to the end of June as we previously indicated." Dasa Uranium Project The Company is actively engaged with a U.S. Development Bank to establish a debt facility to finance 60% of Dasa's development costs. The Bank has confirmed that their internal process to advance the approval of a debt facility for our Dasa Project is proceeding and is expected to occur during Q2 2025. Once approved by the Credit Committee, the Dasa Project loan will then move to the Investment Committee and the Board of Directors for final approval. While working toward completion of the debt facility, the Company has also been involved in discussions with parties regarding a minority project level investment, representing potential alternatives to finance the Dasa Project. Any investment would be based on the intrinsic value of the Dasa Project as per the Company's most current Feasibility Study plus investments made by the Company to advance the Project since that date, and not the current price of the Company's shares. The Company is also in discussions with a well-known uranium industry group regarding a limited, non-equity investment. These potential transactions could eliminate the need for a near term equity financing, allowing the Bank and any other project level investors sufficient time to complete their approval processes and commit funds for the Dasa Project. The Company continues to manage its spending to provide additional time to finalize project financing on terms best suited to the Company and its shareholders, without coming back to the equity market in the near term. Uranium Prices During Q1 2025, spot Uranium prices traded down from near $75/pound U 3 O 8 to slightly below $65/pound U 3 O 8, still well above Dasa's AISC of $35.70/pound, as per the 2024 Feasibility Study. Since quarter end, spot uranium prices have risen to approximately $70 per pound U 3 O 8. Long-term contract prices have remained steady at $80 per pound U 3 O 8. The fundamentals and dynamics that affect the spot and long-term prices are different. In the spot market, the current price is the result of several factors including utilities waiting to assess the ramifications of U.S. imposed tariffs, financial players stepping in and out of the spot market and the outsized effect on often small volume trades by traders on prices. The long-term price is the basis of pricing for multi-year utility off-take agreements and features less volatility than the thinner, more speculative spot market. Globally, the uranium industry continues to experience greater acceptance and expansion as a critical element in the global, carbon free, energy supply. The longer-term outlook for both the spot and long-term market is expected to be robust as demand outstrips supply due to unprecedented growth in the number of nuclear reactors, including small nuclear reactors (SMRs) as well as growing demand for energy to power data centers and artificial intelligence ("AI") systems. Turkish Zinc Joint-Venture The Company anticipates its Turkish JV will perform strongly in 2025 as area steel mill activity has returned to pre-Covid levels. Better availability of this operation's primary raw material, electric arc furnace dust (EAFD), from area steel mills, and lower input costs are expected to contribute to profitable operations in 2025. Zinc prices, like the price of many critical minerals, are expected to be volatile during the year amid global tariff talks. HIGHLIGHTS Dasa Uranium Project – Mine Development Underground development, underway since November 2022, has now reached 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. Recently, paving of the underground ramp was completed to ensure durability as this ramp will be the primary access by the mining team and the haul route for ore delivery to surface for stockpiling and processing. Ramping and underground level development will continue to facilitate stope access on five levels in time for commissioning of the processing plant. Underground electrical services and water management infrastructure upgrades are also underway. The Fresh Air Raise and Return Air Raise have been completed and fans installed to provide greater ventilation required as mine development is extended. On May 6, 2025, the Dasa Mine, operated by SOMIDA and overseen by Global Atomic Corporation, achieved and celebrated 1,000 days with no Lost Time Injury ("LTI"). Dasa Uranium Project – Plant Construction Procurement of long-lead equipment is complete. Manufacturing of many of these components has been completed and 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 earthworks in Q1 2025 to prepare the site for construction of the Processing Plant. To date, multi-tiered earthworks for the acid plant are complete and have been handed over to the civil works contractors to prepare foundations prior to equipment installation. The Company is completing additional housing for employees and construction crews including a new 260-person housing facility that includes recreation facilities. Dasa Uranium Project – Niger Government Support During a recent trip to Niger, President & CEO Stephen G. Roman met with Mines Minister Abarchi and also U.S. Ambassador Kathleen FitzGibbon both of whom continue to strongly support Global Atomic, SOMIDA and the Dasa Project. Turkish Zinc Joint Venture The Turkish JV processed 18,608 tonnes EAFD and sold 6.5 million pounds of zinc in concentrate in Q1 2025. The average monthly LME zinc price in Q1 2025 was US$1.29/pound compared to US$1.11/pound in the same quarter of 2024. The Company's share of EBITDA was $1.5 million in Q1 2025 ($0.7 million in Q1 2024) and the Company's equity share of net income was $0.3 million ($0.3 million in Q1 2024). The cash balance of the Turkish JV was US$0.4 million at the end of Q1 2025 (end of 2024 - US$4.4 million). The revolving credit facility of the Turkish JV was US$3.8 million at the end of Q1 2025 (Global Atomic share – US$1.9 million) down from US$6.5 million at the end of 2024 (Global Atomic share – US$3.2 million). On January 31, 2025, Global Atomic closed a private placement for gross proceeds of $35.6 million at a price of $0.80 per Unit consisting of one common share and one common share warrant. Net proceeds from this financing are being used for development of the Dasa Project and general working capital purposes. During Q1 2025, Global Atomic received management fees and monthly sales commissions from the Turkish JV ($0.3 million in Q1 2025 compared to $0.3 million in Q1 2024). The Company's cash balance as of March 31, 2025 was $21.4 million. The following table summarizes comparative results of operations of the Company: The condensed interim consolidated financial statements reflect the equity method of accounting for Global Atomic's interest in the Turkish JV. The Company's share of net earnings and net assets are disclosed in the notes to the financial statements. Mine Development Underground development, underway since November 2022, has now reached the ore zone with waste development tonnes now 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. Recently, paving of the underground ramp was completed to ensure durability as this ramp will be the primary access by the mining team and the haul route for ore delivery to surface for stockpiling and processing. Ramping and underground level development will continue to facilitate stope access (mining) on five levels in time for commissioning of the processing plant. Underground electrical services and water management infrastructure upgrades are also underway. As of the date hereof, the Dasa Mine, operated by SOMIDA and overseen by Global Atomic Corporation, has achieved 1,000 days with no Lost Time Injury ("LTI"). Plant Construction The Company continued earthworks in Q1 2025 to prepare the site for construction of the Dasa processing plant. To date, multi-tiered earthworks for the acid plant are complete and have been handed over to the civil works contractors to prepare the foundations. The Company is preparing the mine camp for additional housing for employees and construction crews and an additional 260-person housing facility is close to completion. Procurement of long-lead equipment is complete, with many items at manufacturing completion. Certain critical items like the SAG Mill, Crusher and Acid Plant are now at the Dasa site. Our EPCM contractors are completing the final detailed engineering and ordering the remaining components for the Processing Plant. Offtake Agreements In 2023, the Company executed three uranium offtake agreements for sales to North American utilities. These agreements total between 6.9 and 8.8 million pounds U 3 O 8 over 6 years beginning in 2026. The higher amount assumes the exercise of options available to the buyers. In 2024 the Company signed an offtake agreement with a Europe-based nuclear power utility to supply 260,000 pounds U 3 O 8 per year for three years beginning in 2026. This is the fourth such agreement signed by Company. Niger Political Situation The Niger government remains supportive of Global Atomic, SOMIDA and the Dasa Project. A site visit on May 3, 2024, by Mines Minister Abarchi noted that the Dasa Project, is strongly supported by the Niger Government, and is progressing well with high morale and effective teamwork across all areas including mining, construction, and community engagement. Further, on August 15, 2024, President Tiani and the Council of Ministers confirmed their support for the Company and the Dasa Project. In November 2024, the Government of Niger reaffirmed its strong support for the Dasa Project through direct engagement and facilitation of key operational and logistical matters by forming a dedicated Government Committee, comprised of representatives from all relevant ministries to streamline decision-making related to operations, logistics, and taxation. Logistical constraints, such as border closures, are being actively addressed at the highest levels of government, with alternative shipping routes being secured via Algeria, Nigeria, and Togo/Burkina Faso. This continued government support ensures that the project will not face regulatory hurdles or material operational delays, limiting the risks due to external geopolitical factors. Turkish Zinc JV EAFD Operations Global Atomic holds a 49% interest in Befesa Silvermet Turkey, S.L. ("BST" or the "Turkish JV") which owns and operates an EAFD processing plant in Iskenderun, Türkiye. The plant processes EAFD containing 25% to 30% zinc that is obtained from electric arc steel mills, and produces a zinc concentrate grading 65% to 68% zinc that is then sold to zinc smelters. The Company's investment is accounted for using the equity basis of accounting. Under this basis of accounting, the Company's share of the BST's earnings is shown as a single line in its Consolidated Statements of Income (Loss). The following table summarizes comparative results for Q1 2025 and 2024 of the Turkish JV at 100%: (1) EBITDA is a non-IFRS measure, does not have a standardized meaning prescribed by IFRS and may not be comparable to similar terms and measures presented by other issuers. EBITDA comprises earnings before income taxes, interest expense (income), foreign exchange loss (gain) on debt and bank, depreciation, management fees, sales commissions, losses (gains) on sale of property, plant and equipment. In Q1 2025, the Turkish JV sold 6.5 million pounds of zinc concentrate compared with 9.3 million pounds sold in the corresponding period last year. Despite lower volume of sales, EBITDA margin increased primarily due to higher average monthly LME zinc price, which increased to US$1.29 per pound in Q1 2025 from US$1.11 per pound in Q1 2024. The cash balance of the Turkish Zinc JV was US$0.4 million at March 31, 2025 (December 31, 2024 - US$4.4 million). The following table summarizes comparative operational metrics of the Iskenderun facility. Qualified Person The scientific and technical disclosures in this Management's Discussion and Analysis have been extracted from the 2024 Feasibility Study, which was reviewed and approved by Dmitry Pertel, MAIG, John Edwards, Hons., FSAIMM, Andrew Pooley, B. Eng (Hons)., FSAIMM who are "qualified persons" under National Instrument 43-101 – Standards of Disclosure for Mineral Properties. About Global Atomic Global Atomic Corporation ( 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 scheduled for Q2 2026. Global Atomic has also identified 3 additional uranium deposits in Niger that will 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. 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 processing issues; currency 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, performance 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 future 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 applicable securities law. Readers should also review the risks and uncertainties sections of Global Atomics' annual and interim MD&As.
