Global Atomic (GLO) Q2 2024 earnings summary

Executive summary

• Dasa Uranium Project remains on schedule for first yellowcake production in Q1 2026, with over 1,235 meters of ramp development completed and 7,000 tonnes of development ore hauled to surface.

• Plant construction advanced with earthworks, civil works, and arrival of a 250-person housing facility; acid plant fabrication completed and shipping underway.

• Turkish Zinc JV processed 19,162 tonnes of EAFD in Q2 2024, with zinc concentrate shipments totaling 7.4 million pounds.

• Corporate cash balance was $1.9 million at June 30, 2024; subsequent private placement raised C$20 million for project advancement and working capital.

Financial highlights

• Q2 2024 net income was $1.04 million, compared to a net loss of $6.22 million in Q2 2023.

• Revenues for Q2 2024 were $304,552, up from $202,273 in Q2 2023.

• Turkish JV EBITDA share was a gain of $2.8 million in Q2 2024, versus a loss of $1.4 million in Q2 2023.

• Turkish JV cash balance at quarter-end was US$5.1 million.

Outlook and guidance

• Dasa Project development to continue, targeting ore supply to the processing plant by end of 2025 and production start in January 2026.

• Construction team to expand from 450 to 900 workers as plant construction ramps up.

• Bank syndicate debt financing approval expected in Q3 2024; alternative funding options being pursued in parallel.

• Turkish JV expected to remain profitable in 2024 due to recovery in zinc prices and lower input costs.