Global Atomic (GLO) Q3 2025 earnings summary

Executive summary

• Significant progress made on site earthworks and civil works for the Dasa Project processing plant foundations in Q3 2025.

• Continued engagement with U.S. development bank and potential JV partner for Dasa Project financing.

• Managed capital spending to conserve cash while maintaining project timelines.

• Turkish Zinc JV benefited from higher zinc prices, improved raw material availability, and lower input costs.

Financial highlights

• Turkish JV processed 25,147 tonnes EAFD and sold 8.1 million pounds of zinc concentrate in Q3 2025.

• Average LME zinc price in Q3 2025 was US $1.28/lb, up from US $1.26/lb in Q3 2024.

• Share of EBITDA from Turkish JV was $2.6 million in Q3 2025, up from $0.9 million in Q3 2024.

• Equity share of net income from Turkish JV was $1.4 million, compared to a $0.3 million loss in Q3 2024.

• Cash balance as of September 30, 2025, was $5.0 million.

Outlook and guidance

• Actively engaged with U.S. Development Bank for a debt facility to finance up to 60% of Dasa's development costs.

• U.S. Development Bank's internal review for Dasa Project loan nearing completion, targeting year-end approval.

• Exploring minority project-level investment and other non-equity funding options for Dasa.

• Plant commissioning at Dasa subject to timing of project financing.