Global Atomic (GLO) Q1 2025 earnings summary

Executive summary

• Advanced construction at the Dasa Uranium Project, with major equipment arriving and earthworks progressing.

• Achieved 1,000 days with no lost time injury at the Dasa Mine, reflecting a strong safety culture.

• Turkish zinc joint venture returned to profitability despite regional steel mills operating below capacity.

• Closed a $35.6 million private placement to fund Dasa development and working capital.

Financial highlights

• Q1 2025 revenues were C$286,757, up from C$271,463 in Q1 2024.

• Net loss of C$3,992,760 in Q1 2025 compared to net income of C$2,397,921 in Q1 2024.

• Basic and diluted net loss per share was C$0.01, versus earnings of C$0.01 per share in Q1 2024.

• Cash balance as of March 31, 2025 was C$21.4 million.

• Turkish JV share of EBITDA was $1.5 million in Q1 2025, up from $0.7 million in Q1 2024.

Outlook and guidance

• Actively working with a U.S. Development Bank to secure debt financing for 60% of Dasa’s development costs, with approval expected in Q2 2025.

• Exploring minority project-level investments and non-equity investments to avoid near-term equity financing.

• Turkish JV expected to perform strongly in 2025 as steel mill activity returns to pre-Covid levels.

• Robust long-term uranium market outlook due to growing nuclear reactor demand and AI/data center energy needs.