Global Atomic (GLO) Q3 2024 earnings summary

Executive summary

• Underground mine development at the Dasa Uranium Project reached the ore zone, with ramp paving and major ventilation infrastructure completed, supporting continued ramp and level development.

• Plant construction at Dasa advanced, with earthworks, civil works, and major equipment procurement progressing; commissioning remains on track for Q1 2026.

• Turkish Zinc JV operations resumed full capacity after a planned maintenance shutdown and labor negotiations, with Q3 2024 zinc shipments totaling 4.0 million pounds.

• Niger government reaffirmed strong support for the Dasa Project, emphasizing its socio-economic importance.

Financial highlights

• Q3 2024 revenues were $2,306, down from $165,669 in Q3 2023, mainly due to Turkish JV maintenance and work stoppage.

• Net loss for Q3 2024 was $6.5 million, compared to a net loss of $0.8 million in Q3 2023.

• Turkish JV EBITDA share was $0.9 million in Q3 2024, reversing a $1.9 million loss in Q3 2023.

• Cash balance at September 30, 2024, was $4.2 million.

Outlook and guidance

• Dasa Project commissioning remains scheduled for Q1 2026, with project financing expected to close in Q1 2025.

• Turkish JV expected to be profitable in Q4 2024 due to high EAFD inventories and stronger zinc prices.

• Additional uranium off-take agreements are being pursued to secure future sales.