Global Atomic (GLO) Q4 2024 earnings summary

Executive summary

• Advanced development of the Dasa Uranium Project, with mine opening in November 2022 and production startup now targeted for H1 2026 due to pending financing.

• Strong support from the Niger government, with high local employment and engagement with local suppliers.

• Turkish Zinc JV returned to profitability in 2024, benefiting from higher zinc prices and operational recovery post-2023 earthquakes.

Financial highlights

• Revenues for 2024 were C$859,341, up from C$689,996 in 2023.

• Net loss for 2024 was C$7.7 million, a significant improvement from a net loss of C$16.6 million in 2023.

• Basic and diluted net loss per share was C$0.04 in 2024, compared to C$(0.08) in 2023.

• Cash balance at year-end 2024 was C$18.7 million.

• Turkish JV share of EBITDA was $6.3 million in 2024, up from negative $2.4 million in 2023.

Outlook and guidance

• Dasa Project financing discussions ongoing with a U.S. Development Bank and potential JV partners; debt facility expected to cover 60% of development costs.

• Production startup for Dasa adjusted to H1 2026, with potential acceleration once financing is secured.

• Robust long-term uranium market outlook due to global nuclear reactor growth.

• Turkish JV expected to perform strongly in 2025 as steel mill activity rebounds.