Global Atomic (GLO) Q1 2026 earnings summary

Executive summary

• Advanced mine development and process plant construction at the Dasa Project, with camp expansion completed and access opened to the 4th mining level.

• Actively pursuing non-equity financing options, including bank debt and JV partnerships, to fund project completion.

• Turkish Zinc JV remains debt-free, expects continued dividends, and benefits from higher zinc prices and lower input costs.

Financial highlights

• Turkish JV processed 13,931 tonnes EAFD and sold 8.7 million pounds of zinc in concentrate in Q1 2026.

• Share of EBITDA from Turkish JV was $3.6 million in Q1 2026, up from $1.5 million in Q1 2025; share of net income was $2.1 million, up from $0.3 million.

• Cash balance as of March 31, 2026, was $59.1 million.

• Raised approximately C$72.5 million through equity offerings in February 2026.

Outlook and guidance

• Process Plant commissioning scheduled for Q4 2027, with first Yellowcake shipments expected in H1 2028, subject to financing.

• Turkish JV expects to process similar EAFD volumes in 2026 as in 2025 and continue dividend payments.