Global Atomic (GLO) Q2 2025 earnings summary

Executive summary

• Pre-development work at the Dasa Project advanced, with earthworks and civil works underway and new worker accommodations nearing completion.

• Progress made with a U.S. development bank on debt facility documentation for Dasa Project financing; alternative financing options also being pursued.

• Closed a C$24.8 million equity financing at the end of Q2 2025 to support Dasa Project advancement and working capital.

Financial highlights

• Turkish Zinc JV processed 10,728 tonnes EAFD and sold 13.2 million pounds of zinc concentrate in Q2 2025.

• Average LME zinc price in Q2 2025 was US$1.18/lb, down from US$1.31/lb in Q2 2024.

• Share of EBITDA from Turkish JV was $2.6 million in Q2 2025 (vs $2.8 million in Q2 2024); equity share of net income was $0.6 million (vs $0.8 million in Q2 2024).

• Corporate cash balance as of June 30, 2025, was $25.8 million.

Outlook and guidance

• Actively engaged with a U.S. development bank to finance 60% of Dasa's development costs; internal approval process nearing completion.

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

• Turkish Zinc JV expects improved profitability in H2 2025 due to stabilized raw material supply and lower input costs.

• Zinc prices expected to remain volatile amid global tariff discussions.