Global Atomic (GLO) Q2 2026 earnings summary

Executive summary

• Construction at the Dasa Uranium Project is progressing, with underground ramp and lateral access drifts extended and strong safety performance maintained.

• The relationship with the Niger Government has been strengthened, highlighted by a successful site visit and publicized government support.

• Financing delays have shifted projected Yellowcake production to the second half of 2028, but the financing process is advancing.

Financial highlights

• The Turkish Zinc JV processed 8,620 tonnes EAFD and sold 3.5 million pounds of zinc in concentrate in Q2 2026.

• The average monthly LME zinc price in Q2 2026 was $1.57/lb, up from $1.18/lb in Q2 2025.

• The company's share of EBITDA from the Turkish JV was $1.0 million (Q2 2025: $2.6 million); share of net income was a loss of $0.8 million (Q2 2025: income of $0.6 million).

• Cash balance as of June 30, 2026, was $30.0 million.

• Dividends received from the Turkish JV totaled $3.9 million year to date.

Outlook and guidance

• Process Plant commissioning and first Yellowcake shipments are scheduled for H2 2028, contingent on project financing.

• Uranium price outlook remains strong, with spot prices between $83.35 and $86.90/lb and long-term contract prices rising to $97/lb in Q2 2026.

• Demand for uranium is expected to outpace supply due to growth in nuclear reactors and new energy needs.