Global Atomic (GLO) Q4 2025 earnings summary

Executive summary

• Advanced development at the Dasa Uranium Project, with significant progress in underground mine and surface infrastructure, moving closer to production.

• Achieved one million hours without a lost time incident at Dasa, reflecting strong safety culture.

• Maintained construction schedule through multiple equity financings and are pursuing debt/JV options to minimize further equity dilution.

• Strong government support from Niger, with high-level engagement and streamlined regulatory approvals.

Financial highlights

• Turkish JV processed 70,497 tonnes EAFD and sold 35.2 million pounds of zinc concentrate in 2025.

• Share of EBITDA from Turkish JV was $9.5 million in 2025, up from $6.3 million in 2024; share of net income was $2.3 million, up from $1.3 million.

• Cash balance of Turkish JV at year-end 2025 was $8.6 million, up from $4.2 million in 2024.

• Company cash balance as of December 31, 2025, was $13.1 million.

• Management fees and sales commissions from Turkish JV totaled $1.1 million in 2025, up from $0.9 million in 2024.

Outlook and guidance

• Actively engaged with a U.S. Development Bank for a debt facility to finance Dasa development.

• Negotiating with a potential JV partner for minority interest in Dasa as alternative financing.

• Exploring additional non-equity funding options.

• Turkish JV expected to process similar EAFD volumes in 2026 as in 2025.