Global Atomic Announces Q3 2026 Results

Global Atomic Corporation (GLO) reported its third-quarter 2026 financial and operational results, highlighting the Board’s approval of a US$414.2 million loan from the U.S. International Development Finance Corporation (DFC) for the Dasa Uranium Project. The company reduced total estimated capital costs for Dasa by US$34 million to US$743.6 million through the deferral of non-core expenditures.

A public equity offering closed on October 1, 2026, raised gross proceeds of US$57.0 million at $0.50 per unit, leaving a remaining equity requirement of US$53.8 million. Corporate cash balance declined to $4.2 million as of September 30, 2026. The Turkish Zinc Joint Venture contributed $0.2 million in net income and $3.9 million in dividends year-to-date.

Dasa construction progress includes four completed underground mining levels, 47% completion of the process plant civil works, and delivery of a new 260-person camp. DFC loan disbursement is subject to conditions including export route identification, mining permit harmonization, a U.S.-Niger government agreement, and definitive loan documentation, with drawdown targeted for Q2 2027.

Global Atomic Corporation (GLO) has secured approval for a loan from the US Development Finance Corporation (DFC), a move that validates the strategic importance of the Dasa project and secures the majority of its required financing. This approval, combined with a US$34 million reduction in project costs, improves the project's economic profile and extends the runway for the remaining capital raise.

Despite this progress, the company’s cash position of $4.2 million against a $53.8 million funding gap signals imminent capital needs. To mitigate further share dilution, Global Atomic Corporation plans to pursue offtake pre-payments, capped streaming deals, and subordinated debt.

This quarterly earnings update, released following the September DFC announcement and October equity raise, confirms the financing pathway and construction trajectory while highlighting near-term liquidity constraints.

Global Atomic Corporation operates the Dasa Uranium Project in Niger, where it holds an 80% interest via SOMIDA, and maintains a 49% stake in a Turkish zinc recycling joint venture. The Dasa deposit is characterized as high-grade, containing 73.0 million pounds of uranium with an average grade of 4,113 ppm U3O8 and a projected 23-year mine life.

Underground development and surface plant construction are currently underway at the site. Production is targeted for the second half of 2028, contingent on financing timing. Meanwhile, the Turkish joint venture processes electric arc furnace dust to produce zinc concentrate, generating dividends and cash flow while operating debt-free.