Global Atomic Announces Q1 2021 Results
Significant Milestones achieved at the Dasa Uranium Project
Record Quarter Production at the Turkish Zinc Joint Venture
Toronto, ON: Global Atomic Corporation (“Global Atomic” or the “Company”), (TSX: GLO, OTCQX: GLATF, FRANKFURT: G12) announced today its operating and financial results for the three months ended March 31, 2021.
Dasa Uranium Project
- The Republic of Niger issued an Environmental Certificate of Compliance to the Company in January 2021.
- All permits are now in place for the development of the Dasa Project and commercial production.
- The Republic of Niger issued extensions for each of the six exploration permits held by the Company through December 17, 2023.
- The Pilot Plant project to test and optimize the process flow sheet launched in 2020 was successfully completed with results that surpassed the May 2020 PEA and feature higher uranium recoveries.
- An agreement was signed with Fuel Link Ltd. to develop a uranium marketing strategy and assist with Yellowcake sales.
Turkish Zinc Joint Venture
- The Turkish JV shipped a record 14.85 million pounds of zinc in concentrate during Q1 2021, up 43.5% from the 10.35 million pounds shipped in Q1 2020.
- The Turkish JV processed a record 24,407 tonnes of Electric Arc Furnace Dust (“EAFD”) in Q1 2021, an increase of 32.5% from the 18,420 tonnes processed in Q1 2020.
- The Company’s share of the Turkish Zinc Joint Venture (“Turkish JV”) EBITDA was $4.2 million in Q1 2021 compared with $0.8 million in Q1 2020, reflecting higher throughput and zinc prices.
- The Company’s share of the Turkish JV Net Income for Q1 2021 was $1.5 million compared to a loss of $1.2 million in Q1 2020.
- Cash balance for the Turkish JV at March 31, 2021 was US $4.0 million.
- The non-recourse Turkish JV debt owing to Befesa was reduced by US $4.45 million in Q1 2021 leaving a balance of US $9.15 million outstanding (Global Atomic share – US $4.48 million).