Global Atomic Corporation (TSX: GLO) reported mixed operational and financial results for the quarter ended June 30, 2026. The company achieved a quarterly earnings turnaround, reporting earnings per share (EPS) of $0.01, a significant improvement from the loss of $(0.05) per share recorded in the same period last year. Despite the profitability at the EPS level, corporate sales contracted sharply, falling 42.30% year-over-year to $135.562 thousand from $234.946 thousand.

The company ended the period with a corporate cash balance of $30.0 million. This liquidity supports ongoing development expenditures at the Dasa Project in Niger while management navigates delays in securing final project financing, which has pushed the expected start of yellowcake production to the second half of 2028.

Turkish Zinc Joint Venture Performance

The company’s 49% interest in the Befesa Silvermet Turkey (BST) joint venture saw a reversal in profitability despite higher zinc prices. In Q2 2026, the average London Metal Exchange (LME) zinc price rose to $1.57 per pound, up from $1.18 per pound in Q2 2025. However, Global Atomic’s share of net income swung to a loss of $0.8 million, compared to a net income of $0.6 million in the prior year period.

The decline in profitability occurred alongside a contraction in EBITDA. Global Atomic’s share of EBITDA from the JV fell to $1.0 million in Q2 2026 from $2.6 million in Q2 2025. Operational throughput remained steady, with the JV processing 8,620 tonnes of Electric Arc Furnace Dust (EAFD) and selling 3.5 million pounds of zinc concentrate during the quarter.

Despite the quarterly loss, the JV continued to distribute cash to partners. Global Atomic received total dividends of $3.9 million year-to-date, comprising $1.5 million in Q1 and $2.4 million in July 2026. Additionally, the company earned $0.1 million in management fees and sales commissions from the JV in Q2 2026, down from $0.2 million in the prior year quarter.

Dasa Uranium Project Progress

Construction activities at the Dasa Project advanced despite challenging conditions. Underground development has extended access to the fourth mining level in the footwall of the orebody. Mineralized development ore brought to surface included grades ranging from 240 ppm to 5,000 ppm, which will be processed during plant commissioning.

Surface infrastructure also reached key milestones. Earthworks for the first phase of the processing plant are more than 95% complete, allowing civil construction contractors to begin work. The new 260-person housing facility is in its final inspection stage ahead of handover to operations.

Financing and Regulatory Outlook

Project financing remains the critical path dependency for Dasa. Global Atomic is actively engaged with a U.S. Development Bank regarding a debt facility and continues discussions with potential joint venture partners for a minority interest. The company is pursuing alternative funding options to bridge any gap between approval and fund release by the bank or partners.

Regulatory support in Niger strengthened following a May 2026 site visit by Niger Government representatives on SOMIDA’s board of directors. President Abdourahamane Tiani issued a second support letter, describing Dasa as a major strategic investment for national mineral resource development and job creation. The government instructed ministry personnel to support the project in a spirit of balanced partnership.

Trade logistics also showed improvement. Niger and Benin reached a broad agreement to reopen their border, which had been closed since mid-2023. Work has begun on upgrading an 83-kilometer section of the Cotonou-Niamey corridor under a joint initiative with the Millennium Challenge Corporation. Additionally, Niger and Algeria signed a cooperation agreement that includes opening a new trade corridor from the Mediterranean Sea to the Dasa Mine.

What the Numbers Show

The divergence between rising zinc prices and falling JV profitability warrants attention. While the average LME zinc price increased 33% year-over-year (from $1.18 to $1.57 per pound), Global Atomic’s share of JV EBITDA declined 62% (from $2.6 million to $1.0 million). This suggests that cost inflation or volume mix changes within the recycling process may have offset the benefit of higher metal prices, resulting in a net loss despite favorable market conditions for zinc.

Simultaneously, the corporate-level EPS turnaround to $0.01 contrasts with the 42.30% drop in reported sales to $135.562 thousand. This indicates that non-operational factors or cost reductions likely drove the improvement in per-share earnings, as top-line revenue generation weakened significantly year-over-year.

Corporate Updates

On May 14, 2026, Global Atomic renewed its base shelf prospectus and established a new At-The-Market (ATM) equity program. The program allows the company to issue common shares with an aggregate offering price of up to C$50 million through April 30, 2028. This replaces the previous ATM program, which expired in December 2025 after raising $13.48 million through the issuance of 13.4 million shares at an average price of $1.00 per share.

Global Atomic Corporation announced the voting results from its Annual General Meeting held on June 25, 2026. Shareholders elected six directors to the Board and approved the re-appointment of Ernst & Young LLP as the Company's auditors. A total of 219,442,741 common shares, representing 44.8% of the outstanding shares as of the May 6, 2026 record date, were voted.

Director Election Results

The following nominees were elected to the Board of Directors based on the votes cast:

Auditor Re-appointment

Shareholders approved the re-appointment of Ernst & Young LLP as the Auditors of the Company.

Corporate Update

During the meeting, the Company introduced a short video update regarding the Dasa Project for the first half of 2026. Investors can access the video on the Company's website and YouTube channel.