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Global Atomic Corp well positioned in uranium and zinc space after year of 'great progress'

The firm has six uranium exploration permits in the Republic of Niger, including the Dasa deposit, and an Electric Arc Furnace Dust business in Turkey

Global Atomic Corporation -
For the year to end December, 2019, the group posted a net income of C$3.7 million versus C$7.4 million in 2018

Global Atomic Corporation (TSE:GLO) (OTCMKTS:GLATF), the uranium and zinc group, said last year was one of great progress as it posted 2019 results.

The firm has six uranium exploration permits in the Republic of Niger, including the significant Dasa deposit, and its Electric Arc Furnace Dust (EAFD) business in Turkey via the BST plant converts a waste product into zinc concentrate.

"The BST Iskenderun plant was expanded, modernised and commissioned, and it is now a state-of-the-art facility capable of operating profitably at historically low zinc prices," said Stephen G. Roman, Global Atomic's chairman, president and CEO, commenting on last year's achievements in the results statement.

READ: Global Atomic CEO Stephen Roman says business 'largely unaffected' by coronavirus outbreak

Roman added: "The Dasa uranium project has advanced and we look forward to publishing the results of the Optimized PEA next quarter which will give the market a clear understanding of the project’s economic potential. Global Atomic will then focus on the submission of a final technical report to the government of Niger in our application for a Mining Permit, which would be a major milestone for the company."

"Global Atomic is well-positioned to be a leading player in the anticipated uranium equities upturn, with the additional benefit of having its value underpinned by profitable zinc production," the boss concluded.

For the year to end December, 2019, the group posted net income of C$3.7 million versus C$7.4 million in 2018. As at the end of the year it had cash of C$3.8 million compared to C$7.7 million at the end of 2018. 

The firm noted that it generated a positive net income for 2019 despite the fact that its plant in Turkey had downtime of seven months for a modernization program.

Among other highlights, the firm noted that Environmental Impact and Hydrogeology Studies were now underway for the Final Technical Report as part of the mining permit application for Dasa in Niger.

In addition, an optimized preliminary economic assessment of the Phase One plan for Dasa will be released in the second quarter of this year, it said.

The modernized BST plant in Turkey is expected to operate at around 75% capacity during 2020, in line with the expectations for the Turkish steel industry. At  a current zinc price of around US$0.80 per pound, the  plant generates positive cash flow

Global Atomic said that once market conditions and zinc prices recover, BST will generate increased cash flows and benefit from its C$16.8 million tax credit carry-forward.

The group graduated to the main board of the Toronto Stock Exchange in May last year and added an OTCQX listing in September.

Contact the author at [email protected]

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Market: TSX
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Global Atomic Corporation unveils new Phase 1 uranium mine plan in West Africa

Global Atomic Corporation (TSE:GLO) (OTCQX:GLATF) CEO Stephen Roman tells Proactive the uranium and zinc group has unveiled the results of an optimized mine plan as the basis for a new preliminary economic assessment at its Dasa Project in Niger, West Africa. Roman says company’s new PEA...

on 16/4/20

3 min read