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Global Atomic Announces Q3 2020 Results
TORONTO, Nov. 11, 2020 (GLOBE NEWSWIRE) -- Global Atomic Corporation (“Global Atomic” or the “Company”), (TSX: GLO, FRANKFURT: G12, OTCQX: GLATF) announced toda
About this update from Global Atomic Corporation
[{"type":"text","content":" TORONTO, Nov. 11, 2020 (GLOBE NEWSWIRE) -- Global Atomic Corporation (“Global Atomic” or the “Company”), (TSX: GLO, FRANKFURT: G12, OTCQX: GLATF) announced today its operating and financial results for the three and nine months ended September 30, 2020. HIGHLIGHTS Dasa Uranium Project The Environmental Impact Statement (“EIS”) was completed and filed with the Niger Government in July 2020. Pilot plant trials were initiated in August 2020 to confirm and optimize the processing plant flow sheet. The Mining Permit application was submitted to the Niger Government on September 25, 2020. Turkish Zinc Joint Venture The Company’s share of the Turkish Joint Venture (“Turkish JV”) EBITDA was $2.5 million in Q3 2020 ($5.9 million for the 9 months 2020); The non-recourse Turkish JV debt was reduced from US $22.85 million at the end of Q2 2020 to US $21.15 million (Global Atomic share - $10.4 million) at the end of Q3 2020 and the cash balance was US $0.3 million; The Company’s share of the Turkish JV loss was $1.2 million, attributable to a $1.5 million unrealized foreign exchange loss on the Turkish debt, due to the decline in both the Turkish Lira and the Canadian dollar relative to the US dollar. Corporate Global Atomic continues to receive management fees and sales commissions from the Turkish JV, helping to offset corporate overhead costs. Stephen G. Roman, Chairman, President and CEO commented “Global Atomic had an excellent third quarter, 2020. For our uranium business, in addition to achieving the major milestone of submitting our Mining Permit application to the Government of Niger for the Dasa Uranium Project, we also completed several key studies in that process and began our pliot plant trials. For our zinc recycling business, the outlook is improving due to rising zinc prices and a continuing recovery in the Turkish steel industry. Zinc prices have risen by 50% since the end of March.” OUTLOOK Dasa Uranium Project, Niger Public consultation meetings took place in early October in the Dasa area and the town of Agadez, Niger. Receipt of an Environmental Certificate of Conformity from the Niger Government is expected shortly. Global Atomic anticipates the Mining Permit will be issued by the end of Q1 2021. A structural drilling program is under way and the results will be used to finalize the Dasa mine pl...