Global Atomic Corporation (TSE:GLO) (OTCMKTS:GLATF) posted third quarter results after the bell Thursday, the company’s first quarterly update since the completed expansion of its electric arc furnace dust zinc processing plant in Turkey.
For the three months ended September 30, Global Atomic saw net revenue of nearly $800,000.
“We are extremely pleased to announce the successful commissioning and official opening of our state of the art expanded zinc plant in Turkey,” CEO Stephen Roman said in a statement. “A critical component to the company’s strategy is to generate sufficient cash flow from our zinc business to continue development at DASA. With expansion now complete, we are well positioned to execute on that strategy.”
The plant, located in the southern city of İskenderun, is up and running at design capacity of 15 tons per hour after opening on November 6.
Also this quarter, the Toronto-based company listed on the OTCQX market in the US under the ticker symbol GLATF on October 16.
Meanwhile, an updated mineral resource estimate was completed by CSA Global Pty Ltd for Global Atomic’s DASA uranium project in Niger, which showed an increase of 56% increase in indicated uranium to 101.6 million pounds at 1,752 parts per million and an 81% increase in inferred uranium to 87.6 million pounds at 1,781 parts per million.
Looking ahead, the Turkish processing plant is expected to operate at between 80% and 100% of throughput capacity in 2020. Feasibility work is underway on the DASA deposit, and the company hopes to apply for a Mining Permit by the fourth quarter of 2020.
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel