07:41 AM EDT, 03/28/2025 (MT Newswires) -- Global Atomic ( GLATF ) overnight Thursday reported a swing to profit in 2024, but its outlook largely depends on Dasa uranium project financing.

In 2024, GLO reported net income of more than $7.7 million or diluted net income per share of $0.04, compared with net loss of $16.6 million or diluted net loss per share of $0.08, in 2023.

Revenue for the year ended Dec. 31, increased to $859,341 compared with $689,996 in 2023.

The company's cash balance as of Dec. 31, was $18.7 million.

On outlook, the company said it is actively engaged with a U.S. Development Bank to establish a debt facility to finance 60% of Dasa's development costs. While working toward completion of the debt facility, the company said it is also involved in discussions with a potential joint venture partner as an alternative to financing the project. It noted this potential JV transaction concerns the acquisition of a minority interest in the Dasa project. Two additional parties have recently expressed interest to invest at the project level and another has expressed interest in an offtake financing structure, it added.

On its Turkish zinc joint venture, higher zinc prices and lower input costs contributed to a return to profitable operations. The company expects its Turkish JV will perform "strongly" in 2025 as area steel mill activity has returned to pre-Covid levels and the JV has built up a substantial inventory of electric arc furnace dust that will ensure continuous operations.

President and CEO, Stephen G. Roman in a statement said, "Until a financing commitment is signed, the company will manage its spending in the near term. By managing the current cash position, we will have additional time to finalize terms with an option best suited to the company and its shareholders, without coming back to the equity market in the near term."

On Roman added: "The development of Dasa has progressed significantly since our mine opening in November 2022. The team has done extraordinary work to advance the project on schedule for a Q1 2026 production startup... With financing still not finalized it is necessary to be flexible with our plant commissioning and, for now, are adjusting that production date to H1 2026. Once financing is secured, we will implement strategies to accelerate the development."

Shares closed down 3.6% to $0.54 on Thursday on the Toronto Stock Exchange.