Slide 1: Proyecto Riotinto
PROYECTO RIOTINTO A new low risk copper producer in Europe October 2016 AIM:ATYM / TSX:AYM
Slide 2: Disclaimer
Disclaimer The information contained in this document (“Presentation”) has commitment whatsoever. Each party to whom this Presentation is equipment or processes to operate as anticipated; accidents, been prepared by Atalaya Mining Plc (the “Company”). While the made available must make its own indep
Slide 3: Results for Q3
Results for Q3 Operating and Financial Highlights 54% Process capacity increase from Q2 to Q3 97% Cu production increase from Q2 to Q3 Ore mt Cu kt Recoveries Q1 1.1 4.0 82.93% Q2 1.3 ↑18% 4.4 ↑10% 79.80% ↓ Q3 2.1 ↑54% 8.8 ↑97% 83.60% ↑ End of ramp up Back to level Cu Concentrate Dec 2016 expect
Slide 4: Ramp-up results
Ramp-up results Commercial production declared from 1 February 2016 Ramp-up of Expansion progressing well Implementation of new technology will lead to better Anticipate operating at nameplate capacity (9.5Mtpa) by end recoveries, improved grades and lower penalties of 2016 Silver credits cu
Slide 5: Production Ramp-up
Production Ramp-up Q3 reported an increase of ±4,300t over Q2 AIM:ATYM / TSX:AYM 5
Slide 6: Costs
Costs Based on updated Technical Report (September 2016) Life-of-mine site operating costs: Freight, selling, refining and smelting costs: Occupational, health & safety 2 Freight & selling 12 Exploration & geology 3 Smelting 21 Fixed mining 3 Refining 10 Variable mining 57 Penalties 4 Fixed processi
Slide 7: Recent Events
Recent Events Reduction of Working Capital deficit: US$14 million copper concentrate prepayment agreement announced with Transamine Trading S.A. on 5 September 2016 Option to extend the contract, with the same terms, for an additional US$ 14 million, provided certain production conditions have b
Slide 8: Operating Outlook
Operating Outlook Nameplate capacity expected by end of 2016 Guidance for 2016: Full Year Progress to First 9 months (estimated) completion Ore processed / Mt 6.7 – 7.1 4.4 66-62% Concentrate production / DMT 115,000-130,000 82,703 72-64% Contained copper / t 23,500 – 27,000 17,241 73-64% AIM:AT
Slide 9: Atalaya positioning vs. copper peers
Atalaya positioning vs. copper peers Enterprise Value (US$mm) (1) 2017e copper production (kt) (2) Total Resource grade (% Cu) Atalaya $169 Atalaya 42 Atalaya 0.4% Imperial Metals $1,046 Capstone 98 Avanco 1.9% Capstone $652 Imperial Metals 61 Capstone 0.3% Copper Mountain $368 Taseko 54 Imperial Me
Slide 10: Attractive valuation metrics
Attractive valuation metrics Net debt / (net debt + mkt. cap) EV / 2017e copper production ($/t) EV / 2017e EBITDA Atalaya 19% Atalaya $4,028 Atalaya 2.4x Avanco nmf Avanco $5,982 Avanco 2.9x Central Asia Metals nmf Taseko $6,090 Capstone 5.8x Capstone 50% Capstone $6,683 Central Asia Metals 6.5x Im
Slide 11: The Case for Copper
The Case for Copper Producers significantly undervalued Recent copper asset acquisitions Tenke, Zaldivar, Kevitsa well above the spot price - in some cases >50% Copper producers appear significantly undervalued EVs not aligned with transaction prices for asset sales - this disconnect not sus
Slide 12: Proyecto Riotinto
Proyecto Riotinto Located in an established mining jurisdiction with good infrastructure links RIOTINTO HUELVA SEVILLE Matsa 0 50 100 km (Trafigura & E-803 Mubadala) Las Cruces Proyecto Riotinto (First Quantum) N-435 A-4 E-1 A-49 Seville Huelva A-92 Atlantic Copper SPAIN Smelter (Freeport McMoRan) N
Slide 13: Plan view
Plan view AIM:ATYM / TSX:AYM 13
Slide 14: Updated Reserves and Resources
Updated Reserves and Resources Mineral Reserves and Resources estimate for Proyecto Riotinto as per revised technical report 30 June 2016 NI 43-101 compliant 153 million tonnes Reserves Averaging 0.45% Cu representing over a 12% increase 216 million tonnes Resources Measured + Indicate
Slide 15: Reserves and Resources
Reserves and Resources The pit design and internal cut-off grade are based on a long term copper price of US$2.60/lb. Resources are pit-constrained at US$3.20/lb Cu Ore (Mt) Copper (%) RESERVES* Proven 78 0.45 Probable 75 0.44 TOTAL 153 0.45 RESOURCES (inclusive of reserves)* Measured 90 0.43 Indica
Slide 16: Planned exploration
Planned exploration Limited exploration to date on lateral extensions to Cerro Colorado as main focus has been on confirmation of open pit potential 11,949 metres drilled (DDH) in 2015 7,778 metres thus far in 2016 Exploration programme will be increased once steady state production achieved
Slide 17: Our Vision
Our Vision We maintain a positive view on base and precious metals Short term - to maximise the efficiencies of our expanded project Longer term - to actively build on our initial success at Riotinto through exploration and acquisition to focus on maximising returns for shareholders AIM:ATYM / T
Slide 18: Investment Case
Investment Case A long term option on copper Construction of plant including Expansion Project completed Delivered ahead of schedule and under budget Nameplate capacity of 9.5Mtpa projected for end 2016 Capex fully financed without recourse to senior debt Located in a prolific mining juris
Slide 19: Contact
Contact Alberto Lavandeira CEO Telephone: +34 959 59 28 50 Email: info@atalayamining.com Investor Relations North America Investor Relations UK and Europe Michelle Roth Carina Corbett Roth Investor Relations 4C Communications Ltd Telephone: +1 732 792 2200 Telephone: +44 20 3170 7973 Email: michelle
Slide 20: Appendix
APPENDIX AIM:ATYM / TSX:AYM 20
Slide 21: Corporate snapshot
Corporate snapshot Overview¹ Research Coverage² Exchanges AIM:ATYM / TSX:AYM Company Analyst Rec. Target price Share price (GB pence) 91 Speculative Nick Hatch 195p Buy Share price (CAD) 1.53 Shares Outstanding 116,679,555 Martin Potts Buy 209p Options & warrants 1,272,052 Nikolas Buy 175p Fully dil
Slide 22: Senior management
Senior management Strong Technical & Financial Expertise Team with proven and lengthy experience in the start-up and operation of mines Alberto Lavandeira in Spain and internationally, supported by local and international consultants Chief Executive Officer, Director Over 37 years’ experience operat
Slide 23: Board of Directors
Board of Directors Strong Technical & Financial Expertise Alberto Lavandeira CEO, Director Roger Davey Jesús Fernández Harry Liu Jonathan Lamb Non-Executive Chairman Non-Executive Director Non-Executive Director Non-Executive Director Over 40 years’ experience in the Head of the M&A team for Vice Pr
Slide 24: Capex reduction
Capex reduction Phase 1 (5.0Mtpa) Phase 1 + Expansion (9.5Mtpa) Capex (incurred) US$82 Million Capex (estimated)* US$145-150 Million Cu production 25,000 tpa Cu production 40,000 Tpa Capital intensity US$3,280 tpa Cu Capital intensity US$ 4,000 tpa Cu The 2013 NI 43-101 anticipated direct field ca
Slide 25: Key Investor Rights
Key Investor Rights Company Agreement Terms XGC • Subscription Agreement * Pre-emptive right over further issues of equity shares1 • Offtake Agreement One board seat2 Offtake granted over 49.12% of life of mine reserves in the Technical Report Orion Mine • Subscription Agreement * Pre-emptiv
Slide 26: Mining Industry in Spain
Mining Industry in Spain An established Mining-friendly jurisdiction 1 2 6 Proyecto Riotinto Aguas Teñidas Significant Mining Copper Copper, zinc Infrastructure 11 3 4 Substation located Power 5 1km from mine site 10 7 Las Cruces 9 SPAIN Aguablanca Supplied from Copper Nickel, copper Campofrio reser
Slide 27: Notes
N OT F S Atalaya AIM:ATYM / TSX:AYM 27
Slide 28: AIM:ATYM / TSX:AYM
AIM:ATYM / TSX:AYM