Slide 1: European copper producer with operations in Spain
European copper producer with operations in Spain 2025 Annual Results 19 March 2026
Slide 2: Disclaimer
Disclaimer The information contained in this document (“Presentation”) has been prepared by Atalaya Mining (the “Company”). While the information contained herein has been prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers give
Slide 3: Disclaimer: Technical Disclosure
Disclaimer: Technical Disclosure Technical Disclosure – Proyecto Riotinto Unless otherwise noted, all scientific and technical information relating to Proyecto Riotinto is based on and derived from a Competent Persons Report (CPR) entitled “An Independent Competent Persons Report on the Mineral Asse
Slide 4: 2025 Annual Results
ATALAYA MINING > 2025 Annual Results
Slide 5: Review of FY2025
Review of FY2025 Strong financial results and robust balance sheet to support growth pipeline ‒ Copper production of 11.6 kt in Q4 2025 and 51.1 kt in FY2025 ‒ Cash Costs of US$2.62/lb in Q4 2025 and US$2.40/lb in FY2025 Operating ‒ AISC of US$3.07/lb in Q4 2025 and US$2.90/lb in FY2025 ‒ FY2026 out
Slide 6: Sustainability Highlights
Sustainability Highlights Ongoing commitment to sustainability throughout our operating areas ▪ Atalaya is committed to maintaining high standards of sustainability across its various operating activities ‒ Focused on making continuous improvements ▪ For further information, please refer to Atalaya’
Slide 7: Q4 2025 Production Results
Q4 2025 Production Results Represented a solid quarter to close FY2025 Copper production Ore Throughput (Mt) 11,550 tonnes Cu 12,078 tonnes Cu | Q4 2024 Throughput & recoveries 4.1 Mt ore processed 0.33% Cu grade Copper Recovery 3.8 Mt | Q4 2024 0.41% | Q4 2024 83.87% Cu recovery 17.39% con. grade 7
Slide 8: Q4 2025 Financial Results
Q4 2025 Financial Results Strong free cash flow further strengthened the balance sheet Income statement highlights Revenues (€m) Revenue: €121.4m Op. costs: €(80.0)m €77.9m | Q4 2024 €(65.2)m | Q4 2024 EBITDA: €41.4m Profits: €14.5m(1) €12.7m | Q4 2024 €14.9m | Q4 2024 Cash flow statement highlights
Slide 9: FY2025 Production Results
FY2025 Production Results Achieved the higher end of the FY2025 guidance range Copper production Ore Throughput (Mt) 51,139 tonnes Cu 46,227 tonnes Cu | FY2024 Throughput & recoveries 16.6 Mt ore processed 0.39% Cu grade Copper Recovery 15.9 Mt | FY2024 0.35% | FY2024 78.84% Cu recovery 17.15% con.
Slide 10: FY2025 Financial Results
FY2025 Financial Results Strong financial results and robust balance sheet to support growth pipeline Income statement highlights Revenue: €482.9m Op. costs: €(303.2)m €326.8m | FY2024 €(260.4)m | FY2024 EBITDA: €179.8m Profits: €85.4m(1) €66.4m | FY2024 €32.6m | FY2024 Cash flow statement highlight
Slide 11: Cash Costs & AISC Breakdown
Cash Costs & AISC Breakdown Strong cost performance in 2025 US$/lb Copper Payable Q4 2025 Q4 2024 FY2025 FY2024 ▪ Cash Costs and AISC improved in Mining 1.31 1.05 1.01 1.07 FY2025 Processing 0.90 0.88 0.85 0.90 ‒ Unit costs benefitted from Other site operating costs 0.80 0.66 0.67 0.64 good cost Tot
Slide 12: AISC Benchmarking
AISC Benchmarking ATYM cost positioning is competitive vs. notable copper producer peers Reported AISC (US$/lb) Atalaya 29Metals Capstone First Quantum Constancia Copper Mountain Candelaria Caserones Neves-Corvo Lumwana Zaldívar (Hudbay) (now Hudbay) (Lundin) (Lundin) (now Boliden) (Barrick) (Antofa
Slide 13: 2025 Final Dividend
2025 Final Dividend Payment is subject to shareholder approval at 2026 AGM Atalaya Dividend History (€m) 13
Slide 14: 2026 Outlook
ATALAYA MINING > 2026 Outlook
Slide 15: 2026 Guidance
2026 Guidance Steady operational performance and further investments in growth pipeline Operational Guidance ▪ Production Ore mined Mt 15.5 – 16.0 ‒ Due to unusually high rainfall, copper grade in Q1 2026 to date has been below plan Waste mined (1) Mt 38 – 44 ‒ H2 2026 production to be approximately
Slide 16: Recent Equity Offering
Recent Equity Offering To enable acceleration of growth projects and enhance financial flexibility January 2026 Equity Offering ▪ Atalaya completed a £130 million equity offering in January 2026 ‒ Placing and retail offer both significantly oversubscribed ‒ Pro-forma net cash position of ~€264 milli
Slide 17: San Dionisio Deposit
San Dionisio Deposit Stripping underway and expected to deliver higher-grade feed to the plant March 2026 Copper Resource Grade (M&I)(1) Waste stripping at San Dionisio is expected to be 19 – 23 Mt in 2026E Note: CuSW = copper stockwork; PolyMS = polymetallic massive sulphide 1. Per 13 April 2022 RN
Slide 18: Proyecto Masa Valverde
Proyecto Masa Valverde Planned access ramp to allow for initial exploitation of copper zone(1) 3D View Looking Southwest Access ramp development expected to be completed over 2 – 3 years at a cost of ~€30 – 40m(2) 1. Access ramp development is subject to final Board approval 2. Atalaya management es
Slide 19: Atalaya's Polymetallic Resources
Atalaya’s Polymetallic Resources Significant resource base of higher-grade material near existing infrastructure Atalaya Resources in the Riotinto District(1)(2)(3) Resources that could be exploited through the development of a polymetallic circuit 1. Proyecto Masa Valverde per 5 April 2022 RNS; exc
Slide 20: Riotinto Polymetallic Circuit
Riotinto Polymetallic Circuit Expected to enhance operational flexibility and treat higher-grade material Riotinto Processing Plant: Modifications and Future Flowsheet Development of a polymetallic circuit would involve relatively simple modifications to the existing processing plant at Riotinto Exi
Slide 21: Resource Definition and Growth
Resource Definition and Growth Focus is on increasing resource confidence and making new discoveries Key Projects ▪ Polymetallic deposit located ~1 km east of the Cerro Colorado pit ▪ Current inferred resource San Antonio ‒ 11.8 Mt at 1.32% Cu, 1.79% Zn, 0.99% Pb ▪ Near-term focus: ‒ Further infill
Slide 22: Touro: Early Works
Touro: Early Works Engineering works to enable rapid project execution once final permits received Conceptual Touro Processing Plant Design 22
Slide 23: Touro: Path to Multi-Asset Future
Touro: Path to Multi-Asset Future Competitive capital intensity & favourable characteristics to support economics Touro(1) Riotinto(2) Copper Production ktpa ~30 50+ Initial Capex US$m ~$250 – 300 Capex Intensity US$/t produced <$10,000 Strip Ratio w:o <2.0 ~2.1 Copper Grade ~0.42% 0.37% Copper Reco
Slide 24: Key Activities for 2026
Key Activities for 2026 San Dionisio: Advance waste stripping in order to progressively access higher-grade ore Masa Valverde: Initiate development of access ramp(1) and continue infill drilling Touro: Advance engineering and finalise permitting process under “strategic” regime in Galicia Polymetall
Slide 25: Conclusion
ATALAYA MINING > Conclusion
Slide 26: Atalaya's Growth Objectives
Atalaya’s Growth Objectives Portfolio of growth projects provide a pathway up to 100 ktpa CuEq production Annual Copper Equivalent Production (kt)(1)(2)(3) Masa Valverde polymetallic Riotinto East San Dionisio Copper Ossa Morena Masa Valverde Copper Riotinto polymetallic MPS earn-in Copper | Zinc (S
Slide 27: Appendix
ATALAYA MINING > Appendix
Slide 28: Why Invest in Atalaya?
Why Invest in Atalaya? ▪ MAP Established European copper producer with attractive scale ▪ ASSETS ‒ Leading copper “pure play” listed in London and FTSE 250 constituent ‒ 2026 production guidance of 50 – 54 kt Cu Significant growth potential ‒ Portfolio of low-risk projects providing a pathway up to
Slide 29: Key Information
Key Information Capitalisation Share Price Performance (GBp) Ticker - LSE: Main Market ATYM Share price (13-Mar-26) GBp 837.0 Basic shares m 153.8 Fully-diluted shares m 160.2 Market capitalisation (basic) £m 1,287 Market capitalisation (basic) US$m $1,702 Cash (at 31-Dec + Jan-2026 equity) €m 308 D
Slide 30: Electricity Prices in Spain
Electricity Prices in Spain Stability has returned to market electricity prices Spot Market + Adjustment in Spanish System (€/MWh)(1)(2) 1. Source: OMI, Polo Español S.A. (OMIE), day-ahead operations program 2. Since 15-Jun-2022, includes daily adjustment mechanism related to legislated gas cap 30
Slide 31: Riotinto Solar Plant
Riotinto Solar Plant Reducing Atalaya’s carbon footprint and processing costs February 2025 Electricity Sources(1) 1. Upon completion of solar plant’s 2nd phase 31
Slide 32: Senior Management
Senior Management Decades of operations, project development and financial expertise Alberto César Fernando Fernando Lavandeira Sánchez Araúz de Robles Díaz Riopa Chief Executive Officer, Chief Financial Officer General Manager, General Manager, Director Proyecto Riotinto Proyecto Touro Over 40 year
Slide 33: Board of Directors
Board of Directors Mining, capital markets, sustainability and finance expertise Non-Executive Over 30 years’ experience investing in mining and oil and gas companies. From 2010-2020, was a Managing Director at J.P. Neil Chair of the Morgan Asset Management. Before that, from 1990-2009, was Head of
Slide 34: Atalaya Mining Copper, S.A. Investor Relations
Contacts: Atalaya Mining Copper, S.A. Alberto Lavandeira, CEO +34 959 59 28 50 info@atalayamining.com Investor Relations Michael Rechsteiner michael.rechsteiner@atalayamining.com