Slide 1: European copper producer with operations in Spain
European copper producer with operations in Spain Q1 2026 Financial Results 26 May 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 Mineral Resources and Ore Reserves for the Cerro Colorado and San Dionisio deposits (stockwork material) are effective 30 June 2025 and were prepared by SRK Consulting (UK) Limited. The Reporting Standard adopted for reporting
Slide 4: Q1 2026 Financial Results
Q1 2026 Financial Results
Slide 5: Review of Q1 2026
Review of Q1 2026 Good financial performance to begin 2026 despite lower production ‒ Copper production of 9.9 kt, which was impacted by unfavourable weather ‒ Cash Costs of US$2.52/lb and AISC of US$3.20/lb, which are consistent with FY2026 cost guidance Operating despite lower copper production ‒
Slide 6: Q1 2026 Production Results
Q1 2026 Production Results Well positioned for future growth despite recent weather events Copper production Ore Throughput (Mt) 9,939 tonnes Cu 14,291 tonnes Cu | Q1 2025 Throughput & recoveries 4.1 Mt ore processed 0.30% Cu grade Copper Recovery 4.2 Mt | Q1 2025 0.42% | Q1 2025 81.54% Cu recovery
Slide 7: Q1 2026 Financial Results
Q1 2026 Financial Results Good financial performance to begin 2026 despite lower production Income statement highlights Revenues (€m) Revenue: €117.3m Op. costs: €(69.2)m €130.7m | Q1 2025 €(78.2)m | Q1 2025 EBITDA: €48.0m Profits: €28.3m €52.5m | Q1 2025 €30.5m | Q1 2025 Cash flow statement highlig
Slide 8: Cash Costs & AISC Breakdown
Cash Costs & AISC Breakdown Q1 2026 costs are consistent with full year guidance despite lower production US$/lb Copper Payable Q1 2026 Q1 2025 FY2025 FY2024 ▪ Cash Costs and AISC were impacted Mining 1.31 0.85 1.01 1.07 by lower production, but Processing 1.10 0.80 0.85 0.90 remain consistent Other
Slide 9: 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 10: 2026 Guidance
2026 Guidance Minor impact from Q1 2026 production; potential for Middle East cost impact Operational Guidance ▪ Production Ore mined Mt 15.5 – 16.0 ‒ Heavy rainfall in late January / early February 2026 impacted Q1 2026 copper production Waste mined (1) Mt 38 – 44 ‒ Portion of production shortfall
Slide 11: Strategic Focus
ATALAYA MINING > Strategic Focus
Slide 12: San Dionisio Deposit
San Dionisio Deposit Stripping underway and expected to deliver higher-grade feed to the plant May 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 2025 Annual Report
Slide 13: 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 14: 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)(4) Resources that could be exploited through the development of a polymetallic circuit 1. Cerro Colorado and San Dionisio O/P CuSW per
Slide 15: 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 16: 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 17: Mining Policy in Galicia
Mining Policy in Galicia Increasing focus on the responsible development of critical minerals resources 17
Slide 18: Touro: Early Works
Touro: Early Works Engineering works to enable rapid project execution once final permits received Conceptual Touro Processing Plant Design 18
Slide 19: 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 <$10,000 Strip Ratio w:o <2.0 ~2.1 Copper Grade ~0.42% 0.37% Copper Reco
Slide 20: Atalaya's Growth Objectives
Atalaya’s Growth Objectives Portfolio of growth projects provide a pathway up to 100 ktpa CuEq production Annual Copper Equivalent Production (kt)(1)(2)(3) Masa Valverde polymetallic Riotinto East San Dionisio Copper Ossa Morena (4) Masa Valverde Copper Riotinto polymetallic MPS earn-in Copper | Zin
Slide 21: Appendix
ATALAYA MINING > Appendix
Slide 22: Key Information
Key Information Capitalisation Share Price Performance (GBp) Ticker - LSE: Main Market ATYM Share price (22-May-26) GBp 789.5 Basic shares m 153.8 Fully-diluted shares m 160.5 Market capitalisation (basic) £m 1,214 Market capitalisation (basic) US$m $1,630 Cash (at 31-Mar) €m 280 Debt (at 31-Mar) €m
Slide 23: 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 23
Slide 24: 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 24
Slide 25: 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 26: 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 27: 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