Slide 1: European copper producer with operations in Spain
European copper producer with operations in Spain Site Visit Presentation 19 June 2024
Slide 2: Disclaimer
Disclaimer The information contained in this document (“Presentation”) has been prepared by Atalaya Mining Plc (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
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: Regional Context
ATALAYA MINING > Regional Context
Slide 5: Iberian Pyrite Belt
Iberian Pyrite Belt World class minerals district Riotinto Masa Valverde 5
Slide 6: Riotinto District
Riotinto District World class regional infrastructure 6
Slide 7: Regional Infrastructure
Regional Infrastructure Access to the critical inputs required for modern and sustainable operations $/t Copper Production Villages Fresh water reservoirs Current TSF Transmission line Planned future TSF Fresh water NOT REQUIRED: reservoir • Labour camps • Fly-in fly-out Villages • Desalination • Pi
Slide 8: Regional Infrastructure Advantages
Regional Infrastructure Advantages Other Mining Regions Riotinto District ▪ Increasing scarcity of water necessitates the ▪ TSF is the main source of process water development of expensive solutions: ▪ Fresh water supplied by three reservoirs ‒ Desalination: Escondida, Los Pelambres, Water QB2, Code
Slide 9: Revisiting the 2023 Riotinto PEA
Revisiting the 2023 Riotinto PEA
Slide 10: 2023 Riotinto PEA
2023 Riotinto PEA Contemplates an integrated mine plan that leverages Riotinto’s 15 Mtpa plant Cerro Colorado San Antonio Open pit: 156.6 Mt Underground: 11.8 Mt Riotinto Processing Plant (M&I) 0.37% Cu (Inferred) 1.32% Cu, 1.79% Zn Capacity: >15 Mtpa San Dionisio Open pit: 56.1 Mt (M&I) 0.91% Cu, 1
Slide 11: Riotinto Deposits
Riotinto Deposits PEA contemplates that the adjacent deposits are mined concurrently Long Section San Dionisio Cerro Colorado San Antonio CuSW Mineralised material PolyMS CuSW PolyMS Open pit Mining method Underground Open pit Underground Legend Copper grade 0.00 – 0.139% 0.14 – 0.199% 0.20 – 0.499%
Slide 12: 2023 Riotinto PEA: Mining & Processing
2023 Riotinto PEA: Mining & Processing Mine plan prioritises higher grade material from San Dionisio and San Antonio Mining Schedule by Mineralised Material Source (Mt) Processing Schedule by Mineralised Material Type and Grade 12
Slide 13: 2023 Riotinto PEA: Production & NPV
2023 Riotinto PEA: Production & NPV Demonstrates the potential for strong economics and production growth Production Profile(1)(2) NPV After-Tax ($m) Sensitivity to Copper Price ($/lb) and Discount Rate (3) Copper Price ($/lb) 2.80 2.98 3.15 3.33 3.50 3.68 3.85 4.03 4.20 0% 928 1,240 1,545 1,848 2,1
Slide 14: Key Milestones and Progress
ATALAYA MINING > Key Milestones and Progress
Slide 15: Key Regulatory Approval: AAU
Key Regulatory Approval: AAU AAU facilitates the development of regional deposits in the Riotinto District Overview AAU ▪ In April 2023, Atalaya was granted a substantial modification to the existing Unified Environmental Authorisation (or in Spanish, Autorización Ambiental Unificada ("AAU")) for Pr
Slide 16: Approval: Road Relocation
Approval: Road Relocation Highway relocation allows for Cerro Colorado and San Dionisio pit expansions ▪ Highlight ▪ Diagram of design? New path of Highway A-461 Existing San Dionisio highway Cerro Colorado 16
Slide 17: San Dionisio: Initial Approval
San Dionisio: Initial Approval Allows for waste stripping to prepare the area for future mining phases San Dionisio Cerro Colorado 17
Slide 18: San Dionisio: Waste Stripping
San Dionisio: Waste Stripping Good progress so far in 2024, paving the way for access to higher grade material June 2024 Copper Resource Grade (M&I) 18
Slide 19: San Dionisio: Future Phases
San Dionisio: Future Phases Mining of both CuSW and PolyMS material via O/P and U/G mining phases Ore Type Copper Grades A A’ A A’ 19
Slide 20: San Antonio Deposit
San Antonio Deposit Preparations are underway to begin a new drilling programme Plan View Copper Grades Cerro Colorado Zinc Grades Likely ramp portal location 20
Slide 21: Broader Riotinto District
ATALAYA MINING > Broader Riotinto District
Slide 22: Potential Future Processing Hub
Potential Future Processing Hub ATYM’s 15 Mtpa mill could become a processing hub – similar to MATSA model Key Operations in the Iberian Pyrite Belt Magdalena Aguas Teñidas Cerro Colorado San Dionisio San Antonio Riotinto East MATSA (Sandfire) Sotiel 29 km Riotinto District Masa Valverde / Majadales
Slide 23: Proyecto Masa Valverde Location
Proyecto Masa Valverde Location Strategically located <30 km from Riotinto’s 15 Mtpa plant and infrastructure 29 km 23
Slide 24: PMV: Resource Estimate
PMV: Resource Estimate One of the largest undeveloped VMS deposits in the world 2022 Mineral Resource Estimate(1)(2) ▪ Mineral Resource Estimate Grade for PMV was announced in Tonnage Mt CuEq Cu Zn Pb Ag g/t Au g/t April 2022 Masa Valverde: Indicated 16.9 1.51% 0.66% 1.55% 0.65% 27 0.55 ‒ Prepared b
Slide 25: Masa Valverde Deposit
Masa Valverde Deposit Current drilling with two rigs targeting extensions of Cu-only grades >1% Stockwork: Copper Zone Massive Sulphide: Copper Zone 25
Slide 26: Regulatory Approval
Regulatory Approval Granting of key permits highlights that Andalucía is a world-class mining jurisdiction Overview AAU, Exploitation and Water Permits ▪ In March 2023, Atalaya was granted the Unified Environmental Authorisation (or in Spanish, Autorización Ambiental Unificada ("AAU")) by the Junta
Slide 27: PMV: Access Ramp
PMV: Access Ramp Access ramp construction is expected to begin by the end of 2024 Wireframes of Mineralised Zones Planned Ramp Access for MV and MJ 27
Slide 28: PMV: Campanario Trend
PMV: Campanario Trend Potential to be the first shallow, open pittable resource at PMV Polymetallic Sulphide Mineralization Wireframe ▪ 85 holes totalling ~18km completed ▪ Resource definition drilling almost complete ‒ Expect to announce a maiden resource in Q4 2024 ▪ Mineralisation is open to the
Slide 29: Proyecto Riotinto East
Proyecto Riotinto East Covering the east extensions of two world class VMS belts: AT-MM and SD-CC-SA Main Geophysical and Geochemical Targets ▪ SkyTEM and Airborne Gravity Gradiometric surveys completed ▪ Several high priority coincident geophysical and geochemical anomalies pending for drill testin
Slide 30: E-LIX Phase I Plant
ATALAYA MINING > E-LIX Phase | Plant
Slide 31: E-LIX Phase I Plant
E-LIX Phase I Plant Commissioning in progress; expected to unlock significant value June 2024 Illustrative Recoveries 31
Slide 32: E-LIX Phase I Plant
E-LIX Phase I Plant Capable of producing high purity copper and zinc at mine site January 2024 32
Slide 33: E-LIX: Initial Operating Strategy
E-LIX: Initial Operating Strategy Recovery of zinc from existing saleable copper concentrate Conventional Flotation Only E-LIX Application #1 Ore type(1) CuSW CuSW 85% Cu 85% Cu Recovery 60% Zn Unchanged: 60% Zn No modifications are required at 100 kt existing 100 kt processing plant Illustrative Co
Slide 34: E-LIX: Initial Operating Strategy
E-LIX: Initial Operating Strategy Commissioning and ramp-up progress Recovered zinc precipitate “Cleaned” copperJanuary 2024 concentrate 34
Slide 35: E-LIX: Future Operating Strategy
E-LIX: Future Operating Strategy Potential to apply E-LIX to complex ores throughout the IPB and beyond Conventional Flotation Only E-LIX Application #2 Ore type(1) PolyMS PolyMS Higher recoveries 80% Cu Facilitates Recovery 60% Cu 75% Zn by producing a conversion of bulk concentrate 85% Zn Resource
Slide 36: Proyecto Touro
ATALAYA MINING > Proyecto Touro
Slide 37: Proyecto Touro Location
Proyecto Touro Location World class infrastructure 37
Slide 38: Proyecto Touro
Proyecto Touro Past producing mine and currently operating as an aggregate quarry 38
Slide 39: Proyecto Touro
Proyecto Touro Water treatment plant is addressing legacy water runoff issues 39
Slide 40: Proyecto Touro
Proyecto Touro Ongoing river restoration August 2021 – Lañas River May 2023 – Lañas River 40
Slide 41: Proyecto Touro
Proyecto Touro Increasing support from the local communities 41
Slide 42: Strategic Industrial Project Status
Strategic Industrial Project Status Awarding of strategic status would be seen as strong validation for Touro Overview Legislation Objectives ▪ In Galicia, a project can be awarded the status of ▪ To attract and promote new national and strategic industrial project (or proxectos international invest
Slide 43: Conclusion
ATALAYA MINING > Conclusion
Slide 44: Illustrative Production Potential
Illustrative Production Potential Growth driven by higher grades at Riotinto and potential Touro development Copper Equivalent Production (kt)(1)(2) 1. Recovered metal in concentrate. 2. Copper Equivalent production is calculated from results presented in the PEA and based on $3.50/lb Cu, $1.20/lb Z
Slide 45: AISC Benchmarking
AISC Benchmarking ATYM cost positioning is competitive vs. notable copper producer peers Reported AISC (US$/lb) Source: Company filings Note: Peers that do not disclose AISC include Central Asia Metals, Ero Copper, Sandfire and Taseko 45
Slide 46: Copper Market Outlook
Copper Market Outlook Near-term and long-term supply challenges support robust outlook for copper Copper Price (US$/lb) Copper Demand Drivers ▪ Steady annual demand growth of 2.5 – 3.0% ‒ Equivalent to the production of a top 5 global mine ▪ Visible copper inventories are at multi-year lows ▪ Accele
Slide 47: Attractive Valuation
Attractive Valuation “Average" tonne of copper production is worth about US$55,000 per BofA BofA: EV (US$ 000s) / t Production vs. EV / EBITDA 2025E Growth pipeline Low capex intensity Safe jurisdiction Net cash position Dividend policy Source: BofA Global Research estimates 47
Slide 48: Move to LSE Main Market
Move to LSE Main Market Admission to Premium listing segment marks major milestone for Atalaya Admission: 29 April 2024 48
Slide 49: Appendix
ATALAYA MINING > Appendix
Slide 50: Atalaya Snapshot
Atalaya Snapshot European copper producer with operations in Spain . Ticker Operations Asset locations ATYM Riotinto District TOURO LSE Main Market 15 Mtpa processing plant Premium Segment SPAIN Cerro Colorado mine MADRID San Dionisio deposit San Antonio deposit OSSA MORENA Capitalisation Proyecto M
Slide 51: 50 MW Solar Plant
50 MW Solar Plant Expected to lower Atalaya’s carbon footprint and deliver cost savings June 2024 Electricity Sources 51
Slide 52: Electricity Prices in Spain
Electricity Prices in Spain Market electricity prices have returned to long-run historical averages 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 leg
Slide 53: Q1 2024 Production Results
Q1 2024 Production Results Lower production due to lower grades and recoveries Copper production Ore Throughput (Mt) 10,666 tonnes Cu 12,139 tonnes Cu | Q1 2023 Throughput & recoveries 3.7 Mt ore processed 0.34% Cu ore grade Copper Recovery 3.7 Mt | Q1 2023 0.38% | Q1 2023 84.74% Cu recovery 86.88%
Slide 54: Q1 2024 Financial Results
Q1 2024 Financial Results Lower operating costs party offset lower copper revenues Income statement highlights Revenues (€m) Revenue: €69.9m Op. costs: €(59.7)m €91.2m | Q1 2023 €(66.8)m | Q1 2023 EBITDA: €10.3m Profits: €1.6m €24.4m | Q1 2023 €11.1m | Q1 2023 Cash flow statement highlights EBITDA (
Slide 55: Cash Costs & AISC Breakdown
Cash Costs & AISC Breakdown Q1 2024 unit costs were within guidance range for FY2024 $/lb Copper Payable Q1 2024 Q1 2023 FY2023 FY2022 ▪ Cash costs and AISC in Q1 2024 Mining 0.99 0.83 0.86 0.79 were within the Processing 0.91 0.97 0.89 1.31 FY2024 guidance range Other site operating costs 0.67 0.52
Slide 56: Reserves and Resources
Reserves and Resources Attributable Grade Contained Metal Contained Metal Asset Ownership Tonnage Cu Zn Pb Au Ag Cu Zn Pb Au Ag CuEq Cu CuEq Notes Mt g/t g/t Mt Mt Mt Moz Moz Mt Mt Mt Cerro Colorado 100% Reserves 132.0 0.37% - - - - 0.5 - - - - 0.5 0.5 0.5 M&I 156.6 0.37% 0.15% 0.03% - - 0.6 0.2 0.0
Slide 57: Atalaya Mining plc
Contacts: Atalaya Mining plc Alberto Lavandeira, CEO +34 959 59 28 50 info@atalayamining.com