Atalaya Mining Copper Sa · LSE:ATYM
Atalaya Mining Copper Sa — BofA GMM&S Conference: Investor Site Visit 2025
69 slides from Atalaya Mining Copper Sa's conference presentation, May 15, 2025
Slide 1: European copper producer with operations in Spain
European copper producer with operations in Spain BofA GMM&S Conference: Investor Site Visit 15 May 2025
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: Today’s Agenda
Today’s Agenda ▪ Arrival at Riotinto ~9:30 ▪ Coffee break ▪ Safety induction 10:00 ▪ Presentation by Atalaya management ▪ Presentation on E-LIX by Lain Technologies ▪ Collection of PPE ▪ Site visit ‒ Cerro Colorado pit 11:30 ‒ San Dionisio area ‒ TSF viewpoint ‒ 15 Mtpa processing plant ‒ E-LIX Phas
Slide 5: Atalaya Overview
ATALAYA MINING > Atalaya Overview
Slide 6: 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 FTSE 250 Index Cerro Colorado mine SPAIN constituent San Dionisio deposit MADRID San Antonio deposit OSSA MORENA Proyecto Masa
Slide 7: Operating Performance
Operating Performance Stable copper producer following the delivery of multiple expansions Throughput (Mt) Copper Production (kt) 7
Slide 8: 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 2023 Riotinto PEA and based on $3.50/lb
Slide 9: Our Journey
ATALAYA MINING > Our Journey
Slide 10: Iberian Pyrite Belt
Iberian Pyrite Belt World class minerals district Riotinto Masa Valverde 10
Slide 11: Riotinto District
Riotinto District World class regional infrastructure 11
Slide 12: 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 NOT REQUIRED: Fresh water reservoir • Labour camps • Fly-in fly-out Villages • Desalination • Pi
Slide 13: 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 14: Atalaya Team Track Record
Atalaya Team Track Record Strong experience in permitting, financing and constructing major projects Aguablanca (Ni, Cu) El Valle-Boinás (Au, Cu) Mutanda (Cu, Co) Tasiast (Au) 14
Slide 15: Proyecto Riotinto: 2014 vs. Today
Proyecto Riotinto: 2014 vs. Today Original Gyratory Crusher – 2014 New Jaw Crusher – Today 15
Slide 16: Proyecto Riotinto: 2014 vs. Today
Proyecto Riotinto: 2014 vs. Today Original Mills – 2014 New Mills – Today 16
Slide 17: Proyecto Riotinto: 2014 vs. Today
Proyecto Riotinto: 2014 vs. Today Original Flotation Circuit – 2014 New Flotation Circuit – Today 17
Slide 18: Riotinto Today
Riotinto Today Modern and large-scale operation well-positioned for future growth 18
Slide 19: Riotinto Operating & Funding History
Riotinto Operating & Funding History Re-start & expansions delivered with low capex intensity & limited equity dilution Expansion History and Throughput (Mt) Re-start – 5.0 Mtpa Expansion to 9.5 Mtpa Expansion to 15.0 Mtpa Executed: 2015 Executed: 2016 Executed: 2019 Capex: US$82m Incremental Capex:
Slide 20: Cash Flow History
Cash Flow History Strong operating cash flow has funded historical capex and the dividend policy Aggregate Cash Flows 2014 – 2024 (€m) 20
Slide 21: Riotinto District
ATALAYA MINING > Riotinto District
Slide 22: Riotinto Site Layout
Riotinto Site Layout Multiple deposits and modern 15 Mtpa processing 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, 1.14% Zn Underground:
Slide 23: Riotinto Deposits
Riotinto Deposits Adjacent deposits are expected to be 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% 0.50 – 0.9
Slide 24: San Dionisio
San Dionisio Expected to contribute higher-grade material to supplement mill feed February 2025 Copper Resource Grade (M&I) 24
Slide 25: Highway Relocation Plans
Highway Relocation Plans 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 25
Slide 26: Highway Relocation Progress
Highway Relocation Progress February 2025 26
Slide 27: Riotinto TSF
Riotinto TSF Current authorisations allow for production beyond 2030 27
Slide 28: 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 29: Proyecto Masa Valverde (PMV)
Proyecto Masa Valverde (PMV) Fully permitted satellite deposit 29 km 29
Slide 30: 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 31: PMV: Access Ramp
PMV: Access Ramp Ramp works to begin in coming months; initial focus on high grade copper zone Wireframes of Mineralised Zones Planned Ramp Access for MV and MJ 31
Slide 32: E-LIX
ATALAYA MINING
Slide 33: E-LIX Phase I Plant
E-LIX Phase I Plant Commissioning in progress; expected to unlock significant value Illustrative Recoveries 33
Slide 34: E-LIX Phase I Plant
E-LIX Phase I Plant Commissioning & ramp-up continue; novel leaching section is performing well Copper precipitate Zinc precipitate Copper cathode Zinc cathode Copper pregnant leach solution 34
Slide 35: 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 36: 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 37: Proyecto Touro
ATALAYA MINING > Proyecto Touro
Slide 38: Proyecto Touro
Proyecto Touro Past producing mine and currently operating as an aggregate quarry 38
Slide 39: Touro: Location
Touro: Location World class infrastructure 39
Slide 40: Touro: Water Treatment Plant
Touro: Water Treatment Plant Addressing legacy water runoff issues 40
Slide 41: Water Treatment Plant Impact
Water Treatment Plant Impact Ongoing river restoration August 2021 – Lañas River May 2023 – Lañas River 41
Slide 42: Strategic Industrial Project Status
Strategic Industrial Project Status Proyecto Touro was awarded strategic project status on 24 June 2024 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 investment i
Slide 43: Touro: Stakeholder Engagement
Touro: Stakeholder Engagement Public consultation has completed; support for the project has been strong 43
Slide 44: Touro: Positive Attributes
Touro: Positive Attributes Low capital intensity and good ore characteristics to drive strong economics Touro(1) Riotinto Copper Production ktpa ~30 50+ Initial Capex US$m $250 – 300 Capex Intensity US$/t produced <$10,000 Strip Ratio w:o ~2.0 ~2.2 Copper Grade ~0.42% 0.37% Copper Recovery ~90% ~85%
Slide 45: 2025 Outlook
ATALAYA MINING > 2025 Outlook
Slide 46: Q1 2025 Production Results
Q1 2025 Production Results Strong start to 2025 with best quarter of production since Q2 2021 Copper production Ore Throughput (Mt) 14,291 tonnes Cu 10,666 tonnes Cu | Q1 2024 Throughput & recoveries 4.2 Mt ore processed 0.42% Cu grade Copper Recovery 3.7 Mt | Q1 2024 0.34% | Q1 2024 80.98% Cu recov
Slide 47: 2025 Guidance
2025 Guidance Lower cash cost and further investments in higher grade deposits Operational Guidance ▪ Production Ore mined Mt 15 – 16 ‒ Start to 2025 has been encouraging Waste mined (1) Mt 37 – 43 ‒ Guidance is weighted slightly Ore processed Mt 15.5 – 15.8 towards H1 2025 Copper grade 0.38 – 0.42%
Slide 48: Key Activities for 2025
Key Activities for 2025 San Dionisio: Environmental authorisation approved; stripping activities continue Masa Valverde: Start development of access ramp Touro: Advance permitting process under Galicia’s strategic industrial project legislation E-LIX: Finalise commissioning and ramp-up 50MW solar pl
Slide 49: Conclusion
ATALAYA MINING > Conclusion
Slide 50: Copper Supply: Challenges
Copper Supply: Challenges A new top 5 copper mine is required every single year to meet demand growth Annual Copper Requirement vs. Top 10 Copper Mines (kt) Source: ICSG 50
Slide 51: Conclusion
Conclusion ▪ MAP 48 – 52 kt copper production $721m Enterprise Value ▪ ASSETS 2025 guidance Equivalent to ~$14,000/t copper production >100 ktpa CuEq potential from existing projects €38m net cash No streams or royalties Low risk growth drivers: ‒ Higher grades ‒ Satellite deposits €78m dividends de
Slide 52: 2024 Annual Results
ATALAYA MINING > 2024 Annual Results
Slide 53: Review of FY2024
Review of FY2024 Transition year lays the foundation for key project catalysts in 2025 ‒ Copper production of 12.1 kt in Q4 2024 and 46.2 kt in FY2024, due to lower grades and recoveries ‒ Cash Cost of $2.79/lb in Q4 2024 and $2.92/lb in FY2024, with good control of absolute costs Operating ‒ AISC o
Slide 54: FY2024 Highlights
FY2024 Highlights Several key accomplishments and many important catalysts ahead Works in progress… ▪ San Dionisio final permits ▪ Masa Valverde access ramp construction ▪ Touro environmental approval ▪ E-LIX ramp-up ▪ Solar plant full capacity ▪ Exploration, including new Swedish earn-in 54
Slide 55: Sustainability Highlights
Sustainability Highlights Improving performance highlights Atalaya’s commitment to sustainability ▪ Atalaya continues to make progress towards achieving greater sustainability across its business activities ‒ We look forward to further improvements in the years ahead ▪ For further information, pleas
Slide 56: Q4 2024 Production Results
Q4 2024 Production Results Positive finish to 2024, paving the way for an active 2025 across the portfolio Copper production Ore Throughput (Mt) 12,078 tonnes Cu 12,775 tonnes Cu | Q4 2023 Throughput & recoveries 3.8 Mt ore processed 0.41% Cu grade Copper Recovery 4.1 Mt | Q4 2023 0.36% | Q4 2023 78
Slide 57: Q4 2024 Financial Results
Q4 2024 Financial Results Revenue impacted by increase in concentrate inventories Income statement highlights Revenues (€m) Revenue: €77.9m Op. costs: €(65.2)m €85.6m | Q4 2023 €(71.7)m | Q4 2023 EBITDA: €12.7m Profits: €14.9m(1) €13.9m | Q4 2023 €5.2m | Q4 2023 Cash flow statement highlights EBITDA
Slide 58: FY2024 Financial Results
FY2024 Financial Results Cash flow generation supported balance sheet during period of investment Income statement highlights Revenue: €326.8m Op. costs: €(260.4)m €340.3m | FY2023 €(267.2)m | FY2023 EBITDA: €66.4m Profits: €32.6m(1) €73.1m | FY2023 €36.7m | FY2023 Cash flow statement highlights Ope
Slide 59: Cash Costs & AISC Breakdown
Cash Costs & AISC Breakdown Good control of absolute costs helped to offset impact of lower production $/lb Copper Payable Q4 2024 Q4 2023 FY2024 FY2023 ▪ Good control of absolute costs Mining 1.05 0.92 1.07 0.86 ‒ Prices of key Processing 0.88 0.84 0.90 0.89 consumables Other site operating costs 0
Slide 60: AISC Benchmarking
AISC Benchmarking ATYM cost positioning is competitive vs. notable copper producer peers Reported AISC (US$/lb) Atalaya 29Metals Capstone First Quantum Constancia Copper Mountain Candelaria Neves-Corvo Lumwana Zaldívar (Hudbay) (now Hudbay) (Lundin) (Lundin) (Barrick) (Antofagasta / Barrick) Source:
Slide 61: Appendix
ATALAYA MINING > Appendix
Slide 62: Key Information
Key Information Capitalisation Share Price Performance (GBp) Ticker - LSE: Main Market ATYM Share price (12-May-25) GBp 411.5 Basic shares m 140.8 Fully-diluted shares m 146.2 Market capitalisation (basic) £m 579 Market capitalisation (basic) US$m $763 Cash (at 31-Mar) €m 70 Debt (at 31-Mar) €m 32 E
Slide 63: Earn-in Agreements in Sweden
Earn-in Agreements in Sweden Opportunity to enter prospective mining districts with an experienced partner ▪ In November 2024, Atalaya announced agreements with Mineral Prospektering i Sverige AB ("MPS“) whereby Atalaya can earn initial 75% interests in the Skellefte Belt and Rockliden projects ‒ Su
Slide 64: Electricity Prices in Spain
Electricity Prices in Spain Stability has returned to market electricity prices Spot Market + Adjustment in Spanish System (€/MWh)(1)(2) 1. Source: OMI, Polo Español S.A. (OMIE), day-ahead operations program 2. Since 15-Jun-2022, includes daily adjustment mechanism related to legislated gas cap 64
Slide 65: Dividend History
Dividend History Policy seeks to balance capital returns, growth projects and financial strength Dividend Payments ▪ Inaugural dividend Dividend Announced US$ GBP EUR US$ GBP EUR declared in 2021 per sh per sh per sh m m m Inaugural 27-Oct-21 0.3950 0.294 0.345 54.6 40.6 47.3 ▪ Formal dividend polic
Slide 66: 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 67: Senior Management
Senior Management Decades of operations, project development and financial expertise Alberto Lavandeira César Sánchez Enrique Delgado Chief Executive Officer, Director Chief Financial Officer Operations – General Manager, Proyecto Riotinto Over 40 years’ experience Former CFO of companies in Former
Slide 68: 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 69: 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
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