Atalaya Mining Copper Sa · LSE:ATYM
Atalaya Mining Copper Sa — BMO Global Metals, Mining & Critical Minerals Conference 2025
60 slides from Atalaya Mining Copper Sa's conference presentation, February 2025
Slide 1: European copper producer with operations in Spain
European copper producer with operations in Spain BMO Global Metals, Mining & Critical Minerals Conference February 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: Atalaya Overview
ATALAYA MINING > Atalaya Overview
Slide 5: Atalaya Snapshot
Atalaya Snapshot European copper producer with operations in Spain . Ticker Operations Asset locations ATYM Riotinto District TOURO LSE 15 Mtpa processing plant SPAIN Main Market Cerro Colorado mine MADRID San Dionisio deposit San Antonio deposit OSSA MORENA Capitalisation Proyecto Masa Valverde RIO
Slide 6: Operating Performance
Operating Performance Stable copper producer following the delivery of multiple expansions Throughput (Mt) Copper Production (kt) 6
Slide 7: Scarcity of Copper “Pure Plays”
Scarcity of Copper “Pure Plays” Atalaya is the 2nd largest copper “pure play” listed in London LSE Miners by Market Capitalisation (£bn) and Copper Contribution to Revenue Source: London Stock Exchange as at 31 January 2025, company filings Note: Copper revenue contribution based on last reported fi
Slide 8: Move to LSE Main Market
Move to LSE Main Market Together with re-domiciliation, opens the possibility of FTSE index inclusion Admission: 29 April 2024 8
Slide 9: Key Recent Activities
Key Recent Activities Main Market: Admitted to trading on 29 April 2024 Re-domiciliation: Completed in January 2025; opens possibility of FTSE UK Index Series inclusion 50MW solar plant: Connected to the substation in October 2024 E-LIX: Commissioning and ramp-up continues San Dionisio: Continuation
Slide 10: 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 11: Our Journey
ATALAYA MINING > Our Journey
Slide 12: 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) 12
Slide 13: Iberian Pyrite Belt
Iberian Pyrite Belt World class minerals district Riotinto Masa Valverde 13
Slide 14: Riotinto District
Riotinto District World class regional infrastructure 14
Slide 15: 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 16: Proyecto Riotinto: 2014 vs. Today
Proyecto Riotinto: 2014 vs. Today Original Gyratory Crusher – 2014 New Jaw Crusher – Today 16
Slide 17: Proyecto Riotinto: 2014 vs. Today
Proyecto Riotinto: 2014 vs. Today Original Mills – 2014 New Mills – Today 17
Slide 18: Proyecto Riotinto: 2014 vs. Today
Proyecto Riotinto: 2014 vs. Today Original Flotation Circuit – 2014 New Flotation Circuit – Today 18
Slide 19: Riotinto Today
Riotinto Today Modern and large-scale operation well-positioned for future growth 19
Slide 20: 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$82m Incremental Capex:
Slide 21: Dividend History
Dividend History Policy seeks to balance capital returns, growth projects and financial strength Dividend Payments ▪ Inaugural dividend Dividend Announced US$ 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 22: Riotinto District
ATALAYA MINING > Riotinto District
Slide 23: 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 24: 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 25: 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 26: San Dionisio
San Dionisio Waste stripping continues as permitting process is finalised February 2025 Copper Resource Grade (M&I) 26
Slide 27: 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 27
Slide 28: Highway Relocation Progress
Highway Relocation Progress February 2025 28
Slide 29: Proyecto Masa Valverde (PMV)
Proyecto Masa Valverde (PMV) Fully permitted satellite deposit 29 km 29
Slide 30: Masa Valverde Deposit
Masa Valverde Deposit Current drilling is targeting extensions of higher-grade copper zones Stockwork: Copper Zone Massive Sulphide: Copper Zone 30
Slide 31: PMV: Access Ramp
PMV: Access Ramp Access ramp construction is expected to begin in H1 2025 Wireframes of Mineralised Zones Planned Ramp Access for MV and MJ 31
Slide 32: E-LIX Phase I Plant
E-LIX Phase I Plant Commissioning in progress; expected to unlock significant value Illustrative Recoveries 32
Slide 33: 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 33
Slide 34: 50 MW Solar Plant
50 MW Solar Plant Now connected; will reduce Atalaya’s carbon footprint and processing costs February 2025 Electricity Sources 34
Slide 35: Proyecto Touro
ATALAYA MINING > Proyecto Touro
Slide 36: Proyecto Touro
Proyecto Touro Past producing mine and currently operating as an aggregate quarry 36
Slide 37: Touro: Location
Touro: Location World class infrastructure 37
Slide 38: Touro: Water Treatment Plant
Touro: Water Treatment Plant Addressing legacy water runoff issues 38
Slide 39: Water Treatment Plant Impact
Water Treatment Plant Impact Ongoing river restoration August 2021 – Lañas River May 2023 – Lañas River 39
Slide 40: 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 41: Stakeholder Engagement
Stakeholder Engagement Continues following awarding of “strategic” status 41
Slide 42: Stakeholder Engagement
Stakeholder Engagement Support for the project has been strong 42
Slide 43: Community Support
Community Support Strong support for a new sustainable copper mine in Galicia 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: Q3 and YTD 2024 Financial Results
Q3 and YTD 2024 Financial Results
Slide 46: Q3 2024 Production Results
Q3 2024 Production Results Strong plant throughput partly offset lower grades and recoveries Copper production Ore Throughput (Mt) 11,901 tonnes Cu 12,541 tonnes Cu | Q3 2023 Throughput & recoveries 4.3 Mt ore processed 0.33% Cu ore grade Copper Recovery 3.9 Mt | Q3 2023 0.38% | Q3 2023 84.35% Cu re
Slide 47: Q3 2024 Financial Results
Q3 2024 Financial Results Balance sheet strength provides support for key growth projects Income statement highlights Revenues (€m) Revenue: €86.8m Op. costs: €(69.8)m €85.4m | Q3 2023 €(66.3)m | Q3 2023 EBITDA: €17.0m Profits: €1.5m €19.1m | Q3 2023 €11.1m | Q3 2023 Cash flow statement highlights E
Slide 48: YTD 2024 Financial Results
YTD 2024 Financial Results Income statement highlights Revenue: €248.9m Op. costs: €(195.3)m €254.8m | YTD 2023 €(195.5)m | YTD 2023 EBITDA: €53.7m Profits: €17.6m €59.2m | YTD 2023 €31.4m | YTD 2023 Cash flow statement highlights Operating CF: Investing CF: €42.3m €(49.5)m €59.0m | YTD 2023 €(35.6)
Slide 49: Cash Costs & AISC Breakdown
Cash Costs & AISC Breakdown Unit costs were impacted by lower production, but absolute costs were in line $/lb Copper Payable Q3 2024 Q3 2023 YTD 2024 FY2023 ▪ Absolute costs have been Mining 1.18 0.90 1.07 0.86 consistent with Processing 0.99 0.93 0.91 0.89 expectations Other site operating costs 0
Slide 50: AISC Benchmarking
AISC Benchmarking ATYM cost positioning is competitive vs. notable copper producer peers Reported AISC (US$/lb) Atalaya 29Metals Capstone First Quantum Constancia Copper Mountain Candelaria Neves-Corvo Lumwana Zaldívar (Hudbay) (now Hudbay) (Lundin) (Lundin) (Barrick) (Antofagasta / Barrick) Source:
Slide 51: Appendix
ATALAYA MINING > Appendix
Slide 52: Key Information
Key Information Capitalisation Share Price Performance (GBp) Ticker - LSE: Main Market ATYM Share price (19-Feb-25) GBp 384.0 Basic shares m 140.8 Fully-diluted shares m 146.2 Market capitalisation (basic) £m 541 Market capitalisation (basic) US$m $680 Cash (at 31-Dec) €m 53 Debt (at 31-Dec) €m 18 E
Slide 53: 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 53
Slide 54: 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 55: 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 56: 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 57: 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 58: 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 59: 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 60: 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
Atalaya Mining Copper — BMO Global Metals, Mining & Critical Minerals Conference 2025 on 6ix