Slide 1: European copper producer with operations in Spain
European copper producer with operations in Spain Q2 and H1 2023 Financial Results 10 August 2023
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 technical report entitled “Technical Report On the Riotinto Copper Project” dated September 2022, p
Slide 4: Q2 and H1 2023 Financial Results
Q2 and H1 2023 Financial Results
Slide 5: Review of H1 2023
Review of H1 2023 Strong production, decreasing AISC and focus on organic growth ‒ Strong copper production of 14.2 kt in Q2 2023, bringing H1 2023 total to 26.4 kt ‒ Improved AISC of $2.89/lb Cu in Q2 2023 and $3.00/lb Cu in H1 2023, mainly due to lower Operating electricity prices ‒ FY2023 outlook
Slide 6: Q2 2023 Production Results
Q2 2023 Production Results Strong quarter of production supports confidence in full year guidance Copper production Ore Throughput (Mt) 14,212 tonnes Cu 13,386 tonnes Cu | Q2 2022 Throughput & recoveries 4.1 Mt ore processed 0.40% Cu ore grade 4.0 Mt | Q2 2022 0.39% | Q2 2022 Copper Recovery 87.18%
Slide 7: Q2 2023 Financial Results
Q2 2023 Financial Results Improved cash costs offset lower copper prices Income statement highlights Revenues (€m) Revenue: €79.1m Op. costs: €(63.3)m €93.4m | Q2 2022 €(78.7)m | Q2 2022 EBITDA: €15.7m Profits: €9.2m €14.7m | Q2 2022 €11.8m | Q2 2022 Cash flow statement highlights EBITDA (€m) Operat
Slide 8: H1 2023 Financial Results
H1 2023 Financial Results Good performance and higher net cash position Income statement highlights Revenue: €170.2m Op. costs: €(130.1)m €179.7m | H1 2022 €(138.3)m | H1 2022 EBITDA: €40.1m Profits: €20.3m €41.4m | H1 2022 €30.1m | H1 2022 Cash flow statement highlights Operating CF: Investing CF:
Slide 9: Electricity Prices in Spain
Electricity Prices in Spain Market prices have continued to moderate in 2023 vs. extreme levels in 2022 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
Slide 10: Cash Costs & AISC Breakdown
Cash Costs & AISC Breakdown Lower electricity prices have resulted in reduced costs vs. 2022 $/lb Copper Payable Q2 2023 Q2 2022 H1 2023 FY2022 ▪ Lower electricity prices are the Mining 0.79 0.87 0.81 0.79 primary driver of Processing 0.82 1.22 0.89 1.31 improved cash costs and AISC in Other site op
Slide 11: AISC Benchmarking
AISC Benchmarking Despite high electricity prices, ATYM is well-positioned vs. copper peers Reported AISC (US$/lb) Source: Company filings Note: Peers that do not disclose AISC include Central Asia Metals, Ero Copper, Sandfire and Taseko 11
Slide 12: 2023 Guidance – Unchanged
2023 Guidance – Unchanged Atalaya is on track to meet FY2023 outlook Operational Guidance ▪ Production Ore mined Mt 17.1 ‒ Strong operational performance in Q2 2023 Mt 24.1 Waste mined ‒ On track to meet full year production guidance Ore processed Mt 15.3 – 15.8 ▪ Costs Copper ore grade 0.40 – 0.42%
Slide 13: 2023 Interim Dividend
2023 Interim Dividend Atalaya Dividend Policy 2023 Interim Dividend ▪ Seeks to provide capital returns to shareholders ▪ US$0.05 per ordinary share while allowing for continued investments in ‒ Equivalent to ~3.9 pence per ordinary share Atalaya’s portfolio of low capital intensity growth projects ▪
Slide 14: Focus for 2023
ATALAYA MINING > Focus for 2023
Slide 15: E-LIX Phase I & 50 MW Solar Plant
E-LIX Phase I & 50 MW Solar Plant Expected to lower Atalaya’s carbon footprint and deliver cost savings 15
Slide 16: Riotinto District & Touro
Riotinto District & Touro Diverse portfolio of low capital intensity growth projects 16
Slide 17: Key Activities for 2023
Key Activities for 2023 E-LIX: Construction of Phase I plant progressing; commissioning during H2 2023 50MW solar plant: Construction progressing; start-up in late 2023 or early 2024 San Dionisio / San Antonio: San Dionisio permitting; optimisation of key PEA elements Touro: Permitting process and s
Slide 18: Conclusion
ATALAYA MINING > Conclusion
Slide 19: 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, $1.20/lb Z
Slide 20: Strong Outlook for Copper
Strong Outlook for Copper Copper demand is accelerating, but building new mines is increasingly difficult Growing Global Copper Consumption (Mt)(1) Falling Production from Legacy Mines(2) ▪ 5x CODELCO’s 2022 to 2030 ▪ 6.5x Escondida mines CODELCO Copper Production Outlook demand growth is ▪ 19x Cobr
Slide 21: Scarcity of Copper “Pure Plays”
Scarcity of Copper “Pure Plays” Atalaya is the 2nd largest copper “pure play” listed in London LSE Miners by Market Capitalisation (£bn) and Copper Contribution to Revenue Source: London Stock Exchange, company filings Note: Copper revenue contribution based on last reported financial or trading sta
Slide 22: Investment Highlights
Investment Highlights MAP ▪European copper producer with scale, growth and consistency ‒ Achieved 52.3 kt in 2022, with 53-55 kt guided for 2023 ▪‒ ASSETS Riotinto reserves plus adjacent deposits support long life-of-mine Sustainability approach aligned with best practices ‒ Strong relationships wit
Slide 23: Appendix
ATALAYA MINING > Appendix
Slide 24: Key Information
Key Information Capitalisation Share Price Performance (GBp) Ticker - LSE: AIM ATYM Share price (04-Aug-23) GBp 333 Basic shares m 139.9 Fully-diluted shares m 144.7 Market capitalisation (basic) £m 466 Market capitalisation (basic) US$m $592 Cash (at 30-Jun) €m 113 Debt (at 30-Jun) €m 44 Enterprise
Slide 25: EU Critical Raw Materials Act
EU Critical Raw Materials Act Copper has been added to the EU’s list of Strategic Raw Materials Background of Act Focus on Building European Capacity ‒ Ensure a secure and sustainable supply of ‒ Identify “Strategic Projects” in the EU and critical raw materials for EU industry third countries that
Slide 26: 2022 Sustainability Report
2022 Sustainability Report Highlights Atalaya's commitment to enhancing its disclosure and performance 2022 Sustainability Report ▪ In May 2023, Atalaya published its second annual sustainability report ‒ Statistics and data are for the year ended 31 December 2022 ‒ Represents a core component of At
Slide 27: Safe Tailings Management
Safe Tailings Management Atalaya applies industry best practice standards to its tailings facility 2023 TSF Report ▪ In March 2023, Atalaya published a standalone document that summarises the Company’s approach to safe tailings management ▪ The report includes details on the history of the tailings
Slide 28: 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 185.7 0.38% - - - - 0.7 - - - - 0.7 0.7 0.7 M&I 200.7 0.37% 0.15% 0.03% - - 0.7 0.3 0.1
Slide 29: 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 30: Board of Directors
Board of Directors Mining, capital markets, sustainability and finance expertise Non-Executive Over 40 years’ experience in the mining industry. Former Senior Mining Engineer at NM Rothschild & Sons; Roger Chair of the former Director, VP and GM, AngloGold (Argentina). Currently a director of Centra
Slide 31: Atalaya Mining plc Investor Relations
Contacts: Atalaya Mining plc Alberto Lavandeira, CEO +34 959 59 28 50 info@atalayamining.com Investor Relations Carina Corbett, 4C Communications Ltd +44 20 3170 7973 corbett@4ccommunications.com