Atalaya Mining Copper Sa · LSE:ATYM
Atalaya Mining Copper Sa — H1 2025 Earnings Presentation
31 slides from Atalaya Mining Copper Sa's earnings presentation, Aug 12, 2025
Slide 1: European copper producer with operations in Spain
European copper producer with operations in Spain Q2 and H1 2025 Financial Results 12 August 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: Q2 and H1 2025 Financial Results
Q2 and H1 2025 Financial Results
Slide 5: Review of H1 2025
Review of H1 2025 Record EBITDA, strong free cash flow and positive guidance revisions ‒ Copper production of 13.2 kt in Q2 2025 and 27.5 kt in H1 2025 ‒ Cash Costs of US$2.21/lb in Q2 2025 and US$2.23/lb in H1 2025 Operating ‒ AISC of US$2.81/lb in Q2 2025 and US$2.78/lb in H1 2025 ‒ FY2025 outlook
Slide 6: Q2 2025 Production Results
Q2 2025 Production Results Consistent performance continues Copper production Ore Throughput (Mt) 13,175 tonnes Cu 11,583 tonnes Cu | Q2 2024 Throughput & recoveries 4.0 Mt ore processed 0.43% Cu grade Copper Recovery 4.1 Mt | Q2 2024 0.33% | Q2 2024 76.75% Cu recovery 17.09% con. grade 85.81% | Q2
Slide 7: Q2 2025 Financial Results
Q2 2025 Financial Results Record quarterly EBITDA and strong free cash flow Income statement highlights Revenues (€m) Revenue: €124.1m Op. costs: €(69.0)m €92.2m | Q2 2024 €(65.8)m | Q2 2024 EBITDA: €55.1m Profits: €29.6m €26.4m | Q2 2024 €14.5m | Q2 2024 Cash flow statement highlights EBITDA (€m) O
Slide 8: H1 2025 Financial Results
H1 2025 Financial Results Record half year EBITDA Income statement highlights Revenue: €254.8m Op. costs: €(147.2)m €162.1m | H1 2024 €(125.5)m | H1 2024 EBITDA: €107.6m Profits: €60.1m €36.7m | H1 2024 €16.1m | H1 2024 Cash flow statement highlights Operating CF: Investing CF: €78.3m €(41.8)m €28.4
Slide 9: Cash Costs & AISC Breakdown
Cash Costs & AISC Breakdown Good cost performance so far in 2025 US$/lb Copper Payable Q2 2025 Q2 2024 H1 2025 FY2024 ▪ Q2 and H1 2025 Cash Costs and Mining 0.88 1.04 0.86 1.07 AISC were Processing 0.77 0.83 0.79 0.90 significantly Other site operating costs 0.64 below FY2024 0.69 0.63 0.59 Total si
Slide 10: 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 11: 2025 Guidance: Positive Revisions
2025 Guidance: Positive Revisions Strong start to 2025 supports improved full-year outlook Operational Guidance ▪ Production ‒ Positive guidance revision due to Ore mined Mt 15 – 16 strong performance in H1 2025 ‒ Guidance remains weighted slightly 47 – 50 towards H1 2025 Waste mined (1) Mt (was 37
Slide 12: 2025 Interim Dividend
2025 Interim Dividend Atalaya Dividend Policy 2025 Interim Dividend ▪ Seeks to provide capital returns to shareholders ▪ €0.044 per ordinary share and allows for continued investments in Atalaya’s portfolio of growth projects ‒ Equivalent to ~US$0.051 ‒ Equivalent to ~£0.038 ▪ Based on an annual pay
Slide 13: 2025 Focus
ATALAYA MINING > 2025 Focus
Slide 14: San Dionisio
San Dionisio Granted environmental approval; expected to contribute higher-grade material August 2025 Copper Resource Grade (M&I) 14
Slide 15: Road Relocation
Road Relocation Project is progressing well, with major works expected during H2 2025 15
Slide 16: E-LIX Phase I Plant
E-LIX Phase I Plant Ramp-up continues, with novel leaching section performing well Illustrative Recoveries 16
Slide 17: Masa Valverde Drilling Results
Masa Valverde Drilling Results Confirm and extend high-grade copper zones Selected Masa Valverde Intercepts ▪ Recent focus has been infill Hole ID From m To m Interval m Cu % Zn % Pb % Ag g/t Au g/t Ore type and extensional drilling at MJ65 568.00 593.00 25.00 2.93 2.27 0.11 12.68 0.08 SW-Cu the Mas
Slide 18: PMV: Access Ramp
PMV: Access Ramp Ramp works to begin in coming months; initial focus on high grade copper zone Wireframes of Mineralised Zones Planned Ramp Access for MV and MJ 18
Slide 19: Touro: Positive Attributes
Touro: Positive Attributes Low capital intensity and good ore characteristics to drive strong economics Touro(1) Riotinto Copper Production ktpa ~30 50+ Initial Capex US$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 20: Key Activities for 2025
Key Activities for 2025 San Dionisio: Environmental authorisation approved; mining activities to accelerate in H2 2025 Masa Valverde: Drilling ongoing; start development of access ramp (subject to final Board approval) Touro: Advance permitting process under Galicia’s strategic industrial project le
Slide 21: Conclusion
ATALAYA MINING > Conclusion
Slide 22: Conclusion
Conclusion ▪ MAP 49 – 52 kt copper production $813m Enterprise Value ▪ ASSETS 2025 improved guidance Equivalent to ~$16,000/t copper production >100 ktpa CuEq potential from existing projects €70m net cash No streams or royalties Low risk growth drivers: ‒ Higher grades ‒ Satellite deposits €84m div
Slide 23: Appendix
ATALAYA MINING > Appendix
Slide 24: Key Information
Key Information Capitalisation Share Price Performance (GBp) Ticker - LSE: Main Market ATYM Share price (08-Aug-25) GBp 472.5 Basic shares m 140.8 Fully-diluted shares m 148.1 Market capitalisation (basic) £m 665 Market capitalisation (basic) US$m $894 Cash (at 30-Jun) €m 103 Debt (at 30-Jun) €m 33
Slide 25: Earn-in Agreements in Sweden
Earn-in Agreements in Sweden Opportunity to enter prospective mining districts with an experienced partner Skellefte Belt Project Region ▪ In November 2024, Atalaya announced agreements with Mineral Prospektering i Sverige AB ("MPS“) whereby Atalaya can earn initial 75% interests in the Skellefte Be
Slide 26: Riotinto Solar Plant
Riotinto Solar Plant Reducing Atalaya’s carbon footprint and processing costs February 2025 Electricity Sources 26
Slide 27: 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 27
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 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 29: 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 30: 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 31: 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 — H1 2025 Earnings Presentation on 6ix