Slide 1: European copper producer with operations in Spain
European copper producer with operations in Spain Q3 and YTD 2025 Financial Results 13 November 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: Q3 and YTD 2025 Financial Results
Q3 and YTD 2025 Financial Results
Slide 5: Review of YTD 2025
Review of YTD 2025 On track to achieve full-year guidance following positive performance ‒ Copper production of 12.1 kt in Q3 2025 and 39.6 kt in YTD 2025 ‒ Cash Costs of US$2.55/lb in Q3 2025 and US$2.33/lb in YTD 2025 Operating ‒ AISC of US$2.98/lb in Q3 2025 and US$2.84/lb in YTD 2025 ‒ FY2025 ou
Slide 6: Q3 2025 Production Results
Q3 2025 Production Results Production supports full-year guidance Copper production Ore Throughput (Mt) 12,123 tonnes Cu 11,901 tonnes Cu | Q3 2024 Throughput & recoveries 4.3 Mt ore processed 0.38% Cu grade Copper Recovery 4.3 Mt | Q3 2024 0.33% | Q3 2024 74.45% Cu recovery 16.28% con. grade 84.35%
Slide 7: Q3 2025 Financial Results
Q3 2025 Financial Results Free cash flow generation further strengthens the balance sheet Income statement highlights Revenues (€m) Revenue: €106.8m Op. costs: €(76.0)m €86.8m | Q3 2024 €(69.8)m | Q3 2024 EBITDA: €30.7m Profits: €10.8m €17.0m | Q3 2024 €1.5m | Q3 2024 Cash flow statement highlights
Slide 8: YTD 2025 Financial Results
YTD 2025 Financial Results Strong performance to date Income statement highlights Revenue: €361.5m Op. costs: €(223.2)m €248.9m | YTD 2024 €(195.3)m | YTD 2024 EBITDA: €138.3m Profits: €70.9m €53.7m | YTD 2024 €17.6m | YTD 2024 Cash flow statement highlights Operating CF: Investing CF: €120.0m €(59.
Slide 9: Cash Costs & AISC Breakdown
Cash Costs & AISC Breakdown Strong cost performance so far in 2025 US$/lb Copper Payable Q3 2025 Q3 2024 YTD 2025 FY2024 ▪ Q3 and YTD 2025 Cash Costs and Mining 1.07 1.18 0.92 1.07 AISC were significantly below Processing 0.94 0.99 0.83 0.90 FY2024 Other site operating costs 0.74 0.62 0.64 0.64 ‒ Un
Slide 10: AISC Benchmarking
AISC Benchmarking ATYM cost positioning is competitive vs. notable copper producer peers Reported AISC (US$/lb) Atalaya 29Metals Capstone First Quantum Constancia Copper Mountain Candelaria Caserones Neves-Corvo Lumwana Zaldívar (Hudbay) (now Hudbay) (Lundin) (Lundin) (now Boliden) (Barrick) (Antofa
Slide 11: 2025 Guidance
2025 Guidance Strong performance to date positions Atalaya to achieve its FY2025 guidance Operational Guidance ▪ Production Ore mined Mt 15 – 16 ‒ Guidance supported by positive performance in YTD 2025 Waste mined (1) Mt 40 – 43 ▪ Costs ‒ Strong performance so far in Ore processed Mt 15.8 – 16.0 202
Slide 12: 2025 Focus
ATALAYA MINING > 2025 Focus
Slide 13: San Dionisio
San Dionisio Granted environmental approval; expected to contribute higher-grade material November 2025 Copper Resource Grade (M&I) 13
Slide 14: Masa Valverde
Masa Valverde Ramp works to begin in coming months; initial focus on high grade copper zone Wireframes of Mineralised Zones Planned Ramp Access for MV and MJ 14
Slide 15: Regional Engagement
Regional Engagement National Forum on Critical Minerals event in Seville November 2025 María Jesús Lorenzana (Galicia), Mercedes Morán (Extremadura) and Cristóbal Sánchez (Andalusia) participate in panel discussion 15
Slide 16: Regional Engagement
Regional Engagement Galicia Minister for Economy and Industry, María Jesús Lorenzana, visiting Riotinto November 2025 16
Slide 17: Touro: Positive Attributes
Touro: Positive Attributes Low capital intensity and good ore characteristics to drive strong economics Touro(1) Riotinto Copper Production ktpa ~30 50+ Initial Capex US$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 18: Key Activities for 2025
Key Activities for 2025 San Dionisio: Environmental authorisation approved; mining activities accelerated in Q3 2025 Masa Valverde: Drilling ongoing; approve access ramp development in coming months Touro: Advance permitting process under Galicia’s strategic industrial project legislation E-LIX: Fin
Slide 19: Conclusion
ATALAYA MINING > Conclusion
Slide 20: Market Focus on Copper
Market Focus on Copper Accelerating activity as a range of parties seek to increase their copper exposure M&A Activity: Copper and Copper-Gold 2021 2022 2023 2024 2025 ▪ Sandfire / MATSA ▪ Newmont / 44% Yanacocha ▪ Lundin / 51% Caserones ▪ Zijin / 15% Solaris ▪ Los Bronces & Andina JV ▪ South32 / 45
Slide 21: 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) Falling to Mining Partial Guidance 900-1,000 kt suspended suspension of reduction (FY2027+) post accident U/G mining post accident Source: ICSG
Slide 22: 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 23: Conclusion
Conclusion ▪ MAP 49 – 52 kt copper production $1.2bn Enterprise Value ▪ ASSETS 2025 improved guidance Equivalent to ~$24,000/t copper production >100 ktpa CuEq potential from existing projects €90m net cash No streams or royalties Low risk growth drivers: ‒ Higher grades ‒ Satellite deposits €84m di
Slide 24: Appendix
ATALAYA MINING > Appendix
Slide 25: Key Information
Key Information Capitalisation Share Price Performance (GBp) Ticker - LSE: Main Market ATYM Share price (10-Nov-25) GBp 697.0 Basic shares m 140.8 Fully-diluted shares m 147.5 Market capitalisation (basic) £m 981 Market capitalisation (basic) US$m $1,292 Cash (at 30-Sept) €m 114 Debt (at 30-Sept) €m
Slide 26: 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 27: 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 28: Riotinto Solar Plant
Riotinto Solar Plant Reducing Atalaya’s carbon footprint and processing costs February 2025 Electricity Sources 28
Slide 29: 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 29
Slide 30: 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 31: 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 32: 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 33: 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