Atalaya Mining Copper Sa · LSE:ATYM
Atalaya Mining Copper Sa — Tenvalue & Coffee Barcelona (April 2025)
58 slides from Atalaya Mining Copper Sa's conference presentation, Apr 2, 2025
Slide 1: European copper producer with operations in Spain
European copper producer with operations in Spain Tenvalue & Coffee Barcelona 2 April 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: Market Overview
ATALAYA MINING > Market Overview
Slide 5: Copper Market Outlook
Copper Market Outlook Near-term and long-term supply challenges support robust outlook for copper Copper Price (US$/lb) Copper Demand Drivers Steady annual demand growth of 2.5 – 3.0% is consistent with global GDP growth (~3%) ‒ Equivalent to the production of a top 5 global mine Accelerating in
Slide 6: The Challenge…
The Challenge… A new top 5 copper mine is required every single year to meet demand growth Annual Copper Requirement vs. Top 10 Copper Mines (kt) Source: ICSG 6
Slide 7: CODELCO Challenges (1/2)
CODELCO Challenges (1/2) World’s largest copper producer has struggled to offset its declining production Copper Production (kt) Net Debt ($bn) Source: CODELCO 7
Slide 8: CODELCO Challenges (2/2)
CODELCO Challenges (2/2) Significant capex / execution risk associated with maintaining production levels CODELCO Business and Development Plan (Production in Mt) $40bn capex over 10 years Source: CODELCO 8
Slide 9: Copper Market Balance
Copper Market Balance Market is largely balanced despite rapid new supply from high grade DRC mines Copper Supply and Demand (Mt) Source: ICSG 9
Slide 10: Case Study: Copper Fundamentals
Case Study: Copper Fundamentals BHP capex programme of $10 – 14 bn is required offset production decline BHP Chile Expected Copper Production Contemplated Capital Projects Escondida Copper Grade $10 – 14 bn is IRRs are required to offset calculated production at $4.50/lb decline copper Source: BHP 1
Slide 11: Atalaya Mining Intro
ATALAYA MINING > Atalaya Mining Intro
Slide 12: Atalaya Snapshot
Atalaya Snapshot European copper producer with operations in Spain . Ticker Operations Asset locations ATYM Riotinto District TOURO LSE 15 Mtpa processing plant Main Market Cerro Colorado mine MADRID SPAIN San Dionisio deposit San Antonio deposit OSSA MORENA Proyecto Masa Valverde Capitalisation Pro
Slide 13: 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 14: FY2024 Review
ATALAYA MINING > FY2024 Review
Slide 15: 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 16: 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 16
Slide 17: FY2024 Financial Results
FY2024 Financial Results Cash flow generation supported balance sheet during period of investment Income statement highlights Revenues (€m) 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
Slide 18: FY2025 Outlook
ATALAYA MINING > FY2025 Outlook
Slide 19: 2025 Guidance
2025 Guidance Lower cash cost and further investments in higher grade deposits 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% Costs ‒ Cash Cost
Slide 20: Key Activities for 2025
Key Activities for 2025 San Dionisio: Continue stripping activities and finalise permitting process 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 plant: R
Slide 21: Investment Case
ATALAYA MINING > Investment Case
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 $3.50/lb
Slide 23: Dividend History
Dividend History Policy seeks to balance capital returns, growth projects and financial strength Dividend Payments Inaugural dividend Dividend Announced US$ 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 24: Key Information
Key Information Capitalisation Share Price Performance (GBp) Ticker - LSE: Main Market ATYM Share price (28-Mar-25) GBp 364.0 Basic shares m 140.8 Fully-diluted shares m 146.2 Market capitalisation (basic) £m 512 Market capitalisation (basic) US$m $663 Cash (at 31-Dec) €m 53 Debt (at 31-Dec) €m 18 E
Slide 25: ATALAYA
ATALAYA MINING
Slide 26: Appendix on Cu Market
ATALAYA MINING > Appendix on Cu Market
Slide 27: 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 28: Copper Outlook: Escondida
Copper Outlook: Escondida Falling grades at the world’s largest copper mine highlights industry challenges Annual Copper Production (kt)(1) Escondida is the world’s largest copper mine ‒ Owned by BHP (57.5%), Rio Tinto (30%) and Japanese consortiums Production could fall materially from FY2027,
Slide 29: 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 30: U.S. Critical Materials Assessment
U.S. Critical Materials Assessment Copper is viewed as essential to clean energy technologies by the U.S. DOE DOE Vision & Strategy Importance of Copper ‒ Develop reliable, resilient, affordable, diverse, Copper has been moved from noncritical 29 sustainable, and secure domestic critical in the sh
Slide 31: Appendix on Proyecto Riotinto
Appendix on Proyecto Riotinto
Slide 32: Cash Costs & AISC Breakdown
Cash Costs & AISC Breakdown Good control of absolute costs helped to offset impact of lower production $/lb Copper Payable Q4 2024 Q4 2023 FY2024 FY2023 Good control of absolute costs Mining 1.05 0.92 1.07 0.86 ‒ Prices of key Processing 0.88 0.84 0.90 0.89 consumables Other site operating costs 0
Slide 33: AISC Benchmarking
AISC Benchmarking ATYM cost positioning is competitive vs. notable copper producer peers Reported AISC (US$/lb) Atalaya 29Metals Capstone First Quantum Constancia Copper Mountain Candelaria Neves-Corvo Lumwana Zaldívar (Hudbay) (now Hudbay) (Lundin) (Lundin) (Barrick) (Antofagasta / Barrick) Source:
Slide 34: 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 35: Regional Infrastructure
Regional Infrastructure Access to the critical inputs required for modern and sustainable operations $/t Copper Production Villages Fresh water reservoirs Current TSF Transmission line Planned future TSF NOT REQUIRED: Fresh water reservoir • Labour camps • Fly-in fly-out Villages • Desalination • Pi
Slide 36: Operating Performance
Operating Performance Stable copper producer following the delivery of multiple expansions Throughput (Mt) Copper Production (kt) 36
Slide 37: San Dionisio
San Dionisio Waste stripping continues as permitting process is finalised February 2025 Copper Resource Grade (M&I) 37
Slide 38: Riotinto Today
Riotinto Today Modern and large-scale operation well-positioned for future growth 38
Slide 39: Atalaya Team Track Record
Atalaya Team Track Record Strong experience in permitting, financing and constructing major projects Aguablanca (Ni, Cu) El Valle-Boinás (Au, Cu) Mutanda (Cu, Co) Tasiast (Au) 39
Slide 40: Proyecto Riotinto: 2014 vs. Today
Proyecto Riotinto: 2014 vs. Today Original Gyratory Crusher – 2014 New Jaw Crusher – Today 40
Slide 41: Proyecto Riotinto: 2014 vs. Today
Proyecto Riotinto: 2014 vs. Today Original Mills – 2014 New Mills – Today 41
Slide 42: Proyecto Riotinto: 2014 vs. Today
Proyecto Riotinto: 2014 vs. Today Original Flotation Circuit – 2014 New Flotation Circuit – Today 42
Slide 43: Appendix on Touro
ATALAYA MINING > Appendix on Touro
Slide 44: Touro: Location
Touro: Location World class infrastructure World class infrastructure 44
Slide 45: Touro: Positive Attributes
Touro: Positive Attributes Low capital intensity and good ore characteristics to drive strong economics Touro(1) Riotinto Copper Production ktpa ~30 50+ Initial Capex US$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 46: Touro: Stakeholder Engagement
Touro: Stakeholder Engagement Public consultation has completed; support for the project has been strong 46
Slide 47: Appendix on Investment Case
ATALAYA MINING > Appendix on Investment Case
Slide 48: 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 28 February 2025, company filings Note: Copper revenue contribution based on last reported
Slide 49: Value Proposition
Value Proposition Atalaya is trading at a significant discount to NAV at consensus long term prices Net Asset Value (NAV) at $3.85/lb Cu (US$m) Source: 2023 Riotinto PEA and Touro PFS 49
Slide 50: Appendix on Other Projects
ATALAYA MINING > Appendix on Other Projects
Slide 51: 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 51
Slide 52: 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 Recovery of zinc Ore type(1) from existing saleableCuSW copper concentrate CuSW 85% Cu 85% Cu Recovery 60% Zn Unchanged: 60% Zn No modifications are require
Slide 53: 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 Potential to apply Ore type (1) E-LIX to complex ores throughout the IPB and beyond PolyMS PolyMS Higher recoveries 80% Cu Facilitates Recovery 6
Slide 54: Proyecto Masa Valverde: Access Ramp
Proyecto Masa Valverde: Access Ramp Access ramp works to start in H1 2025; initial focus on high grade copper zone Wireframes of Mineralised Zones Planned Ramp Access for MV and MJ 54
Slide 55: 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 56: 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 57: 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 58: Atalaya Mining Copper, S.A. Investor Relations
Contacts: Atalaya Mining Copper, S.A. Cesar Sanchez, CFO +34 959 59 28 50 info@atalayamining.com Investor Relations Michael Rechsteiner michael.rechsteiner@atalayamining.com
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