Slide 1: European copper producer with operations in Spain: 2024 Annual Results
European copper producer with operations in Spain 2024 Annual Results 18 March 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: 2024 Annual Results
ATALAYA MINING > 2024 Annual Results
Slide 5: 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 6: 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 6
Slide 7: 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 8: 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 9: Q4 2024 Financial Results
Q4 2024 Financial Results Revenue impacted by increase in concentrate inventories Income statement highlights Revenues (€m) Revenue: €77.9m Op. costs: €(65.2)m €85.6m | Q4 2023 €(71.7)m | Q4 2023 EBITDA: €12.7m Profits: €14.9m(1) €13.9m | Q4 2023 €5.2m | Q4 2023 Cash flow statement highlights EBITDA
Slide 10: FY2024 Financial Results
FY2024 Financial Results Cash flow generation supported balance sheet during period of investment Income statement highlights 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 highlights Ope
Slide 11: Cash Costs & AISC Breakdown
Cash Costs & AISC Breakdown Good control of absolute costs helped to offset impact of lower production $/lb Copper Payable Q4 2024 Q4 2023 FY2024 FY2023 ▪ Good control of absolute costs Mining 1.05 0.92 1.07 0.86 ‒ Prices of key Processing 0.88 0.84 0.90 0.89 consumables Other site operating costs 0
Slide 12: AISC Benchmarking
AISC Benchmarking ATYM cost positioning is competitive vs. notable copper producer peers Reported AISC (US$/lb) Atalaya 29Metals Capstone First Quantum Constancia Copper Mountain Candelaria Neves-Corvo Lumwana Zaldívar (Hudbay) (now Hudbay) (Lundin) (Lundin) (Barrick) (Antofagasta / Barrick) Source:
Slide 13: 2025 Outlook
ATALAYA MINING > 2025 Outlook
Slide 14: 2025 Guidance
2025 Guidance Lower cash cost and further investments in higher grade deposits Operational Guidance ▪ 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%
Slide 15: San Dionisio
San Dionisio Waste stripping continues as permitting process is finalised February 2025 Copper Resource Grade (M&I) 15
Slide 16: Highway Relocation Progress
Highway Relocation Progress February 2025 16
Slide 17: PMV: Access Ramp
PMV: 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 17
Slide 18: E-LIX Phase I Plant
E-LIX Phase I Plant Commissioning in progress; expected to unlock significant value Illustrative Recoveries 18
Slide 19: Touro: Stakeholder Engagement
Touro: Stakeholder Engagement Public consultation has completed; support for the project has been strong 19
Slide 20: 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 21: 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 22: Conclusion
ATALAYA MINING > Conclusion
Slide 23: 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 $3.50/lb
Slide 24: Scarcity of Copper "Pure Plays"
Scarcity of Copper “Pure Plays” Atalaya is the 2nd largest copper “pure play” listed in London LSE Miners by Market Capitalisation (£bn) and Copper Contribution to Revenue Source: London Stock Exchange as at 28 February 2025, company filings Note: Copper revenue contribution based on last reported f
Slide 25: Appendix
ATALAYA MINING > Appendix
Slide 26: Key Information
Key Information Capitalisation Share Price Performance (GBp) Ticker - LSE: Main Market ATYM Share price (13-Mar-25) GBp 362.5 Basic shares m 140.8 Fully-diluted shares m 146.2 Market capitalisation (basic) £m 510 Market capitalisation (basic) US$m $661 Cash (at 31-Dec) €m 53 Debt (at 31-Dec) €m 18 E
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: 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 29: 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 30: 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 31: 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 32: 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