Atalaya Mining Copper Sa · LSE:ATYM
Atalaya Mining Copper Sa — Atalaya Mining — BofA Securities Global Metals, Mining & Steel Conference 2026
40 slides from Atalaya Mining Copper Sa's conference presentation, May 2026
Slide 1: European copper producer with operations in Spain
European copper producer with operations in Spain BofA Securities Global Metals, Mining & Steel Conference May 2026
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 Mineral Resources and Ore Reserves for the Cerro Colorado and San Dionisio deposits (stockwork material) are effective 30 June 2025 and were prepared by SRK Consulting (UK) Limited. The Reporting Standard adopted for reporting
Slide 4: Atalaya Overview
ATALAYA MINING > Atalaya Overview
Slide 5: Atalaya Snapshot
Atalaya Snapshot European copper producer with operations in Spain Ticker . Operations Asset locations ATYM Riotinto District TOURO LSE Main Market 15 Mtpa processing plant FTSE 250 Index Cerro Colorado mine SPAIN constituent San Dionisio deposit MADRID San Antonio deposit OSSA MORENA Proyecto Masa
Slide 6: Operating Performance
Operating Performance Stable copper producer following the delivery of multiple expansions Throughput (Mt) Copper Production (kt) 6
Slide 7: Atalaya's Growth Objectives
Atalaya’s Growth Objectives Portfolio of growth projects provide a pathway up to 100 ktpa CuEq production Annual Copper Equivalent Production (kt)(1)(2)(3) Masa Valverde polymetallic Riotinto East San Dionisio Copper Ossa Morena Masa Valverde Copper Riotinto polymetallic MPS earn-in Copper | Zinc (S
Slide 8: Our Journey
ATALAYA MINING > Our Journey
Slide 9: Riotinto District
Riotinto District World class regional infrastructure 9
Slide 10: 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 11: 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) 11
Slide 12: Proyecto Riotinto: 2014 vs. Today
Proyecto Riotinto: 2014 vs. Today Original Gyratory Crusher – 2014 New Jaw Crusher – Today 12
Slide 13: Proyecto Riotinto: 2014 vs. Today
Proyecto Riotinto: 2014 vs. Today Original Mills – 2014 New Mills – Today 13
Slide 14: Riotinto Today
Riotinto Today Modern and large-scale operation well-positioned for future growth 14
Slide 15: 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 16: Strategic Focus
ATALAYA MINING > Strategic Focus
Slide 17: Q1 2026 Production Results
Q1 2026 Production Results Well positioned for future growth despite recent weather events Copper production Ore Throughput (Mt) 9,939 tonnes Cu 14,291 tonnes Cu | Q1 2025 Throughput & recoveries 4.1 Mt ore processed 0.30% Cu grade Copper Recovery 4.2 Mt | Q1 2025 0.42% | Q1 2025 81.54% Cu recovery
Slide 18: San Dionisio Deposit
San Dionisio Deposit Stripping underway and expected to deliver higher-grade feed to the plant March 2026 Copper Resource Grade (M&I)(1) Waste stripping at San Dionisio is expected to be 19 – 23 Mt in 2026E Note: CuSW = copper stockwork; PolyMS = polymetallic massive sulphide 1. Per 2025 Annual Repo
Slide 19: Proyecto Masa Valverde
Proyecto Masa Valverde Planned access ramp to allow for initial exploitation of copper zone(1) 3D View Looking Southwest Access ramp development expected to be completed over 2 – 3 years at a cost of ~€30 – 40m(2) 1. Access ramp development is subject to final Board approval 2. Atalaya management es
Slide 20: Atalaya's Polymetallic Resources
Atalaya’s Polymetallic Resources Significant resource base of higher-grade material near existing infrastructure Atalaya Resources in the Riotinto District(1)(2)(3)(4) Resources that could be exploited through the development of a polymetallic circuit 1. Cerro Colorado and San Dionisio O/P CuSW per
Slide 21: Riotinto Polymetallic Circuit
Riotinto Polymetallic Circuit Expected to enhance operational flexibility and treat higher-grade material Riotinto Processing Plant: Modifications and Future Flowsheet Development of a polymetallic circuit would involve relatively simple modifications to the existing processing plant at Riotinto Exi
Slide 22: Touro: Early Works
Touro: Early Works Engineering works to enable rapid project execution once final permits received Conceptual Touro Processing Plant Design 22
Slide 23: Touro: Path to Multi-Asset Future
Touro: Path to Multi-Asset Future Competitive capital intensity & favourable characteristics to support economics Touro(1) Riotinto(2) Copper Production ktpa ~30 50+ Initial Capex US$m ~$250 – 300 Capex Intensity US$/t produced <$10,000 Strip Ratio w:o <2.0 ~2.1 Copper Grade ~0.42% 0.37% Copper Reco
Slide 24: Key Activities for 2026
Key Activities for 2026 San Dionisio: Advance waste stripping in order to progressively access higher-grade ore Masa Valverde: Initiate development of access ramp(1) and continue infill drilling Touro: Advance engineering and finalise permitting process under “strategic” regime in Galicia Polymetall
Slide 25: 2025 Annual Results
ATALAYA MINING > 2025 Annual Results
Slide 26: Review of FY2025
Review of FY2025 Strong financial results and robust balance sheet to support growth pipeline ‒ Copper production of 11.6 kt in Q4 2025 and 51.1 kt in FY2025 ‒ Cash Costs of US$2.62/lb in Q4 2025 and US$2.40/lb in FY2025 Operating ‒ AISC of US$3.07/lb in Q4 2025 and US$2.90/lb in FY2025 ‒ FY2026 out
Slide 27: Sustainability Highlights
Sustainability Highlights Ongoing commitment to sustainability throughout our operating areas ▪ Atalaya is committed to maintaining high standards of sustainability across its various operating activities ‒ Focused on making continuous improvements ▪ For further information, please refer to Atalaya’
Slide 28: FY2025 Production Results
FY2025 Production Results Achieved the higher end of the FY2025 guidance range Copper production Ore Throughput (Mt) 51,139 tonnes Cu 46,227 tonnes Cu | FY2024 Throughput & recoveries 16.6 Mt ore processed 0.39% Cu grade Copper Recovery 15.9 Mt | FY2024 0.35% | FY2024 78.84% Cu recovery 17.15% con.
Slide 29: FY2025 Financial Results
FY2025 Financial Results Strong financial results and robust balance sheet to support growth pipeline Income statement highlights Revenue: €482.9m Op. costs: €(303.2)m €326.8m | FY2024 €(260.4)m | FY2024 EBITDA: €179.8m Profits: €85.4m(1) €66.4m | FY2024 €32.6m | FY2024 Cash flow statement highlight
Slide 30: Cash Costs & AISC Breakdown
Cash Costs & AISC Breakdown Strong cost performance in 2025 US$/lb Copper Payable Q4 2025 Q4 2024 FY2025 FY2024 ▪ Cash Costs and AISC improved in Mining 1.31 1.05 1.01 1.07 FY2025 Processing 0.90 0.88 0.85 0.90 ‒ Unit costs benefitted from Other site operating costs 0.80 0.66 0.67 0.64 good cost Tot
Slide 31: AISC Benchmarking
AISC Benchmarking ATYM cost positioning is competitive vs. notable copper producer peers Reported AISC (US$/lb) Atalaya 29Metals Capstone First Quantum Constancia Copper Mountain Candelaria Caserones Neves-Corvo Lumwana Zaldívar (Hudbay) (now Hudbay) (Lundin) (Lundin) (now Boliden) (Barrick) (Antofa
Slide 32: 2025 Final Dividend
2025 Final Dividend Payment is subject to shareholder approval at 2026 AGM Atalaya Dividend History (€m) 32
Slide 33: 2026 Guidance
2026 Guidance Steady operational performance and further investments in growth pipeline Operational Guidance ▪ Production Ore mined Mt 15.5 – 16.0 ‒ Due to unusually high rainfall, copper grade in Q1 2026 to date has been below plan Waste mined (1) Mt 38 – 44 ‒ H2 2026 production to be approximately
Slide 34: Appendix
ATALAYA MINING > Appendix
Slide 35: Why Invest in Atalaya?
Why Invest in Atalaya? ▪ MAP Established European copper producer with attractive scale ▪ ASSETS ‒ Leading copper “pure play” listed in London and FTSE 250 constituent ‒ 2026 production guidance of 50 – 54 kt Cu Significant growth potential ‒ Portfolio of low-risk projects providing a pathway up to
Slide 36: Key Information
Key Information Capitalisation Share Price Performance (GBp) Ticker - LSE: Main Market ATYM Share price (06-May-26) GBp 789.5 Basic shares m 153.8 Fully-diluted shares m 160.5 Market capitalisation (basic) £m 1,214 Market capitalisation (basic) US$m $1,650 Cash (at 31-Mar) €m 279 Debt (at 31-Mar) €m
Slide 37: 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 37
Slide 38: 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 39: 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 40: 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
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