Atalaya Mining Copper Sa · LSE:ATYM
Atalaya Mining Copper Sa — Q1 2025 Earnings Presentation
28 slides from Atalaya Mining Copper Sa's earnings presentation, May 29, 2025
Slide 1: European copper producer with operations in Spain
European copper producer with operations in Spain Q1 2025 Financial Results 29 May 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: Q1 2025 Financial Results
Q1 2025 Financial Results
Slide 5: Review of Q1 2025
Review of Q1 2025 Strong results including the highest quarterly EBITDA in Atalaya history ‒ Copper production of 14.3 kt, the best quarter since Q2 2021, mainly due to higher grades and higher ore processed Operating ‒ Cash Cost of $2.25/lb, due to higher production, higher silver credits and lower
Slide 6: Q1 2025 Production Results
Q1 2025 Production Results Strong start to 2025 with best quarter of production since Q2 2021 Copper production Ore Throughput (Mt) 14,291 tonnes Cu 10,666 tonnes Cu | Q1 2024 Throughput & recoveries 4.2 Mt ore processed 0.42% Cu grade Copper Recovery 3.7 Mt | Q1 2024 0.34% | Q1 2024 80.98% Cu recov
Slide 7: Q1 2025 Financial Results
Q1 2025 Financial Results Strong results including the highest quarterly EBITDA in Atalaya history Income statement highlights Revenues (€m) Revenue: €130.7m Op. costs: €(78.2)m €69.9m | Q1 2024 €(59.7)m | Q1 2024 EBITDA: €52.5m Profits: €30.5m €10.3m | Q1 2024 €1.6m | Q1 2024 Cash flow statement hi
Slide 8: Cash Costs & AISC Breakdown
Cash Costs & AISC Breakdown Good cost performance driven by higher production and lower offsite costs $/lb Copper Payable Q1 2025 Q1 2024 FY2024 FY2023 ▪ Q1 2025 Cash Mining 0.85 0.99 1.07 0.86 Cost and AISC were well Processing 0.80 0.91 0.90 0.89 below FY2025 Other site operating costs 0.51 0.67 0
Slide 9: AISC Benchmarking
AISC Benchmarking ATYM cost positioning is competitive vs. notable copper producer peers Reported AISC (US$/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 10: 2025 Outlook
ATALAYA MINING > 2025 Outlook
Slide 11: 2025 Guidance: Unchanged
2025 Guidance: Unchanged Strong start to 2025 supports full-year outlook Operational Guidance ▪ Production Ore mined Mt 15 – 16 ‒ Q1 2025 was best quarter of production since Q2 2021 Waste mined (1) Mt 37 – 43 ‒ Guidance is weighted slightly towards H1 2025 Ore processed Mt 15.5 – 15.8 ▪ Costs Coppe
Slide 12: San Dionisio
San Dionisio Granted environmental approval; expected to contribute higher-grade material May 2025 Copper Resource Grade (M&I) 12
Slide 13: Highway Relocation Progress
Highway Relocation Progress Development progress continues 13
Slide 14: E-LIX Phase I Plant
E-LIX Phase I Plant Ramp-up continues, with novel leaching section performing well Illustrative Recoveries 14
Slide 15: 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 15
Slide 16: 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 17: Key Activities for 2025
Key Activities for 2025 San Dionisio: Environmental authorisation approved; stripping activities continue 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 San Antonio:
Slide 18: Conclusion
ATALAYA MINING > Conclusion
Slide 19: 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 20: Conclusion
Conclusion ▪ MAP 48 – 52 kt copper production $742m Enterprise Value ▪ ASSETS 2025 guidance Equivalent to ~$15,000/t copper production >100 ktpa CuEq potential from existing projects €38m net cash No streams or royalties Low risk growth drivers: ‒ Higher grades ‒ Satellite deposits €78m dividends de
Slide 21: Appendix
ATALAYA MINING > Appendix
Slide 22: Key Information
Key Information Capitalisation Share Price Performance (GBp) Ticker - LSE: Main Market ATYM Share price (26-May-25) GBp 411.5 Basic shares m 140.8 Fully-diluted shares m 146.2 Market capitalisation (basic) £m 579 Market capitalisation (basic) US$m $786 Cash (at 31-Mar) €m 70 Debt (at 31-Mar) €m 32 E
Slide 23: 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 24: 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 24
Slide 25: 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 26: 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 27: 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 28: 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 — Q1 2025 Earnings Presentation on 6ix