2025 Annual Results

About this update from Atalaya Mining Copper Sa

[{"type":"text","content":"\n \n \n 19 March 2026 \n Atalaya Mining Copper, S.A. \n (\"Atalaya\" or the \"Company\") \n 2025 Annual Results \n Strong financial results and robust balance sheet to support growth pipeline \n   \n Atalaya Mining (LSE: ATYM) is pleased to announce its audited consolidated financial results for the year ended 31 December 2025 (\"FY2025\" or the \"Period\"). \n Highlights \n ·      Copper production of 11.6 kt in Q4 2025 and 51.1 kt in FY2025, which achieved the higher end of the FY2025 guidance range \n ·      Cash Costs of US$2.62/lb in Q4 2025 and US$2.40/lb in FY2025, with reductions due to higher production, higher silver credits and lower offsite costs \n ·      AISC of US$3.07/lb in Q4 2025 and US$2.90/lb in FY2025 \n ·      EBITDA of €41.4 million in Q4 2025 and €179.8 million in FY2025, resulting in strong free cash flow generation of €107.4 million in FY2025 \n ·      Final dividend of €0.065/sh proposed, for a full year total of €0.109/sh \n ·      Robust net cash position to support the development of Atalaya's copper growth projects in Spain \n Q4 and FY2025 Financial Results Summary \n \n \n \n \n Period ended 31 December \n \n \n Unit \n \n \n Q4 2025 \n \n \n Q4 2024 \n \n \n FY2025 \n \n \n FY2024 \n \n \n \n \n Revenues from operations \n \n \n €k \n \n \n 121,412 \n \n \n 77,852 \n \n \n 482,915 \n \n \n 326,797 \n \n \n \n \n Operating costs \n \n \n €k \n \n \n (79,965) \n \n \n (65,172) \n \n \n (303,159) \n \n \n (260,441) \n \n \n \n \n EBITDA \n \n \n €k \n \n \n 41,447 \n \n \n 12,680 \n \n \n 179,756 \n \n \n 66,356 \n \n \n \n \n Profit for the period (1) \n \n \n €k \n \n \n 14,451 \n \n \n 14,922 \n \n \n 85,363 \n \n \n 32,560 \n \n \n \n \n Basic earnings per share (1) \n \n \n € cents/share \n \n \n 10.3 \n \n \n 8.7 \n \n \n 60.8 \n \n \n 22.6 \n \n \n \n \n Dividend declared per share (2) \n \n \n €/share \n \n \n n/a \n \n \n n/a \n \n \n 0.109 \n \n \n 0.0637 \n \n \n \n \n Cash flows from operating activities \n \n \n €k \n \n \n 72,477 \n \n \n 11,101 \n \n \n 192,483 \n \n \n 53,403 \n \n \n \n \n Cash flows used in investing activities \n \n \n €k \n \n \n (25,305) \n \n \n (16,578) \n \n \n (85,070) \n \n \n (66,073) \n \n \n \n \n Cash flows from financing activities \n \n \n €k \n \n \n 11,418 \n \n \n (19,168) \n \n \n 13,444 \n \n \n (57,261) \n \n \n \n \n Net cash position (3) \n \n \n €k \n \n \n 121,960 \n \n \n 35,091 \n \n \n 121,960 \n \n \n 35,091 \n \n \n \n \n Working capital surplus \n \n \n €k \n \n \n 93,822 \n \n \n 44,728 \n \n \n 93,822 \n \n \n 44,728 \n \n \n \n \n Average realised copper price \n (excluding QPs) \n \n \n US$/lb \n \n \n 5.10 \n \n \n 4.10 \n \n \n 4.49 \n \n \n 4.19 \n \n \n \n \n Copper concentrate produced \n \n \n tonnes \n \n \n 66,402 \n \n \n 69,550 \n \n \n 298,108 \n \n \n 252,165 \n \n \n \n \n Copper production \n \n \n tonnes \n \n \n 11,550 \n \n \n 12,078 \n \n \n 51,139 \n \n \n 46,227 \n \n \n \n \n Cash Costs \n \n \n US$/lb payable \n \n \n 2.62 \n \n \n 2.79 \n \n \n 2.40 \n \n \n 2.92 \n \n \n \n \n All-In Sustaining Costs (\"AISC\") \n \n \n US$/lb payable \n \n \n 3.07 \n \n \n 3.28 \n \n \n 2.90 \n \n \n 3.26 \n \n \n \n \n (1)   Includes impact of Q4 2025 impairment related to the E-LIX project of €24.1 million. \n (2)   Consists of 2025 Interim Dividend (paid 10 October 2025) and proposed 2025 Final Dividend, which is subject to approval by shareholders at the Company's 2026 Annual General Meeting. \n (3)   Includes restricted cash and bank borrowings at 31 December 2025 and 31 December 2024. \n Alberto Lavandeira, CEO, commented: \n \"2025 was a year of strong operational and financial delivery for Atalaya. We achieved copper production at the upper end of our guidance range, generated robust free cash flow and further strengthened our balance sheet. The Board has again proposed a final dividend. These results reflect disciplined cost control, improved operating performance at Riotinto and continued focus on efficiency across the business. \n We continued to invest in the long ‑ term development of our assets, with sustained investment at Riotinto, further progress at Masa Valverde and Proyecto Touro, and encouraging exploration results, reinforcing the growth potential and optionality across our asset portfolio. At the same time, we maintained our commitment to sustainability, including targeted actions to address safety performance and a focus on continuous improvement in relation to energy and water efficiency. \n The equity fundraise completed in January 2026 has further strengthened Atalaya's financial position and provides significant flexibility to advance our copper growth projects in Spain. Looking ahead, while the start of 2026 has been affected by challenging weather conditions at Riotinto, we remain confident in our production guidance for the year and in the medium ‑ term growth potential of our portfolio. With a strong balance sheet, high ‑ quality assets and favourable long ‑ term copper fundamentals, Atalaya is well positioned to deliver on our 2026 goals.\" \n Results Presentations \n Analyst and Investor Presentation \n Alberto Lavandeira (CEO) and César Sánchez (CFO) will host a webcast for analysts and investors today at 9:00 GMT. \n To access the SparkLive webcast, please visit: \n Atalaya Mining 2025 Annual Results | SparkLive | LSEG \n Investor Meet Company Presentation \n In addition, the Company will provide a live presentation via the Investor Meet Company platform today at 11:00 GMT. \n To access the Investor Meet Company presentation, please visit: \n https://www.investormeetcompany.com/atalaya-mining-copper-sa/register-investor \n Management will also answer questions that have been submitted via the Investor Meet Company dashboard. \n Note to Readers \n The financial information for the years ended 31 December 2025 and 2024 contained in this document does not constitute statutory accounts. The financial information for the years ended 31 December 2025 and 2024 has been extracted from the consolidated financial statements of Atalaya Mining Copper, S.A. for the year ended 31 December 2025 which have been approved by the directors on 18 March 2026. The auditor's report on those financial statements was unqualified. \n FY2025 Select Sustainability Highlights \n \n \n \n \n   \n \n \n Unit \n \n \n FY2025 \n \n \n FY2024 \n \n \n \n \n Work-related injuries (Riotinto employees & contractors) \n \n \n LTIFR \n \n \n 4.80 \n \n \n 3.33 \n \n \n \n \n Operational water used \n \n \n m 3 /t processed \n \n \n 2.00 \n \n \n 1.95 \n \n \n \n \n Electricity intensity \n \n \n kWh/t processed \n \n \n 22.60 \n \n \n 22.66 \n \n \n \n \n Investment in local communities \n \n \n €m \n \n \n 0.8 \n \n \n 1.0 \n \n \n \n \n Procurement from Spanish suppliers \n \n \n % \n \n \n 89 \n \n \n 93 \n \n \n \n \n Atalaya is committed to maintaining high standards of sustainability across its various operating activities and focuses on making continuous improvements. While no life-threatening incidents occurred in FY2025, management implemented several targeted safety improvement initiatives in response to the increase in LTIFR. \n For further information, please refer to Atalaya's 2025 Sustainability Report, which will be published in due course. \n Q4 and FY2025 Operating Results Summary \n \n \n \n \n   \n \n \n Unit \n \n \n Q4 2025 \n \n \n Q4 2024 \n \n \n FY2025 \n \n \n FY2024 \n \n \n \n \n Ore mined \n \n \n tonnes \n \n \n 3,870,606 \n \n \n 3,507,203 \n \n \n 14,820,168 \n \n \n 15,176,009 \n \n \n \n \n Waste mined (1) \n \n \n tonnes \n \n \n 9,237,191 \n \n \n 10,200,079 \n \n \n 43,000,248 \n \n \n 32,824,156 \n \n \n \n \n Ore processed \n \n \n tonnes \n \n \n 4,140,621 \n \n \n 3,757,040 \n \n \n 16,630,699 \n \n \n 15,913,064 \n \n \n \n \n Copper grade \n \n \n % \n \n \n 0.33 \n \n \n 0.41 \n \n \n 0.39 \n \n \n 0.35 \n \n \n \n \n Copper concentrate grade \n \n \n % \n \n \n 17.39 \n \n \n 17.37 \n \n \n 17.15 \n \n \n 18.33 \n \n \n \n \n Copper recovery \n \n \n % \n \n \n 83.87 \n \n \n 78.15 \n \n \n 78.84 \n \n \n 83.06 \n \n \n \n \n Copper concentrate produced \n \n \n tonnes \n \n \n 66,402 \n \n \n 69,550 \n \n \n 298,108 \n \n \n 252,165 \n \n \n \n \n Copper production \n \n \n tonnes \n \n \n 11,550 \n \n \n 12,078 \n \n \n 51,139 \n \n \n 46,227 \n \n \n \n \n Payable copper production \n \n \n tonnes \n \n \n 10,886 \n \n \n 11,382 \n \n \n 48,158 \n \n \n 43,706 \n \n \n \n \n Cash Costs \n \n \n $/lb payable \n \n \n 2.62 \n \n \n 2.79 \n \n \n 2.40 \n \n \n 2.92 \n \n \n \n \n All-in Sustaining Costs \n \n \n $/lb payable \n \n \n 3.07 \n \n \n 3.28 \n \n \n 2.90 \n \n \n 3.26 \n \n \n \n \n (1)   Represents the Cerro Colorado pit only. \n Mining \n Ore mined was 3.9 million tonnes in Q4 2025 (Q4 2024: 3.5 million tonnes) and 14.8 million tonnes in FY2025 (FY2024: 15.2 million tonnes). \n Waste mined was 9.2 million tonnes in Q4 2025 (Q4 2024: 10.2 million tonnes) and 43.0 million tonnes in FY2025 (FY2024: 32.8 million tonnes). In addition, waste stripping activities continued at the San Dionisio area. \n Processing \n The plant processed ore of 4.1 million tonnes in Q4 2025 (Q4 2024: 3.8 million tonnes) and 16.6 million tonnes in FY2025 (FY2024: 15.9 million tonnes), which represents a new annual throughput record. \n Copper grade was 0.33% in Q4 2025 (Q4 2024: 0.41%) and 0.39% in FY2025 (FY2024: 0.35%). \n Copper recovery was 83.87% in Q4 2025 (Q4 2024: 78.15%) and 78.84% in FY2025 (FY2024: 83.06%). \n Production \n Copper production was 11,550 tonnes in Q4 2025 (Q4 2024: 12,078 tonnes) and 51,139 tonnes in FY2025 (FY2024: 46,227 tonnes), which achieved the higher end of the Company's FY2025 guidance range of 49,000 to 52,000 tonnes. In addition, silver contained in copper concentrate was 1.2 million ounces in FY2025 (FY2024: 1.1 million ounces). \n On-site copper concentrate inventories were 4,050 tonnes at 31 December 2025 (30 September 2025: 8,092 tonnes). \n Copper contained in concentrates sold was 11,823 tonnes in Q4 2025 (Q4 2024: 10,271 tonnes) and 53,487 tonnes in FY2025 (FY2024: 43,609 tonnes). Copper sales exceeded production during FY2025 due to the drawdown of on-site concentrate inventories. \n Cash Costs and AISC Breakdown \n \n \n \n \n US$/lb Cu payable \n \n \n Q4 2025 \n \n \n Q4 2024 \n \n \n FY2025 \n \n \n FY2024 \n \n \n \n \n Mining \n \n \n 1.31 \n \n \n 1.05 \n \n \n 1.01 \n \n \n 1.07 \n \n \n \n \n Processing \n \n \n 0.90 \n \n \n 0.88 \n \n \n 0.85 \n \n \n 0.90 \n \n \n \n \n Other site operating costs \n \n \n 0.80 \n \n \n 0.66 \n \n \n 0.67 \n \n \n 0.64 \n \n \n \n \n Total site operating costs \n \n \n 3.01 \n \n \n 2.58 \n \n \n 2.53 \n \n \n 2.61 \n \n \n \n \n By-product credits \n \n \n (0.49) \n \n \n (0.34) \n \n \n (0.38) \n \n \n (0.27) \n \n \n \n \n Freight, treatment charges and other offsite costs \n \n \n 0.10 \n \n \n 0.55 \n \n \n 0.25 \n \n \n 0.58 \n \n \n \n \n Net offsite costs \n \n \n (0.39) \n \n \n 0.21 \n \n \n (0.14) \n \n \n 0.30 \n \n \n \n \n Cash Costs \n \n \n 2.62 \n \n \n 2.79 \n \n \n 2.40 \n \n \n 2.92 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Cash Costs \n \n \n 2.62 \n \n \n 2.79 \n \n \n 2.40 \n \n \n 2.92 \n \n \n \n \n Corporate costs \n \n \n 0.20 \n \n \n 0.11 \n \n \n 0.12 \n \n \n 0.10 \n \n \n \n \n Sustaining capital (excluding tailings expansion) \n \n \n 0.07 \n \n \n 0.03 \n \n \n 0.04 \n \n \n 0.05 \n \n \n \n \n Capitalised stripping costs (1) \n \n \n 0.05 \n \n \n 0.27 \n \n \n 0.23 \n \n \n 0.11 \n \n \n \n \n Other costs \n \n \n 0.13 \n \n \n 0.09 \n \n \n 0.11 \n \n \n 0.09 \n \n \n \n \n AISC \n \n \n 3.07 \n \n \n 3.28 \n \n \n 2.90 \n \n \n 3.26 \n \n \n \n \n (1)   Represents the Cerro Colorado pit only. \n Note: Some figures may not add up due to rounding. \n Cash Costs were US$2.62/lb payable copper in Q4 2025 (Q4 2024: US$2.79/lb) and US$2.40/lb payable copper in FY2025 (FY2024: US$2.92/lb), with the annual decrease due to higher copper production, higher silver credits and lower treatment charges, partly offset by a stronger EUR/USD exchange rate which is a headwind for USD-denominated metrics. \n AISC were US$3.07/lb payable copper in Q4 2025 (Q4 2024: US$3.28/lb) and US$2.90/lb payable copper in FY2025 (FY2024: US$3.26/lb), with the annual decrease due to the same factors that impacted Cash Costs, but partly offset by higher capitalised stripping at Cerro Colorado. AISC excludes investments in the tailings dam (consistent with prior reporting) and waste stripping at the San Dionisio area. \n Q4 and FY2025 Financial Results Highlights \n Income Statement \n Revenues were €121.4 million in Q4 2025 (Q4 2024: €77.9 million) and €482.9 million in FY2025 (FY2024: €326.8 million), as a result of higher concentrate sales, higher realised copper prices and lower offsite costs. \n Operating costs were €80.0 million in Q4 2025 (Q4 2024: €65.2 million) and €303.2 million in FY2025 (FY2024: €260.4 million), mainly due to higher mining and processing rates. \n EBITDA was €41.4 million in Q4 2025 (Q4 2024: €12.7 million) and €179.8 million in FY2025 (FY2024: €66.4 million). \n Profit after tax was €14.5 million in Q4 2025 (Q4 2024: €14.9 million) or 10.3 cents basic earnings per share (Q4 2024: 8.7 cents) and €85.4 million in FY2025 (FY2024: €32.6 million) or 60.8 cents basic earnings per share (FY2024: 22.6 cents). Profits were impacted by an impairment recognised in relation to the E-LIX project of €24.1 million in FY2025 . \n Cash Flow Statement \n Cash flows from operating activities before changes in working capital were €43.3 million in Q4 2025 (Q4 2024: €11.7 million) and €72.5 million after working capital changes (Q4 2024: €11.1 million). For FY2025, cash flows from operating activities before changes in working capital were €188.0 million (FY2024: €66.4 million) and €192.5 million after working capital changes (FY2024: €53.4 million). \n Cash flows used in investing activities were €25.3 million in Q4 2025 (Q4 2024: €16.6 million) and €85.1 million in FY2025 (FY2024: €66.1 million). Key investments in Q4 2025 included €1.8 million in sustaining capex, €1.1 million in capitalised stripping at Cerro Colorado, €12.2 million related to the San Dionisio area, €4.3 million to expand the tailings dam and €1.9 million for the solar plant. \n Cash flows from financing activities were positive €11.4 million in Q4 2025 (Q4 2024: negative €19.2 million) and positive €13.4 million in FY2025 (FY2024: negative €57.3 million), as a result of temporary movements in the Company's working capital facilities. \n Balance Sheet \n The Company's balance sheet remains strong with consolidated cash and cash equivalents of €166.3 million as of 31 December 2025 (31 December 2024: €52.9 million). \n Current and non-current borrowings were €44.3 million, resulting in a net cash position of €122.0 million as of 31 December 2025 (31 December 2024: €35.1 million). \n Inventories of concentrate valued at cost were €3.8 million at 31 December 2025 (31 December 2024: €19.7 million). The total working capital surplus was €93.8 million at 31 December 2025 (31 December 2024: €44.7 million). \n Subsequent to the end of the Period, the Company completed an equity offering that further strengthened its net cash position to approximately €264 million, as described below. \n 2025 Final Dividend \n Atalaya has a dividend policy that seeks to provide capital returns to its shareholders while maintaining balance sheet strength and the ability to make investments in the Company's growth projects and potential external opportunities. Dividends are payable in two half-yearly instalments. \n The Board of Directors has proposed a final dividend for FY2025 of €0.065 per ordinary share (\"2025 Final Dividend\"), which is equivalent to approximately US$0.075 or £0.056 per share. Payment of the 2025 Final Dividend is subject to shareholder approval at the Company's 2026 Annual General Meeting (\"AGM\"). Should it be approved, the 2025 Final Dividend, together with the 2025 Interim Dividend paid in October 2025, would result in a FY2025 Dividend of €0.109 per ordinary share, which compares to the FY2024 Dividend of €0.0637 (or US$0.07 or £0.0538). Further details on the timing of the potential payment of the 2025 Final Dividend will be provided ahead of the AGM. \n Outlook for 2026 \n Production \n In late January and early February 2026, rainfall at Riotinto was unusually high and resulted in difficult mining conditions as well as reduced access to certain areas in the Cerro Colorado pit. As a result, the copper grade processed in Q1 2026 to date has been below planned levels. \n Copper production guidance for FY2026 continues to be 50,000 to 54,000 tonnes, with H2 2026 production to be approximately 10% higher than H1 2026 production. In addition, silver contained in copper concentrate is expected to be 0.9 to 1.1 million ounces in FY2026. \n Operating Costs \n During FY2025, the prices of key consumables and other costs were stable. However, ongoing conflicts including the recent events in Iran could disrupt supply chains and increase energy prices, which in turn can impact the costs of certain consumables. With respect to electricity prices, Spain benefits from a diversified energy mix including significant contributions from solar, wind, hydro and nuclear, while Atalaya's long-term PPA and solar plant are expected to reduce the impact of price volatility. \n Cash Costs and AISC guidance for FY2026 are as follows: \n ·      Cash Costs range of US$2.60 - 2.90/lb copper payable \n ·      AISC range of US$3.10 - 3.40/lb copper payable \n ‒      Includes capitalised stripping costs of ~US$0.20/lb from Cerro Colorado \n AISC guidance excludes investments in the tailings dam and ongoing waste stripping at the San Dionisio area, which are included in the non-sustaining capital investment guidance below. \n Non-Sustaining Capital Investments \n Atalaya is focused on advancing its copper growth projects in Spain in order to capitalise on strong copper market fundamentals. Development of Atalaya's project pipeline offers the potential to increase production, diversify the Company's sources of mined material, extend mine life and reduce unit costs. \n The Company plans to make the following non-sustaining capital investments in FY2026: \n \n \n \n \n Item \n \n \n € million \n \n \n \n \n San Dionisio waste stripping and road relocation \n \n \n €50 - 60 \n \n \n \n \n Proyecto Masa Valverde access ramp (1) \n \n \n €10 - 18 \n \n \n \n \n Expansion of existing Riotinto tailings facility \n \n \n €10 - 14 \n \n \n \n \n Other investments \n \n \n €5 - 10 \n \n \n \n \n Total non-sustaining capital investments \n \n \n €75 - 102 \n \n \n \n \n (1)   Remains subject to final Board approval \n Additional investments, including related to Proyecto Touro and the Riotinto polymetallic circuit, could be approved once key permitting steps and engineering works are completed, as described below. \n Exploration and Other Project Expenses \n Atalaya continues to invest in exploration across its key projects and land packages in Spain, and through its earn-in agreements in Sweden. \n In FY2026, exploration and other project expenses is expected to be €5 - 7 million. The primary focus will be to upgrade and expand resources at San Antonio, Proyecto Masa Valverde and Proyecto Touro, and test targets at Proyecto Ossa Morena, Proyecto Riotinto East and in Sweden. \n Corporate Activities Update \n Board of Directors \n On 30 December 2025, the Company announced the appointment of Dr. Mike Armitage as an independent non-executive director with effect from 19 January 2026, replacing Steve Scott who stepped down from the Board on 31 December 2025. Several changes were subsequently made in relation to the composition of the Board's various committees. \n Fundraise (Subsequent Event) \n In January 2026, the Company completed an equity offering that raised gross proceeds of £130 million (or approximately €150 million) from new institutional investors, existing shareholders and eligible retail investors. The fundraise was significantly oversubscribed. \n Proceeds from the fundraise will allow Atalaya to accelerate the development of its copper growth projects in Spain in order to capitalise on strong copper market fundamentals. Net proceeds from the fundraise, combined with the Company's net cash position at 31 December 2025, would result in a pro-forma net cash position of   approximately €264 million.    \n Asset Portfolio Update \n Proyecto Riotinto \n Waste stripping activities at San Dionisio accelerated in the latter half of 2025, with total material mined of 5.8 million tonnes in Q4 2025 and 12.4 million tonnes in FY2025. In FY2026, 19 to 23 million tonnes of waste stripping is expected. San Dionisio represents a key component of Atalaya's strategy to increase copper production by sourcing higher-grade material from deposits throughout the Riotinto District to be blended with ore from Cerro Colorado. \n At San Antonio, the polymetallic deposit located immediately east of the Cerro Colorado pit, the infill and step-out drilling programme made further progress in 2025 and will continue in 2026. \n Atalaya continues to advance engineering works associated with processing plant modifications that would allow for the simultaneous treatment of polymetallic and copper ores at Riotinto, including optimising the layout of the new circuits within the existing plant footprint in order to minimise capital and operating costs. \n E-LIX Phase I Plant \n In Q4 2025, the E-LIX Phase I plant operated intermittently and produced zinc precipitates from copper-zinc concentrates, although at a variable and reduced capacity. All zinc precipitates that were produced were sold. \n As E-LIX has demonstrated technological viability, Atalaya believes E-LIX has the potential to unlock value from complex material in the Iberian Pyrite Belt and beyond, provided it can demonstrate consistent operational and financial performance at scale. \n However, the operation of the plant at reduced capacity had a negative impact on profitability, which affected Lain Technologies' financial position. Consequently, Atalaya has recognised an impairment of €24.1 million in FY2025 in relation to the E-LIX project, resulting in a remaining carrying value of €31.8 million, comprising tangible assets and the convertible loan with Lain Technologies. \n Riotinto District - Proyecto Masa Valverde (\"PMV\") \n In 2025, infill and extensional drilling at the Masa Valverde deposit continued and further infill drilling is planned for 2026. Focus will remain on the stockwork-style mineralisation, which is expected to be amenable for processing at the existing Riotinto facilities, and support Atalaya's initial focus on the Masa Valverde copper zones. Development of the access ramp is subject to final Board approval. \n PMV has been granted the two key permits required for development - the Unified Environmental Authorisation (or in Spanish, Autorización Ambiental Unificada (\"AAU\")) and the exploitation permit. \n Proyecto Touro \n On 24 June 2024, Atalaya announced that Proyecto Touro, via its local entity Cobre San Rafael, was declared a strategic industrial project by the Council of the Xunta de Galicia (\"XdG\"). Under legislation of the Autonomous Community of Galicia, the status of strategic industrial project (or in Spanish, Proyecto Industrial Estratégico (\"PIE\")) acts to simplify the administrative procedures associated with the development of industrial projects and intends to substantially reduce permitting timelines. \n This declaration highlights the XdG's commitment to promoting new investment that will benefit the region and also support the objectives of the European Union. As a result, Cobre San Rafael has applied to the second call for strategic projects launched by the European Commission, where the main objective is to ensure a secure and sustainable supply of critical raw materials for European industry. \n The XdG is continuing its review according to the simplified procedures afforded to projects with PIE status. The public information period, which serves to inform the surrounding communities and organisations about the proposed project, concluded on 31 January 2025. Cobre San Rafael has addressed the feedback from the public information period, and most sectoral reports from the Xunta de Galicia have been finalised, with only two reports still pending. The Company has also responded to requests for additional information and is awaiting a small number of corresponding replies. \n The Company continues to engage with the many stakeholders in the region and is restoring the water quality of the rivers around Touro by operating its water treatment plant. Recruitment initiatives in relation to its potential future workforce are ongoing. \n Engineering, procurement and cost estimation works continue to be a major focus. In addition, infill and step-out drilling programmes will continue in 2026. \n Proyecto Ossa Morena \n Drilling is expected to begin at the Guijarro-Chaparral gold-copper project in the coming weeks. \n Proyecto Riotinto East \n Drilling will begin at the Cerro Negro and Peñas Blancas permits in the coming weeks. \n Skellefte Belt and Rockliden (Sweden) \n In November 2024, Atalaya announced that it had entered into two binding agreements with Mineral Prospektering i Sverige AB (\"MPS\") pursuant to which Atalaya can earn an initial 75% interest in two separate land packages in Sweden. The Skellefte Belt land package (\"Skellefte Belt Project\") and the Rockliden land package (\"Rockliden Project\") are located in two notable districts that host many large-scale volcanogenic massive sulphide (\"VMS\") deposits and mines owned by Boliden AB. Both regions are underexplored and could increase Atalaya's exposure to critical minerals in Europe. \n Following the successful autumn drilling campaign, operations at both projects resumed in early January with three rigs on-site. Work will continue while ground conditions remain favourable. To date in 2026, over 5,000 metres of drilling have been completed, primarily focused on the Skellefte Belt Project. \n Ground-based FLEM geophysical surveys targeting promising VTEM anomalies are progressing well and are proving highly effective at defining drill targets. Several of these new targets are currently being tested at the Kedträsk nr 1 licence. \n With respect to the Skellefte Belt earn-in agreement, Atalaya has confirmed its election to proceed to Stage 1 Exploration Operations, following the fulfilment of its Minimum Expenditure commitments. \n The person responsible for arranging release of this announcement on behalf of the Company is César Sánchez (CFO). \n This announcement contains information which, prior to its publication constituted inside information for the purposes of Article 7 of Regulation (EU) No 596/2014. \n Contacts: \n \n \n \n \n SEC Newgate UK \n \n \n Clotilde Gros / George Esmond / Gwen Samuel \n \n \n +44 20 3757 6882 \n \n \n \n \n Atalaya Mining \n \n \n Michael Rechsteiner \n \n \n +34 959 59 28 50 \n \n \n \n \n About Atalaya Mining Copper, S.A. \n Atalaya is a European copper producer that owns and operates the Proyecto Riotinto complex in southwest Spain. Atalaya's shares trade on the London Stock Exchange's Main Market under the symbol \"ATYM\" and Atalaya is a FTSE 250 Index constituent. \n Atalaya's operations include the Cerro Colorado open pit mine and a modern 15 Mtpa processing plant, which has the potential to become a central processing hub for ore sourced from its wholly owned regional projects around Riotinto, such as Proyecto Masa Valverde and Proyecto Riotinto East. In addition, Atalaya has a phased earn-in agreement for up to 80% ownership of Cobre San Rafael S.L., which fully owns the Proyecto Touro brownfield copper project in the northwest of Spain, as well as a 99.9% interest in Proyecto Ossa Morena. For further information, please visit www.atalayamining.com \n   \n   \n   \n   \n   \n ATALAYA MINING COPPER, S.A. \n MANAGEMENT'S REVIEW AND \n EXTRACT OF THE AUDITED CONSOLIDATED FINANCIAL STATEMENTS \n 31 December 2025 \n   \n   \n   \n   \n Notice to Reader \n The accompanying consolidated financial statements of Atalaya Mining Copper, S.A. have been prepared by and are the responsibility of Atalaya Mining Copper, S.A.'s management. \n Introduction \n This report provides an overview and analysis of the financial results of operations of Atalaya Mining Copper, S.A. and its subsidiaries (\"Atalaya\" and/or \"Group\"), to enable the reader to assess material changes in the financial position between 31 December 2024 and 31 December 2025 and results of operations for the three and twelve months ended 31 December 2025 and 2024. \n This report has been prepared as of 18 March 2026. The analysis hereby included is intended to supplement and complement the audited consolidated financial statements and notes thereto (\"Financial Statements\") as at and for the period ended 31 December 2025, which will be released together with the Company's 2025 Annual Report. \n Atalaya prepares its Annual Financial Statements in accordance with International Financial Reporting Standards (\"IFRSs\") as adopted by the EU. The currency referred to in this document is the Euro, unless otherwise specified. \n Forward Looking Statements \n This report may include certain \"forward-looking statements\" and \"forward-looking information\" applicable under securities laws.  Except for statements of historical fact, certain information contained herein constitutes forward-looking statements.  Forward-looking statements are frequently characterised by words such as \"plan\", \"expect\", \"project\", \"intend\", \"believe\", \"anticipate\", \"estimate\", and other similar words, or statements that certain events or conditions \"may\" or \"will\" occur.  Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.  Assumptions upon which such forward-looking statements are based include all required third party regulatory and governmental approvals that will be obtained.  Many of these assumptions are based on factors and events that are not within the control of Atalaya and there is no assurance they will be correct.  Factors that cause actual results to vary materially from results anticipated by such forward-looking statements include changes in market conditions and other risk factors discussed or referred to in this report and other documents filed with the applicable securities regulatory authorities.  Although Atalaya has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended.  There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.  Atalaya undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws.  The reader is cautioned not to place undue reliance on forward-looking statements. \n Non-Financial Information Statement \n The Non-Financial Information Statement has been prepared in accordance with the requirements of Spanish Law 11/2018, of 28 December, on non-financial and diversity information (amending the Commercial Code, the revised text of the Capital Companies Act approved by Royal Legislative Decree 1/2010 of 2 July, and Law 22/2015 of 20 July on Auditing). This statement aims to provide stakeholders with relevant information on the Group's environmental, social, and governance performance. \n For a comprehensive overview of Atalaya's ESG performance, including environmental initiatives, social impact, employee relations, human rights policies, and anti-corruption measures, please refer to the Atalaya Sustainability Report 2025, which is published separately and provides detailed disclosures aligned with international reporting standards such as the Global Reporting Initiative (GRI) standards. \n 1. Incorporation and summary of business \n Atalaya Mining Plc was incorporated in Cyprus on 17 September 2004 as a private company with limited liability under the Companies Law, Cap. 113 and was converted to a public limited liability company on 26 January 2005. Its registered office was at 1 Lampousa Street, Nicosia, Cyprus. \n The Company was first listed on the Alternative Investment Market (AIM) of the London Stock Exchange in May 2005. \n Change of name and share consolidation (2015) \n Following the Company's Extraordinary General Meeting (\"EGM\") on 13 October 2015, the change of name from EMED Mining Public Limited to Atalaya Mining Plc became effective on 21 October 2015. On the same day, the consolidation of ordinary shares came into effect, whereby all shareholders received one new ordinary share of nominal value Stg £0.075 for every 30 existing ordinary shares of nominal value Stg £0.0025. The Company's trading symbol became \"ATYM\". \n On 29 April 2024, the Company was admitted to trading on the main market of the London Stock Exchange. \n Cross-border conversion (re-domiciliation) (2024-2025) \n On 10 January 2025, the Company successfully completed a cross-border conversion, resulting in its re-domiciliation from the Republic of Cyprus to the Kingdom of Spain. This process was carried out in accordance with the Company's strategic objectives to align its corporate structure with its operational base in Spain. \n A cross-border conversion deed was executed on 23 December 2024 and subsequently filed with the Spanish Commercial Registry on 27 December 2024. Under Spanish corporate law, the re-domiciliation became legally effective from the date of registration with the Spanish Commercial Registry, i.e., 27 December 2024. However, for administrative and procedural purposes, the final formalities were completed on 9 January 2025, with the official public announcement being made on 10 January 2025. Following this change: \n ·      Atalaya's corporate seat was transferred from Cyprus to Spain, and Atalaya became a Spanish public limited company (Sociedad Anónima) under the laws of the Kingdom of Spain; \n ·      Atalaya's registered name changed from Atalaya Mining Plc to Atalaya Mining Copper, S.A.; and; \n ·      Atalaya's registered address changed from 1, Lampousas Street, 1095 Nicosia, Cyprus to Paseo de las Delicias, 1, 3, 41001, Sevilla, Spain. \n The Company's shares commenced trading under \"Atalaya Mining Copper, S.A.\" on 10 January 2025 at 8:00 am (London time) and the nominal value of the Company's shares were also adjusted from 7.5p to €0.09 per share. \n Principal activities \n Atalaya is a European mining and development company. The strategy is to evaluate and prioritise metal production opportunities in several jurisdictions throughout the well-known belts of base and precious metal mineralisation in Spain, elsewhere in Europe and Latin America. \n The Group has interests in four mining projects: Proyecto Riotinto, Proyecto Touro, Proyecto Masa Valverde and Proyecto Ossa Morena. In addition, the Group has an earn-in agreement to acquire certain investigation permits at Proyecto Riotinto East. \n The Group also has earn-in agreements related two exploration projects in Sweden, the Skellefte Belt Project and the Rockliden Project, pursuant to agreements entered into in 2024 with Mineral Prospektering i Sverige AB. \n Additional information about the Company is available at www.atalayamining.com. \n 2. Operating Review \n Proyecto Riotinto \n The following table presents a summarised statement of operations of Proyecto Riotinto for the three and twelve month periods ended 31 December 2025 and 2024. \n \n \n \n \n Units expressed in accordance with the international system of units (SI) \n \n \n Unit \n \n \n Q4 2025 \n \n \n Q4 2024 \n \n \n FY2025 \n \n \n FY2024 \n \n \n \n \n Ore mined \n \n \n tonnes \n \n \n 3,870,606 \n \n \n 3,507,203 \n \n \n 14,820,168 \n \n \n 15,176,009 \n \n \n \n \n Waste mined (1) \n \n \n tonnes \n \n \n 9,237,191 \n \n \n 10,200,079 \n \n \n 43,000,248 \n \n \n 32,824,156 \n \n \n \n \n Ore processed \n \n \n tonnes \n \n \n 4,140,621 \n \n \n 3,757,040 \n \n \n 16,630,699 \n \n \n 15,913,064 \n \n \n \n \n Copper grade \n \n \n % \n \n \n 0.33 \n \n \n 0.41 \n \n \n 0.39 \n \n \n 0.35 \n \n \n \n \n Copper concentrate grade \n \n \n % \n \n \n 17.39 \n \n \n 17.37 \n \n \n 17.15 \n \n \n 18.33 \n \n \n \n \n Copper recovery \n \n \n % \n \n \n 83.87 \n \n \n 78.15 \n \n \n 78.84 \n \n \n 83.06 \n \n \n \n \n Copper concentrate produced \n \n \n tonnes \n \n \n 66,402 \n \n \n 69,550 \n \n \n 298,108 \n \n \n 252,165 \n \n \n \n \n Copper production \n \n \n tonnes \n \n \n 11,550 \n \n \n 12,078 \n \n \n 51,139 \n \n \n 46,227 \n \n \n \n \n Payable copper production \n \n \n tonnes \n \n \n 10,886 \n \n \n 11,382 \n \n \n 48,158 \n \n \n 43,706 \n \n \n \n \n Cash Costs \n \n \n $/lb payable \n \n \n 2.62 \n \n \n 2.79 \n \n \n 2.40 \n \n \n 2.92 \n \n \n \n \n All-in Sustaining Cost \n \n \n $/lb payable \n \n \n 3.07 \n \n \n 3.28 \n \n \n 2.90 \n \n \n 3.26 \n \n \n \n \n (1)       Represents the Cerro Colorado pit only. \n There may be slight differences between the numbers in the above table and the figures announced in the quarterly operations updates that are available on Atalaya's website at www.atalayamining.com. \n \n \n \n \n $/lb Cu payable \n \n \n Q4 2025 \n \n \n Q4 2024 \n \n \n FY2025 \n \n \n FY2024 \n \n \n \n \n Mining \n \n \n 1.31 \n \n \n 1.05 \n \n \n 1.01 \n \n \n 1.07 \n \n \n \n \n Processing \n \n \n 0.90 \n \n \n 0.88 \n \n \n 0.85 \n \n \n 0.90 \n \n \n \n \n Other site operating costs \n \n \n 0.80 \n \n \n 0.66 \n \n \n 0.67 \n \n \n 0.64 \n \n \n \n \n Total site operating costs \n \n \n 3.01 \n \n \n 2.58 \n \n \n 2.53 \n \n \n 2.61 \n \n \n \n \n By-product credits \n \n \n (0.49) \n \n \n (0.34) \n \n \n (0.38) \n \n \n (0.27) \n \n \n \n \n Freight, treatment charges and other offsite costs \n \n \n 0.10 \n \n \n 0.55 \n \n \n 0.25 \n \n \n 0.58 \n \n \n \n \n Net offsite costs \n \n \n (0.39) \n \n \n 0.21 \n \n \n (0.14) \n \n \n 0.30 \n \n \n \n \n Cash Costs \n \n \n 2.62 \n \n \n 2.79 \n \n \n 2.40 \n \n \n 2.92 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash Costs \n \n \n 2.62 \n \n \n 2.79 \n \n \n 2.40 \n \n \n 2.92 \n \n \n \n \n Corporate costs \n \n \n 0.20 \n \n \n 0.11 \n \n \n 0.12 \n \n \n 0.10 \n \n \n \n \n Sustaining capital (excluding tailings expansion) \n \n \n 0.07 \n \n \n 0.03 \n \n \n 0.04 \n \n \n 0.05 \n \n \n \n \n Capitalised stripping costs (1) \n \n \n 0.05 \n \n \n 0.27 \n \n \n 0.23 \n \n \n 0.11 \n \n \n \n \n Other costs \n \n \n 0.13 \n \n \n 0.09 \n \n \n 0.11 \n \n \n 0.09 \n \n \n \n \n AISC \n \n \n 3.07 \n \n \n 3.28 \n \n \n 2.90 \n \n \n 3.26 \n \n \n \n \n (1)       Represents the Cerro Colorado pit only. \n There may be slight differences between the numbers in the above table and the figures announced in the quarterly operations updates that are available on Atalaya's website at www.atalayamining.com. \n Mining and Processing \n Mining \n Ore mined was 3.9 million tonnes in Q4 2025 (Q4 2024: 3.5 million tonnes) and 14.8 million tonnes in FY2025 (FY2024: 15.2 million tonnes). \n Waste mined was 9.2 million tonnes in Q4 2025 (Q4 2024: 10.2 million tonnes) and 43.0 million tonnes in FY2025 (FY2024: 32.8 million tonnes). In addition, waste stripping activities continued at the San Dionisio area.  \n Processing \n The plant processed ore of 4.1 million tonnes in Q4 2025 (Q4 2024: 3.8 million tonnes) and 16.6 million tonnes in FY2025 (FY2024: 15.9 million tonnes), which represents a new annual throughput record. \n Copper grade was 0.33% in Q4 2025 (Q4 2024: 0.41%) and 0.39% in FY2025 (FY2024: 0.35%). \n Copper recovery was 83.87% in Q4 2025 (Q4 2024: 78.15%) and 78.84% in FY2025 (FY2024: 83.06%). \n Production \n Copper production was 11,550 tonnes in Q4 2025 (Q4 2024: 12,078 tonnes) and 51,139 tonnes in FY2025 (FY2024: 46,227 tonnes), which achieved the higher end of the Company's FY2025 guidance range of 49,000 to 52,000 tonnes. In addition, silver contained in copper concentrate was 1.2 million ounces in FY2025 (FY2024: 1.1 million ounces). \n On-site copper concentrate inventories were 4,050 tonnes at 31 December 2025 (30 September 2025: 8,092 tonnes). \n Copper contained in concentrates sold was 11,823 tonnes in Q4 2025 (Q4 2024: 10,271 tonnes) and 53,487 tonnes in FY2025 (FY2024: 43,609 tonnes). Copper sales exceeded production during FY2025 primarily due to the drawdown of on-site concentrate inventories during the year. \n 3. Operational Guidance \n The forward-looking information contained in this section is subject to the risk factors and assumptions contained in the cautionary statement on forward-looking statements included in the Basis of Reporting. Should the Company consider the current guidance as no longer achievable, the Company will provide a further update. \n Proyecto Riotinto operational guidance for 2026 is as follows: \n \n \n \n \n   \n \n \n Unit \n \n \n Guidance 2026 \n \n \n \n \n Ore mined \n \n \n million tonnes \n \n \n 15.5 - 16.0 \n \n \n \n \n Waste mined (1) \n \n \n million tonnes \n \n \n 38 - 44 \n \n \n \n \n Ore processed \n \n \n million tonnes \n \n \n 15.5 - 16.0 \n \n \n \n \n Copper grade \n \n \n % \n \n \n 0.38 - 0.41 \n \n \n \n \n Copper recovery \n \n \n % \n \n \n 79 - 83 \n \n \n \n \n Copper production \n \n \n tonnes \n \n \n 50,000 - 54,000 \n \n \n \n \n Cash Costs \n \n \n $/lb payable \n \n \n $2.60 - 2.90 \n \n \n \n \n All-in Sustaining Cost \n \n \n $/lb payable \n \n \n $3.10 - 3.40 \n \n \n \n \n (2)   Represents the Cerro Colorado pit only. Waste guidance is 57 - 67 million tonnes when including the San Dionisio pit. \n   \n Production \n In late January and early February 2026, rainfall at Riotinto was unusually high and resulted in difficult mining conditions as well as reduced access to certain areas in the Cerro Colorado pit. As a result, the copper grade processed in Q1 2026 to date has been below planned levels. \n Copper production guidance for FY2026 continues to be 50,000 to 54,000 tonnes, with H2 2026 production to be approximately 10% higher than H1 2026 production. In addition, silver contained in copper concentrate is expected to be 0.9 to 1.1 million ounces in FY2026. \n Operating Costs \n During FY2025, the prices of key consumables and other costs were stable. However, ongoing conflicts including the recent events in Iran could disrupt supply chains and increase energy prices, which in turn can impact the costs of certain consumables. With respect to electricity prices, Spain benefits from a diversified energy mix including significant contributions from solar, wind, hydro and nuclear, while Atalaya's long-term PPA and solar plant are expected to reduce the impact of price volatility. \n Cash Costs and AISC guidance for FY2026 are as follows: \n ·      Cash Costs range of $2.60 - 2.90/lb copper payable \n ·      AISC range of $3.10 - 3.40/lb copper payable \n o  Includes capitalised stripping costs of ~$0.20/lb from Cerro Colorado \n AISC guidance excludes investments in the tailings dam and ongoing waste stripping at the San Dionisio area, which are included in the non-sustaining capital investment guidance below. \n Non-Sustaining Capital Investments \n Atalaya is focused on advancing its copper growth projects in Spain in order to capitalise on strong copper market fundamentals. Development of Atalaya's project pipeline offers the potential to increase production, diversify the Company's sources of mined material, extend mine life and reduce unit costs. \n The Company plans to make the following non-sustaining capital investments in FY2026: \n \n \n \n \n Item \n \n \n € million \n \n \n \n \n San Dionisio waste stripping and road relocation \n \n \n €50 - 60 \n \n \n \n \n Proyecto Masa Valverde access ramp (1) \n \n \n €10 - 18 \n \n \n \n \n Expansion of existing Riotinto tailings facility \n \n \n €10 - 14 \n \n \n \n \n Other investments \n \n \n €5 - 10 \n \n \n \n \n Total non-sustaining capital investments \n \n \n €75 - 102 \n \n \n \n \n (1)   Remains subject to final Board approval \n Additional investments, including related to Proyecto Touro and the Riotinto polymetallic circuit, could be approved once key permitting steps and engineering works are completed, as described below. \n Exploration and Other Project Expenses \n Atalaya continues to invest in exploration across its key projects and land packages in Spain, as well as its earn-in agreements in Sweden. \n In FY2026, exploration and other project expenses is expected to be €5 - 7 million. The primary focus will be to upgrade and expand resources at San Antonio, Proyecto Masa Valverde and Proyecto Touro, and test targets at Proyecto Ossa Morena, Proyecto Riotinto East and in Sweden. \n 4. Financial Review \n Income Statement \n The following table presents a summarised consolidated income statement for the three and twelve month periods ended 31 December 2025 and 31 December 2024. \n \n \n \n \n ( Euro 000's ) \n \n \n Three month ended 31 Dec 2025 \n \n \n Three month ended 31 Dec 2024 \n \n \n Twelve month ended 31 Dec 2025 \n \n \n Twelve month ended 31 Dec 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenues from operations \n \n \n 121,412 \n \n \n 77,852 \n \n \n 482,915 \n \n \n 326,797 \n \n \n \n \n Cost of sales \n \n \n (72,524) \n \n \n (59,598) \n \n \n (287,998) \n \n \n (242,163) \n \n \n \n \n Corporate expenses \n \n \n (3,778) \n \n \n (1,833) \n \n \n (10,472) \n \n \n (7,927) \n \n \n \n \n Exploration expenses \n \n \n (3,454) \n \n \n (4,637) \n \n \n (8,426) \n \n \n (7,950) \n \n \n \n \n Care and maintenance expenditure \n \n \n (245) \n \n \n 1,269 \n \n \n (291) \n \n \n (2,784) \n \n \n \n \n Other income \n \n \n 3,036 \n \n \n (373) \n \n \n 4,028 \n \n \n 383 \n \n \n \n \n EBITDA \n \n \n 41,447 \n \n \n 12,680 \n \n \n 179,756 \n \n \n 66,356 \n \n \n \n \n Depreciation/amortisation \n \n \n (7,740) \n \n \n (10,625) \n \n \n (47,520) \n \n \n (43,565) \n \n \n \n \n Net (Impairment)/reversal on Assets (1) \n \n \n (21,418) \n \n \n 5,744 \n \n \n (21,418) \n \n \n 5,744 \n \n \n \n \n Net foreign exchange gain/(loss) \n \n \n (384) \n \n \n 2,532 \n \n \n (6,263) \n \n \n 3,090 \n \n \n \n \n Net finance income/(cost) \n \n \n 669 \n \n \n 553 \n \n \n (2,292) \n \n \n (102) \n \n \n \n \n Tax \n \n \n 1,877 \n \n \n 4,038 \n \n \n (16,900) \n \n \n 1,037 \n \n \n \n \n Profit for the year \n \n \n 14,451 \n \n \n 14,922 \n \n \n 85,363 \n \n \n 32,560 \n \n \n \n \n (1) Includes impairment recognised in 2025 relating to the E-LIX project and the reversal of a prior impairment in 2024 relating to Proyecto Touro. Refer to Notes 13 and 14, respectively \n   \n Three months financial review \n Revenues for Q4 2025 amounted to €121.4 million, up from €77.9 million in Q4 2024. The increase was primarily due to higher concentrate sales volumes, higher realised copper price and lower TC/RC prices. Realised copper prices, excluding QPs, were US$5.10/lb in Q4 2025, compared with US$4.10/lb in Q4 2024. Including QPs, the realised price was approximately US$4.85/lb. \n Copper contained in concentrates sold was 11,823 tonnes in Q4 2025 and 10,271 tonnes in Q4 2024. \n Cost of sales for Q4 2025 totalled €72.5 million, compared to €59.6 million in Q4 2024. The increase was mainly due to a lower volume of concentrate stock at the end of the period and utilities costs. Cash costs stood at US$2.62/lb payable copper, down from US$2.79/lb in the prior-year quarter, benefiting from silver credits and lower offsite costs despite lower copper payable. All-in Sustaining Costs (AISC) for Q4 2025, excluding investments in the tailings dam, were US$3.07/lb payable copper, compared with US$3.28/lb in Q4 2024. The decrease was mainly due to lower capitalised stripping costs. \n Sustaining capex for Q4 2025 amounted to €1.8 million, compared with €0.4 million in Q4 2024, primarily related to plant processing system improvements. Investment in the tailings dam project during Q4 2025 was €4.3 million (€4.0 million in Q4 2024). Investments in the San Dionisio area was €12.2 million. Capitalised stripping costs for Cerro Colorado for Q4 2025 were €1.1 million, lower than previous year (€6.2 million). The 50 MW solar plant construction capex totalled €1.9 million in Q4 2025. \n Corporate expenses for Q4 2025 totalled €3.8 million, compared with €1.8 million in Q4 2024. These expenses include non-operating costs of the Cyprus office, corporate legal and consultancy fees, listing costs, and salaries for corporate officers and directors. Exploration expenses for the three-month period ended 31 December 2025 were €3.4 million, compared to €4.6 million in Q4 2024. \n EBITDA for Q4 2025 amounted to €41.4 million, up from €12.7 million in Q4 2024. Depreciation and amortisation is below €2.9 million from €7.7 million due to the increase in Ore Reserves that were incorporated during the period. Net foreign exchange loss in Q4 2025 were €0.4 million, compared with a gain of €2.5 million in Q4 2024. Net financing income in Q4 2025 were a positive €0.7 million, compared with a positive of €0.6 million in the prior-year quarter. \n Twelve months financial review \n Revenues for FY 2025 totalled €482.9 million, compared with €326.8 million in FY 2024. The increase was mainly due to higher concentrate sales volumes with higher realised price, partially offset by lower concentrate grades. \n Copper concentrate production for FY 2025 was 298,108 tonnes, up from 252,165 tonnes in FY 2024, while sales totalled 316,282 tonnes, up from 237,072 tonnes in the previous year. Inventories of concentrates at year-end stood at 4,050 tonnes, compared with 21,815 tonnes at 31 December 2024. Copper contained in concentrates sold was 53,487 tonnes in FY 2025 and 43,609 tonnes in FY2024. \n Realised copper prices, excluding QPs, averaged US$4.49/lb in FY 2025, compared with US$4.19/lb in FY 2024. The Company did not enter into any hedging agreements during 2025. \n Cost of sales for FY 2025 amounted to €288.0 million, up from €242.2 million in 2024. The increase in costs was mainly due to a negative impact from a lower year-end copper concentrate inventories and higher electricity costs. Cash costs for FY 2025 were US$2.40/lb payable copper, down from US$2.92/lb in 2024, mainly due to higher copper production, higher silver by-product credits and a reduction in offsite costs levels. AISC, excluding investment in the tailings dam, stood at US$2.90/lb payable copper in FY 2025, compared to US$3.26/lb in FY 2024, with the decrease driven by lower on cash costs and partially offset with higher stripping costs capitalised. \n Sustaining capex for the twelve-month period ended 31 December 2025 totalled €4.1 million, compared with €4.0 million in FY 2024, mainly for plant processing system upgrades. Investment in the tailings dam expansion was €15.8 million, compared with €14.8 million in 2024. The 50 MW solar plant construction capex amounted to €2.6 million in FY 2025, San Dionisio area was €25.3 million, capitalised stripping costs for Cerro Colorado was €22.1 million, while investments in the E-LIX Phase I plant totalled €0.2 million (€2. 1 million in 2024). \n Corporate expenses for FY 2025 amounted to €10.5 million, up from €7.9 million in FY 2024 as the last year was reflecting lower overhead costs. Exploration expenses for the year totalled €8.4 million, compared with €7.9 million in 2024, main exploration work carried out at Sweden Projects and Proyecto Masa Valverde and Riotinto. \n EBITDA for FY 2025 was €179.8 million, up from €66.4 million in FY 2024. Depreciation and amortisation for the year amounted to €47.5 million, compared with €43.6 million in 2024. Net impairment on assets for FY 2025 amounted to €21.4 million, compared with a net impairment reversal of €5.7 million in FY 2024 related to Proyecto Touro. The net foreign exchange loss for FY 2025 was €6.3 million, compared with a gain of €3.1 million in FY 2024. \n Net finance costs for FY 2025 amounted to negative €2.3 million, compared with €0.1 million in FY 2024. \n Net impairment on assets for FY 2025 amounted to €21.4 million, compared with a net impairment reversal of €5.7 million in FY 2024 related to Proyecto Touro. The 2025 impairment primarily relates to the E-LIX project. In addition, finance costs for the year include an impairment loss of €2.7 million recognised on loans granted in connection with the E-LIX project, reflecting management's reassessment of the recoverability of these balances. \n Profit after tax for FY 2025 was €85.4 million, up from €32.6 million in FY 2024. Tax expenses amounted to €16.9 million, compared to €1.0 million in 2024. Earnings per share for FY 2025 was 60.8 cents, compared with 22.6 cents in FY 2024. Diluted EPS was 58.3 cents, up from 21.8 cents in the prior year. \n Realised Copper Prices \n The average prices of copper for 2025 and 2024 were: \n \n \n \n \n $/lb \n \n \n \n \n \n Q4 2025 \n \n \n Q4 2024 \n \n \n FY2025 \n \n \n FY2024 \n \n \n \n \n Realised copper price (excluding QPs) \n \n \n $/lb \n \n \n 5.10 \n \n \n 4.10 \n \n \n 4.49 \n \n \n 4.19 \n \n \n \n \n Market copper price per lb (period average) \n \n \n $/lb \n \n \n 5.03 \n \n \n 4.16 \n \n \n 4.51 \n \n \n 4.15 \n \n \n \n \n   \n Realised copper prices for the reporting period noted above have been calculated using payable copper and excluding both provisional invoices and final settlements of quotation periods (\"QPs\") together. The realised price during 2025, including quotation period adjustments, was approximately $4.45/lb. \n Foreign Exchange \n In FY2025, Atalaya recognised a foreign exchange loss of €6.3 million (FY2024 gain: €3.1 million). The foreign exchange loss mainly related to variances in EUR and USD conversion rates during the period as all sales are settled and occasionally held in USD. \n The following table summarises the movement in key currencies versus the EUR: \n \n \n \n \n   \n   \n   \n \n \n Three months ended \n 31 Dec 2025 \n \n \n Three months ended \n 31 Dec 2024 \n \n \n Twelve months ended \n 31 Dec 2025 \n \n \n Twelve months ended \n 31 Dec 2024 \n \n \n \n \n Average rates for the periods \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n GBP - EUR \n \n \n 0.8753 \n \n \n 0.8324 \n \n \n 0.8568 \n \n \n 0.8587 \n \n \n \n \n USD - EUR \n \n \n 1.1634 \n \n \n 1.0681 \n \n \n 1.130 \n \n \n 1.091 \n \n \n \n \n Spot rates as at \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n GBP - EUR \n \n \n 0.8726 \n \n \n 0.8292 \n \n \n 0.8726 \n \n \n 0.8292 \n \n \n \n \n USD - EUR \n \n \n 1.175 \n \n \n 1.039 \n \n \n 1.175 \n \n \n 1.039 \n \n \n \n \n   \n During 2025 and 2024, Atalaya did not have any currency hedging agreements. \n   \n Financial Position \n \n \n \n \n (Euro 000's) \n \n \n 31 Dec 2025 \n \n \n 31 Dec 2024 \n \n \n \n \n ASSETS \n \n \n   \n \n \n \n \n \n \n \n Non-current assets \n \n \n 550,436 \n \n \n 531,306 \n \n \n \n \n Other current assets \n \n \n 72,066 \n \n \n 91,400 \n \n \n \n \n Tax refundable \n \n \n 2,834 \n \n \n 266 \n \n \n \n \n Cash and cash equivalents \n \n \n 166,306 \n \n \n 52,878 \n \n \n \n \n Total Assets \n \n \n 791,642 \n \n \n 675,850 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Shareholders' Equity \n \n \n 591,810 \n \n \n 518,537 \n \n \n \n \n LIABILITIES \n \n \n   \n \n \n \n \n \n \n \n Non-current liabilities \n \n \n 52,448 \n \n \n 57,497 \n \n \n \n \n Current liabilities \n \n \n 147,384 \n \n \n 99,816 \n \n \n \n \n Total Liabilities \n \n \n 199,832 \n \n \n 157,313 \n \n \n \n \n Total Equity and Liabilities \n \n \n 791,642 \n \n \n 675,850 \n \n \n \n \n   \n Assets \n As of 31 December 2025, total assets amounted to €791.6 million, up from €675.9 million on 31 December 2024, representing an increase of €115.8 million. This increase is mainly driven by the growth in property, plant, and equipment, intangible assets, and cash and cash equivalents, partially offset by the reduction in inventories and trade receivables. The increase in cash and cash equivalents is primarily due to an increase of concentrate sold and higher copper price. \n Non-current assets as of 31 December 2025 amounted to €550.4 million compared to €531.3 million in 2024. This includes property, plant, and equipment of €447.7 million in 2025, increasing from €409.0 million in 2024, intangible assets of €74.9 million in 2025 compared to €70.2 million in 2024, non-current trade and other receivables amounting to €1.1 million in 2025, down from €33.3 million in 2024, non-current financial assets remaining stable at €1.1 million, and deferred tax assets of €15.8 million, increasing from €15.1 million in 2024. \n Current assets as of 31 December 2025 amounted to €241.2 million, increasing from €144.5 million in 2024. Within this category, inventories decreased significantly to €30.9 million from €49.2 million in 2024, while trade and other receivables increased to €41.1 million compared to €36.9 million in 2024. Tax refundable increased to €2.9 million from €0.3 million in 2024. Cash and cash equivalents significantly increased to €166.3 million, up from €52.9 million in 2024, mainly due to higher production and concentrate sold. The most notable change in current assets was the substantial increase in cash and cash equivalents, offset partially by the decrease in inventories, reflecting a lower level of concentrates in stockpile. \n Liabilities \n Non-current liabilities amounted to €52.4 million, decreasing from €57.5 million in 2024. The most significant component of non-current liabilities are provisions, which stood at €28.8 million in 2025, down from €29.3 million in 2024. In addition to the provision, non-current liabilities included borrowings of €5.7 million, a decrease from €10.9 million in 2024, lease liabilities of €3.8 million, up from €3.3 million in 2024, and trade and other payables remaining stable at €14.1 million, from €14.0 million in 2024. \n Current liabilities as of 31 December 2025 stood at €147.3 million, compared to €99.8 million in 2024. This includes borrowings of €38.6 million, a significant increase from €6.9 million in 2024, trade and other payables of €106.1 million, up from €90.1 million in 2024, current tax liabilities of €0.1 million, decreasing from €1.4 million in 2024, current provisions of €1.8 million, down from €0.9 million in 2024, and lease liabilities of €0.6 million, which remained stable from €0.5 million in 2024. \n Total liabilities increased to €199.8 million from €157.3 million in 2024, mainly due to the increase in short term borrowings. \n Total equity as of 31 December 2025 amounted to €591.8 million, up from €518.5 million in 2024, reflecting an increase of €73.2 million. Share capital and share premium stood unchanged from 2024 at €12.7 million and €321.9 million. Accumulated profit stood at €166.1 million, up from €93.1 million in 2024. Non-controlling interests amounted to €1.9 million, compared to €2.2 million in 2024. \n Overall, total equity and liabilities as of 31 December 2025 stood at €791.6 million, marking an increase from €675.9 million in the previous year. \n Results \n The Group's and Company's consolidated results are set out on the Consolidated Statements of Comprehensive Income. \n   \n Liquidity and Capital Resources \n Atalaya monitors factors that could impact its liquidity as part of the Company's overall capital management strategy. Factors that are monitored include, but are not limited to, the market price of copper, foreign currency rates, production levels, operating costs, capital and administrative costs. \n The following is a summary of Atalaya's cash position as at 31 December 2025 and 2024, and cash flows for the twelve months ended 31 December 2025 and 2024. \n Liquidity Information \n \n \n \n \n ( Euro 000's ) \n \n \n 31 Dec 2025 \n \n \n 31 Dec 2024 \n \n \n \n \n Unrestricted cash and cash equivalents at Group level \n \n \n 146,505 \n \n \n 43,184 \n \n \n \n \n Unrestricted cash and cash equivalents at Operation level \n \n \n 19,801 \n \n \n 9,694 \n \n \n \n \n Consolidated cash and cash equivalents \n \n \n 166,306 \n \n \n 52,878 \n \n \n \n \n Net cash position \n \n \n 121,960 \n \n \n 35,091 \n \n \n \n \n Working capital surplus \n \n \n 93,822 \n \n \n 44,728 \n \n \n \n \n   \n Unrestricted cash and cash equivalents as at 31 December 2025 increased to €166.3 million from €52.9 million at 31 December 2024. The increase in cash balances is primarily due to cash inflows during 2025, mainly related to higher sales with higher realised price. Cash balances are unrestricted and include balances at both the operational and corporate levels. The net increase in cash and cash equivalents for the year was €113.4 million, compared to a decrease of €68.1 million in 2024. This increase was driven by higher concentrate sold with better realised copper price and the use of credit facilities short term. \n As of 31 December 2025, Atalaya reported a working capital surplus of €93.8 million, compared with a working capital surplus of €44.7 million at 31 December 2024. The increase in working capital surplus in 2025 was mainly driven by changes in current liabilities and cash balances. Cash increased significantly compared to the previous year, reflecting higher production and lower inventories in spite of higher investments in property, plant, and equipment, intangible assets as well as the repayment of borrowings and payment of dividends. At 31 December 2025, trade and other payables increased to €106.1 million, up from €90.1 million in 2024, while inventories also reduced to €30.9 million from €49.2 million in the prior year. Trade and other receivables increased to €41.1 million in 2025, compared to €36.9 million in 2024. \n The Directors consider the current net cash position as well as the existing levels of the commodity prices and the current liquidity position to mitigate any potential financial risks linked to the liquidity position of the Company. \n   \n Overview of the Group's Cash Flows \n \n \n \n \n ( Euro 000's ) \n \n \n Three month ended 31 Dec 2025 \n \n \n Three month ended 31 Dec 2024 \n \n \n Twelve month ended 31 Dec 2025 \n \n \n Twelve month ended 31 Dec 2024 \n \n \n \n \n Cash flows from operating activities \n \n \n 72,477 \n \n \n 11,101 \n \n \n 192,483 \n \n \n 53,403 \n \n \n \n \n Cash flows used in investing activities \n \n \n (25,305) \n \n \n (16,578) \n \n \n (85,070) \n \n \n (66,073) \n \n \n \n \n Cash flows from financing activities \n \n \n 11,418 \n \n \n (19,168) \n \n \n 13,444 \n \n \n (57,261) \n \n \n \n \n Net (decreased)/increase in cash and cash equivalents \n \n \n 58,590 \n \n \n (24,645) \n \n \n 120,857 \n \n \n (69,931) \n \n \n \n \n Net foreign exchange differences \n \n \n (6,094) \n \n \n 1,244 \n \n \n (7,429) \n \n \n 1,802 \n \n \n \n \n Total net cash flow for the period \n \n \n 52,496 \n \n \n (23,401) \n \n \n 113,428 \n \n \n (68,129) \n \n \n \n \n   \n In the twelve-month period ending 31 December 2025, cash and cash equivalents experienced a increase of €113.4 million. This increase resulted from cash generated by operating activities amounting to €192.5 million, offset by cash used in investing activities totalling €85.1 million and financing inflows amounting to €13.4 million, partially mitigated by a €7.4 million net negative foreign exchange impact. \n Cash generated from operating activities before changes in working capital reached €188.0 million, compared with an EBITDA of €179.8 million. Atalaya increased its inventories by €17.3 million, while trade and other receivables decreased by €1.5 million, and trade and other payables increased by €11.9 million. The company incurred corporate tax payments totalling €21.0 million during this period. \n Investing activities for the year 2025 amounted to €85.1 million, primarily directed towards capital expenditures related to ongoing projects, including plant improvements and infrastructure developments. \n Financing activities in 2025 totalled positive €13.4 million, mainly driven by the repayment of borrowings amounting to €11.4 million, dividend payments of €10.1 million, share options expense of €2.5million and lease payments of €0.6 million, partially offset by proceeds from the issuance of share capital totalling €nil million and new borrowings of €37.9 million. \n 5. Alternative Performance Measures \n Atalaya has included certain non-IFRS measures including \"EBITDA\", \"Cash Costs per pound of payable copper\" \"All-In Sustaining Cost\" (\"AISC\") and \"realised prices\" in this report. Non-IFRS measures do not have any standardised meaning prescribed under IFRS, and therefore they may not be comparable to similar measures presented by other companies. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for indicators prepared in accordance with IFRS. \n EBITDA includes gross sales net of penalties and discounts and all operating costs, excluding finance, tax, impairment, depreciation and amortisation expenses. \n Cash Costs per pound of payable copper includes on-site cash operating costs, and off-site costs including treatment and refining charges (\"TC/RC\"), freight and distribution costs net of by-product credits. Cash Costs per pound of payable copper is consistent with the widely accepted industry standard established by Wood Mackenzie and is also known as the cash costs. \n AISC per pound of payable copper includes the Cash Costs plus royalties and agency fees, expenditure on rehabilitations, stripping costs, exploration and geology costs, corporate costs, and sustaining capital expenditures. \n Realised prices per pound of payable copper is the value of the copper payable included in the concentrate produced including the discounts and other features governed by the offtake agreements of the Group and all discounts or premiums provided in commodity hedge agreements with financial institutions, expressed in USD per pound of payable copper. Realised price is consistent with the widely accepted industry standard definition. \n 6. Risk Factors \n Due to the nature of Atalaya's business in the mining industry, the Group is subject to various risks that could materially impact the future operating results and could cause actual events to differ materially from those described in forward-looking statements relating to Atalaya. Readers are encouraged to read and consider the risk factors detailed in Atalaya's audited consolidated financial statements for the year ended 31 December 2025. \n 7. Critical accounting policies, estimates, judgements, assumptions and accounting changes \n The preparation of Atalaya's Financial Statements in accordance with IFRS requires management to made estimates and assumptions that affected amounts reported in the Financial Statements and accompanying notes. There is a full discussion and description of Atalaya's critical accounting estimates and judgements in the audited financial statements for the year ended 31 December 2025. \n 8. Other Information \n Additional information about Atalaya Mining Copper, S.A. is available at www.atalayamining.com   \n   \n Consolidated financial statements on subsequent pages   \n By Order of the Board of Directors \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n   \n Consolidated Statement of Comprehensive Income \n for the year ended 31 December 2025 \n   \n \n \n \n \n (Euro 000's) \n \n \n Note \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue \n \n \n 5 \n \n \n 482,915 \n \n \n 326,797 \n \n \n \n \n Operating costs and mine site administrative expenses \n \n \n \n \n \n (280,989) \n \n \n (240,784) \n \n \n \n \n Mine site depreciation, amortisation and impairment \n \n \n 13,14 \n \n \n (47,520) \n \n \n (36,617) \n \n \n \n \n Gross profit \n \n \n   \n \n \n 154,406 \n \n \n 49,396 \n \n \n \n \n Administration and other expenses \n \n \n \n \n \n (10,472) \n \n \n (7,927) \n \n \n \n \n Share based benefits \n \n \n 23 \n \n \n (7,009) \n \n \n (1,379) \n \n \n \n \n Impairment loss on financial and contract assets \n \n \n 13,20 \n \n \n (21,418) \n \n \n (1,204) \n \n \n \n \n Exploration expenses \n \n \n \n \n \n (8,426) \n \n \n (7,950) \n \n \n \n \n Care and maintenance expenditure \n \n \n \n \n \n (291) \n \n \n (2,784) \n \n \n \n \n Other income \n \n \n \n \n \n 4,028 \n \n \n 383 \n \n \n \n \n Operating profit \n \n \n 6 \n \n \n 110,818 \n \n \n 28,535 \n \n \n \n \n Net foreign exchange gain/(loss) \n \n \n 4 \n \n \n (6,263) \n \n \n 3,090 \n \n \n \n \n Interest income from financial assets at fair value through profit and loss \n \n \n 8 \n \n \n - \n \n \n - \n \n \n \n \n Interest income from financial assets at amortised cost \n \n \n 8 \n \n \n 1,834 \n \n \n 1,887 \n \n \n \n \n Finance costs \n \n \n 9 \n \n \n (4,126) \n \n \n (1,989) \n \n \n \n \n Profit before tax \n \n \n   \n \n \n 102,263 \n \n \n 31,523 \n \n \n \n \n Tax \n \n \n 10 \n \n \n (16,900) \n \n \n 1,037 \n \n \n \n \n Profit for the year \n \n \n   \n \n \n 85,363 \n \n \n 32,560 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Profit for the year attributable to: \n \n \n \n \n \n   \n \n \n \n \n \n \n \n -       Owners of the parent \n \n \n 25 \n \n \n 85,577 \n \n \n 31,738 \n \n \n \n \n -       Non-controlling interests \n \n \n 25 \n \n \n (214) \n \n \n 822 \n \n \n \n \n \n \n \n \n \n \n 85,363 \n \n \n 32,560 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Earnings per share from operations attributable to ordinary equity holders of the parent during the year: \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Basic earnings per share (EUR cents per share) \n \n \n 11 \n \n \n 60.8 \n \n \n 22.6 \n \n \n \n \n Diluted earnings per share (EUR cents per share) \n \n \n 11 \n \n \n 58.3 \n \n \n 21.8 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Profit for the year \n \n \n   \n \n \n 85,363 \n \n \n 32,560 \n \n \n \n \n Other comprehensive income: \n \n \n \n \n \n - \n \n \n - \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Other comprehensive income that will not be reclassified to profit or loss in subsequent periods (net of tax): \n \n \n   \n \n \n   \n \n \n \n \n Change in fair value of financial assets through other comprehensive income 'OCI' \n \n \n 21 \n \n \n 39 \n \n \n (7) \n \n \n \n \n Total comprehensive income for the year \n \n \n \n \n \n 85,402 \n \n \n 32,553 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Total comprehensive income for the year attributable to: \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n -       Owners of the parent \n \n \n 25 \n \n \n 85,616 \n \n \n 31,731 \n \n \n \n \n -       Non-controlling interests \n \n \n 25 \n \n \n (214) \n \n \n 822 \n \n \n \n \n   \n   \n The notes on subsequent pages are an integral part of these consolidated financial statements. \n \n \n \n Consolidated Statement of Financial Position \n As at 31 December 2025 \n   \n \n \n \n \n \n \n \n \n \n \n   \n 31 Dec 2025 \n \n \n   \n 31 Dec 2024 \n \n \n \n \n (Euro 000's) \n \n \n Note \n \n \n   \n \n \n \n \n \n \n \n Assets \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Non-current assets \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Property, plant and equipment \n \n \n 13 \n \n \n 447,729 \n \n \n 409,032 \n \n \n \n \n Intangible assets \n \n \n 14 \n \n \n 74,919 \n \n \n 70,209 \n \n \n \n \n Loans \n \n \n 19 \n \n \n 9,725 \n \n \n 2,627 \n \n \n \n \n Trade and other receivables \n \n \n 20 \n \n \n 1,122 \n \n \n 33,252 \n \n \n \n \n Non-current financial asset \n \n \n 21 \n \n \n 1,101 \n \n \n 1,101 \n \n \n \n \n Deferred tax asset \n \n \n 17 \n \n \n 15,840 \n \n \n 15,085 \n \n \n \n \n \n \n \n \n \n \n 550,436 \n \n \n 531,306 \n \n \n \n \n Current assets \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Inventories \n \n \n 18 \n \n \n 30,871 \n \n \n 49,162 \n \n \n \n \n Loans \n \n \n 19 \n \n \n 20 \n \n \n 5,352 \n \n \n \n \n Trade and other receivables \n \n \n 20 \n \n \n 41,113 \n \n \n 36,863 \n \n \n \n \n Tax refundable \n \n \n \n \n \n 2,834 \n \n \n 266 \n \n \n \n \n Other financial assets \n \n \n 21 \n \n \n 62 \n \n \n 23 \n \n \n \n \n Cash and cash equivalents \n \n \n 22 \n \n \n 166,306 \n \n \n 52,878 \n \n \n \n \n \n \n \n \n \n \n 241,206 \n \n \n 144,544 \n \n \n \n \n Total assets \n \n \n   \n \n \n 791,642 \n \n \n 675,850 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Equity and liabilities \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Equity attributable to owners of the parent \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Share capital \n \n \n 23 \n \n \n 12,668 \n \n \n 12,668 \n \n \n \n \n Share premium \n \n \n 23 \n \n \n 321,856 \n \n \n 321,856 \n \n \n \n \n Other reserves \n \n \n 24 \n \n \n 89,255 \n \n \n 88,774 \n \n \n \n \n Accumulated profit \n \n \n \n \n \n 166,091 \n \n \n 93,085 \n \n \n \n \n \n \n \n \n \n \n 589,870 \n \n \n 516,383 \n \n \n \n \n Non-controlling interests \n \n \n 25 \n \n \n 1,940 \n \n \n 2,154 \n \n \n \n \n Total equity \n \n \n   \n \n \n 591,810 \n \n \n 518,537 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Liabilities \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Non-current liabilities \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Trade and other payables \n \n \n 26 \n \n \n 14,142 \n \n \n 13,983 \n \n \n \n \n Provisions \n \n \n 27 \n \n \n 28,764 \n \n \n 29,328 \n \n \n \n \n Lease liability \n \n \n 28 \n \n \n 3,834 \n \n \n 3,320 \n \n \n \n \n Borrowings \n \n \n 29 \n \n \n 5,708 \n \n \n 10,866 \n \n \n \n \n \n \n \n \n \n \n 52,448 \n \n \n 57,497 \n \n \n \n \n Current liabilities \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Trade and other payables \n \n \n 26 \n \n \n 106,117 \n \n \n 90,090 \n \n \n \n \n Lease liability \n \n \n 28 \n \n \n 639 \n \n \n 481 \n \n \n \n \n Current tax liabilities \n \n \n \n \n \n 136 \n \n \n 1,408 \n \n \n \n \n Dividend payable \n \n \n \n \n \n 9 \n \n \n \n \n \n \n \n Provisions \n \n \n 27 \n \n \n 1,845 \n \n \n 916 \n \n \n \n \n Borrowings \n \n \n 29 \n \n \n 38,638 \n \n \n 6,921 \n \n \n \n \n \n \n \n \n \n \n 147,384 \n \n \n 99,816 \n \n \n \n \n Total liabilities \n \n \n   \n \n \n 199,832 \n \n \n 157,313 \n \n \n \n \n Total equity and liabilities \n \n \n   \n \n \n 791,642 \n \n \n 675,850 \n \n \n \n \n   \n   \n The notes on subsequent pages are an integral part of these consolidated financial statements. \n The consolidated financial statements were authorised for issue by the Board of Directors on 18 March 2026 and were signed on its behalf. \n \n \n \n Consolidated Statement of Changes in Equity \n for the year ended 31 December 2025 \n   \n \n \n \n \n  (Euro 000's) \n \n \n Note \n \n \n Share capital \n \n \n Share premium \n \n \n Other reserves (1) \n \n \n Accum. Profits \n \n \n Total \n \n \n NCI \n \n \n Total equity \n \n \n \n \n 1 Jan 2025 \n \n \n   \n \n \n 12,668 \n \n \n 321,856 \n \n \n 88,774 \n \n \n 93,085 \n \n \n 516,383 \n \n \n 2,154 \n \n \n 518,537 \n \n \n \n \n Profit for the period \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n 85,577 \n \n \n 85,577 \n \n \n (214) \n \n \n 85,363 \n \n \n \n \n Change in fair value of financial assets through other comprehensive income 'OCI' \n \n \n 21 \n \n \n - \n \n \n - \n \n \n 39 \n \n \n - \n \n \n 39 \n \n \n - \n \n \n 39 \n \n \n \n \n Total comprehensive (loss)/income \n \n \n   \n \n \n - \n \n \n - \n \n \n 39 \n \n \n 85,577 \n \n \n 85,616 \n \n \n (214) \n \n \n 85,402 \n \n \n \n \n Issuance of share capital \n \n \n 23 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Recognition of depletion factor \n \n \n 24 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Recognition of share-based payments \n \n \n 24 \n \n \n - \n \n \n - \n \n \n 428 \n \n \n (2,588) \n \n \n (2,160) \n \n \n - \n \n \n (2.160) \n \n \n \n \n Recognition of non-distributable reserve \n \n \n 24 \n \n \n - \n \n \n - \n \n \n 1 \n \n \n - \n \n \n 1 \n \n \n - \n \n \n 1 \n \n \n \n \n Recognition of distributable reserve \n \n \n 24 \n \n \n - \n \n \n - \n \n \n 13 \n \n \n - \n \n \n 13 \n \n \n - \n \n \n 13 \n \n \n \n \n Other changes in equity \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n 81 \n \n \n 81 \n \n \n - \n \n \n 81 \n \n \n \n \n Transactions with external shareholders \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Dividends paid \n \n \n 12 \n \n \n - \n \n \n - \n \n \n - \n \n \n (10,064) \n \n \n (10,064) \n \n \n - \n \n \n (10,064) \n \n \n \n \n 31 Dec 2025 \n \n \n   \n \n \n 12,668 \n \n \n 321,856 \n \n \n 89,255 \n \n \n 166,091 \n \n \n 589,870 \n \n \n 1,940 \n \n \n 591,810 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (Euro 000's) \n \n \n Note \n \n \n Share capital \n \n \n Share premium \n \n \n Other reserves (1) \n \n \n Accum. Profits \n \n \n Total \n \n \n NCI \n \n \n Total equity \n \n \n \n \n 1 Jan 2024 \n \n \n \n \n \n 13,596 \n \n \n 319,411 \n \n \n 70,463 \n \n \n 98,026 \n \n \n 501,496 \n \n \n (9,104) \n \n \n 492,392 \n \n \n \n \n Profit for the period \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n 31,738 \n \n \n 31,738 \n \n \n 822 \n \n \n 32,560 \n \n \n \n \n Change in fair value of financial assets through other comprehensive income 'OCI' \n \n \n 21 \n \n \n - \n \n \n - \n \n \n (7) \n \n \n - \n \n \n (7) \n \n \n - \n \n \n (7) \n \n \n \n \n Total comprehensive (loss)/income \n \n \n \n \n \n - \n \n \n - \n \n \n (7) \n \n \n 31,738 \n \n \n 31,731 \n \n \n 822 \n \n \n 32,553 \n \n \n \n \n Issuance of share capital \n \n \n    23 \n \n \n 76 \n \n \n 2,445 \n \n \n - \n \n \n - \n \n \n 2,521 \n \n \n - \n \n \n 2,521 \n \n \n \n \n Recognition of depletion factor \n \n \n    24 \n \n \n - \n \n \n - \n \n \n 8,949 \n \n \n (8,949) \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Recognition of non-distributable reserve \n \n \n    24 \n \n \n - \n \n \n - \n \n \n 1,843 \n \n \n - \n \n \n 1,843 \n \n \n - \n \n \n 1,843 \n \n \n \n \n Recognition of distributable reserve \n \n \n    24 \n \n \n - \n \n \n - \n \n \n 142 \n \n \n (142) \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Recognition of share-based payments \n \n \n 24 \n \n \n - \n \n \n - \n \n \n 7,385 \n \n \n (7,385) \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Other changes in equity \n \n \n \n \n \n (1,004) \n \n \n - \n \n \n (1) \n \n \n 542 \n \n \n (463) \n \n \n - \n \n \n (463) \n \n \n \n \n Revaluation of non-controlling interest \n \n \n    \n \n \n - \n \n \n - \n \n \n - \n \n \n (10,439) \n \n \n (10,439) \n \n \n 10,436 \n \n \n (3) \n \n \n \n \n Dividends paid \n \n \n 12 \n \n \n - \n \n \n - \n \n \n - \n \n \n (10,306) \n \n \n (10,306) \n \n \n - \n \n \n (10,306) \n \n \n \n \n 31 Dec 2024 \n \n \n   \n \n \n 12,668 \n \n \n 321,856 \n \n \n 88,774 \n \n \n 93,085 \n \n \n 516,383 \n \n \n 2,154 \n \n \n 518,537 \n \n \n \n \n   \n (1) Refer to Note 23 \n   \n The notes on subsequent pages are an integral part of these consolidated financial statements \n   \n \n \n \n Consolidated Statement of Cash Flows \n for the year ended 31 December 2025 \n \n \n \n \n (Euro 000's) \n \n \n Note \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n Cash flows from operating activities \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Profit before tax \n \n \n   \n \n \n 102,263 \n \n \n 31,523 \n \n \n \n \n Adjustments for: \n \n \n \n \n \n \n \n \n \n \n \n \n \n Depreciation of property, plant and equipment \n \n \n 13 \n \n \n 42,718 \n \n \n 39,658 \n \n \n \n \n Amortisation of intangible assets \n \n \n 14 \n \n \n 4,802 \n \n \n 3,907 \n \n \n \n \n Recognition of share‑based payments \n \n \n 24 \n \n \n 7,009 \n \n \n 1,379 \n \n \n \n \n Interest income \n \n \n 8 \n \n \n (1,834) \n \n \n (1,887) \n \n \n \n \n Interest expense \n \n \n 9 \n \n \n 604 \n \n \n 1,161 \n \n \n \n \n Unwinding of discounting \n \n \n 9 \n \n \n 796 \n \n \n 828 \n \n \n \n \n Legal provisions \n \n \n 27 \n \n \n - \n \n \n (1,255) \n \n \n \n \n Loss on disposal of PP&E \n \n \n \n \n \n 39 \n \n \n   \n \n \n \n \n Impairment loss on financial and contract assets \n \n \n 6 \n \n \n 2,726 \n \n \n 1,205 \n \n \n \n \n Impairment loss on non-financial assets \n \n \n \n \n \n 21,418 \n \n \n - \n \n \n \n \n Reversal of Intangible Asset Impairment \n \n \n 14 \n \n \n - \n \n \n (6,948) \n \n \n \n \n Other tax provision \n \n \n 27 \n \n \n 1,197 \n \n \n - \n \n \n \n \n Net foreign exchange differences \n \n \n \n \n \n 6,263 \n \n \n (3,090) \n \n \n \n \n Unrealised foreign exchange (loss)/gain on financing activities \n \n \n \n \n \n - \n \n \n (85) \n \n \n \n \n Cash inflows from operating activities before working capital changes \n \n \n 188, 001 \n \n \n 66,396 \n \n \n \n \n Changes in working capital: \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Inventories \n \n \n 18 \n \n \n 17,342 \n \n \n (14,958) \n \n \n \n \n Trade and other receivables \n \n \n 20 \n \n \n (1,500) \n \n \n (1,247) \n \n \n \n \n Trade and other payables \n \n \n 26 \n \n \n 11, 904 \n \n \n 5,595 \n \n \n \n \n Provisions \n \n \n 27 \n \n \n (969) \n \n \n (434) \n \n \n \n \n Cash flows from operations \n \n \n   \n \n \n 214, 778 \n \n \n 55,352 \n \n \n \n \n Interest expense on lease liabilities \n \n \n 28 \n \n \n (21) \n \n \n (30) \n \n \n \n \n Interest paid \n \n \n 9 \n \n \n (1,238) \n \n \n (1,131) \n \n \n \n \n Net tax (paid)/refund \n \n \n \n \n \n (21,036) \n \n \n (788) \n \n \n \n \n Net cash from operating activities \n \n \n   \n \n \n 192,483 \n \n \n 53,403 \n \n \n \n \n Cash flows from investing activities \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Purchases of property, plant and equipment \n \n \n 13 \n \n \n (72,165) \n \n \n (60,212) \n \n \n \n \n Purchases of intangible assets \n \n \n 14 \n \n \n (9,483) \n \n \n (1,198) \n \n \n \n \n Payments for investments \n \n \n 19 \n \n \n (4,057) \n \n \n (5,305) \n \n \n \n \n Interest received \n \n \n 8 \n \n \n 634 \n \n \n 642 \n \n \n \n \n Net cash used in investing activities \n \n \n   \n \n \n (85,071) \n \n \n (66,073) \n \n \n \n \n Cash flows from financing activities \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Lease payment \n \n \n 28 \n \n \n (565) \n \n \n (577) \n \n \n \n \n Proceeds from borrowings \n \n \n 29(a) \n \n \n 3 7,916 \n \n \n 3,000 \n \n \n \n \n Repayment of borrowings \n \n \n 29(a) \n \n \n (11,357) \n \n \n (51,900) \n \n \n \n \n Proceeds from issue of share capital \n \n \n \n \n \n - \n \n \n 2,522 \n \n \n \n \n Share option expense \n \n \n \n \n \n ( 2,494 ) \n \n \n - \n \n \n \n \n Dividends paid \n \n \n 12 \n \n \n (10,055) \n \n \n (10,306) \n \n \n \n \n Net cash (used in)/from financing activities \n \n \n   \n \n \n 13,445 \n \n \n (57,261) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net increase in cash and cash equivalents \n \n \n   \n \n \n 120,857 \n \n \n (69,931) \n \n \n \n \n Net foreign exchange difference \n \n \n \n \n \n (7,429) \n \n \n 1,802 \n \n \n \n \n Cash and cash equivalents: \n \n \n   \n \n \n \n \n \n \n \n \n \n \n At beginning of the year \n \n \n 22 \n \n \n 52,878 \n \n \n 121,007 \n \n \n \n \n At end of the year \n \n \n 22 \n \n \n 166,306 \n \n \n 52,878 \n \n \n \n \n   \n The notes on subsequent pages are an integral part of these consolidated financial statements. \n \n \n \n Notes to the consolidated financial statements \n 1. Incorporation and summary of business \n Atalaya Mining Plc was incorporated in Cyprus on 17 September 2004 as a private company with limited liability under the Companies Law, Cap. 113 and was converted to a public limited liability company on 26 January 2005. Its registered office was at 1 Lampousa Street, Nicosia, Cyprus. \n The Company was first listed on the Alternative Investment Market (AIM) of the London Stock Exchange in May 2005. \n Change of name and share consolidation (2015) \n Following the Company's Extraordinary General Meeting (\"EGM\") on 13 October 2015, the change of name from EMED Mining Public Limited to Atalaya Mining Plc became effective on 21 October 2015. On the same day, the consolidation of ordinary shares came into effect, whereby all shareholders received one new ordinary share of nominal value Stg £0.075 for every 30 existing ordinary shares of nominal value Stg £0.0025. The Company's trading symbol became \"ATYM\". \n On 29 April 2024, the Company was admitted to trading on the main market of the London Stock Exchange. \n Cross-border conversion (re-domiciliation) (2024-2025) \n On 10 January 2025, the Company successfully completed a cross-border conversion, resulting in its re-domiciliation from the Republic of Cyprus to the Kingdom of Spain. This process was carried out in accordance with the Company's strategic objectives to align its corporate structure with its operational base in Spain. \n A cross-border conversion deed was executed on 23 December 2024 and subsequently filed with the Spanish Commercial Registry on 27 December 2024. Under Spanish corporate law, the re-domiciliation became legally effective from the date of registration with the Spanish Commercial Registry, i.e., 27 December 2024. However, for administrative and procedural purposes, the final formalities were completed on 9 January 2025, with the official public announcement being made on 10 January 2025. Following this change: \n ·      Atalaya's corporate seat was transferred from Cyprus to Spain, and Atalaya became a Spanish public limited company (Sociedad Anónima) under the laws of the Kingdom of Spain; \n ·      Atalaya's registered name changed from Atalaya Mining Plc to Atalaya Mining Copper, S.A.; and; \n ·      Atalaya's registered address changed from 1, Lampousas Street, 1095 Nicosia, Cyprus to Paseo de las Delicias, 1, 3, 41001, Sevilla, Spain. \n The Company's shares commenced trading under \"Atalaya Mining Copper, S.A.\" on 10 January 2025 at 8:00 am (London time) and the nominal value of the Company's shares were also adjusted from 7.5p to €0.09 per share. \n Principal activities \n Atalaya is a European mining and development company. The strategy is to evaluate and prioritise metal production opportunities in several jurisdictions throughout the well-known belts of base and precious metal mineralisation in Spain, elsewhere in Europe and Latin America. \n The Group has interests in four mining projects: Proyecto Riotinto, Proyecto Touro, Proyecto Masa Valverde and Proyecto Ossa Morena. In addition, the Group has an earn-in agreement to acquire certain investigation permits at Proyecto Riotinto East. \n The Group also has earn-in agreements related two exploration projects in Sweden, the Skellefte Belt Project and the Rockliden Project, pursuant to agreements entered into in 2024 with Mineral Prospektering i Sverige AB. \n Additional information about the Company is available at www.atalayamining.com. \n Proyecto Riotinto \n The Company owns and operates through a wholly owned subsidiary, \"Proyecto Riotinto\", an open-pit copper mine located in the Iberian Pyrite Belt, in the Andalusia region of Spain, approximately 65 km northwest of Seville. A brownfield expansion of this mine was completed in 2019 and successfully commissioned by Q1 2020. \n Proyecto Touro \n The Group initially acquired a 10% stake in Cobre San Rafael, S.L. (\"CSR\"), the owner of Proyecto Touro, as part of an earn-in agreement, which was designed to enable the Group to acquire up to 80% of the copper project. Proyecto Touro is located in Galicia, north-west Spain, and is currently in the permitting process. \n In July 2017, the Group announced that it had executed the option to acquire 10% of the share capital of CSR, a wholly owned subsidiary of Explotaciones Gallegas S.L. This acquisition was part of an earn-in agreement, structured in four phases, allowing the Group to progressively increase its stake in CSR up to 80%: \n -       Phase 1 - The Group paid €0.5 million to secure the exclusivity agreement and committed to funding up to a maximum of €5.0 million to support the permitting and financing stages. \n -       Phase 2 - Upon receipt of permits, the Group is required to pay €2.0 million to acquire an additional 30% interest in the project (cumulative 40%). \n -       Phase 3 - Once development capital is secured and construction commences, the Group is required to pay €5.0 million to acquire an additional 30% interest in the project (cumulative 70%). \n -       Phase 4 - Upon declaration of commercial production, the Group purchases an additional 10% interest (cumulative 80%) in exchange for a 0.75% Net Smelter Return royalty, with a buyback option. \n The Agreement was structured to ensure that each phase and corresponding payment would only occur once the project was de-risked, permitted, and operational. \n On 24 June 2024, Atalaya announced that Proyecto Touro, via its local entity Cobre San Rafael, was declared a strategic industrial project by the Council of the Xunta de Galicia (\"XdG\"). Under legislation of the Autonomous Community of Galicia, the status of strategic industrial project (or in Spanish, Proyecto Industrial Estratégico (\"PIE\")) acts to simplify the administrative procedures associated with the development of industrial projects and intends to substantially reduce permitting timelines. \n This declaration highlights the XdG's commitment to promoting new investment that will benefit the region and also support the objectives of the European Union. Copper is considered a strategic raw material by the EU, and this project has the potential to become a new source of sustainable European copper production. \n The XdG is continuing its review according to the simplified procedures afforded to projects with PIE status. The public information period, which serves to inform the surrounding communities and organisations about the proposed project, concluded on 31 January 2025. Cobre San Rafael is currently focused on analysing and responding to the feedback submitted during the public information period and assessing the sectoral reports issued by the various departments of the XdG. \n Following the declaration of Proyecto Touro as a strategic industrial project in June 2024 and subsequent progress in the permitting process, the Group reassessed the probability of completion of phases 2, 3 and 4 under the earn-in agreement. As a result of that reassessment, an intangible asset of €16.5 million was recognised in 2024 in accordance with the Group's policy on contingent payments (Note 2.31), together with the corresponding contingent liabilities (Note 26). \n In accordance with the Group's policy on non-controlling interests (Note 2.3), 20% of this intangible asset was attributed to non-controlling interests. \n During 2024, the Group also reversed an impairment previously recognised in 2019 in respect of Proyecto Touro (Note 14). \n As at 31 December 2025, the permitting process continues under the simplified administrative framework granted by the strategic industrial project status. The Company has submitted the required sectoral reports and is awaiting the remaining responses from the relevant authorities. The Company continues to engage constructively with the Xunta de Galicia in relation to the expected timeline for completion of the administrative procedures. \n In parallel, engineering and preparatory activities have progressed during the year, supporting the potential future development of the project. Drilling programmes have continued as planned, and the Company remains engaged with local stakeholders and continues to operate its water treatment plant in the area. \n Proyecto Masa Valverde \n On 21 October 2020, the Company announced that it entered into a definitive purchase agreement to acquire 100% of the shares of Cambridge Mineria España, S.L. (since renamed Atalaya Masa Valverde, S.L.U.), a Spanish company which fully owns the Masa Valverde polymetallic project located in Huelva (Spain). Under the terms of the agreement Atalaya will make an aggregate €1.4 million cash payment in two instalments of approximately the same amount. The first payment is to be executed once the project is permitted and second and final payment when first production is achieved from the concession. \n In November 2023, the exploitation permit for the Masa Valverde and Majadales deposits was officially granted. Following this milestone, in January 2024, the Company made a payment of €0.7 million as part of the process associated with the granted permits. \n During 2025, infill and extensional drilling continued at the Masa Valverde deposit, with two rigs active during the year and additional geotechnical drilling completed. Drilling has primarily focused on stockwork-style mineralisation, which is expected to be amenable for processing at the existing Riotinto facilities and supports the Company's initial focus on the Masa Valverde copper zones. Further infill drilling is planned for 2026. \n Masa Valverde has been granted the two key permits required for development, the AAU and the exploitation permit. Development of the access ramp is subject to final Board approval. \n Proyecto Ossa Morena \n In December 2021, Atalaya announced the acquisition of a 51% interest in Rio Narcea Nickel, S.L., which owned 9 investigation permits. The acquisition also provided a 100% interest in three investigation permits that are also located along the Ossa-Morena Metallogenic Belt. In Q3 2022, Atalaya increased its ownership interest in POM to 99.9%, up from 51%, following completion of a capital increase that will fund exploration activities. During 2022 Atalaya rejected 8 investigation permits. \n Under the terms of the agreement, Atalaya will pay a total of €2.5 million in cash in three instalments and grant a 1% net smelter return (\"NSR\") royalty over all acquired permits. The first payment of €0.5 million was made following execution of the purchase agreement. The second and third instalments of €1 million each will become payable upon receipt of the environmental impact statement (\"EIS\") and the final mining permits for any project within the acquired investigation permits. These outstanding instalments are disclosed as a non-current payable to the sellers (Note 26). \n During 2025, exploration activities continued at the Alconchel-Pallares copper-gold project. A step-out drilling programme was underway during the year, and three drill holes were completed in the third quarter of 2025. Drilling is expected to commence at the Guijarro-Chaparral gold-copper project in the coming weeks. \n Proyecto Riotinto East \n In December 2020, Atalaya entered into a Memorandum of Understanding with a local private Spanish company to acquire a 100% beneficial interest in three investigation permits (known as Peñas Blancas, Cerro Negro and Herreros investigation permits), which cover approximately 12,368 hectares and are located immediately east of Proyecto Riotinto. After a short drilling campaign, the Los Herreros investigation permit was rejected in June 2022. . Proyecto Riotinto East consists of the remaining two investigation permits, Peñas Blancas and Cerro Negro, totalling 10,016 hectares. \n During 2025, exploration activities progressed across the East Belt extension. Gravimetric ground surveys were completed to better define future drill targets, and soil geochemistry works were finalised at selected areas. As a result of these programmes, several coincident gravity and geochemical targets were outlined at Cerro Negro and Peñas Blancas. Drilling is expected to commence at the Cerro Negro and Peñas Blancas permits in the coming weeks. \n Skellefte Belt Project and Rockliden Project \n In November 2024, the Group entered into agreements with Mineral Prospektering i Sverige AB in relation to the Skellefte Belt Project and the Rockliden Project, both situated in well-established volcanogenic massive sulphide districts renowned for their mineral resource potential. In 2025, a total of €4.3 million (2024: €1.2 million) in funding was provided to MPS in relation to preparatory work for the planned winter drilling campaigns and to compensate for certain past expenditures incurred by MPS (Note 15).  As these projects remain in the early exploration stage and are still far from obtaining operating mining permits, these impacts have been recorded directly in the comprehensive income statement for the financial year. \n Overview of assets by mining projects \n The following table presents the allocation of assets across the Company's mining operations, distinguishing between mining assets, which include exploration, development, and production-related investments, and non-mining assets, covering infrastructure, equipment, and...

View stock analysis, news, and events for Atalaya Mining Copper Sa