Q2 and H1 2026 Financial Results

About this update from Atalaya Mining Copper Sa

[{"type":"text","content":"\n \n \n 11 August 2026 \n Atalaya Mining Copper, S.A. \n (\"Atalaya\" or the \"Company\") \n Q2 and H1 2026 Financial Results \n Atalaya generated record quarterly and half year EBITDA \n   \n Atalaya Mining (LSE: ATYM) is pleased to announce its unaudited second quarter and first half financial results for the period ended 30 June 2026 (\"Q2 2026\" and \"H1 2026\" respectively) together with its interim financial statements. \n Highlights \n ·      Copper production of 13.5 kt in Q2 2026 and 23.4 kt in H1 2026 \n ·      AISC of US$2.79/lb in Q2 2026 and US$2.97/lb in H1 2026, representing strong performance despite the cost impact of the Middle East conflicts \n ·      EBITDA of €78.2 million in Q2 2026 and €126.2 million in H1 2026, which are new quarterly and half year records for Atalaya \n ·      Strong free cash flow contributed to a growing net cash position of €318.3 million, which will support Atalaya's investments in its copper growth projects in Spain \n ·      Continued progress with Touro permits, polymetallic circuit and at Masa Valverde \n ·      2026 interim dividend of €0.055 per share declared \n ·      FY2026 guidance is maintained for production, Cash Costs and AISC \n Q2 and H1 2026 Financial Results Summary \n \n \n \n \n Period ended 30 June \n \n \n Unit \n \n \n Q2 2026 \n \n \n Q2 2025 \n \n \n H1 2026 \n \n \n H1 2025 \n \n \n \n \n Revenues from operations \n \n \n €k \n \n \n 147,437 \n \n \n 124,082 \n \n \n 264,691 \n \n \n 254,750 \n \n \n \n \n Operating costs \n \n \n €k \n \n \n (69,274) \n \n \n (69,004) \n \n \n (138,503) \n \n \n (147,158) \n \n \n \n \n EBITDA \n \n \n €k \n \n \n 78,163 \n \n \n 55,078 \n \n \n 126,188 \n \n \n 107,592 \n \n \n \n \n Profit for the period \n \n \n €k \n \n \n 55,659 \n \n \n 29,597 \n \n \n 84,008 \n \n \n 60,064 \n \n \n \n \n Basic earnings per share \n \n \n € cents/share \n \n \n 36.1 \n \n \n 21.1 \n \n \n 55.4 \n \n \n 42.7 \n \n \n \n \n Interim dividend declared per share (1) \n \n \n €/share \n \n \n n/a \n \n \n n/a \n \n \n 0.055 \n \n \n 0.044 \n \n \n \n \n Cash flows from operating activities \n \n \n €k \n \n \n 78,737 \n \n \n 52,238 \n \n \n 108,560 \n \n \n 78,277 \n \n \n \n \n Cash flows used in investing activities \n \n \n €k \n \n \n (20,476 ) \n \n \n (19,374) \n \n \n (49,956 ) \n \n \n (41,773) \n \n \n \n \n Cash flows from financing activities \n \n \n €k \n \n \n 18,419 \n \n \n 1,294 \n \n \n 132,092 \n \n \n 14,889 \n \n \n \n \n Net cash position (2) \n \n \n €k \n \n \n 318,347 \n \n \n 70,078 \n \n \n 318,347 \n \n \n 70,078 \n \n \n \n \n Working capital surplus \n \n \n €k \n \n \n 284,281 \n \n \n 92,246 \n \n \n 284,281 \n \n \n 92,246 \n \n \n \n \n Average realised copper price \n (excluding QPs) \n \n \n US$/lb \n \n \n 6.14 \n \n \n 4.27 \n \n \n 6.02 \n \n \n 4.27 \n \n \n \n \n Copper concentrate produced \n \n \n tonnes \n \n \n 81,155 \n \n \n 77,088 \n \n \n 141,465 \n \n \n 157,258 \n \n \n \n \n Copper production \n \n \n tonnes \n \n \n 13,493 \n \n \n 13,175 \n \n \n 23,432 \n \n \n 27,466 \n \n \n \n \n Cash Costs \n \n \n US$/lb payable \n \n \n 2.36 \n \n \n 2.21 \n \n \n 2.43 \n \n \n 2.23 \n \n \n \n \n All-In Sustaining Costs (\"AISC\") \n \n \n US$/lb payable \n \n \n 2.79 \n \n \n 2.81 \n \n \n 2.97 \n \n \n 2.78 \n \n \n \n \n (1)   Interim dividends declared in relation to the H1 2026 and H1 2025 periods. \n (2)   Net cash = cash and cash equivalents less borrowings, but excludes lease liabilities. \n Alberto Lavandeira, CEO, commented: \n \"We are pleased to have generated the highest quarterly and half-year EBITDA in Atalaya's history, thanks to strong copper prices, solid Q2 production and good cost performance. This translated into free cash flow of over €58 million during the quarter, which is also a record for Atalaya. Reflecting this strong financial performance and confidence in our business, the Board has declared a 2026 interim dividend of €0.055 per share. \n We are maintaining our prior guidance for FY2026 production, cash costs and AISC, despite experiencing higher diesel and explosives prices following the start of conflicts in the Middle East. \n With our strong net cash position, we are well-placed to fund our various growth projects in Spain, especially Proyecto Touro in Galicia, where we understand that the environmental impact statement is nearing completion. \n We look forward to the second half of 2026, where we will continue our focus on operational excellence, cost management and advancing our project pipeline. We would also like to thank our shareholders for their continued support as we continue to build long-term value for all stakeholders.\" \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 BST. \n To access the SparkLive webcast, please visit: \n Atalaya Mining Q2 and H1 2026 Financial Results | SparkLive | LSEG \n Investor Meet Company Presentation \n In addition, the Company will be holding a live presentation via the Investor Meet Company platform today at 11:00 BST. \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 full consolidated condensed interim financial statements for the period ended 30 June 2026 of Atalaya Mining Copper, S.A. can be found at www.atalayamining.com \n Q2 and H1 2026 Operating Results Summary \n \n \n \n \n   \n \n \n Unit \n \n \n Q2 2026 \n \n \n Q2 2025 \n \n \n H1 2026 \n \n \n H1 2025 \n \n \n \n \n Ore mined \n \n \n tonnes \n \n \n 4,041,512 \n \n \n 3,512,257 \n \n \n 7,402,359 \n \n \n 7,223,300 \n \n \n \n \n Waste mined (1) \n \n \n tonnes \n \n \n 10,314,694 \n \n \n 12,648,006 \n \n \n 20,494,061 \n \n \n 23,959,290 \n \n \n \n \n Ore processed \n \n \n tonnes \n \n \n 4,112,250 \n \n \n 3,996,573 \n \n \n 8,173,002 \n \n \n 8,218,464 \n \n \n \n \n Copper grade \n \n \n % \n \n \n 0.39 \n \n \n 0.43 \n \n \n 0.35 \n \n \n 0.42 \n \n \n \n \n Copper concentrate grade \n \n \n % \n \n \n 16.63 \n \n \n 17.09 \n \n \n 16.56 \n \n \n 17.47 \n \n \n \n \n Copper recovery \n \n \n % \n \n \n 83.91 \n \n \n 76.75 \n \n \n 82.89 \n \n \n 78.90 \n \n \n \n \n Copper concentrate produced \n \n \n tonnes \n \n \n 81,155 \n \n \n 77,088 \n \n \n 141,465 \n \n \n 157,258 \n \n \n \n \n Copper production \n \n \n tonnes \n \n \n 13,493 \n \n \n 13,175 \n \n \n 23,432 \n \n \n 27,466 \n \n \n \n \n Payable copper production \n \n \n tonnes \n \n \n 12,682 \n \n \n 12,404 \n \n \n 22,018 \n \n \n 25,894 \n \n \n \n \n Cash Costs \n \n \n US$/lb payable \n \n \n 2.36 \n \n \n 2.21 \n \n \n 2.43 \n \n \n 2.23 \n \n \n \n \n All-in Sustaining Costs \n \n \n US$/lb payable \n \n \n 2.79 \n \n \n 2.81 \n \n \n 2.97 \n \n \n 2.78 \n \n \n \n \n (1)   Represents the Cerro Colorado pit only. \n Mining \n Ore mined was 4.0 million tonnes in Q2 2026 (Q2 2025: 3.5 million tonnes) and 7.4 million tonnes in H1 2026 (H1 2025: 7.2 million tonnes). \n Waste mined was 10.3 million tonnes in Q2 2026 (Q2 2025: 12.6 million tonnes) and 20.5 million tonnes in H1 2026 (H1 2025: 24.0 million tonnes). In addition, waste stripping activities continued at the San Dionisio area. \n Processing \n Ore processed was 4.1 million tonnes in Q2 2026 (Q2 2025: 4.0 million tonnes) and 8.2 million tonnes in H1 2026 (H1 2025: 8.2 million tonnes). The next SAG mill liner change is expected to take place in Q3 2026. \n Copper grade was 0.39% in Q2 2026 (Q2 2025: 0.43%) and 0.35% in H1 2026 (H1 2025: 0.42%). \n Copper recovery was 83.91% in Q2 2026 (Q2 2025: 76.75%) and 82.89% in H1 2026 (H1 2025: 78.90%). \n Production \n Copper production was 13,493 tonnes in Q2 2026 (Q2 2025: 13,175 tonnes) and 23,432 in H1 2026 (H1 2025: 27,466 tonnes). In addition, silver contained in copper concentrate was 0.25 million ounces in Q2 2026 (Q2 2025: 0.35 million ounces) and 0.45 million ounces in H1 2026 (H1 2025: 0.63 million ounces). \n On-site copper concentrate inventories were 11,362 tonnes at 30 June 2026 (31 March 2026: 5,083 tonnes). \n Copper contained in concentrates sold was 12,493 tonnes in Q2 2026 (Q2 2025: 14,024 tonnes) and 22,248 in H1 2026 (H1 2025: 28,711 tonnes). \n Cash Cost and AISC Breakdown \n \n \n \n \n US$/lb Cu payable \n \n \n Q2 2026 \n \n \n Q2 2025 \n \n \n H1 2026 \n \n \n H1 2025 \n \n \n \n \n Mining \n \n \n 1.21 \n \n \n 0.88 \n \n \n 1.25 \n \n \n 0.86 \n \n \n \n \n Processing \n \n \n 0.81 \n \n \n 0.77 \n \n \n 0.94 \n \n \n 0.79 \n \n \n \n \n Other site operating costs \n \n \n 0.69 \n \n \n 0.69 \n \n \n 0.79 \n \n \n 0.59 \n \n \n \n \n Total site operating costs \n \n \n 2.72 \n \n \n 2.33 \n \n \n 2.98 \n \n \n 2.24 \n \n \n \n \n By-product credits \n \n \n (0.59) \n \n \n (0.40) \n \n \n (0.66) \n \n \n (0.32) \n \n \n \n \n Freight, treatment charges and other offsite costs \n \n \n 0.23 \n \n \n 0.29 \n \n \n 0.11 \n \n \n 0.31 \n \n \n \n \n Total offsite costs \n \n \n (0.36) \n \n \n (0.12) \n \n \n (0.55) \n \n \n (0.01) \n \n \n \n \n Cash Costs \n \n \n 2.36 \n \n \n 2.21 \n \n \n 2.43 \n \n \n 2.23 \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 2.36 \n \n \n 2.21 \n \n \n 2.43 \n \n \n 2.23 \n \n \n \n \n Corporate costs \n \n \n 0.13 \n \n \n 0.06 \n \n \n 0.13 \n \n \n 0.09 \n \n \n \n \n Sustaining capital (excluding tailings expansion) \n \n \n 0.05 \n \n \n 0.02 \n \n \n 0.05 \n \n \n 0.04 \n \n \n \n \n Capitalised stripping costs (1) \n \n \n 0.19 \n \n \n 0.41 \n \n \n 0.29 \n \n \n 0.33 \n \n \n \n \n Other costs \n \n \n 0.06 \n \n \n 0.10 \n \n \n 0.08 \n \n \n 0.09 \n \n \n \n \n AISC \n \n \n 2.79 \n \n \n 2.81 \n \n \n 2.97 \n \n \n 2.78 \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$2.36/lb payable copper in Q2 2026 (Q2 2025: US$2.21/lb) and US$2.43/lb payable copper in H1 2026 (H1 2025: US$2.23/lb), which increased due to higher mining and processing costs and a stronger EUR/USD exchange rate, but were partly offset by higher by-product credits and lower treatment charges. \n AISC were US$2.79/lb payable copper in Q2 2026 (Q2 2025: US$2.81/lb) and US$2.97/lb payable copper in H1 2026 (H1 2025: US$2.78/lb), which were impacted by the same factors as Cash Costs but benefitted from lower capitalised stripping costs. AISC excludes investments in the tailings dam (consistent with prior reporting) and waste stripping at the San Dionisio area. \n Q2 and H1 2026 Financial Results Highlights \n Income Statement \n Revenues were €147.4 million in Q2 2026 (Q2 2025: €124.1 million) and €264.7 million in H1 2026 (H1 2025: €254.8 million), as a result of higher copper prices, higher silver credits and lower offsite costs but partly offset by lower sales volumes.   \n Operating costs were €69.3 million in Q2 2026 (Q2 2025: €69.0 million) and €138.5 million in H1 2026 (H1 2025: €147.2 million). \n EBITDA was €78.2 million in Q2 2026 (Q2 2025: €55.1 million) and €126.2 million in H1 2026 (H1 2025: €107.6 million), which represent new quarterly and half year records for Atalaya. \n Profit after tax was €55.7 million in Q2 2026 (Q2 2025: €29.6 million) or 36.1 cents basic earnings per share (Q2 2025: 21.1 cents) and €84.0 million in H1 2026 (H1 2025: €60.1 million) or 55.4 cents basic earnings per share (H1 2025: 42.7 cents). \n Cash Flow Statement \n Cash flows from operating activities before changes in working capital were €81.2 million in Q2 2026 (Q2 2025: €55.3 million) and €78.7 million after working capital changes (Q2 2025: €52.2 million). For H1 2026, cash flows from operating activities before changes in working capital were €128.5 million (H1 2025: €108.1 million) and €108.6 million after working capital changes (H1 2025: €78.3 million). \n Cash flows used in investing activities were €20.5 million in Q2 2026 (Q2 2025: €19.4 million) and €50.0 million in H1 2026 (H1 2025: €41.8 million). Key investments in Q2 2026 included €1.3 million in sustaining capex , €4.6 million in capitalised stripping at Cerro Colorado , €8.9 million related to the San Dionisio area , €2.3 million to expand the tailings dam . \n Cash flows from financing activities were positive €18.4 million in Q2 2026 (Q2 2025: positive €1.3 million) and positive €132.1 million in H1 2026 (H1 2025: positive €14.9 million), with Q2 2026 reflecting temporary drawdowns of the Company's working capital facilities and H1 2026 including proceeds from the January 2026 equity offering. \n Balance Sheet \n Consolidated cash and cash equivalents were €350.3 million as of 30 June 2026 (31 December 2025: €166.3 million). \n Current and non-current borrowings were €31.9 million, resulting in a net cash position of €318.3 million as of 30 June 2026 (31 December 2025: €122.0 million). \n Inventories of concentrate valued at cost were €10.4 million at 30 June 2026 (31 December 2025: €3.8 million). The total working capital surplus was €284.3 million at 30 June 2026 (31 December 2025: €93.8 million). \n Outlook for 2026 \n Production \n Atalaya continues to expect for FY2026 production to be at the low end of the original guidance ranges of 50,000 - 54,000 tonnes of copper and 0.9 - 1.1 million ounces of silver contained in copper concentrate, respectively. \n Operating Costs \n The ongoing conflicts in the Middle East continue to disrupt supply chains and impact the prices of certain consumables, including diesel and explosives. For other consumables, fixed price agreements have helped to insulate Atalaya from further cost pressures. \n In H1 2026, overall cost performance has been favourable with Cash Costs and AISC that were below the FY2026 guidance ranges. However, due to the ongoing risk that conflicts in the Middle East could continue or escalate, Atalaya is maintaining its FY2026 cost guidance ranges for Cash Costs and AISC of US$2.60 - 2.90/lb and US$3.10 - 3.40/lb copper payable, respectively.       \n Non-Sustaining Capital Investments \n Atalaya now expects that total non-sustaining capital investments for FY2026 will be €52 - 80 million, down from the original guidance range of €75 - 102 million. The revisions are mainly the result of timing, where certain expenditures are now expected to be incurred in the next fiscal year. \n Exploration and Other Project Expenses \n Guidance for exploration and other project expenses remains at €5 - 7 million and is mainly attributable to San Antonio, Proyecto Masa Valverde, Proyecto Touro and the earn-in agreements in Sweden. \n 2026 Interim Dividend \n Atalaya has a dividend policy that seeks to provide capital returns to its shareholders and allows for continued investments in the Company's portfolio of growth projects. Dividends are payable in two half-yearly instalments. \n In relation to H1 2026, the Company's Board of Directors has elected to declare an interim dividend of €0.055 per ordinary share (\"2026 Interim Dividend\"), which is equivalent to approximately US$0.064 or £0.047 per share. This compares to the 2025 interim dividend of €0.044 (or US$0.051 and £0.038) per share. \n 2026 Interim Dividend Timetable \n \n \n \n \n Event \n \n \n Date \n \n \n \n \n Ex-dividend date \n \n \n 10 September 2026 \n \n \n \n \n Record date \n \n \n 11 September 2026 \n \n \n \n \n Estimated payment date \n \n \n 30 September 2026 \n \n \n \n \n Corporate Activities Update \n Investment in Lara Exploration Ltd. \n On 2 April 2026, Atalaya announced that it had acquired 4,500,000 shares of Lara Exploration Ltd. (TSX-V: LRA) for C$13.5 million. The shares were acquired via private placement at a price of C$3.00 per share and represent approximately 7.3% of Lara's issued and outstanding shares following completion of the private placements as announced by Lara on 1 April 2026. Atalaya acquired the shares for investment purposes. \n 2026 Annual General Meeting (\"AGM\") \n All resolutions put to the Company's 2026 AGM were passed by the requisite majorities, including the approval of the 2025 Final Dividend of €0.065 per share, which was paid on 22 July 2026. \n Asset Portfolio Update \n Proyecto Riotinto \n Stripping activities at San Dionisio continued during the Period, with total waste mined of 3.2 million tonnes in Q2 2026. 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, two rigs are drilling with the objective of increasing resource confidence and confirming deposit limits. \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. In conjunction, Atalaya is also studying the potential to produce a pyrite concentrate from its tailings streams, which could serve the sulphuric acid market. \n E-LIX Phase I Plant \n During Q2 2026, the E-LIX plant processed high-zinc, low-copper bulk concentrates and produced saleable copper concentrates and zinc precipitates. Operating stability improved at the throughput levels achieved, however, throughput remained below design capacity and sustained operating and cost performance at scale has not yet been established. Accordingly, uncertainty remains regarding the recoverability of the related assets . \n Riotinto District - Proyecto Masa Valverde (\"PMV\") \n Infill drilling continues at the Masa Valverde deposit, where the focus remains on copper-rich stockwork-style zones, which are expected to be amenable for processing at the existing Riotinto facilities. Results continue to confirm the continuity and expansion of the high-grade mineralisation. Preparatory surface works are ongoing ahead of a final Board decision regarding the access ramp. \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 Based on recent correspondence between Atalaya (through its local entity Cobre San Rafael (\"CSR\")) and the regional administration, the Company can confirm that the environmental impact statement (\"DIA\") for Touro is well-advanced and that the DIA is under preparation. \n While it awaits the conclusion of the permitting process, CSR continues to advance early works including detailed engineering and procurement, documentation, limited land purchases and exploration drilling. \n Proyecto Ossa Morena \n A drilling programme is ongoing at the Guijarro gold project, where seven holes were completed during Q2 2026 as part of a campaign that will total 17 holes. \n Proyecto Riotinto East \n Two holes were completed at the Cerro Negro permit, targeting a coincident gravity and magnetic anomaly. \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 winter drilling campaign at both the Skellefte Belt and Rockliden projects, laboratory assays are now complete. These results confirm the extension of high-grade zones and underscore the strong potential of the drilled targets, all of which remain open in several directions. Some of the most significant new intercepts are summarised in the table below. \n Table 1: Selected Rockliden Intercepts \n \n \n \n \n Prospect \n \n \n BHID \n \n \n from \n \n \n to \n \n \n Interval \n \n \n Cu \n \n \n Zn \n \n \n Pb \n \n \n Ag \n \n \n Au \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n m \n \n \n % \n \n \n % \n \n \n % \n \n \n g/t \n \n \n g/t  \n \n \n \n \n T1 \n \n \n 26RCK021 \n \n \n 52.25 \n \n \n 52.80 \n \n \n 0.55 \n \n \n 4.98 \n \n \n 1.03 \n \n \n 0.25 \n \n \n 51.00 \n \n \n 0.06 \n \n \n \n \n \n \n \n   \n \n \n 56.50 \n \n \n 71.35 \n \n \n 14.85 \n \n \n 1.83 \n \n \n 0.46 \n \n \n 0.12 \n \n \n 32.72 \n \n \n 0.11 \n \n \n \n \n \n \n \n (Incl.) \n \n \n 64.20 \n \n \n 66.50 \n \n \n 2.30 \n \n \n 5.90 \n \n \n 0.64 \n \n \n 0.09 \n \n \n 101.91 \n \n \n 0.16 \n \n \n \n \n T1 \n \n \n 26RCK023 \n \n \n 71.25 \n \n \n 75.25 \n \n \n 4.00 \n \n \n 1.10 \n \n \n 0.12 \n \n \n 0.02 \n \n \n 11.95 \n \n \n 0.05 \n \n \n \n \n \n \n \n \n \n \n 119.40 \n \n \n 143.00 \n \n \n 23.60 \n \n \n 0.96 \n \n \n 0.32 \n \n \n 0.05 \n \n \n 12.01 \n \n \n 0.11 \n \n \n \n \n \n \n \n Incl. \n \n \n 119.40 \n \n \n 128.10 \n \n \n 8.70 \n \n \n 2.39 \n \n \n 0.42 \n \n \n 0.12 \n \n \n 29.87 \n \n \n 0.25 \n \n \n \n \n \n \n \n ((Incl.)) \n \n \n 123.45 \n \n \n 126.35 \n \n \n 2.90 \n \n \n 5.31 \n \n \n 0.82 \n \n \n 0.28 \n \n \n 71.03 \n \n \n 0.64 \n \n \n \n \n Note: Assays by ALS Laboratory (Methods: ME-ICP61, ME-ICPORE, Au-AA26) \n Table 2: Selected Skellefte Belt Intercepts \n \n \n \n \n Prospect \n \n \n BHID \n \n \n from \n \n \n to \n \n \n Interval \n \n \n Cu \n \n \n Zn \n \n \n Pb \n \n \n Ag \n \n \n Au \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n m \n \n \n % \n \n \n % \n \n \n % \n \n \n g/t \n \n \n g/t  \n \n \n \n \n BJE \n \n \n 25BJE004 \n \n \n 211.20 \n \n \n 222.20 \n \n \n 11.00 \n \n \n 0.19 \n \n \n 4.80 \n \n \n 0.30 \n \n \n 26.84 \n \n \n 0.24 \n \n \n \n \n \n \n \n Incl. \n \n \n 214.00 \n \n \n 220.40 \n \n \n 6.40 \n \n \n 0.19 \n \n \n 6.67 \n \n \n 0.50 \n \n \n 42.57 \n \n \n 0.26 \n \n \n \n \n \n \n \n (Incl.) \n \n \n 218.00 \n \n \n 220.40 \n \n \n 2.40 \n \n \n 0.23 \n \n \n 11.01 \n \n \n 0.01 \n \n \n 5.52 \n \n \n 0.07 \n \n \n \n \n BJE \n \n \n 25BJE001 \n \n \n 230.60 \n \n \n 242.60 \n \n \n 12.00 \n \n \n 0.21 \n \n \n 3.69 \n \n \n 0.06 \n \n \n 10.02 \n \n \n 0.21 \n \n \n \n \n BJK \n \n \n 26SBJK025 \n \n \n 301.50 \n \n \n 326.55 \n \n \n 25.05 \n \n \n 0.08 \n \n \n 2.67 \n \n \n 0.01 \n \n \n 2.00 \n \n \n 0.20 \n \n \n \n \n \n \n \n Inc. \n \n \n 301.50 \n \n \n 303.95 \n \n \n 2.45 \n \n \n 0.05 \n \n \n 23.77 \n \n \n 0.00 \n \n \n 3.00 \n \n \n 0.05 \n \n \n \n \n BJK \n \n \n 26SBJK029 \n \n \n 193.20 \n \n \n 208.70 \n \n \n 15.50 \n \n \n 1.05 \n \n \n 0.07 \n \n \n 0.00 \n \n \n 6.15 \n \n \n 0.39 \n \n \n \n \n \n \n \n Incl. \n \n \n 193.20 \n \n \n 196.35 \n \n \n 3.15 \n \n \n 2.73 \n \n \n 0.20 \n \n \n 0.00 \n \n \n 13.33 \n \n \n 0.68 \n \n \n \n \n BJK \n \n \n 26SBJK032 \n \n \n 309.35 \n \n \n 333.45 \n \n \n 24.10 \n \n \n 0.62 \n \n \n 3.29 \n \n \n 1.15 \n \n \n 14.37 \n \n \n 0.11 \n \n \n \n \n \n \n \n Inc. \n \n \n 309.35 \n \n \n 318.95 \n \n \n 9.60 \n \n \n 0.68 \n \n \n 8.10 \n \n \n 0.38 \n \n \n 24.33 \n \n \n 0.05 \n \n \n \n \n \n \n \n (Incl.) \n \n \n 309.35 \n \n \n 312.30 \n \n \n 2.95 \n \n \n 1.56 \n \n \n 17.09 \n \n \n 1.17 \n \n \n 62.51 \n \n \n 0.05 \n \n \n \n \n \n \n \n Inc. \n \n \n 332.05 \n \n \n 333.45 \n \n \n 1.40 \n \n \n 3.17 \n \n \n 0.21 \n \n \n 0.00 \n \n \n 33.36 \n \n \n 0.39 \n \n \n \n \n \n \n \n   \n \n \n 338.95 \n \n \n 342.70 \n \n \n 3.75 \n \n \n 0.33 \n \n \n 0.02 \n \n \n 0.00 \n \n \n 7.80 \n \n \n 0.97 \n \n \n \n \n KED \n \n \n 26SKED005 \n \n \n 200.70 \n \n \n 220.50 \n \n \n 19.80 \n \n \n 0.12 \n \n \n 2.89 \n \n \n 0.13 \n \n \n 9.16 \n \n \n 0.21 \n \n \n \n \n \n \n \n Incl. \n \n \n 202.45 \n \n \n 214.50 \n \n \n 12.05 \n \n \n 0.12 \n \n \n 4.26 \n \n \n 0.17 \n \n \n 10.74 \n \n \n 0.22 \n \n \n \n \n \n \n \n (Incl.) \n \n \n 202.45 \n \n \n 204.90 \n \n \n 2.45 \n \n \n 0.16 \n \n \n 5.81 \n \n \n 0.30 \n \n \n 12.82 \n \n \n 0.47 \n \n \n \n \n Note: Assays by ALS Laboratory (Methods: ME-ICP61, ME-ICPORE, Au-AA26) \n Since the commencement of the earn-in agreements, cumulative drilling totals 43 holes (12,617 metres) at the Skellefte Belt Project and 25 holes (4,593 metres) at the Rockliden Project. \n Summer exploration activities are focused on modelling the newly acquired data, surveying new target areas using Fixed-Loop Electromagnetic (FLEM) geophysics, and vectoring extensions of the mineralised zones with Borehole Electromagnetic (BHEM) surveys. Concurrently, planning is underway for the next drilling campaign, which is expected to commence in late September. \n Subsequent to the end of the Period, Atalaya completed its Stage 1 funding commitments for the Skellefte Belt Project and has thereby earned a 51% interest. \n Technical Information \n The technical information in this announcement that relates to the Rockliden and Skellefte Belt projects has been compiled by Juan Manuel Pons Pérez, senior geologist and employee of the Company. Juan Manuel Pons Pérez has over 35 years' experience, is a member of good standing with the College of Geologists of Andalucía and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person. Juan Manuel Pons Pérez consents to the inclusion in this release of the matters based on his information in the form and context in which it appears. \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 Elisabeth Cowell / 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   \n   \n   \n   \n   \n ATALAYA MINING COPPER, S.A. \n MANAGEMENT'S REVIEW AND \n UNAUDITED CONDENSED CONSOLIDATED INTERIM \n FINANCIAL STATEMENTS \n 30 June 2026 \n   \n   \n Management review report \n   \n   \n   \n Notice to Reader \n The accompanying Unaudited Condensed Consolidated Interim Financial Statements of Atalaya Mining Copper, S.A. have been prepared by and are the responsibility of its management. \n   \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\", the \"Company\" and/or \"Group\"), t o enable the reader to assess material changes in the financial position between 31 December 2025 and 30 June 2026 and results of operations for the three and six months ended 30 June 2026 and 2025. \n This report has been prepared as of 10 August 2026. The analysis hereby included is intended to supplement and complement the Unaudited Condensed Consolidated Interim Financial Statements and notes thereto (\"Financial Statements\") as at and for the period ended 30 June 2026. The reader should review the Financial Statements in conjunction with the review of this report and with the audited, Consolidated Financial Statements for the year ended 31 December 2025, and the Unaudited Condensed Consolidated Interim Financial Statements for the period ended 30 June 2025. These documents can be found on Atalaya's website at www.atalayamining.com . \n Atalaya prepares its Annual Financial Statements in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS-EU) and the interpretations of the IFRS Interpretations Committee (IFRS IC) approved by Regulations of the European Commission, and its Unaudited Condensed Consolidated Interim Financial Statements in accordance with International Accounting Standard 34: Interim Financial Reporting. The currency referred to in this document is the Euro, unless otherwise specified. \n   \n Forward-looking statements \n This report may include certain \"forward-looking statements\" and \"forward-looking information\" under applicable securities laws. Except for statements of historical fact, certain information contained herein constitute 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 that all required third party regulatory and governmental approvals 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 prove to be correct. Factors that could 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   \n 1.    Incorporation and description of the Business \n Atalaya Mining Copper, S.A. 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 after the cross-border conversion finished on 10 January 2025 is Paseo de las Delicias, 1, 3, 41001, Sevilla, Spain. \n The Company was first listed on the Alternative Investment Market (AIM) of the London Stock Exchange in May 2005, trading under the symbol ATYM. On 29 April 2024, the Company was admitted to the premium listing segment of the Official List maintained by the FCA and to trading on the main market of the London Stock Exchange. After completion of the cross-border conversion, the Company's shares commenced trading under \"Atalaya Mining Copper, S.A.\" on 10 January 2025 and the nominal value of the Company's shares was also adjusted from 7.5p to €0.09 per share. \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 two investigation permits at Proyecto Riotinto East. \n In November 2024, Atalaya entered into earn-in agreements on two exploration projects in Sweden (the Skellefte Belt and Rockliden) located in prospective volcanogenic massive sulphide (\"VMS\") districts. \n   \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   \n Proyecto Touro \n As described in the Annual Report 2025, the Group initially acquired a 10% stake in Cobre San Rafael, S.L. (\"CSR\"), the owner of Proyecto Touro, under an earn-in agreement that allows the Group to acquire up to 80% of the copper project. Proyecto Touro, located in Galicia (north-west Spain), is currently in the permitting process. \n In July 2017, the Group announced that it had executed the option to acquire 10% of CSR, a wholly owned subsidiary of Explotaciones Gallegas S.L. The earn-in agreement was structured in four phases, enabling the Group to gradually increase its stake in CSR up to 80%: \n -     Phase 1 - The Group paid €0.5 million to secure an exclusive right to fund 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 consideration for a 0.75% Net Smelter Return royalty, with a buyback option. \n The agreement was structured to ensure that payments would be made progressively as the project is de-risked, permitted, and becomes operational. \n On 24 June 2024, Atalaya announced that Proyecto Touro, through CSR, had been declared a Strategic Industrial Project (\"Proyecto Industrial Estratégico\" or \"PIE\") by the Council of the Xunta de Galicia (\"XdG\"). Under Galician legislation, PIE status sought to simplify administrative procedures and aimed to shorten permitting timelines. \n This declaration highlighted the XdG's commitment to promoting new investment in the region and aligned with the objectives of the European Union. As copper was considered a strategic raw material by the EU, the project was recognised for its potential to become a sustainable European source of copper production. \n The XdG continued its review under the simplified procedures applicable to PIE projects. The public information period, which informed nearby communities and organisations about the proposed project, concluded on 31 January 2025. At that time, CSR was focused on analysing and responding to feedback from the public and assessing sectoral reports issued by various departments of the XdG. \n As a result of developments during 2024, the Group concluded that it was likely that phases 2, 3 and 4 of the Touro project would be completed. Accordingly, in line with the Group's accounting policy on contingent payments, it recognised an intangible asset of €16.5 million as of year-end, together with the related contingent liabilities. \n In accordance with the Group's policy on non-controlling interests, 20% of the newly recognised intangible asset was allocated to non-controlling interests, amounting to €3.3 million. \n As also disclosed in the Annual Report 2024 and reflecting the Group's updated expectations regarding the completion of future phases, the Group reversed a previously recorded impairment from 2019 of €6.9 million, which related to capitalised expenses associated with Proyecto Touro. \n In parallel, the Company continued to engage with local stakeholders through recruitment initiatives and maintained its water treatment operations to improve water quality in rivers around Touro. \n Furthermore, the Company carried out infill and step-out drilling programmes, focused on areas within the initial mine plan where mineralisation remained open. \n   \n Proyecto Masa Valverde \n On 21 October 2020, the Company announced that it had 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 approximately equal instalments. The first payment is to be executed once the project is permitted and the 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   \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 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 be made once the environmental impact statement (\"EIS\") and the final mining permits for any project within any of the investigation permits acquired under the agreement are secured. In accordance with the agreement, these outstanding instalments are disclosed as a non-current payable to the sellers. \n   \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   \n Skellefte Belt Project and Rockliden Project \n During 2024, the Group entered into earn-in agreements with Mineral Prospektering i Sverige AB (\"MPS\") 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. \n \n \n   \n Investment in Lara Exploration Ltd \n On 2 April 2026, Atalaya announced that it had acquired 4,500,000 shares of Lara Exploration Ltd. (TSX-V: LRA) for C$13.5 million. The shares were acquired via private placement at a price of C$3.00 per share and represent approximately 7.3% of Lara's issued and outstanding shares following completion of the private placements as announced by Lara on 1 April 2026. Atalaya acquired the shares for investment purposes. \n   \n 2.    Overview of Operational Results \n Proyecto Riotinto \n The following table presents a summarised statement of operations of Proyecto Riotinto for the three and six months ended 30 June 2026 and 2025, respectively. \n   \n \n \n \n \n Units expressed in accordance with the international system of units (SI) \n \n \n Unit \n \n \n Q2 2026 \n \n \n Q2 2025 \n \n \n H1 2026 \n \n \n H1 2025 \n \n \n \n \n Ore mined \n \n \n tonnes \n \n \n 4,041,512 \n \n \n 3,512,257 \n \n \n 7,402,359 \n \n \n 7,223,300 \n \n \n \n \n Waste mined (1) \n \n \n tonnes \n \n \n 10,314,694 \n \n \n 12,648,006 \n \n \n 20,494,061 \n \n \n 23,959,290 \n \n \n \n \n Ore processed \n \n \n tonnes \n \n \n 4,112,250 \n \n \n 3,996,573 \n \n \n 8,173,002 \n \n \n 8,218,464 \n \n \n \n \n Copper grade \n \n \n % \n \n \n 0.39 \n \n \n 0.43 \n \n \n 0.35 \n \n \n 0.42 \n \n \n \n \n Copper concentrate grade \n \n \n % \n \n \n 16.63 \n \n \n 17.09 \n \n \n 16.56 \n \n \n 17.47 \n \n \n \n \n Copper recovery rate \n \n \n % \n \n \n 83.91 \n \n \n 76.75 \n \n \n 82.89 \n \n \n 78.90 \n \n \n \n \n Copper concentrate produced \n \n \n tonnes \n \n \n 81,155 \n \n \n 77,088 \n \n \n 141,465 \n \n \n 157,258 \n \n \n \n \n Copper production \n \n \n tonnes \n \n \n 13,493 \n \n \n 13,175 \n \n \n 23,432 \n \n \n 27,466 \n \n \n \n \n Payable copper production \n \n \n tonnes \n \n \n 12,682 \n \n \n 12,404 \n \n \n 22,018 \n \n \n 25,894 \n \n \n \n \n Cash Costs * \n \n \n US$/lb payable \n \n \n 2.36 \n \n \n 2.21 \n \n \n 2.43 \n \n \n 2.23 \n \n \n \n \n All-in Sustaining Cost (\"AISC\")* \n \n \n US$/lb payable \n \n \n 2.79 \n \n \n 2.81 \n \n \n 2.97 \n \n \n 2.78 \n \n \n \n \n (1)   Represents the Cerro Colorado pit only. \n (*) Refer Section 5 of this Management Review. \n   \n \n \n \n \n US$/lb Cu payable \n \n \n Q2 2026 \n \n \n Q2 2025 \n \n \n H1 2026 \n \n \n H1 2025 \n \n \n \n \n Mining \n \n \n 1.21 \n \n \n 0.88 \n \n \n 1.25 \n \n \n 0.86 \n \n \n \n \n Processing \n \n \n 0.81 \n \n \n 0.77 \n \n \n 0.94 \n \n \n 0.79 \n \n \n \n \n Other site operating costs \n \n \n 0.69 \n \n \n 0.69 \n \n \n 0.79 \n \n \n 0.59 \n \n \n \n \n Total site operating costs \n \n \n 2.72 \n \n \n 2.33 \n \n \n 2.98 \n \n \n 2.24 \n \n \n \n \n By-product credits \n \n \n (0.59) \n \n \n (0.40) \n \n \n (0.66) \n \n \n (0.32) \n \n \n \n \n Freight, treatment charges and other offsite costs \n \n \n 0.23 \n \n \n 0.29 \n \n \n 0.11 \n \n \n 0.31 \n \n \n \n \n Total offsite costs \n \n \n (0.36) \n \n \n (0.12) \n \n \n (0.55) \n \n \n (0.01) \n \n \n \n \n Cash Costs \n \n \n 2.36 \n \n \n 2.21 \n \n \n 2.43 \n \n \n 2.23 \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 2.36 \n \n \n 2.21 \n \n \n 2.43 \n \n \n 2.23 \n \n \n \n \n Corporate costs \n \n \n 0.13 \n \n \n 0.06 \n \n \n 0.13 \n \n \n 0.09 \n \n \n \n \n Sustaining capital (excluding tailings expansion) \n \n \n 0.05 \n \n \n 0.02 \n \n \n 0.05 \n \n \n 0.04 \n \n \n \n \n Capitalised stripping costs (1) \n \n \n 0.19 \n \n \n 0.41 \n \n \n 0.29 \n \n \n 0.33 \n \n \n \n \n Other costs \n \n \n 0.06 \n \n \n 0.10 \n \n \n 0.08 \n \n \n 0.09 \n \n \n \n \n AISC \n \n \n 2.79 \n \n \n 2.81 \n \n \n 2.97 \n \n \n 2.78 \n \n \n \n \n (1)   Represents the Cerro Colorado pit only. \n Note: Some figures may not add up due to rounding. \n Three months operational review \n Mining \n Ore mined was 4.0 million tonnes in Q2 2026 (Q2 2025: 3.5 million tonnes), compared with 3.4 million tonnes in Q1 2026. As previously disclosed, mining in Q1 2026 was impacted by unusually high rainfall in late January and early February 2026. \n Waste mined was 10.3 million tonnes in Q2 2026 (Q2 2025: 12.6 million tonnes), compared with 10.2 million tonnes in Q1 2026. In addition, waste stripping activities continued at the San Dionisio area. \n Processing \n The plant processed 4.1 million tonnes of ore in Q2 2026 (Q2 2025: 4.0 million tonnes), compared with 4.1 million tonnes in Q1 2026. This reflects ongoing strong plant performance, above the 15 million tonne per annum nameplate capacity. \n Copper grade in Q2 2026 was 0.39% (Q2 2025: 0.43%), compared with 0.30% in Q1 2026. The grade improvement compared with Q1 2026 resulted from the mining of higher-grade ore and reduced processing of lower-grade stockpiles. \n Copper recovery was 83.91% in Q2 2026 (Q2 2025: 76.75%), compared with 81.54% in Q1 2026. \n Production \n Copper production was 13,493 tonnes in Q2 2026 (Q2 2025: 13,175 tonnes), compared with 9,939 tonnes in Q1 2026. Lower production in Q1 2026 was mainly due to unusually high rainfall in late January and early February 2026, which restricted access to certain mining areas within the Cerro Colorado pit. \n On-site copper concentrate inventories stood at 11,362 tonnes at the end of Q2 2026, compared with 5,083 tonnes at 31 March 2026. \n Copper contained in concentrates sold was 12,493 tonnes in Q2 2026 (Q2 2025: 14,024 tonnes), compared with 9,755 tonnes in Q1 2026. \n   \n Six months operational review \n Copper production during H1 2026 was 23,432 tonnes, compared with 27,466 tonnes in the same period of 2025. Lower production primarily reflected the impact of adverse weather conditions during the first quarter, which were partially offset by increased ore throughput, higher copper grades and improved recoveries during Q2 2026. \n Payable copper in concentrates was 22,018 tonnes, compared with 25,894 tonnes of payable copper in H1 2025. \n Ore mined in H1 2026 was 7.4 million tonnes, compared with 7.2 million tonnes during H1 2025. Ore processed was 8.2 million tonnes, in line with H1 2025, although a portion of lower-grade stockpiles was processed during H1 2026. \n Ore grade during H1 2026 was 0.35% Cu, compared with 0.42% Cu in H1 2025. Copper recovery was 82.89%, compared with 78.90% in the same period of the previous year. \n Concentrate production amounted to 141,465 tonnes, compared with 157,258 tonnes in H1 2025. \n \n \n   \n 3.    Outlook \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 no longer achievable, then the Company will provide a further update. \n   \n Operational guidance \n Proyecto Riotinto operational guidance for 2026 is as follows : \n   \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 15.8 - 16.2 (2) \n \n \n \n \n Copper grade \n \n \n % \n \n \n 0.36 - 0.39 (2) \n \n \n \n \n Copper recovery \n \n \n % \n \n \n 80 - 83 (2) \n \n \n \n \n Copper production \n \n \n tonnes \n \n \n 50,000 - 54,000 (3) \n \n \n \n \n Cash Costs \n \n \n US$/lb payable \n \n \n US$2.60 - 2.90 \n \n \n \n \n All-in sustaining cost \n \n \n US$/lb payable \n \n \n US$3.10 - 3.40 \n \n \n \n \n (1)   Represents the Cerro Colorado pit only. Waste guidance is 53 - 62 million tonnes when including the San Dionisio pit (from prior guidance of 57 - 67 million tonnes). \n (2)   Represents updated guidance. \n (3)   Low end. \n   \n Production \n Atalaya continues to expect for FY2026 production to be at the low end of the original guidance ranges of 50,000 - 54,000 tonnes of copper and 0.9 - 1.1 million ounces of silver contained in copper concentrate, respectively. \n Operating Costs \n The ongoing conflicts in the Middle East continue to disrupt supply chains and impact the prices of certain consumables, including diesel and explosives. For other consumables, fixed price agreements have helped to insulate Atalaya from further cost pressures. \n In H1 2026, overall cost performance has been favourable with Cash Costs and AISC that were below the FY2026 guidance ranges. However, due to the ongoing risk that conflicts in the Middle East could continue or escalate, Atalaya is maintaining its FY2026 cost guidance ranges for Cash Costs and AISC of US$2.60 - 2.90/lb and US$3.10 - 3.40/lb copper payable, respectively.      \n Non-Sustaining Capital Investments \n Atalaya now expects that total non-sustaining capital investments for FY2026 will be €52 - 80 million, down from the original guidance range of €75 - 102 million. The revisions are mainly the result of timing, where certain expenditures are now expected to be incurred in the next fiscal year. \n Exploration and Other Project Expenses \n Guidance for exploration and other project expenses remains at €5 - 7 million and is mainly attributable to San Antonio, Proyecto Masa Valverde, Proyecto Touro and the earn-in agreements in Sweden. \n   \n   \n 4.    Overview of Financial Results \n The following table presents summarised consolidated income statements for the three and six months ended 30 June 2026, with comparatives for the three and six months ended 30 June 2025, respectively. \n   \n \n \n \n \n ( Euro 000's ) \n \n \n Three month period ended 30 Jun 2026 \n \n \n Three month period ended 30 June 2025 \n \n \n Six month period ended 30 Jun 2026 \n \n \n Six month period ended 30 Jun 2025 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenues \n \n \n 147,437 \n \n \n 124,082 \n \n \n 264,691 \n \n \n 254,750 \n \n \n \n \n Costs of sales \n \n \n (71,203) \n \n \n (67,889) \n \n \n (130,463) \n \n \n (140,232) \n \n \n \n \n Corporate expenses \n \n \n 1,628 \n \n \n (1,461) \n \n \n (4,817) \n \n \n (4,055) \n \n \n \n \n Exploration expenses \n \n \n (775) \n \n \n (95) \n \n \n (4,520) \n \n \n (3,430) \n \n \n \n \n Care and maintenance expenditures \n \n \n (1) \n \n \n 2 \n \n \n (14) \n \n \n (7) \n \n \n \n \n Other income \n \n \n 1,077 \n \n \n 439 \n \n \n 1,311 \n \n \n 566 \n \n \n \n \n EBITDA \n \n \n 78,163 \n \n \n 55,078 \n \n \n 126,188 \n \n \n 107,592 \n \n \n \n \n Depreciation/amortisation \n \n \n (14,811) \n \n \n (12,901) \n \n \n (28,756) \n \n \n (25,795) \n \n \n \n \n Net foreign exchange (loss)/gain \n \n \n 1,532 \n \n \n (3,875) \n \n \n 3,130 \n \n \n (5,956) \n \n \n \n \n Net finance (cost)/income \n \n \n 533 \n \n \n - \n \n \n 202 \n \n \n (81) \n \n \n \n \n Tax \n \n \n (9,758) \n \n \n (8,705) \n \n \n (16,756) \n \n \n (15,696) \n \n \n \n \n Profit for the period \n \n \n 55,659 \n \n \n 29,597 \n \n \n 84,008 \n \n \n 60,064 \n \n \n \n \n   \n Three months financial review \n Revenues for the three-month period ended 30 June 2026 amounted to €147.4 million (Q2 2025: €124.1 million). The increase in revenues was mainly due to higher realised prices and lower offsite costs partially offset by lower copper concentrate volumes sold and lower concentrate grade. \n Realised prices excluding quotation periods (\"QPs\") were US$6.14/lb copper during Q2 2026 compared with US$4.27/lb in Q2 2025. The realised price including QPs was approximately US$5.79lb during Q2 2026 (Q2 2025: US$4.23/lb). \n Cost of sales for the three-month period ended 30 June 2026 amounted to €71.2 million, compared with €67.9 million in Q2 2025.   The increase was primarily attributable to higher concentrate production and higher electricity costs. \n Cash costs were US$2.36/lb payable copper during Q2 2026 compared with US$2.21/lb in the same period last year. The increase in unit cash costs was mainly due to higher mining and processing costs, compared to Q2 2025 and partially offset with higher production and by-product credits . AISC for Q2 2026, excluding one-off investments in the tailings dam and San Dionisio stripping, was US$2.79/lb payable copper compared with US$2.81/lb in Q2 2025. The decrease was primarily due to lower capitalised stripping. \n Sustaining capex for Q2 2026 amounted to €1.3 million compared with €0.5 million in Q2 2025, mainly related to the new crusher and enhancements in the processing systems. In addition, the Company continues to invest in the tailings dam project storage capacity, having invested €2.3 million in Q2 2026 (Q2 2025: €4.0 million). Capitalised stripping costs for Cerro Colorado during Q2 2026 amounted to €4.6 million (Q2 2025: €9.9 million) and capex associated with the San Dionisio area amounted to €8.9 million. \n \n \n   \n Corporate expenses resulted in a net credit of €1.6 million in Q2 2026 (Q2 2025: expense of €1.5 million), reflecting a reversal of previously recognised E-LIX-related costs, partly offset by non-operating corporate costs, including Cyprus office costs, legal and consultancy fees, listing costs, directors' and officers' emoluments, and corporate office salaries and administrative expenses. \n Exploration costs on Atalaya's project portfolio for Q2 2026 were €0.8 million, compared to €0.1 million in Q2 2025. \n Care and maintenance costs were €1k for the three-month period ended 30 June 2026 (Q2 2025: €2k). \n Other income represented €1.1 million, compared to €0.4 million in Q2 2025, mainly due to the recognition of services provided to Lain related to the E-LIX project. \n EBITDA for the three months ended 30 June 2026 amounted to €78.2 million, compared to €55.1 million in Q2 2025. The higher EBITDA primarily reflected a volume of sales with higher realised prices, partially offset by higher operating costs. \n Depreciation and amortisation for the quarter totalled €14.8 million (Q2 2025: €12.9 million). \n Net foreign exchange gain of €1.5 million was the result of the depreciation of the US Dollar against the Euro over the quarter. \n Net financing income for Q2 2026 amounted to €0.5 million, compared with €nil in the same period in 2025. \n   \n Six months financial review \n Revenues for the six-month period ended 30 June 2026 amounted to €264.7 million (H1 2025: €254.8 million). The increase in revenues was mainly due to higher realised copper prices partially offset with lower concentrate volumes sold. \n   \n Copper concentrate production during the six-month period was 141,465 tonnes (H1 2025: 157,258 tonnes), with 134,151 tonnes of copper concentrate sold (H1 2025: 169,253 tonnes). Inventories of concentrates at the reporting date were 11,362 tonnes (4,050 tonnes as at 31 December 2025). \n   \n Copper contained in concentrates sold was 22,248 tonnes in H1 2026 (H1 2025: 28,711 tonnes). \n Realised copper prices excluding QPs for H1 2026 were US$6.02/lb, compared with US$4.27/lb in H1 2025. The realised price remained close to the market average, which was US$5.94/lb in H1 2026 versus US$4.28/lb in H1 2025. No hedging agreements were entered into during the period. \n   \n Cost of sales amounted to €130.5 million in H1 2026 (H1 2025: €140.2 million). The cost decrease was related to lower volumes during the first quarter and lower electricity costs. \n   \n Cash costs were US$2.43/lb payable copper, compared with US$2.23/lb in H1 2025. The increase in cash costs was mainly impacted due to higher cost and lower production during the first quarter . AISC, excluding investment in tailings dam and San Dionisio stripping, was US$2.97/lb payable copper (H1 2025: US$2.78/lb) with the increase in costs due to the same factors that impacted cash costs. \n   \n Sustaining capex for H1 2026 totalled €2.2 million compared with €2.0 million in H1 2025, mainly related to the new crusher and enhancements in the plant's processing systems. Additional investment in the tailings dam €5.2 million compared with €8.0 million invested in H1 2025. Stripping costs capitalised for Cerro Colorado during H1 2026 amounted to €11.9 million (H1 2025: €17.2 million). \n Capex for the solar plant was €nil million in H1 2026 (H1 2025: €0.5 million) . Additionally, a capex of €16.0 million is related to the San Dionisio area. \n   \n Corporate costs for H1 2026 were €4.8 million (H1 2025: €4.1 million), mainly comprising the Company's overhead expenses. \n   \n Exploration costs totalled €4.5 million (H1 2025: €3.4 million), mainly due to activities in the Skellefte Belt and Rockliden Projects in Sweden and Proyecto Masa Valverde. \n   \n EBITDA for the six months ended 30 June 2026 amounted to €126.2 million (H1 2025: €107.6 million). \n   \n Depreciation and amortisation for H1 2026 totalled €28.8 million (H1 2025: €25.8 million). \n   \n Net foreign exchange gain was €3.1 million (H1 2025: loss of €6.0 million). \n   \n Net finance income for H1 2026 amounted to €0.2 million, compared with a cost of €0.1 million in H1 2025. \n   \n Copper prices \n The average realised copper price (excluding QPs) increased by 43.8% to US$6.14/lb in Q2 2026, from US$4.27/lb in Q2 2025. \n The average prices of copper for the three and six month period ended 30 June 2026 and 2025 are summarised below: \n \n \n \n \n US$/lb \n \n \n Three month period ended 30 Jun 2026 \n \n \n Three month period ended 30 June 2025 \n \n \n Six month period ended 30 Jun 2026 \n \n \n Six month period ended 30 Jun 2025 \n \n \n \n \n Realised copper price (excluding QPs) \n \n \n 6.14 \n \n \n 4.27 \n \n \n 6.02 \n \n \n 4.27 \n \n \n \n \n Market copper price per lb (period average) \n \n \n 6.04 \n \n \n 4.32 \n \n \n 5.94 \n \n \n 4.28 \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 QPs together. The realised price during Q2 2026, including the QP, was approximately US$5.79/lb. \n   \n 5.    Non-GAAP Measures \n Atalaya has included certain non-IFRS measures including \"EBITDA\", \"Cash Costs per pound of payable copper\", \"All-In Sustaining Costs\" (\"AISC\") \"realised prices\" and \"Net Cash/Debt\" 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 expen ses. Cash Costs per pound of payable copper includes cash operating 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 C1 Cash Costs. \n \n \n   \n AISC per pound of payable copper includes C1 Cash Costs plus royalties and agency fees, expenditures on rehabilitation, capitalised stripping costs, exploration and geology costs, corporate costs and recurring sustaining capital expenditures but excludes one-off sustaining capital projects, such as the tailings dam project. \n Realised price 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 if any, expressed in USD per pound of payable copper. Realised prices do not include period end mark to market adjustments in respect of provisional pricing. Realised price is consistent with the widely accepted industry standard definition. \n Net cash represents cash and cash equivalents less current and non-current bank borrowings. Lease liabilities are excluded from this measure. \n   \n 6.    Liquidity and Capital Resources \n Atalaya monitors factors that could impact its liquidity as part of Atalaya'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 and cash flows as at 30 June 2026 and 31 December 2025. \n Liquidity information \n \n \n \n \n \n ( Euro 000's ) \n \n \n  30 Jun 2026 \n \n \n 31 Dec 2025 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Unrestricted cash and cash equivalents at Group level \n \n \n 293,987 \n \n \n 146,505 \n \n \n \n \n Unrestricted cash and cash equivalents at Operation level \n \n \n 56,295 \n \n \n 19,801 \n \n \n \n \n Consolidated cash and cash equivalents \n \n \n 350,282 \n \n \n 166,306 \n \n \n \n \n Net cash position (1) \n \n \n 318,347 \n \n \n 121,960 \n \n \n \n \n Working capital surplus \n \n \n 284,281 \n \n \n 93,822 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n (1 ) Includes borrowings \n   \n Unrestricted cash and cash equivalents, which include balances held at both Group and Operation levels, increased to €350.3 million as at 30 June 2026, up from €166.3 million at 31 December 2025. This increase was primarily driven by cash inflows from the January 2026 capital increase and strong positive operating cash flows generated during the period, partially offset by investment outflows and moderate financing movements. At the Group level, cash rose from €146.5 million to €294.0 million, while Operation-level cash increased from €19.8 million to €56.3 million. \n   \n The Group generated €108.6 million in net cash from operating activities during the first six months of 2026, supported by solid EBITDA and limited tax payments, partially offset by working capital outflows, including higher trade and other receivables. Cash outflows from investing activities totalled €50.0 million, mainly reflecting the investment in Lara Exploration Ltd, capital expenditure at San Dionisio, ongoing tailings dam development and processing plant upgrades. Net financing cash flows were positive at €132.1 million, primarily reflecting the January 2026 capital increase, which generated net proceeds of €145.0 million, partly offset by net loan repayments of €12.4 million. \n \n \n   \n As of 30 June 2026, the Group reported a working capital surplus of €284.3 million, compared with €93.8 million at 31 December 2025. The improvement in working capital reflects a stronger cash position. The Group also maintained a net cash position of €318.3 million, up from €122.0 million at 31 December 2025, underscoring its solid liquidity profile. \n   \n Overview of the Group's cash flows \n   \n \n \n \n \n ( Euro 000's ) \n \n \n Three month period ended 30 Jun 2026 \n \n \n Three month period ended 30 June 2025 \n \n \n Six month period ended 30 Jun 2026 \n \n \n Six month period ended 30 Jun 2025 \n \n \n \n \n Cash flows from operating activities \n \n \n 78,737 \n \n \n 52,238 \n \n \n 108,560 \n \n \n 78,277 \n \n \n \n \n Cash flows used in investing activities \n \n \n (20,476) \n \n \n (19,374) \n \n \n (49,956) \n \n \n (41,773) \n \n \n \n \n Cash flows from financing activities \n \n \n 18,419 \n \n \n 1,294 \n \n \n 132,092 \n \n \n 14,889 \n \n \n \n \n Net increase in cash and cash equivalents \n \n \n 76,680 \n \n \n 34,158 \n \n \n 190,695 \n \n \n 51,393 \n \n \n \n \n Net foreign exchange differences \n \n \n (6,144) \n \n \n (806) \n \n \n (6,719) \n \n \n (1,258) \n \n \n \n \n Total net cash flow for the period \n \n \n 70,536 \n \n \n 33,352 \n \n \n 183,976 \n \n \n 50,135 \n \n \n \n \n   \n Three months cash flows review \n Total net cash inflow for the three months ended 30 June 2026 was €76.7 million, primarily driven by strong cash generation from operating activities. Cash from operating activities amounted to €78.7 million, while investing activities consumed €20.5 million, and financing activities contributed a net inflow of €18.4 million. \n Cash generated from operations before changes in working capital was €81.2 million. During the quarter, inventories increased by €7.0 million, trade and other receivables decreased by €9.6 million, and trade and other payables increased by €3.3 million, resulting in a net working capital inflow. \n Investing activities consumed €20.5 million, mainly related to ongoing development works at the tailings dams, the San Dionisio deposit, and continued upgrades to processing infrastructure. \n Financing activities resulted in net cash inflows of €18.4 million, primarily from new borrowings of €26.7 million, partially offset by repayments of €8.1 million and lease payments of €0.2 million. \n   \n Six months cash flow review \n For the six months ended 30 June 2026, the Group reported a net cash inflow of €190.7 million. This included net cash from operating activities of €108.6 million, investing outflows of €50.0 million, net financing inflows of €132.1 million, and negative foreign exchange differences of €6.7 million. \n Cash generated from operations before working capital movements was €128.5 million. However, working capital movements during the period had a net outflow effect, driven by a €1.3 million decrease in trade and other receivables, a €9.4 million increase in inventories, and a €1.7 million decrease in trade and other payables. \n Cash outflows from investing activities of €50.0 million mainly reflect capital expenditure related to the San Dionisio area, tailings storage facilities, and processing plant upgrades. \n Financing activities resulted in a net inflow of €132.1 million, mainly reflecting the equity offering, which generated gross proceeds of €150.2 million, partly offset by share issuance costs of €5.2 million and net borrowing outflows of €12.4 million. \n Foreign exchange \n Foreign exchange rate movements can have a significant effect on Atalaya's operations, financial position and results. Atalaya's sales are denominated in U.S. dollars (\"USD\"), while Atalaya's operating expenses, income taxes and other expenses are mainly denominated in Euros (\"EUR\") which is the functional currency of the Group, and to a much lesser extent in British Pounds (\"GBP\"). \n Accordingly, fluctuations in the exchange rates can potentially impact the results of operations and carrying value of assets and liabilities on the balance sheet. \n During Q2 and H1 2026, exchange-rate movements reduced cash and cash equivalents by €6.1 million and €6.7 million, respectively, primarily reflecting depreciation of the US dollar against the euro. \n The following table summarises the movement in key currencies versus the EUR: \n \n \n \n \n \n \n \n Three month period ended 30 Jun 2026 \n \n \n Three month period ended 30 Jun 2025 \n \n \n Six month period ended 30 Jun 2026 \n \n \n Six month period ended 30 Jun 2025 \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 0.86619 \n \n \n 0.8490 \n \n \n 0.8672 \n \n \n 0.8423 \n \n \n \n \n    USD - EUR \n \n \n 1.1627 \n \n \n 1.1338 \n \n \n 1.1666 \n \n \n 1.0927 \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 0.8613 \n \n \n 0.8555 \n \n \n 0.8613 \n \n \n 0.8555 \n \n \n \n \n    USD - EUR \n \n \n 1.1394 \n \n \n 1.1720 \n \n \n 1.1394 \n \n \n 1.172 \n \n \n \n \n   \n 7.    Sustainability \n Corporate Social Responsibility \n Atalaya continued its commitment to community development through Fundación Atalaya during the second quarter of 2026, supporting initiatives in education, culture, sports, local infrastructure and social inclusion across the Cuenca Minera region. \n A major focus during the quarter was improving public infrastructure through agreements with local municipalities. In Minas de Riotinto, Fundación Atalaya contributed to the second phase of the rehabilitation of the historic \"Cuna del Fútbol Español\" Municipal Stadium and refurbishment works at the Cine Teatro. In El Campillo, the foundation supported improvements to the primary school and municipal hall, while also funding the acquisition of a new Civil Protection vehicle to strengthen local emergency services. \n The foundation also reinforced its commitment to culture and local heritage by supporting the publication of Campofrío, la plaza de toros más antigua de España , the solidarity poetry book  El verso póstumo del aire , the children's theatre production  La Locomotora Lola , and the XV \"Julia Hierro\" Chamber Music Competition. It also enabled the Asociación Amigos de la Música de Zalamea la Real to perform at Disneyland Paris, showcasing the talent of young musicians from the Cuenca Minera. \n Support for community life and healthy lifestyles remained another priority. Fundación Atalaya collaborated with local football clubs, the Corta Atalaya Golf Club and other grassroots sports organisations, while also helping preserve local traditions through several popular festivals and religious celebrations across the region. \n The foundation also promoted social inclusion by improving the facilities of Asociación Athenea, providing computer equipment to the El Amparo pensioners' association to reduce the digital divide, and collaborating with local business associations to support seasonal campaigns benefiting small businesses. \n Through these initiatives, Fundación Atalaya continued strengthening local institutions, improving quality of life and contributing to the sustainable development of the Cuenca Minera region. \n   \n Health and Safety \n Health and safety performance improved significantly during the second quarter of 2026 compared with the first quarter, resulting in a first-half Frequency Rate (\"FR\") of 4.90, moving closer to the 2026 target of 4.02, and a Severity Rate (\"SR\") of 0.17, meeting the annual target of 0.20. This performance was supported by the absence of lost-time injuries during the second quarter, allowing the operation to achieve 97 consecutive days without a lost-time injury. \n In the area of Industrial Hygiene, all monitoring activities scheduled for the second quarter were completed, including measurements of respirable crystalline silica and respirable dust, organic and inorganic vapours, metals and asbestos fibres, together with respiratory protective equipment fit testing for the ARM workforce. \n The second phase of the annual occupational health surveillance programme was also completed during the quarter, including chest X-rays, in accordance with the annual medical surveillance plan. \n The Emergency Response Team completed the specialised training programme scheduled for the period. \n Random screening for psychoactive substances, including alcohol and drugs, continued at site access points and the medical centre. By the end of the first half, three individuals had been prevented from working while under the influence of psychoactive substances. \n Under the Zero Harm Challenge programme, the working groups finalised their proposals during the second quarter and commenced the When No One Is Watching initiative, following the same methodology applied in the previous phase. Four working groups have been established and are actively developing improvement initiatives, which will be presented to management prior to implementation. \n During the quarter, the Group also launched a safety awareness campaign entitled \"Safety Points\", aimed at reinforcing safe behaviours among both Atalaya employees and, in particular, contractor personnel. Under the programme, individuals are allocated five safety points, which may be deducted for breaches of safety procedures or failure to use personal protective equipment appropriately. Individuals who lose all five points are denied site access for three days as part of the Company's internal safety disciplinary framework. \n Health and wellbeing communications issued by the medical department during the quarter focused on insect bites, acute myocardial infarction (including differences in symptoms between men and women), and World Blood Donor Day, held on 14 June. \n Field Leadership activities continued throughout the quarter, achieving a compliance rate of 90.7%, exceeding the target by 5.7 percentage points. \n Finally, ARM continues to support the development of health and safety systems at Atalaya Masa Valverde (AMV). Progress during the period included the development of site-specific procedures, workplace risk assessments and the establishment of an on-site medical facility to support the relevant healthcare accreditation process. Since June, nursing coverage has been available for 12 hours per day, Monday to Saturday, covering all operational activities. In addition, a dedicated off-road emergency response vehicle has been specified and is currently being adapted for use at the AMV site. \n \n \n   \n Environment \n During the second quarter of 2026, the Environmental Department has continued advancing its environmental monitoring efforts and natural resource management initiatives. \n Key points of the quarter: \n ·      Five environmental incidents were registered during the quarter: \n o  Three of them related to minor spills over unpaved surfaces. The areas were cleaned and the waste was handled properly. \n o  One incident involved a wildfire that originated near the aggregate production plant in the El Rejoncillo area. The fire was brought under control within a few hours. \n o  The fifth incident involved incorrect waste segregation in a municipal waste container; the responsible contractor subsequently removed and properly managed the waste. \n ·      A total rainfall of 40.2 l/m 2 was recorded in Q2 2026, which was around 72% less than in the same period of previous year. \n ·      On May 6th, authorization was received for the non-substantial modification of the environmental permit relating to the expansion of the Cerro Colorado waste rock dump. \n ·      On May 9th, the Industrial Waste Reduction Plan for the 2026-2030 period was submitted. \n ·      The additional measures contemplated in the action plan against dust continued to be implemented, intensifying periodic irrigation, implementing new coordination measures, and carrying out exhaustive monitoring of the emissions generated in the operation. \n ·      The Fire Prevention Plan was carried out in this quarter. \n ·      Environmental Department continues working in the Restoration Plan in both areas, operational and historical. \n ·      All the regular internal controls of diffuse emissions into the atmosphere have been carried out, and the results of the controls are within the limit values. Between April and May, the annual mandatory external control of diffuse emissions and point (channelled) emissions have been carried out without incidents. Waiting for results. The rest of periodic and mandatory controls have been carried out without incidents. In addition, during the quarter, several reports were handed to the Administration bodies. \n ·      Environmental inspections were performed daily, mainly focused on chemical storage and handling, housekeeping, waste management, uncontrolled releases and environmentally friendly practices carried out in the project by ARM's and contractors' personnel. Additionally, dust control and drainage system inspections were performed regularly. 85 inspections in total were carried out during the second quarter, including, plant, mine area and the contractors' camps. \n   \n 8.    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 \n \n   \n The Company continues to monitor the principal risks and uncertainties that could materially impact the Company's results and operations, including the areas of increasing uncertainty such as the impact of macro-economic uncertainty on the business and geopolitical developments or the risks inherent in the development of new technologies. \n In particular, Atalaya continues to monitor the risks associated with its investment in the E-LIX technology together with Lain Technologies Ltd (\"Lain\"). Although the E-LIX technology has been performing broadly in line with the design parameters, progress towards achieving sustainable, commercially viable throughput levels has been slower and more challenging than originally anticipated due to operational bottlenecks identified at the Industrial Plant (Note 8). The Group continues to assess the operational and commercial outlook for the technology and the recoverability of related assets. \n Management reassessed the carrying amounts of the E-LIX-related assets at 30 June 2026 and concluded that no additional impairment or reversal of impairment was required. The fair value of the Convertible Loan also remained unchanged. \n   \n 9.    Critical accounting policies, estimates, judgements, assumptions and accounting changes \n The preparation of Atalaya's Financial Statements in accordance with IFRS requires management to make estimates, judgements and assumptions that affect amounts reported in the Financial Statements and accompanying notes. There is a full discussion and description of Atalaya's critical accounting policies in the audited consolidated financial statements for the year ended 31 December 2025. \n As at 30 June 2026, there are no significant changes in critical accounting policies or estimates to those applied in 2025. We highlight the assumptions made in relation to Lain Technologies and the progress on the Industrial Plant in Note 8. \n   \n   \n 10.  Other Information \n Additional information about Atalaya Mining Copper, S.A. is available at www.atalayamining.com \n   \n Unaudited Condensed Consolidated Interim Financial Statements on subsequent pages. \n   \n By Order of the Board of Directors, \n   \n   \n   \n \n \n \n \n \n \n \n \n \n \n \n   \n Neil Gregson \n Chair \n Sevilla, 10 August 2026 \n   \n \n \n \n Condensed Consolidated Interim Statement of Comprehensive Income \n (All amounts in Euro thousands unless otherwise stated) \n For the period ended 30 June 2026 and 2025 \n   \n \n \n \n \n ( Euro 000's ) \n \n \n Note \n \n \n Three month period ended 30 Jun 2026 \n \n \n Three month period ended 30 Jun 2025 \n \n \n Six month period ended 30 Jun 2026 \n \n \n Six month period ended 30 Jun 2025 \n \n \n \n \n \n \n \n \n \n \n (Unaudited and unreviewed) \n \n \n (Unaudited and unreviewed) \n \n \n (Unaudited) \n \n \n (Unaudited) \n \n \n \n \n Revenue \n \n \n 4 \n \n \n 147,437 \n \n \n 124,082 \n \n \n 264,691 \n \n \n 254,750 \n \n \n \n \n Operating costs and mine site administrative expenses \n \n \n (68,216) \n \n \n (67,598) \n \n \n (128,129) \n \n \n (139,695) \n \n \n \n \n Mine site depreciation and amortisation \n \n \n \n \n \n (14,811) \n \n \n (12,901) \n \n \n (28,756) \n \n \n (25,795) \n \n \n \n \n Gross profit \n \n \n   \n \n \n 64,410 \n \n \n 43,583 \n \n \n 107,806 \n \n \n 89,260 \n \n \n \n \n Administration and other expenses \n \n \n \n \n \n 1,628 \n \n \n (1,461) \n \n \n (4,817) \n \n \n (4,055) \n \n \n \n \n Share-based benefits \n \n \n 17 \n \n \n (2,987) \n \n \n (291) \n \n \n (2,334) \n \n \n (537) \n \n \n \n \n Exploration expenses \n \n \n \n \n \n (775) \n \n \n (95) \n \n \n (4,520) \n \n \n (3,430) \n \n \n \n \n Care and maintenance expenditure \n \n \n \n \n \n (1) \n \n \n 2 \n \n \n (14) \n \n \n (7) \n \n \n \n \n Other income \n \n \n \n \n \n 1,077 \n \n \n 439 \n \n \n 1,311 \n \n \n 566 \n \n \n \n \n Operating profit \n \n \n   \n \n \n 63,352 \n \n \n 42,177 \n \n \n 97,432 \n \n \n 81,797 \n \n \n \n \n Net foreign exchange (loss)/gain \n \n \n \n \n \n 1,532 \n \n \n (3,875) \n \n \n 3,130 \n \n \n (5,956) \n \n \n \n \n Net finance income/(costs) \n \n \n 5 \n \n \n 533 \n \n \n - \n \n \n 202 \n \n \n (81) \n \n \n \n \n Profit before tax \n \n \n   \n \n \n 65,417 \n \n \n 38,302 \n \n \n 100,764 \n \n \n 75,760 \n \n \n \n \n Tax \n \n \n 6 \n \n \n (9,758) \n \n \n (8,705) \n \n \n (16,756) \n \n \n (15,696) \n \n \n \n \n Profit for the period \n \n \n   \n \n \n 55,659 \n \n \n 29,597 \n \n \n 84,008 \n \n \n 60,064 \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 Profit for the period attributable to: \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n -       Owners of the parent \n \n \n 7 \n \n \n 55,575 \n \n \n 29,681 \n \n \n 84,113 \n \n \n 60,148 \n \n \n \n \n -       Non-controlling interests \n \n \n \n \n \n 84 \n \n \n (84) \n \n \n (105) \n \n \n (84) \n \n \n \n \n \n \n \n \n \n \n 55,659 \n \n \n 29,597 \n \n \n 84,008 \n \n \n 60,064 \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 Earnings per share from operations attributable to equity holders of the parent during the period: \n \n \n   \n \n \n \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 7 \n \n \n 36.1 \n \n \n 21.1 \n \n \n 55.4 \n \n \n 42.7 \n \n \n \n \n Fully diluted earnings per share (EUR cents per share) \n \n \n 7 \n \n \n 34.7 \n \n \n 20.3 \n \n \n 53.3 \n \n \n 41.1 \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 Profit for the period \n \n \n   \n \n \n 55,659 \n \n \n 29,597 \n \n \n 84,008 \n \n \n 60,064 \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 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 \n \n \n \n \n \n \n \n \n Change in fair value of financial assets through other comprehensive income 'OCI' \n \n \n 1,846 \n \n \n (1) \n \n \n 1,846 \n \n \n - \n \n \n \n \n Total comprehensive income for the period \n \n \n 57,505 \n \n \n 29,596 \n \n \n 85,854 \n \n \n 60,064 \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 Total comprehensive income for the period attributable to: \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n -       Owners of the parent \n \n \n 7 \n \n \n 57,421 \n \n \n 29,680 \n \n \n 85,959 \n \n \n 60,148 \n \n \n \n \n -       Non-controlling interests \n \n \n \n \n \n 84 \n \n \n (84) \n \n \n (105) \n \n \n (84) \n \n \n \n \n \n \n \n \n \n \n 57,505 \n \n \n 29,596 \n \n \n 85,854 \n \n \n 60,064 \n \n \n \n \n   \n The notes on the subsequent pages are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements. \n \n \n   \n Condensed Consolidated Interim Statement of Financial Position \n (All amounts in Euro thousands unless otherwise stated) \n As at 30 June 2026 and 31 December 2025 \n   \n \n \n \n \n (Euro 000's) \n \n \n Note \n \n \n  30 Jun 2026 \n \n \n 31 Dec 2025 \n \n \n \n \n Assets \n \n \n   \n \n \n Unaudited \n \n \n Audited \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 8 \n \n \n 458,860 \n \n \n 447,729 \n \n \n \n \n Intangible assets \n \n \n 9 \n \n \n 77,784 \n \n \n 74,919 \n \n \n \n \n Loans \n \n \n 13 \n \n \n 9,725 \n \n \n 9,725 \n \n \n \n \n Trade and other receivables \n \n \n 12 \n \n \n 4,599 \n \n \n 1,122 \n \n \n \n \n Non-current financial assets \n \n \n 2.3 \n \n \n 12,032 \n \n \n 1,101 \n \n \n \n \n Deferred tax asset \n \n \n \n \n \n 17,677 \n \n \n 15,840 \n \n \n \n \n \n \n \n \n \n \n 580,677 \n \n \n 550,436 \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 10 \n \n \n 40,450 \n \n \n 30,871 \n \n \n \n \n Loans \n \n \n 13 \n \n \n - \n \n \n 20 \n \n \n \n \n Trade and other receivables \n \n \n 12 \n \n \n 46,160 \n \n \n 41,113 \n \n \n \n \n Tax refundable \n \n \n \n \n \n 2,817 \n \n \n 2,834 \n \n \n \n \n Other financial assets \n \n \n 2.3 \n \n \n 50 \n \n \n 62 \n \n \n \n \n Cash and cash equivalents \n \n \n 15 \n \n \n 350,282 \n \n \n 166,306 \n \n \n \n \n   \n \n \n   \n \n \n 439,759 \n \n \n 241,206 \n \n \n \n \n Total assets \n \n \n   \n \n \n 1,020,436 \n \n \n 791,642 \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 16 \n \n \n 13,838 \n \n \n 12,668 \n \n \n \n \n Share premium \n \n \n 16 \n \n \n 465,740 \n \n \n 321,856 \n \n \n \n \n Other reserves \n \n \n 17 \n \n \n 140,440 \n \n \n 89,255 \n \n \n \n \n Accumulated profit \n \n \n \n \n \n 192,752 \n \n \n 166,091 \n \n \n \n \n   \n \n \n   \n \n \n 812,770 \n \n \n 589,870 \n \n \n \n \n Non-controlling interests \n \n \n \n \n \n 1,835 \n \n \n 1,940 \n \n \n \n \n Total equity \n \n \n   \n \n \n 814,605 \n \n \n 591,810 \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 18 \n \n \n 14,342 \n \n \n 14,142 \n \n \n \n \n Provisions \n \n \n 19 \n \n \n 29,272 \n \n \n 28,764 \n \n \n \n \n Lease liabilities \n \n \n 21 \n \n \n 3,519 \n \n \n 3,834 \n \n \n \n \n Borrowings \n \n \n 20 \n \n \n 3,220 \n \n \n 5,708 \n \n \n \n \n \n \n \n \n \n \n 50,353 \n \n \n 52,448 \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 18 \n \n \n 104,688 \n \n \n 106,117 \n \n \n \n \n Lease liabilities \n \n \n 21 \n \n \n 634 \n \n \n 639 \n \n \n \n \n Borrowings \n \n \n 20 \n \n \n 28,715 \n \n \n 38,638 \n \n \n \n \n Dividend payable \n \n \n 11 \n \n \n 10,003 \n \n \n 9 \n \n \n \n \n Current provisions \n \n \n 19 \n \n \n 1,737 \n \n \n 1,845 \n \n \n \n \n Current tax liabilities \n \n \n \n \n \n 9,701 \n \n \n 136 \n \n \n \n \n   \n \n \n   \n \n \n 155,478 \n \n \n 147,384 \n \n \n \n \n Total liabilities \n \n \n   \n \n \n 205,831 \n \n \n 199,832 \n \n \n \n \n Total equity and liabilities \n \n \n   \n \n \n 1,020,436 \n \n \n 791,642 \n \n \n \n \n   \n The notes on the subsequent pages are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements. \n   \n \n \n \n \n   \n \n \n \n \n \n \n \n Neil Gregson (Chair) \n \n \n Alberto Lavandeira (CEO) \n \n \n \n \n Condensed Consolidated Interim Statement of Changes in Equity \n (All amounts in Euro thousands unless otherwise stated) \n For the period ended 30 June 2026 and 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 \n \n \n Accum. Profits \n \n \n Total \n \n \n NCI \n \n \n Total equity \n \n \n \n \n (Unaudited) \n \n \n \n \n \n \n \n At 1 January 2026 \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 Profit for the period \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n 84,113 \n \n \n 84,113 \n \n \n (105) \n \n \n 84,008 \n \n \n \n \n Change in fair value of financial assets through OCI \n \n \n \n \n \n - \n \n \n - \n \n \n 1,846 \n \n \n - \n \n \n 1,846 \n \n \n - \n \n \n 1,846 \n \n \n \n \n Total comprehensive income \n \n \n \n \n \n - \n \n \n - \n \n \n 1,846 \n \n \n 84,113 \n \n \n 85,959 \n \n \n (105) \n \n \n 85,854 \n \n \n \n \n Issuance of share capital \n \n \n 16 \n \n \n 1,170 \n \n \n 149,079 \n \n \n - \n \n \n - \n \n \n 150,249 \n \n \n - \n \n \n 150,249 \n \n \n \n \n Share issue costs \n \n \n \n \n \n - \n \n \n (5,195) \n \n \n - \n \n \n - \n \n \n (5,195) \n \n \n - \n \n \n (5,195) \n \n \n \n \n Recognition of depletion factor \n \n \n 17 \n \n \n - \n \n \n - \n \n \n 21,270 \n \n \n (21,270) \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Recognition of share-based payments \n \n \n 17 \n \n \n - \n \n \n - \n \n \n 1,876 \n \n \n - \n \n \n 1,876 \n \n \n - \n \n \n 1,876 \n \n \n \n \n Recognition of non-distributable reserve \n \n \n 17 \n \n \n - \n \n \n - \n \n \n 6,861 \n \n \n (6,861) \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Recognition of distributable reserve \n \n \n 17 \n \n \n - \n \n \n - \n \n \n 19,010 \n \n \n (19,010) \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Other changes in equity \n \n \n \n \n \n - \n \n \n - \n \n \n 322 \n \n \n (317) \n \n \n 5 \n \n \n - \n \n \n 5 \n \n \n \n \n Dividends \n \n \n 11 \n \n \n - \n \n \n - \n \n \n - \n \n \n (9,994) \n \n \n (9,994) \n \n \n - \n \n \n (9,994) \n \n \n \n \n At 30 June 2026 \n \n \n   \n \n \n 13,838 \n \n \n 465,740 \n \n \n 140,440 \n \n \n 192,752 \n \n \n 812,770 \n \n \n 1,835 \n \n \n 814,605 \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   \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 (1) \n \n \n Other reserves \n \n \n Accum. Profits \n \n \n Total \n \n \n NCI \n \n \n Total equity \n \n \n \n \n (Unaudited) \n \n \n \n \n \n \n \n At 1 January 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 60,148 \n \n \n 60,148 \n \n \n (84) \n \n \n 60,064 \n \n \n \n \n Total comprehensive income \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n 60,148 \n \n \n 60,148 \n \n \n (84) \n \n \n 60,064 \n \n \n \n \n Recognition of share-based payments \n \n \n 17 \n \n \n - \n \n \n - \n \n \n 537 \n \n \n - \n \n \n 537 \n \n \n - \n \n \n 537 \n \n \n \n \n Recognition of non-distributable reserve \n \n \n 17 \n \n \n - \n \n \n - \n \n \n 1 \n \n \n (1) \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Recognition of distributable reserve \n \n \n    17 \n \n \n - \n \n \n - \n \n \n 13 \n \n \n (13) \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Dividends \n \n \n 11 \n \n \n - \n \n \n - \n \n \n - \n \n \n (3,871) \n \n \n (3,871) \n \n \n - \n \n \n (3,871) \n \n \n \n \n At 30 June 2025 \n \n \n   \n \n \n 12,668 \n \n \n 321,856 \n \n \n 89,325 \n \n \n 149,348 \n \n \n 573,197 \n \n \n 2,070 \n \n \n 575,267 \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   \n The notes on subsequent pages are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements. \n \n \n   \n Condensed Consolidated Interim Cash Flow Statement \n (All amounts in Euro thousands unless otherwise stated) \n For the period ended 30 June 2026 and 2025 \n \n \n \n \n (Euro 000's) \n \n \n Note \n \n \n Three month period ended 30 Jun 2026 \n \n \n Three month period ended 30 Jun 2025 \n \n \n Six month period ended 30 Jun 2026 \n \n \n Six month period ended 30 Jun 2025 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n (Unaudited and unreviewed) \n \n \n (Unaudited and unreviewed) \n \n \n (Unaudited) \n \n \n (Unaudited) \n \n \n   \n \n \n \n \n Cash flows from operating activities \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Profit before tax \n \n \n   \n \n \n 65,417 \n \n \n 38,302 \n \n \n 100,764 \n \n \n 75,760 \n \n \n   \n \n \n \n \n Adjustments for: \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Depreciation of property, plant and equipment \n \n \n 8 \n \n \n 13,784 \n \n \n 11,585 \n \n \n 26,715 \n \n \n 23,092 \n \n \n   \n \n \n \n \n Amortisation of intangibles \n \n \n 9 \n \n \n 1,027 \n \n \n 1,316 \n \n \n 2,041 \n \n \n 2,703 \n \n \n   \n \n \n \n \n Recognition of share-based payments \n \n \n 17 \n \n \n 2,987 \n \n \n 291 \n \n \n 2,334 \n \n \n 537 \n \n \n   \n \n \n \n \n Interest income \n \n \n 5 \n \n \n (1,141) \n \n \n (743) \n \n \n (1,210) \n \n \n (1,354) \n \n \n   \n \n \n \n \n Interest expense \n \n \n 5 \n \n \n 342 \n \n \n 505 \n \n \n 485 \n \n \n 960 \n \n \n   \n \n \n \n \n Unwinding of discounting on mine rehabilitation provision \n \n \n 19 \n \n \n 266 \n \n \n 238 \n \n \n 523 \n \n \n 475 \n \n \n   \n \n \n \n \n Net foreign exchange differences \n \n \n \n \n \n (1,532) \n \n \n 3,875 \n \n \n (3,130) \n \n \n 5,956 \n \n \n   \n \n \n \n \n Unrealised foreign exchange loss on financing activities \n \n \n \n \n \n - \n \n \n (30) \n \n \n - \n \n \n 14 \n \n \n   \n \n \n \n \n Cash inflows from operating activities before working capital changes \n \n \n   \n \n \n 81,150 \n \n \n 55,339 \n \n \n 128,522 \n \n \n 108,143 \n \n \n   \n \n \n \n \n Changes in working capital: \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Inventories \n \n \n 10 \n \n \n (6,983) \n \n \n 6,578 \n \n \n (9,383) \n \n \n 11,769 \n \n \n   \n \n \n \n \n Trade and other receivables \n \n \n 12 \n \n \n 9,556 \n \n \n 66 \n \n \n 1,337 \n \n \n (29,258) \n \n \n   \n \n \n \n \n Trade and other payables \n \n \n 18 \n \n \n 3,327 \n \n \n (2,521) \n \n \n (1,690) \n \n \n (3,149) \n \n \n   \n \n \n \n \n Loans \n \n \n \n \n \n 20 \n \n \n - \n \n \n 20 \n \n \n - \n \n \n \n \n Deferred consideration \n \n \n \n \n \n (9) \n \n \n - \n \n \n (1,741) \n \n \n - \n \n \n \n \n Provisions \n \n \n 19 \n \n \n (99) \n \n \n (283) \n \n \n (123) \n \n \n (520) \n \n \n   \n \n \n \n \n Cash flows from operations \n \n \n   \n \n \n 86,962 \n \n \n 59,179 \n \n \n 116,942 \n \n \n 86,985 \n \n \n   \n \n \n \n \n Tax paid \n \n \n \n \n \n (7,897) \n \n \n (6,705) \n \n \n (7,897) \n \n \n (7,970) \n \n \n   \n \n \n \n \n Interest on leases liabilities \n \n \n 5 \n \n \n (3) \n \n \n 9 \n \n \n (7) \n \n \n - \n \n \n   \n \n \n \n \n Interest paid \n \n \n 5 \n \n \n (325) \n \n \n (245) \n \n \n (478) \n \n \n (738) \n \n \n   \n \n \n \n \n Net cash from operating activities \n \n \n   \n \n \n 78,737 \n \n \n 52,238 \n \n \n 108,560 \n \n \n 78,277 \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 Cash flows from investing activities \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Purchase of property, plant and equipment \n \n \n 8 \n \n \n (17,506) \n \n \n (17,244) \n \n \n (37,604) \n \n \n (33,816) \n \n \n   \n \n \n \n \n Purchase of intangible assets \n \n \n 9 \n \n \n (3,888) \n \n \n (2,423) \n \n \n (4,906) \n \n \n (4,752) \n \n \n   \n \n \n \n \n Payments for investments \n \n \n \n \n \n (8,485) \n \n \n 563 \n \n \n (8,465) \n \n \n (3,546) \n \n \n   \n \n \n \n \n Advance payment for investment acquisition \n \n \n \n \n \n 8,453 \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Interest received \n \n \n 5 \n \n \n 950 \n \n \n (270) \n \n \n 1,019 \n \n \n 341 \n \n \n   \n \n \n \n \n Net cash used in investing activities \n \n \n   \n \n \n (20,476) \n \n \n (19,374) \n \n \n (49,956) \n \n \n (41,773) \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 Cash flows from financing activities \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Lease payments \n \n \n 21 \n \n \n (160) \n \n \n (131) \n \n \n (320) \n \n \n (259) \n \n \n   \n \n \n \n \n Proceeds from borrowings \n \n \n 20 \n \n \n 26,685 \n \n \n 3,129 \n \n \n 34,067 \n \n \n 19,733 \n \n \n   \n \n \n \n \n Repayment of borrowings \n \n \n 20 \n \n \n (8,106) \n \n \n (1,704) \n \n \n (46,478) \n \n \n (4,585) \n \n \n   \n \n \n \n \n Proceeds from issuance of shares \n \n \n 16 \n \n \n - \n \n \n - \n \n \n 150,250 \n \n \n - \n \n \n   \n \n \n \n \n Payments for share issuance costs \n \n \n \n \n \n - \n \n \n - \n \n \n (5,195) \n \n \n - \n \n \n \n \n Share option expense \n \n \n \n \n \n - \n \n \n - \n \n \n (232) \n \n \n - \n \n \n \n \n Net cash from financing activities \n \n \n   \n \n \n 18,419 \n \n \n 1,294 \n \n \n 132,092 \n \n \n 14,889 \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 Net increase in cash and cash equivalents \n \n \n 76,680 \n \n \n 34,158 \n \n \n 190,695 \n \n \n 51,393 \n \n \n \n \n Net foreign exchange difference \n \n \n \n \n \n (6,144) \n \n \n (806) \n \n \n (6,719) \n \n \n (1,258) \n \n \n   \n \n \n \n \n Cash and cash equivalents : \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n At beginning of the period \n \n \n \n \n \n 279,746 \n \n \n 69,661 \n \n \n 166,306 \n \n \n 52,878 \n \n \n   \n \n \n \n \n At end of the period \n \n \n \n \n \n 350,282 \n \n \n 103,013 \n \n \n 350,282 \n \n \n 103,013 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n The notes on the subsequent pages are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements. \n \n \n \n Notes to the Unaudited Condensed Consolidated Interim Financial Statements \n (All amounts in...

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