REG - Atalaya MiningCopper - Q4 Operations Update and 2026 Production Guidance

Atalaya Mining Copper SAAnnouncement

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RNS Number : 7780O  Atalaya Mining Copper, S.A.  14 January 2026

 

14 January 2026

Atalaya Mining Copper, S.A.

("Atalaya" or "the Company")

Q4 2025 Operations Update and 2026 Production Guidance

Well-positioned for FY2026 after achieving FY2025 production guidance

 

Atalaya Mining (LSE: ATYM) is pleased to announce its operations update for
the fourth quarter of 2025 ("Q4 2025" or the "Period").

Proyecto Riotinto Operating Highlights

                              Q4                 Q3      Full Year
                              2025((1))  2024    2025    2025((1))  2024    2026 Guidance
 Ore mined          M tonnes  3.9        3.5     3.7     14.8       15.2    15.5 - 16.0
 Waste mined((2))   M tonnes  9.2        10.2    9.8     43.0       32.8    38 - 44((3))
 Ore processed      M tonnes  4.1        3.8     4.3     16.6       15.9    15.5 - 16.0
 Copper grade       %         0.33       0.41    0.38    0.39       0.35    0.38 - 0.41
 Copper recovery    %         83.87      78.15   74.45   78.84      83.06   79 - 83
 Copper production  tonnes    11,550     12,078  12,123  51,139     46,227  50,000 - 54,000

(1) Figures for Q4 2025 are preliminary and final figures will be released
with 2025 Annual Results.

(2) Represents the Cerro Colorado pit only.

(3) Waste guidance is 57 - 67 million tonnes when including the San Dionisio
pit.

Alberto Lavandeira, CEO, commented:

"We are pleased to have achieved the higher end of our FY2025 production
guidance range, in part due to plant throughput that set a new record for
Atalaya. This performance provides a solid foundation as we enter FY2026.

Looking ahead for the Riotinto District, we are increasing mining rates at San
Dionisio, advancing infill drilling programmes at the San Antonio and Masa
Valverde deposits, and progressing engineering works associated with plant
modifications that could unlock value from our polymetallic resources. In
Galicia, we remain active in our engagement with the Xunta and continue to
advance engineering at Proyecto Touro.

At the same time, the fundamentals for copper continue to strengthen, with
prices setting new highs thanks to growing demand from emerging technologies,
consistent supply challenges at major mines and strategic stockpiling of
critical metals like copper. Against this backdrop, we are optimistic about
the future and remain confident in Atalaya's positioning and outlook."

Q4 2025 Operating Results

Mining

Ore mined was 3.9 million tonnes in Q4 2025 (Q4 2024: 3.5 million tonnes),
compared with 3.7 million tonnes in Q3 2025. Ore mined was 14.8 million tonnes
in FY2025 (FY2024: 15.2 million tonnes).

Waste mined was 9.2 million tonnes in Q4 2025 (Q4 2024: 10.2 million tonnes),
compared with 9.8 million tonnes in Q3 2025. Waste mined was 43.0 million
tonnes in FY2025 (FY2024: 32.8 million tonnes). In addition, waste stripping
activities continued at the San Dionisio area.

Processing

The plant processed ore of 4.1 million tonnes in Q4 2025 (Q4 2024: 3.8 million
tonnes), compared with 4.3 million tonnes in Q3 2025. Throughput was 16.6
million tonnes in FY2025 (FY2024: 15.9 million tonnes), which represents a new
annual throughput record. The SAG mill liner change was completed during the
first days of October 2025.

Copper grade was 0.33% in Q4 2025 (Q4 2024: 0.41%), compared with 0.38% in Q3
2025. Copper grade was 0.39% in FY2025 (FY2024: 0.35%).

Copper recovery was 83.87% in Q4 2025 (Q4 2024: 78.15%), compared with 74.45%
in Q3 2025. Copper recovery was 78.84% in FY2025 (FY2024: 83.06%).

Production

Copper production was 11,550 tonnes in Q4 2025 (Q4 2024: 12,078 tonnes),
compared with 12,123 tonnes in Q3 2025. Copper production was 51,139 tonnes in
FY2025 (FY2024: 46,227 tonnes), thereby achieving the higher end of the
Company's FY2025 guidance range of 49,000 to 52,000 tonnes.

On-site copper concentrate inventories were 4,050 tonnes at 31 December 2025
(30 September 2025: 8,092 tonnes).

Copper contained in concentrates sold was 11,823 tonnes in Q4 2025 (Q4 2024:
10,271 tonnes), compared with 12,234 tonnes in Q3 2025. Copper contained in
concentrates sold was 53,487 tonnes in FY2025 (FY2024: 43,609 tonnes).

Select Financial Highlights

Realised Copper Price

The average realised copper price (excluding QPs closed during the Period) was
US$5.10/lb in Q4 2025 (Q4 2024: US$4.10/lb), compared with US$4.41/lb in Q3
2025. The average spot copper price was US$5.03/lb in Q4 2025.

Provisional Revenue Adjustments

For Q4 2025, settlement adjustments (for QPs closed during the Period) and
fair value adjustments (for open QPs based on copper forward curve prices as
of 31 December 2025) were positive €6.2 million.

Balance Sheet

The Company's balance sheet remains strong with consolidated cash and cash
equivalents of €166.3 million as of 31 December 2025 (31 December 2024:
€52.9 million).

Current and non-current borrowings were €44.3 million, resulting in a net
cash position of €122.0 million as of 31 December 2025 (31 December 2024:
€35.1 million).

2026 Production Guidance

Copper production in FY2026 is expected to be 50,000 to 54,000 tonnes, with H2
2026 production to be approximately 10% higher than H1 2026 production.

The Company will provide FY2026 operating cost and capital expenditure
guidance when it reports its 2025 Annual Results.

Asset Portfolio Update

Proyecto Riotinto

In H2 2025, waste stripping activities at San Dionisio accelerated, with total
material mined of 5.8 million tonnes in Q4 2025 and 12.4 million tonnes in
FY2025. 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.

At San Antonio, the polymetallic deposit located immediately east of the Cerro
Colorado pit, the infill and step-out drilling programme made further progress
and will continue in 2026.

Atalaya continued to advance the front-end engineering design of processing
plant modifications that would allow for the simultaneous treatment of
polymetallic and copper ores at Riotinto.

E-LIX Phase I Plant

In Q4 2025, the E-LIX Phase I plant operated for intermittent periods and
produced zinc precipitates from copper-zinc concentrates, although at a
variable and reduced capacity due to the focus on optimising the process. All
zinc precipitates produced have been sold.

An independent engineering firm has completed the review of the operating
parameters and confirmed the potential added value of the process when
treating complex polymetallic concentrates like those prevailing in the
Iberian Pyrite Belt.

Based on the conclusions of the engineering report, Atalaya's goal during 2026
is to profitably extract zinc and precious metals from bulk copper-zinc
concentrates produced at Proyecto Riotinto.

Atalaya continues working with Lain Technologies on the long term operating
strategy, including existing funding requirements, to achieve a profitable
application of E-LIX at its deposits in the Iberian Pyrite Belt.

Riotinto District - Proyecto Masa Valverde ("PMV")

During Q4 2025, infill and extensional drilling at the Masa Valverde deposit
continued and further infill drilling is planned for 2026. Focus will remain
on the stockwork-style mineralisation, which is expected to be amenable for
processing at the existing Riotinto facilities, and support Atalaya's initial
focus on the Masa Valverde copper zones. Development of the access ramp is
anticipated to begin once the inminent purchase of certain surface rights is
completed, subject to final Board approval.

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.

Proyecto Touro

On 24 June 2024, Atalaya announced that Proyecto Touro, via its local entity
Cobre San Rafael, was declared a strategic industrial project by the Council
of the Xunta de Galicia ("XdG"). Under legislation of the Autonomous
Community of Galicia, the status of strategic industrial project (or in
Spanish, Proyecto Industrial Estratégico ("PIE")) acts to simplify the
administrative procedures associated with the development of industrial
projects and intends to substantially reduce permitting timelines.

This declaration highlights the XdG's commitment to promoting new investment
that will benefit the region and also support the objectives of the European
Union. As a result, Cobre San Rafael has applied to the second call for
strategic projects launched by the European Commission, where the main
objective is to ensure a secure and sustainable supply of critical raw
materials for European industry.

The XdG is continuing its review according to the simplified procedures
afforded to projects with PIE status. The public information period, which
serves to inform the surrounding communities and organisations about the
proposed project, concluded on 31 January 2025. Cobre San Rafael has
addressed the feedback from the public information period, and most sectoral
reports from the Xunta de Galicia have been finalised, with only two reports
still pending. The Company has also responded to requests for additional
information and is awaiting a small number of corresponding replies.

The Company continues to engage with the many stakeholders in the region and
is restoring the water quality of the rivers around Touro by operating its
water treatment plant. The Company has also intensified its recruitment
initiatives in relation to its potential future workforce.

Engineering, cost estimation and financial modelling works are advancing as
expected. In addition, infill and step-out drilling programmes will continue
in 2026.

Proyecto Ossa Morena

Drilling is expected to begin at the Guijarro-Chaparral gold-copper project in
Q1 2026.

Proyecto Riotinto East

Drilling will begin at the Cerro Negro and Peñas Blancas permits in Q1 2026.

Skellefte Belt and Rockliden (Sweden)

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.

Atalaya and MPS have concluded their autumn drilling campaign, which finished
in late November with 11 holes totalling over 3,200 meters. Results confirm a
significant extension of mineralisation at the Bjurträskgruvan area, with
complete laboratory assays expected soon.

The winter drill programme is now underway at both the Skellefte Belt and
Rockliden projects, with three drill rigs currently active. Drilling at
previously defined targets commenced during the second week of January,
supported by ongoing Fixed-Loop Electromagnetic (FLEM) ground surveys and
advanced modelling to refine target definition.

In parallel, work plans and authorisations for new targets identified by the
summer airborne (VTEM) survey are well advanced. Ground-based exploration,
including FLEM surveys and drilling on these targets, is scheduled to begin in
the coming months.

Corporate Activities Update

On 30 December 2025, the Company announced that it intends to appoint Dr.
Michael ("Mike") Graham Armitage as an independent non-executive director with
effect from 19 January 2026. Mike will replace Steve Scott who stepped down
from the Board on 31 December 2025.

As a result, several changes will be made in relation to the composition of
the Board's various committees effective 19 January 2026.

This announcement contains information which, prior to its publication
constituted inside information for the purposes of Article 7 of Regulation
(EU) No 596/2014.

Contacts:

 SEC Newgate UK  Clotilde Gros / George Esmond / Gwen Samuel  +44 20 3757 6882
 Atalaya Mining  Michael Rechsteiner                          +34 959 59 28 50

About Atalaya Mining Copper, S.A.

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.

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
(http://www.atalayamining.com)

 

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