REG - Atalaya MiningCopper - Q1 2026 Financial Results
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RNS Number : 6169F Atalaya Mining Copper, S.A. 26 May 2026
26 May 2026
Atalaya Mining Copper, S.A.
("Atalaya" or the "Company")
Q1 2026 Financial Results
Good financial performance to begin 2026 despite lower production
Atalaya Mining (LSE: ATYM) is pleased to announce its unaudited first quarter
financial results for the period ended 31 March 2026 ("Q1 2026" or "the
Period") together with its interim financial statements.
Highlights
· Copper production of 9.9 kt, which was impacted by unfavourable
weather
· Cash Costs of US$2.52/lb and AISC of US$3.20/lb, which are
consistent with FY2026 cost guidance despite lower copper production
· EBITDA of €48.0 million, which represents solid performance to
begin FY2026
· Robust balance sheet, including net cash of €266.4 million,
which supports Atalaya's pipeline of copper growth projects in Spain
· Positive progress at Touro, where the environmental impact
statement (DIA) is expected to be finalised before the summer
Q1 2026 Financial Results Summary
Period ended 31 March Unit Q1 2026 Q1 2025
Revenues from operations €k 117,254 130,668
Operating costs €k (69,229) (78,154)
EBITDA €k 48,025 52,514
Profit for the period €k 28,349 30,467
Basic earnings per share € cents/share 19.0 21.6
Cash flows from operating activities €k 29,823 26,039
Cash flows used in investing activities €k (29,481) (22,399)
Cash flows from financing activities €k 113,673 13,595
Net cash position ((1)) €k 266,389 38,147
Working capital surplus €k 254,426 68,535
Average realised copper price US$/lb 5.87 4.26
(excluding QPs)
Copper concentrate produced tonnes 60,310 80,170
Copper production tonnes 9,939 14,291
Cash Costs US$/lb payable 2.52 2.25
All-In Sustaining Cost ("AISC") US$/lb payable 3.20 2.74
(1) Includes restricted cash and bank borrowings at 31 March 2026
and 31 March 2025.
Alberto Lavandeira, CEO, commented:
"We delivered solid financial performance in Q1 2026 despite our lower
production during the quarter. Since April, we have recovered a portion of
this shortfall and remain focused on making further progress throughout the
year.
We are also closely monitoring potential cost pressures arising from the
conflicts in the Middle East, particularly in relation to the diesel price and
other consumables. In this uncertain environment, Atalaya benefits from a
robust balance sheet, supported by ongoing cash generation and the recent
equity offering. Together, these provide us with a strong platform to advance
our near- and medium-term copper growth projects in Spain.
At Touro, we are very pleased with the feedback received to date and
encouraged by the positive comments from officials in Galicia regarding the
expected timing for finalising the environmental impact statement. Thanks to
our financial strength and the extensive preparatory work already completed by
our dedicated team in Galicia, we are well-positioned to begin development as
soon as the required approvals are received.
Looking ahead, we are increasingly confident in the outlook for both our
business and the copper market. Despite ongoing geopolitical uncertainty,
copper demand remains robust, while the industry's supply response continues
to face challenges from operational issues at major copper mines globally."
Results Presentations
Analyst and Investor Presentation
Alberto Lavandeira (CEO) and César Sánchez (CFO) will host a webcast for
analysts and investors today at 9:00 BST.
To access the SparkLive webcast, please visit:
Atalaya Mining Q1 2026 Results | SparkLive | LSEG
(https://sparklive.lseg.com/AtalayaMining/events/90d141ae-8f6e-4b18-9323-85d30c0b2dd8/atalaya-mining-q1-2026-results)
Investor Meet Company Presentation
In addition, the Company will be holding a live presentation via the Investor
Meet Company platform today at 11:00 BST.
To access the Investor Meet Company presentation, please visit:
https://www.investormeetcompany.com/atalaya-mining-copper-sa/register-investor
(https://www.investormeetcompany.com/atalaya-mining-copper-sa/register-investor)
Management will also answer questions that have been submitted via the
Investor Meet Company dashboard.
Q1 2026 Operating Results Summary
Unit Q1 2026 Q1 2025
Ore mined tonnes 3,360,848 3,711,043
Waste mined ((1)) tonnes 10,179,367 11,311,284
Ore processed tonnes 4,060,752 4,221,891
Copper grade % 0.30 0.42
Copper concentrate grade % 16.48 17.83
Copper recovery % 81.54 80.98
Copper concentrate produced tonnes 60,310 80,170
Copper production tonnes 9,939 14,291
Payable copper production tonnes 9,336 13,490
Cash Costs US$/lb payable 2.52 2.25
All-in Sustaining Cost US$/lb payable 3.20 2.74
(1) Represents the Cerro Colorado pit only.
Mining
Ore mined was 3.4 million tonnes in Q1 2026 (Q1 2025: 3.7 million tonnes). As
previously disclosed, unusually high rainfall in late January and early
February 2026 reduced access to certain mining areas in the Cerro Colorado
pit.
Waste mined was 10.2 million tonnes in Q1 2026 (Q1 2025: 11.3 million tonnes).
In addition, waste stripping activities continued at the San Dionisio area.
Processing
Ore processed was 4.1 million tonnes in Q1 2026 (Q1 2025: 4.2 million tonnes),
representing strong plant performance.
Copper grade was 0.30% in Q1 2026 (Q1 2025: 0.42%). During the Period, the
plant feed was supplemented with low-grade ore stockpiles in order to
compensate for pit access limitations following the heavy rainfall events in
late January and early February 2026.
Copper recovery was 81.54% in Q1 2026 (Q1 2025: 80.98%).
Production
Copper production was 9,939 tonnes in Q1 2026 (Q1 2025: 14,291 tonnes), which
was impacted by lower grades following the heavy rainfall events during the
Period. In addition, silver contained in copper concentrate was 0.20 million
ounces in Q1 2026 (Q1 2025: 0.28 million ounces).
On-site copper concentrate inventories were 5,083 tonnes at 31 March 2026 (31
March 2025: 19,031 tonnes).
Copper contained in concentrates sold was 9,767 tonnes in Q1 2026 (Q1 2025:
14,687 tonnes).
Cash Costs and AISC Breakdown
US$/lb Cu payable Q1 2026 Q1 2025
Mining 1.31 0.85
Processing 1.10 0.80
Other site operating costs 0.92 0.51
Total site operating costs 3.33 2.16
By-product credits (0.73) (0.25)
Freight, treatment charges and other offsite costs (0.08) 0.34
Total offsite costs (0.81) 0.09
Cash Costs 2.52 2.25
Cash Costs 2.52 2.25
Corporate costs 0.11 0.11
Sustaining capital (excluding tailings expansion) 0.05 0.06
Capitalised stripping costs ((1)) 0.42 0.26
Other costs 0.10 0.06
AISC 3.20 2.74
(1) Represents the Cerro Colorado pit only.
Note: Some figures may not add up due to rounding.
Cash costs were US$2.52/lb payable copper in Q1 2026 (Q1 2025: US$2.25/lb),
which increased due to lower production and a stronger EUR/USD exchange rate
but were partly offset by strong silver credits and lower treatment charges.
AISC were US$3.20/lb payable copper in Q1 2026 (Q1 2025: US$2.74/lb), with the
increase in costs due to the same factors that impacted cash costs as well as
higher capitalised stripping costs at Cerro Colorado. AISC excludes
investments in the tailings dam (consistent with prior reporting) and waste
stripping at the San Dionisio area.
Q1 2026 Financial Results Highlights
Income Statement
Revenues were €117.3 million in Q1 2026 (Q1 2025: €130.7 million), as a
result of lower copper production but partly offset by higher copper prices,
higher silver credits and lower offsite costs.
Operating costs were €69.2 million in Q1 2026 (Q1 2025: €78.2 million), as
a result of lower concentrate sales, lower electricity costs and higher
inventory balances at the end of the period.
EBITDA was €48.0 million in Q1 2026 (Q1 2025: €52.5 million), as a result
of lower revenues but partly offset by lower operating costs.
Profit after tax was €28.3 million in Q1 2026 (Q1 2025: €30.5 million) or
19.0 cents basic earnings per share (Q1 2025: 21.6 cents).
Cash Flow Statement
Cash flows from operating activities before changes in working capital were
€47.4 million in Q1 2026 (Q1 2025: €52.8 million) and €29.8 million
after working capital changes (Q1 2025: €26.0 million). Working capital
changes were impacted by higher trade and other receivables at period end.
Cash flows used in investing activities were €29.5 million in Q1 2026 (Q1
2025: €22.4 million). Key investments in Q1 2026 included €0.9 million in
sustaining capex, €7.4 million in capitalised stripping at Cerro Colorado,
€7.1 million related to the San Dionisio area, €2.9 million to expand the
tailings dam, €1.8 million at Proyecto Touro, €0.5 million at Proyecto
Masa Valverde, as well as €8.5 million in relation to the acquisition of
shares in Lara Exploration Ltd.
Cash flows from financing activities were positive €113.7 million in Q1 2026
(Q1 2025: positive €13.6 million), which included €150.2 million in gross
proceeds from the January 2026 equity offering, net repayment of borrowings of
€31.0 million and transaction costs from the equity offering.
Balance Sheet
The Company's balance sheet is robust with consolidated cash and cash
equivalents of €279.7 million as at 31 March 2026 (31 December 2025:
€166.3 million), which includes the net proceeds from the January 2026
equity offering.
Current and non-current borrowings were €13.4 million, resulting in a net
cash position of €266.4 million as at 31 March 2026 (31 December 2025:
€122.0 million).
Inventories of concentrate valued at cost were €6.1 million at 31 March 2026
(31 December 2025: €3.8 million). The total working capital surplus was
€254.4 million at 31 March 2026 (31 December 2025: €93.8 million).
Outlook for 2026
Production
The heavy rainfall events in late January and early February 2026 resulted in
Q1 2026 copper production that was below budget. Subsequent to the Period,
copper production has exceeded plans and therefore a portion of Q1 2026's
production shortfall has been recovered.
The Company expects production for FY2026 to remain within the original
guidance range of 50,000 to 54,000 tonnes of copper, along with silver
contained in copper concentrate of 0.9 to 1.1 million ounces, although
production is currently trending towards the low end of the guidance ranges.
Operating Costs
The recent conflicts in the Middle East have disrupted supply chains and
resulted in higher prices for fossil fuels, especially diesel. At present,
there is significant uncertainty around the short-term and long-term impacts
of the conflict to date, and also around the likelihood that the conflict
could escalate for a sustained period.
For certain consumables Atalaya has fixed price agreements in place, and in
relation to electricity, Atalaya expects to benefit from its solar plant,
long-term PPA and grid power that relies on a diversified energy mix.
Assuming the prices of diesel and explosives remain at current levels for the
remainder of FY2026, the impact on Cash Costs and AISC would be US$0.15 -
0.20/lb higher than the FY2026 guidance provided in the Company's 2025 Annual
Results (Cash Costs of US$2.60 - 2.90/lb and AISC of US$3.10 - 3.40/lb copper
payable).
Non-Sustaining Capital Investments
Certain items included within the Company's capital investment guidance could
also be impacted by higher diesel and explosives costs, such as waste
stripping and tailings facility expansion, however, total non-sustaining
capital investments for FY2026 are unlikely to exceed the previous guidance
range of €75 - 102 million.
Corporate Activities Update
Fundraise
In January 2026, the Company completed an equity offering that raised gross
proceeds of £130 million (or approximately €150 million). Proceeds from
the fundraise will allow Atalaya to accelerate the development of its copper
growth projects in Spain, and also be used to enhance financial flexibility
and for potential new acquisition opportunities and regional partnerships.
Investment in Lara Exploration Ltd. (Subsequent Event)
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 (or
approximately €8.5 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 Lara's recent
financings. Atalaya acquired the shares for investment purposes.
Asset Portfolio Update
Proyecto Riotinto
Stripping activities at San Dionisio continued during the Period, with total
waste mined of 3.3 million tonnes in Q1 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.
At San Antonio, the polymetallic deposit located immediately east of the
Cerro Colorado pit, infill and step-out drilling continued with the objective
of increasing resource confidence and confirming deposit limits.
Atalaya continues to advance engineering works associated with processing
plant modifications that would allow for the simultaneous treatment of
polymetallic and copper ores at Riotinto, including refining the layout of the
new circuits within the existing plant footprint in order to optimise capital
and operating costs.
E-LIX Phase I Plant
In Q1 2026, trials were completed at the E-LIX facility in order to test the
technology's suitability for processing ores with high silver content.
At present, the E-LIX plant is processing copper concentrates with high zinc
content in order to extract zinc and produce zinc precipitates. Operating
continuously and demonstrating consistent costs and plant performance are the
core objectives for FY2026.
Riotinto District - Proyecto Masa Valverde ("PMV")
Infill drilling continue 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. Preparatory work is ongoing
ahead of a final Board decision regarding the access ramp.
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
Atalaya's local entity Cobre San Rafael ("CSR") has received positive feedback
on the permitting process, which is being advanced under the Galician
legislation that awarded Touro with the status of strategic industrial project
(or in Spanish, Proyecto Industrial Estratégico ("PIE")) in 2024.
In recent weeks, senior officials of the Galicia regional government have
stated in public that the environmental impact statement ("DIA") for Touro is
well-advanced, with recent comments indicating favourable progress in relation
to the remaining sectoral reports and that the DIA is expected to be finalised
before the summer.
In addition, the Xunta de Galicia recently announced plans to launch a new
tender of mining rights, and senior officials have also commented about the
opportunity for Galicia to begin exploiting the many minerals found in the
region that have been classified as critical by the EU.
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.
Proyecto Ossa Morena
A drilling programme is ongoing at the Guijarro gold project, where a total of
17 holes are planned in the current phase.
Proyecto Riotinto East
A drilling campaign is ongoing at the Cerro Negro permit.
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.
The 2026 winter drilling campaign was completed in late March. While complete
assays remain pending and detailed geological interpretations are currently
underway, initial results have yielded several positive insights. The
programme successfully extended known mineralisation from previous drill holes
at both the Skellefte Belt and Rockliden projects. Furthermore, the campaign
confirmed the efficacy of ground FLEM (Fixed Loop Electromagnetic) geophysics
in refining airborne VTEM targets and successfully detecting sulphide
mineralisation.
In 2026, a total of 23 drill holes (6,930 metres) were completed at
the Skellefte Belt Project and 9 drill holes (1,812 metres) were completed
at the Rockliden Project. Since the commencement of the earn-in agreements,
cumulative drilling has totalled 43 holes (12,617 metres) at the Skellefte
Belt Project and 25 holes (4,593 metres) at the Rockliden Project.
Over the coming months, ground geophysics will continue across high-priority
target areas. This data will be used to define the next phase of drilling,
which will focus on testing numerous regional targets and further extending
known mineralisation zones.
The person responsible for arranging release of this Announcement on behalf of
the Company is Cesar Sanchez.
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 Elisabeth Cowell / 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)
ATALAYA MINING COPPER, S.A.
MANAGEMENT'S REVIEW AND
UNAUDITED CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
31 March 2026
Notice to Reader
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.
Introduction
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"), to enable the reader to assess material changes in
the financial position between 31 December 2025 and 31 March 2026 and results
of operations for the three months ended 31 March 2026 and 2025.
This report has been prepared as of 25 May 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 31 March 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. These documents can be found on Atalaya's website at
www.atalayamining.com (http://www.atalayamining.com) .
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.
Forward-looking statements
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.
1. Incorporation and description of the Business
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.
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 were also adjusted from
7.5p to €0.09 per share.
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.
The Company 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.
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.
Proyecto Riotinto
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.
Proyecto Touro
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 allowed 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.
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%:
- Phase 1 - The Group paid €0.5 million to secure and exclusive
right to fund up to a maximum of €5.0 million to support the permitting and
financing stages.
- 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%).
- 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%).
- 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.
The agreement was structured to ensure that payments would be made
progressively as the project is de-risked, permitted, and becomes operational.
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.
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.
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.
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.
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.
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.
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.
Furthermore, the Company carried out infill and step-out drilling programmes,
focused on areas within the initial mine plan where mineralisation remained
open.
Proyecto Masa Valverde
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.
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.
Proyecto Ossa Morena ("POM)
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.
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.
Proyecto Riotinto East
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.
Skellefte Belt Project and Rockliden Project
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.
Investment in Lara Exploration Ltd
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$3.00 per share and represent
approximately 7.3% of Lara's issued and outstanding shares following
completion of the private placements as announced by Lara on 1 April 2026.
Atalaya acquired the shares for investment purposes.
2. Overview of Operational Results
Proyecto Riotinto
The following table presents a summarised statement of operations of Proyecto
Riotinto for the three months ended 31 March 2026 and 2025, respectively.
Units expressed in accordance with the international system of units (SI) Unit Q1 2026 Q1 2025
Ore mined tonnes 3,360,848 3,711,043
Waste mined((1)) tonnes 10,179,367 11,311,284
Ore processed tonnes 4,060,752 4,221,891
Copper grade % 0.30 0.42
Copper concentrate grade % 16.48 17.83
Copper recovery % 81.54 80.98
Copper concentrate produced tonnes 60,310 80,170
Copper production tonnes 9,939 14,291
Payable copper production tonnes 9,336 13,490
Cash Costs* US$/lb payable 2.52 2.25
All-in Sustaining Cost (AISC)* US$/lb payable 3.20 2.74
(1) Represents the Cerro Colorado pit only.
(*) Refer Section 5 of this Management Review.
US$/lb Cu payable Q1 2026 Q1 2025
Mining 1.31 0.85
Processing 1.10 0.80
Other site operating costs 0.92 0.51
Total site operating costs 3.33 2.16
By-product credits (0.73) (0.25)
Freight, treatment charges and other offsite costs (0.08) 0.34
Total offsite costs (0.81) 0.09
Cash Costs 2.52 2.25
Cash Costs 2.52 2.25
Corporate costs 0.11 0.11
Sustaining capital (excluding tailings expansion) 0.05 0.06
Capitalised stripping costs ((1)) 0.42 0.26
Other costs 0.10 0.06
AISC 3.20 2.74
(1) Represents the Cerro Colorado pit only.
Note: Some figures may not add up due to rounding.
Three months operational review
Mining
Ore mined was 3.4 million tonnes in Q1 2026 (Q1 2025: 3.7 million tonnes),
compared with 3.9 million tonnes in Q4 2025.
Waste mined was 10.2 million tonnes in Q1 2026 (Q1 2025: 11.3 million tonnes),
compared with 9.2 million tonnes in Q4 2025. In addition, waste stripping
activities continued at the San Dionisio area.
Processing
The plant processed 4.1 million tonnes of ore in Q1 2026 (Q1 2025: 4.2 million
tonnes) compared to 4.1 million tonnes in Q4 2025. This reflects ongoing
strong plant performance, above the 15 million tonne per annum nameplate
capacity.
Copper grade in Q1 2026 was 0.30% (Q1 2025: 0.42%) compared to 0.33% in Q4
2025.
Copper recovery was 81.54% in Q1 2026 (Q1 2025: 80.98%), compared with 83.87%
in Q4 2025.
Production
Copper production was 9,939 tonnes in Q1 2026 (Q1 2025: 14,291 tonnes),
compared with 11,550 tonnes in Q4 2025. 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.
On-site copper concentrate inventories stood at 5,083 tonnes at the end of Q1
2026, compared with 4,050 tonnes at 31 December 2025.
Copper contained in concentrates sold was 9,767 tonnes in Q1 2026 (Q1 2025:
14,687 tonnes), compared with 11,823 tonnes in Q4 2025.
3. Outlook
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.
Operational guidance
Proyecto Riotinto operational guidance for 2026 is as follows:
Unit Guidance 2026
Ore mined million tonnes 15.5 - 16.0
Waste mined ((1)) million tonnes 38 - 44
Ore processed million tonnes 15.5 - 16.0
Copper grade % 0.38 - 0.41
Copper recovery % 79 - 83
Copper production tonnes 50,000 - 54,000((2))
Cash Costs US$/lb payable $2.60 - 2.90
All-in sustaining cost US$/lb payable $3.10 - 3.40
(1) Represents the Cerro Colorado pit only. Waste guidance is 57 -
67 million tonnes when including the San Dionisio pit.
(2) Low end.
Production
The heavy rainfall events in late January and early February 2026 resulted in
Q1 2026 copper production that was below budget. Subsequent to the Period,
copper production has exceeded plans and therefore a portion of Q1 2026's
production shortfall has been recovered.
The Company expects production for FY2026 to remain within the original
guidance range of 50,000 to 54,000 tonnes of copper, along with silver
contained in copper concentrate of 0.9 to 1.1 million ounces, although
production is currently trending towards the low end of the guidance ranges.
Operating Costs
The recent conflicts in the Middle East have disrupted supply chains and
resulted in higher prices for fossil fuels, especially diesel. At present,
there is significant uncertainty around the short-term and long-term impacts
of the conflict to date, and also around the likelihood that the conflict
could escalate for a sustained period.
For certain consumables Atalaya has fixed price agreements in place, and in
relation to electricity, Atalaya expects to benefit from its solar plant,
long-term PPA and grid power that relies on a diversified energy mix. Assuming
the prices of diesel and explosives remain at current levels for the remainder
of FY2026, the impact on Cash Costs and AISC would be US$0.15 - 0.20/lb higher
than the FY2026 guidance provided in the Company's 2025 Annual Results (Cash
Costs of US$2.60 - 2.90/lb and AISC of US$3.10 - 3.40/lb copper payable).
Non-Sustaining Capital Investments
Certain items included within the Company's capital investment guidance could
also be impacted by higher diesel and explosives costs, such as waste
stripping and tailings facility expansion, however, total non-sustaining
capital investments for FY2026 are unlikely to exceed the previous guidance
range of €75 - 102 million.
4. Overview of Financial Results
The following table presents summarised consolidated income statements for the
three months ended 31 March 2026, with comparatives for the three months ended
31 March 2025.
(Euro 000's) Three month period ended 31 Mar 2026 Three month period ended 31 Mar 2025
Revenues 117,254 130,668
Costs of sales (59,260) (72,343)
Corporate expenses (6,445) (2,594)
Exploration expenses (3,745) (3,335)
Care and maintenance expenditures (13) (9)
Other income 234 127
EBITDA 48,025 52,514
Depreciation/amortisation (13,945) (12,894)
Net foreign exchange gain/(loss) 1,598 (2,081)
Net finance cost (331) (81)
Tax (6,998) (6,991)
Profit for the period 28,349 30,467
Three months financial review
Revenues for the three-month period ended 31 March 2026 amounted to €117.3
million (Q1 2025: €130.7 million). The decrease in revenues was mainly due
to lower copper concentrate volumes sold offset with higher realised copper
prices and lower offsite costs.
Realised prices excluding quotation periods ("QPs") were US$5.87/lb copper
during Q1 2026 compared with US$4.26/lb copper in Q1 2025. The realised price,
including QPs was approximately US$5.40/lb during the quarter (Q1 2025:
US$4.20/lb).
Cost of sales for the three-month period ended 31 March 2026 amounted to
€59.3 million, compared with €72.3 million in Q1 2025. Lower costs were
primarily attributable to lower concentrate sales volumes and lower
electricity costs.
Cash costs of US$2.52/lb payable copper during Q1 2026 compared with
US$2.25/lb in the same period last year. The increase in unit cash costs was
mainly due to lower copper production in the quarter, combined with a weaker
US Dollar/Euro exchange rate compared to Q1 2025. AISC for Q1 2026 excluding
one-off investments in the tailings dam and San Dionisio stripping was
US$3.20/lb payable copper compared to US$2.74/lb payable copper in Q1 2025.
The increase was primarily due to higher cash costs and an increase in
capitalised stripping.
Sustaining capex for Q1 2026 amounted to €0.9 million compared with €1.6
million in Q1 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 €2.9 million in Q1
2026 (Q1 2025 €4.0 million). Stripping costs capitalised for Cerro Colorado
during Q1 2026 amounted to €7.4 million (Q1 2025: €7.2 million) and capex
associated with the San Dionisio area amounted to €7.1 million.
Corporate expenses amounted to €6.4 million (Q1 2025: €2.6 million) and
include non-operating costs of the Cyprus office, corporate legal and
consultancy fees, listing costs, officers and directors' emoluments, corporate
office salaries, administrative expenses and E-LIX costs.
Exploration costs on Atalaya's project portfolio for Q1 2026 were €3.7
million, compared to €3.3 million in Q1 2025, mainly related to the
Skellefte Belt and Rockliden projects.
Care and maintenance costs were €13k for the three-month period ended 31
March 2026 (Q1 2025: €9k).
EBITDA for the three months ended 31 March 2026 amounted to €48.0 million
compared with Q1 2025 of €52.5 million. The lower EBITDA primarily reflected
lower sales volumes, partially offset by higher realised copper prices.
Depreciation and amortisation for the quarter totalled €13.9 million (Q1
2025: €12.9 million).
Net foreign exchange gain of €1.6 million was the result of the depreciation
of the Euro against the US Dollar over the quarter.
Net financing costs for Q1 2026 amounted to €0.3 million compared with
€0.1 million in the same period in 2025.
Copper prices
The average realised copper price (excluding QPs) increased 37.8% from US$4.26
per pound in Q1 2025 to US$5.87 per pound in Q1 2026.
The average price of copper for the three months ended 31 March 2026 and 2025
respectively are summarised below:
US$/lb Three month period ended 31 Mar 2026 Three month period ended 31 Mar 2025
Realised copper price (excluding QPs) 5.87 4.26
Market copper price per lb (period average) 5.83 4.24
Realised copper prices for the reporting period noted above have been
calculated using payable copper and excluding the impact of provisional
pricing adjustments and final QP settlements. The realised price during Q1
2026, including the QP, was approximately US$5.40/lb.
5. Non-GAAP Measures
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.
EBITDA includes gross sales net of penalties and discounts and all operating
costs, excluding finance, tax, impairment, depreciation and amortisation
expenses. 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.
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.
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.
6. Liquidity and Capital Resources
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.
The following is a summary of Atalaya's cash position as at 31 March 2026 and
31 December 2025 and cash flows for Q1 2026 and 2025.
Liquidity information
(Euro 000's) 31 Mar 2026 31 Dec 2025
Unrestricted cash and cash equivalents at Group level 249,940 146,505
Unrestricted cash and cash equivalents at Operation level 29,806 19,801
Consolidated cash and cash equivalents 279,746 166,306
Net cash position ((1)) 266,389 121,960
Working capital surplus 254,426 93,822
((1) ) Includes borrowings
Unrestricted cash and cash equivalents, which include balances at both Group
and Operation levels, increased to €279.7 million as at 31 March 2026, up
from €166.3 million at 31 December 2025. This increase was primarily driven
by cash inflows from the January 2026 capital increase, partially offset by
investment outflows and moderate financing movements. At the Group level, cash
rose from €146.5 million to €249.9 million, while Operation-level cash
increased from €19.8 million to €29.8 million.
The Group generated €29.8 million in net cash from operating activities
during the first three 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
€29.5 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 €113.7
million, primarily reflecting the January 2026 capital increase, which
generated net proceeds of €145.0 million, partly offset by net loan
repayments of €31.0 million.
As of 31 March 2026, the Group reported a working capital surplus of €254.4
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 €266.4 million, up from €121.9 million at year-end
2025, underscoring its solid liquidity profile.
Overview of the Group's cash flows
(Euro 000's) Three month period ended 31 Mar 2026 Three month period ended 31 Mar 2025
Cash flows from operating activities 29,823 26,039
Cash flows used in investing activities (29,481) (22,399)
Cash flows from financing activities 113,673 13,595
Net increase in cash and cash equivalents 114,015 17,235
Net foreign exchange differences (575) (452)
Total net cash flow for the period 113,440 16,783
Three months cash flows review
Total net cash inflow for the three months ended 31 March 2026 was €113.4
million, primarily driven by cash inflow from financing activities. Cash from
operating activities amounted to €29.8 million, while investing activities
consumed €29.5 million, and financing activities contributed a net inflow of
€113.7 million.
Cash generated from operations before changes in working capital was €47.4
million. During the quarter, inventories increased by €2.4 million, trade
and other receivables increased by €8.2 million, and trade and other
payables decreased by €5.0 million, resulting in a net working capital
outflow.
Investing activities consumed €29.5 million, mainly related to the
acquisition of a 7.3% stake in Lara Exploration Ltd, the investments
associated with the San Dionisio deposit, capitalised stripping at Cerro
Colorado, ongoing development works at the tailings dams, and continued
upgrades to processing infrastructure.
Financing activities resulted in net cash inflows of €113.7 million, mainly
reflecting the equity offering, which generated a cash inflow of €145
million, partly offset by €31.0 million of net borrowing outflows.
Foreign exchange
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").
Accordingly, fluctuations in these exchange rates can potentially impact the
results of operations and carrying value of assets and liabilities on the
balance sheet.
During the three months ended 31 March 2026, Atalaya recognised a foreign
exchange gain of €1.6 million (€2.1 million foreign exchange loss in Q1
2025). Foreign exchange gain mainly related to the devaluation of the EUR
against the USD, as sales proceeds are generally held in USD.
The following table summarises the movement in key currencies versus the EUR:
Three month period ended 31 Mar 2026 Three month period ended 31 Mar 2025
Average rates for the periods
GBP - EUR 0.8682 0.8357
USD - EUR 1.1703 1.0523
Spot rates as at
GBP - EUR 0.8683 0.8551
USD - EUR 1.1498 1.0815
7. Sustainability
Corporate Social Responsibility
Atalaya continued its commitment to social investment through Fundación
Atalaya during the first quarter of 2026, with initiatives focused on
training, employability, sports, culture, and social inclusion across the
Cuenca Minera region.
A key initiative during the quarter was Fundación Atalaya's participation in
a training and employment programme developed within the framework of the
Andalusian Regional Strategy for Social Cohesion and Inclusion (ERACIS+). The
programme provides training and practical experience in gardening and
maintenance activities for people at risk of social exclusion, including
professional certification to improve future job opportunities. This
initiative reinforces Fundación Atalaya's commitment to social inclusion and
employability within the region. The foundation also continued developing the
sixth edition of its Mining Facilities Technical Operator Course. After
completing several technical modules focused on machinery handling, high-risk
operations, drilling and blasting procedures, students began practical
placements in companies across the Cuenca Minera. The programme also included
occupational safety training and the use of personal protective equipment,
combining theoretical and practical learning to strengthen employability in
the mining sector. Support for local sports remained an important area of
activity during the quarter. Fundación Atalaya renewed its collaboration with
local football clubs and sports organisations, while also supporting the first
Spanish and Andalusian Cross Country Championship held in Zalamea la Real.
Cultural and heritage initiatives also featured during the quarter. Fundación
Atalaya supported the IV National Poetry Contest "Huellas de Cobre," the
publication of the book "Riotinto: Historia, técnica e innovación minera
(1556-1963)", and restoration works at the San Juan Bautista parish church in
Berrocal.
Through these initiatives, Fundación Atalaya continued contributing to
community development and social engagement across the Cuenca Minera region
during the first quarter of 2026.
Health and Safety
During the first quarter of 2026, six lost-time accidents were recorded, all
of them classified as minor incidents, one of which involved an Atalaya
employee. As a result, Atalaya's accident rates stood at 5.20 for the
Frequency Rate (FR) and 0.08 for the Severity Rate (SR). However, when
including contractor companies, the overall figures for the first quarter
amounted to 9.74 for the FR and 0.19 for the SR. With regard to compliance
with accident rate targets, the SR target was achieved, whereas the FR target
was not met, as it exceeded the target value established for 2026. In relation
to Industrial Hygiene, during the first quarter all measurements scheduled for
the period were completed, including respirable crystalline silica and dust,
organic and inorganic vapours, metals and asbestos fibres, as well as
respiratory protective equipment fit testing for ARM personnel.
Likewise, the first round of annual medical examinations, including chest
X-rays, was carried out in accordance with the annual schedule.
As regards the First Response Brigade, the specific training activities
planned for the first quarter were completed.
Controls for psychoactive substances (alcohol and other drugs) continued to be
carried out at access control points and in the medical unit.
Regarding the Zero Harm Challenge project, during the first quarter the
proposals put forward by the working groups were being finalised, and the
"When Nobody Sees You" programme was launched, following the same approach as
in the previous phase and achieving a participation rate of 96%. In this
respect, the results were communicated to Management, department heads and
participants. The working groups for the second quarter are scheduled to
commence shortly.
During the first quarter, the annual reports of the Prevention Service were
prepared, together with the health and safety document accompanying the annual
Operational Plan, the preventive activity plan for 2026, and the annual
prevention plan. In addition, in relation to the management system, management
data and indicators were finalized, including those relating to the
sustainability report.
It should also be noted that Field Leadership activities continued, achieving
a 93% completion rate during the first quarter.
Finally, it is worth highlighting that ARM continues to work on occupational
health and safety matters at Atalaya Masa Valverde, including the development
of specific procedures, workplace assessments and the project for a medical
unit in order to apply for the corresponding healthcare accreditation.
Environment
During Q1 2026, the Environmental Department continued advancing its
environmental monitoring efforts and natural resource management initiatives,
including:
· Two environmental incidents were reported during this period. On
2 March and 4 March, during municipal waste collection, improper waste was
observed in containers located in contractor areas at the mine and the plant,
respectively. After verifying the origin of the waste, those responsible for
it proceeded to remove and properly manage it. A total rainfall of 499,6 l/m2
was recorded in Q1 2026. The total rain collected for the hydrological year
(October 2025 to March 2026) is 790,8 l/m2, which is 15% lower than the
rainfall recorded in the previous hydrological year (same period).
· On 5 February, the Company received the authorisation from the
Regional Ministry of Public Works for the construction of the north-western
bypass of the A-461 road. This authorisation represents an important milestone
for the execution of the associated infrastructure works. On 19 February, the
Company received the authorisation from the Regional Ministry of Culture
approving the so-called Global Plan III, a management plan for the singular
heritage elements associated with the project.
· During the first quarter of the year, two applications for a
non-substantial modification of the AAU were submitted:
o 4 February: the application for a non-substantial modification of the AAU
related to the Raw Material Supply Optimisation Project was submitted.
o 30 March: the application for a non-substantial modification of the AAU
related to the adaptation of the Cerro Colorado waste rock dump was submitted.
· In addition, two resolutions were received regarding
non-substantial modifications to the AAU as a result of the following
projects: "Optimization of the Crushing Process", "Management of Drainage and
Runoff at the South Waste Rock Dump" and "Raw Material Supply Optimization".
· Annual Mandatory Reports were submitted to the Environmental
Administration, including Annual Waste Report (Hazardous and No Hazardous),
the E-PRTR (pollutant emissions) and protected species (Erica andevalensis and
chiropterous) management reports.
· 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.
· Environmental Department continues working in the Restoration
Plan in both areas, operational and historical.
· All the periodic internal controls of non-channelled emissions
into the atmosphere have been carried out, and the results of the controls are
within the limit values set out in the regulations. 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.
· 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. A total of 54 inspections were
carried out during the first quarter, including, plant, mine area and the
contractors' camps.
8. Risk Factors
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.
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.
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.
9. Critical accounting policies, estimates, judgements, assumptions and
accounting changes
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.
As at 31 March 2026, whilst 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.
10. Other Information
Additional information about Atalaya Mining Copper, S.A. is available at
www.atalayamining.com (http://www.atalayamining.com)
Unaudited Condensed Consolidated Interim Financial Statements on subsequent
pages.
By Order of the Board of Directors,
___________________________________
Neil Gregson
Chair, Atalaya Mining Copper, S.A.
Seville, 25 May 2026
Condensed Consolidated Interim Statement of Comprehensive Income
(All amounts in Euro thousands unless otherwise stated)
For the period ended 31 March 2026 and 2025
(Euro 000's) Note Three month period ended 31 Mar 2026 Three month period ended 31 Mar 2025
(Unaudited) (Unaudited)
Revenue 4 117,254 130,668
Operating costs and mine site administrative expenses (59,913) (72,097)
Mine site depreciation and amortisation (13,945) (12,894)
Gross profit 43,396 45,677
Administration and other expenses (6,445) (2,594)
Share-based benefits 16 653 (246)
Exploration expenses (3,745) (3,335)
Care and maintenance expenditure (13) (9)
Other income 234 127
Operating profit 34,080 39,620
Net foreign exchange (loss)/gain 3 1,598 (2,081)
Net finance costs 5 (331) (81)
Profit before tax 35,347 37,458
Tax 6 (6,998) (6,991)
Profit for the period 28,349 30,467
Profit for the period attributable to:
- Owners of the parent 7 28,538 30,467
- Non-controlling interests (189) -
28,349 30,467
Earnings per share from operations attributable to equity
holders of the parent during the period:
Basic earnings per share (EUR cents per share) 7 19.0 21.6
Fully diluted earnings per share (EUR cents per share) 7 18.3 20.8
Profit for the period 28,349 30,467
Other comprehensive income - -
Other comprehensive income that will not be reclassified
to profit or loss in subsequent periods (net of tax):
Change in fair value of financial assets through other comprehensive income - 1
'OCI'
Total comprehensive income for the period 28,349 30,467
Total comprehensive income for the period attributable to:
- Owners of the parent 7 28,538 30,468
- Non-controlling interests (189) -
28,349 30,468
The notes on the subsequent pages are an integral part of these Unaudited
Condensed Consolidated Interim Financial Statements.
Condensed Consolidated Interim Statement of Financial Position
(All amounts in Euro thousands unless otherwise stated)
As at 31 March 2026 and 31 December 2025
(Euro 000's) Note 31 Mar 2026 31 Dec 2025
Assets Unaudited Audited
Non-current assets
Property, plant and equipment 8 454,910 447,729
Intangible assets 9 74,924 74,919
Loans 13 9,725 9,725
Trade and other receivables 12 4,581 1,122
Non-current financial assets 2.3 1,101 1,101
Deferred tax asset 17,390 15,840
562,631 550,436
Current assets
Inventories 10 33,271 30,871
Loans 13 - 20
Trade and other receivables 12 48,052 41,113
Advance payment for investment 12 8,453 -
Tax refundable 334 2,834
Other financial assets 2.3 62 62
Cash and cash equivalents 14 279,746 166,306
369,918 241,206
Total assets 932,549 791,642
Equity and liabilities
Equity attributable to owners of the parent
Share capital 15 13,838 12,668
Share premium 15 465,740 321,856
Other reserves 16 135,139 89,255
Accumulated profit 149,351 166,091
764,068 589,870
Non-controlling interests 1,751 1,940
Total equity 765,819 591,810
Liabilities
Non-current liabilities
Trade and other payables 17 14,143 14,142
Provisions 18 29,022 28,764
Lease liabilities 20 3,676 3,834
Borrowings 19 4,397 5,708
51,238 52,448
Current liabilities
Trade and other payables 17 99,610 106,117
Lease liabilities 20 637 639
Borrowings 19 8,960 38,638
Dividend payable 11 9 9
Current provisions 18 1,819 1,845
Current tax liabilities 4,457 136
115,492 147,384
Total liabilities 166,730 199,382
Total equity and liabilities 932,549 791,642
The notes on the subsequent pages are an integral part of these Unaudited
Condensed Consolidated Interim Financial Statements.
Condensed Consolidated Interim Statement of Changes in Equity
(All amounts in Euro thousands unless otherwise stated)
For the period ended 31 March 2026 and 2025
(Euro 000's) Note Share capital Share premium ((1)) Other reserves Accum. Profits Total NCI Total equity
At 1 January 2026 12,668 321,856 89,255 166,091 589,870 1,940 591,810
Profit for the period - - - 28,538 28,538 (189) 28,349
Change in fair value of financial assets through OCI - - - - - - -
Total comprehensive income - - - 28,538 28,538 (189) 28,349
Issuance of share capital 1,170 149,079 - - 150,249 - 150,249
Share issue costs - (5,195) - - (5,195) - (5,195)
Recognition of depletion factor - - 21,271 (21,271) - - -
Recognition of share-based payments 16 - - 604 - 604 - 604
Recognition of non-distributable reserve - - 4,999 (4,999) - - -
Recognition of distributable reserve 16 - - 19,010 (19,010) - - -
Other changes in equity - - - 2 2 - 2
At 31 March 2026 13,838 465,740 135,139 149,351 764,068 1,751 765,819
(Euro 000's) Note Share capital Share premium ((1)) Other reserves Accum. Profits Total NCI Total equity
At 1 January 2025 12,668 321,856 88,774 93,085 516,383 2,154 518,537
Profit for the period - - - 30,467 30,467 - 30,467
Change in fair value of financial assets through OCI - - 1 - 1 - 1
Total comprehensive income - - 1 30,467 30,468 - 30,468
Recognition of share-based payments 16 - - 246 - 246 - 246
Recognition of-distributable reserve 16 - - 13 (13) - - -
Other changes in equity - - - (4) (4) - (4)
At 31 March 2025 12,668 321,856 89,034 123,535 547,093 2,154 549,247
(Euro 000's) Note Share capital Share premium ((1)) Other reserves Accum. Profits Total NCI Total equity
(Audited)
At 1 January 2025 12,668 321,856 88,774 93,085 516,383 2,154 518,537
Profit for the period - - - 85,577 85,577 (214) 85,363
Change in fair value of financial assets through OCI - - 39 - 39 - 39
Total comprehensive income/(loss) - - 39 85,577 85,616 (214) 85,402
Recognition of non-distributable reserve 16 - - 1 - 1 - 1
Recognition of distributable reserve 16 - - 13 - 13 - 13
Recognition of share-based payments 16 - - 428 (2,588) (2,160) - (2,160)
Other changes in equity - - - 81 81 - 81
Dividends paid 11 - - - (10,064) (10,064) - (10,064)
At 31 December 2025 12,668 321,856 89,255 166,091 589,870 1,940 591,810
( )
((1)) The share premium reserve is not available for distribution
The notes on subsequent pages are an integral part of these Unaudited
Condensed Consolidated Interim Financial Statements.
Condensed Consolidated Interim Cash Flow Statement
(All amounts in Euro thousands unless otherwise stated)
For the period ended 31 March 2026 and 2025
(Euro 000's) Note Three month period ended 31 Mar 2026 Three month period ended 31 Mar 2025
(Unaudited) (Unaudited)
Cash flows from operating activities
Profit before tax 35,347 37,458
Adjustments for:
Depreciation of property, plant and equipment 8 12,931 11,507
Amortisation of intangibles 9 1,014 1,387
Recognition of share-based payments 16 (653) 246
Interest income 5 (69) (611)
Interest expense 5 143 455
Unwinding of discounting on mine rehabilitation provision 18 257 237
Net foreign exchange differences (1,598) 2,081
Unrealised foreign exchange loss on financing activities - 44
Cash inflows from operating activities before working capital changes 47,372 52,804
Changes in working capital:
Inventories 10 (2,400) 5,191
Trade and other receivables 12 (8,219) (29,324)
Trade and other payables 17 (5,017) (628)
Deferred taxes (1,732) -
Provisions 18 (24) (237)
Cash flows from operations 29,980 27,806
Tax paid - (1,265)
Interest on leases liabilities 5 (4) (9)
Interest paid 5 (153) (493)
Net cash from operating activities 29,823 26,039
Cash flows from investing activities
Purchase of property, plant and equipment 8 (20,098) (16,572)
Purchase of intangible assets 9 (1,019) (2,329)
Payments for investments 20 (4,109)
Advance payment for investment (8,453)
Interest received 5 69 611
Net cash used in investing activities (29,481) (22,399)
Cash flows from financing activities
Lease payments 19 (160) (128)
Proceeds from borrowings 18 7,382 16,604
Repayment of borrowings 18 (38,372) (2,881)
Proceeds from issuance of shares 150,249 -
Payments for share issuance costs (5,195) -
Share option expense (232) -
Net cash from financing activities 113,673 13,595
Net increase in cash and cash equivalents 114,015 17,235
Net foreign exchange difference (575) (452)
Cash and cash equivalents:
At beginning of the period 166,306 52,878
At end of the period 279,746 69,661
The notes on the subsequent pages are an integral part of these Unaudited
Condensed Consolidated Interim Financial Statements.
Notes to the Unaudited Condensed Consolidated Interim Financial Statements
(All amounts in Euro thousands unless otherwise stated)
For the period ended 31 March 2026 and 2025
1. Incorporation and summary of business
Atalaya Mining Plc was incorporated in Cyprus on 17 September 2004 as a
private company with limited liability under the Companies Law, Cap. 113 and
was converted to a public limited liability company on 26 January 2005. Its
registered office was at 1 Lampousa Street, Nicosia, Cyprus.
The Company was first listed on the Alternative Investment Market (AIM) of the
London Stock Exchange in May 2005.
Change of name and share consolidation
Following the Company's Extraordinary General Meeting ("EGM") on 13 October
2015, the change of name from EMED Mining Public Limited to Atalaya Mining Plc
became effective on 21 October 2015. On the same day, the consolidation of
ordinary shares came into effect, whereby all shareholders received one new
ordinary share of nominal value Stg £0.075 for every 30 existing ordinary
shares of nominal value Stg £0.0025. The Company's trading symbol became
"ATYM".
On 29 April 2024, the Company was admitted to trading on the main market of
the London Stock Exchange.
Cross-border conversion (re-domiciliation) (2024-2025)
On 10 January 2025, the Company successfully completed a cross-border
conversion, resulting in its re-domiciliation from the Republic of Cyprus to
the Kingdom of Spain. This process was carried out in accordance with the
Company's strategic objectives to align its corporate structure with its
operational base in Spain.
A cross-border conversion deed was executed on 23 December 2024 and
subsequently filed with the Spanish Commercial Registry on 27 December 2024.
Under Spanish corporate law, the re-domiciliation became legally effective
from the date of registration with the Spanish Commercial Registry, i.e., 27
December 2024. However, for administrative and procedural purposes, the final
formalities were completed on 9 January 2025, with the official public
announcement being made on 10 January 2025. Following this change:
· Atalaya's corporate seat was transferred from Cyprus to Spain,
and Atalaya became a Spanish public limited company (Sociedad Anónima) under
the laws of the Kingdom of Spain;
· Atalaya's registered name changed from Atalaya Mining Plc to
Atalaya Mining Copper, S.A.; and
· Atalaya's registered address changed from 1, Lampousas Street,
1095 Nicosia, Cyprus to Paseo de las Delicias, 1, 3, 41001, Sevilla, Spain.
The Company's shares commenced trading under "Atalaya Mining Copper, S.A." on
10 January 2025 at 8:00 am (London time) and the nominal value of the
Company's shares were also adjusted from 7.5p to €0.09 per share.
Principal activities
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.
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.
Proyecto Riotinto
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.
In May 2025, the Junta de Andalucía granted the Unified Environmental
Authorisation (AAU) for the San Dionisio deposit, located within the Riotinto
District. This authorisation enables the Company to expand its mining
activities and supports its strategy to increase copper production by sourcing
higher-grade material for processing at the Riotinto plant.
Proyecto Touro
The Group initially acquired a 10% stake in Cobre San Rafael, S.L. ("CSR"),
the owner of Proyecto Touro, as part of an earn-in agreement, which was
designed to enable the Group to acquire up to 80% of the copper project.
Proyecto Touro is located in Galicia, north-west Spain, and is currently in
the permitting process.
In July 2017, the Group announced that it had executed the option to acquire
10% of the share capital of CSR, a wholly owned subsidiary of Explotaciones
Gallegas S.L. This acquisition was part of an earn-in agreement, structured in
four phases, allowing the Group to progressively increase its stake in CSR up
to 80%:
- Phase 1 - The Group paid €0.5 million to secure the exclusivity
agreement and committed to funding up to a maximum of €5.0 million to
support the permitting and financing stages.
- 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%).
- 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%).
- Phase 4 - Upon declaration of commercial production, the Group will
purchase an additional 10% interest (cumulative 80%) in exchange for a 0.75%
Net Smelter Return royalty, with a buyback option.
The Agreement was structured to ensure that each phase and corresponding
payment would only occur once the project was de-risked, permitted, and
operational.
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. Copper is considered a strategic raw material by the EU and this
project has the potential to become a new source of sustainable European
copper production.
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.
Following the declaration of Proyecto Touro as a strategic industrial project
in June 2024 and subsequent progress in the permitting process, the Group
reassessed the probability of completion of phases 2, 3 and 4 under the
earn-in agreement. As a result of that reassessment, an intangible asset of
€16.5 million was recognised in 2024 in accordance with the Group's policy
on contingent payments, together with the corresponding contingent
liabilities.
In accordance with the Group's policy on non-controlling interests, 20% of
this intangible asset was attributed to non-controlling interests.
During 2024, the Group also reversed an impairment previously recognised in
2019 in respect of Proyecto Touro (Note 9).
As at 31 March 2026, the permitting process continues under the simplified
administrative framework granted by the strategic industrial project status.
The Company has submitted the required sectoral reports and is awaiting the
remaining responses from the relevant authorities. The Company continues to
engage constructively with the Xunta de Galicia in relation to the expected
timeline for completion of the administrative procedures.
In parallel, engineering and preparatory activities have progressed during the
year, supporting the potential future development of the project. Drilling
programmes have continued as planned, and the Company remains engaged with
local stakeholders and continues to operate its water treatment plant in the
area.
Proyecto Masa Valverde
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 would make an
aggregate €1.4 million cash payment in two instalments of approximately the
same amount: the first upon permitting of the project and the second upon
achieving first production from the concession.
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 the first payment of €0.7 million associated with the
granted permits.
Proyecto Ossa Morena
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.
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
Transaction are secured. In accordance with the agreement, these outstanding
instalments are disclosed as a non-current payable to the sellers.
Proyecto Riotinto East
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.
Skellefte Belt Project and Rockliden Project
During 2024, the Group entered into 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 recognised for their mineral resource potential. In accordance with
IFRS6, all amounts provided to MPS to date have been recognised as exploration
expenses.
Investment in Lara Exploration Ltd. (Subsequent Event)
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.
2. Basis of preparation and accounting policies
2.1 Basis of preparation
(a) Overview
These Condensed Interim Financial Statements are unaudited.
The unaudited Condensed Consolidated Interim Financial Statements for the
period ended 31 March 2026 have been prepared in accordance with International
Accounting Standard 34: Interim Financial Reporting. IFRS comprise the
standard issued by the International Accounting Standard Board ("IASB"), and
IFRS Interpretations Committee ("IFRICs") as issued by the IASB. Additionally,
the unaudited Condensed Consolidated Interim Financial Statements have also
been prepared in accordance with the IFRS as adopted by the European Union
(EU), using the historical cost convention and have been prepared on a
historical cost basis except for the revaluation of certain financial
instruments that are measured at fair value at the end of each reporting
period, as explained below.
These unaudited Condensed Consolidated Interim Financial Statements include
the financial statements of the Company and its subsidiary undertakings. They
have been prepared using accounting bases and policies consistent with those
used in the preparation of the Consolidated Financial Statements of the
Company and the Group for the year ended 31 December 2025. These unaudited
Condensed Consolidated Interim Financial Statements do not include all the
disclosures required for annual Financial Statements, and accordingly, should
be read in conjunction with the Consolidated financial Statements and other
information set out in the Group's annual report for the year ended 31
December 2025.
As a Spanish company operating under EU regulations, the Group also complies
with the requirements of Spanish corporate law, including the Commercial Code
(Código de Comercio) and the Spanish Capital Companies Act (Ley de Sociedades
de Capital), where applicable. These regulations govern the preparation and
disclosure of Consolidated Financial Statements.
The definition of Public Interest Entity is set out in Article 2.13 of
Directive 2006/43/EC, amended by Article 1 of Directive 2014/56/EU, that
states that it is considered to be Public Interest Entities: (a) entities
governed by the law of a Member State whose transferable securities are
admitted to trading on a regulated market of any Member State; (b) credit
institutions as defined in point 1 of Article 3(1) of Directive 2013/36/EU;
(c) insurance undertakings within the meaning of Article 2(1) of Directive
91/674/EEC; and (d) entities designated by Member States as public-interest
entities. As the company is not included in any of the categories above, it is
not considered to be a Public Interest Entity.
(b) Going concern
These unaudited Condensed Consolidated Interim Financial Statements have been
prepared based on accounting principles applicable to a going concern which
assumes that the Group will realise its assets and discharge its liabilities
in the normal course of business. Management has carried out an assessment of
the going concern assumption and has concluded that the Group can reasonably
be expected to generate sufficient cash and cash equivalents to continue
operating for the next twelve months.
Management continues to monitor the impact of geopolitical developments.
Currently no significant impact is expected in the operations of the Group.
2.2 New standards, interpretations and amendments adopted by the Group
The accounting policies adopted in the preparation of the Condensed
Consolidated Interim Financial Statements are consistent with those followed
in the preparation of the Group's annual Consolidated Financial Statements for
the year ended 31 December 2025, except for the adoption of new standards
effective as of 1 January 2026. The Group has not early adopted any standard,
interpretation or amendment that has been issued but is not yet effective.
Classification and Measurement of Financial Instruments - Amendments to IFRS 9
and IFRS 7
In May 2024, the IASB issued Amendments to IFRS 9 and IFRS 7, Amendments to
the Classification and Measurement of Financial Instruments (the Amendments).
The Amendments include:
▪ Clarifications of the requirements for recognition and derecognition of
financial assets and financial liabilities. In particular, a financial
liability is derecognised on the 'settlement date' and an accounting policy
choice is introduced (if specific conditions are met) to derecognise financial
liabilities settled using an electronic payment system before the settlement
date
▪ Additional guidance on how the contractual cash flows for financial assets
with environmental, social and corporate governance (ESG) and similar features
should be assessed
▪ Clarifications on what constitute 'non-recourse features' and what are the
characteristics of contractually linked instruments
▪ The introduction of disclosures for financial instruments with contingent
features and additional disclosure requirements for equity instruments
classified at fair value through other comprehensive income (OCI)
The amendments had no impact on the Group's interim condensed financial
statements.
Annual Improvements to IFRS accounting Standards - Volume 11
In July 2024, the IASB issued nine narrow scope amendments as part of its
periodic maintenance of IFRS accounting standards. The amendments include
clarifications, simplifications, corrections or changes to improve consistency
in IFRS 1 First-time Adoption of International Financial Reporting Standards,
IFRS 7 Financial instruments: Disclosure and its accompanying Guidance on
implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10 Consolidated
Financial Statements and IAS 7 Statements of Cash Flows.
The amendments had no impact on the Group's interim condensed financial
statements.
Contracts Referencing Nature -dependent Electricity - Amendments to IFRS 9 and
IFRS 7
In December 2024, the IASB issued Amendments to IFRS 9 and IFRS 7 - Contracts
Referencing Naturedependent Electricity. The amendments apply only to
contracts that reference nature-dependent electricity, and they: ▪ Clarify
the application of the 'own-use' requirements for in-scope contracts ▪ Amend
the designation requirements for a hedged item in a cash flow hedging
relationship for in -scope contracts ▪ Add new disclosure requirements to
enable investors to understand the effect of these contracts on a company's
financial performance and cash flows
The amendments had no impact on Group's interim condensed financial
statements.
2.3 Fair value estimation
The fair values of the Group's financial assets and liabilities approximate
their carrying amounts at the reporting date.
The fair value of financial instruments traded in active markets, such as
publicly traded trading and other financial assets is based on quoted market
prices at the reporting date. The quoted market price used for financial
assets held by the Group is the current bid price. The appropriate quoted
market price for financial liabilities is the current ask price.
The fair value of financial instruments that are not traded in an active
market is determined by using valuation techniques. The Group uses a variety
of methods, such as estimated discounted cash flows, and makes assumptions
that are based on market conditions existing at the reporting date.
Fair value measurements recognised in the consolidated statement of financial
position
The following table provides an analysis of financial instruments that are
measured subsequent to initial recognition at fair value, grouped into Levels
1 to 3 based on the degree to which the fair value is observable.
· Level 1 fair value measurements are those derived from quoted
prices (unadjusted) in active markets for identical assets or liabilities.
· Level 2 fair value measurements are those derived from inputs
other than quoted prices included within Level 1 that are observable for the
asset or liability, either directly (i.e. as prices) or indirectly (i.e.
derived from prices).
· Level 3 fair value measurements are those derived from valuation
techniques that include inputs for the asset or liability that are not based
on observable market data (unobservable inputs).
Financial assets or liabilities Level 1 Level 2 Level 3 Total
(Euro 000's)
31 Mar 2026
Other financial assets
Financial assets at FV through OCI 62 1,101 1,163
Financial assets at FV through P&L (*) 9,725 9,725
Trade and other receivables
Receivables (subject to provisional pricing) - 17,355 - 17,355
Total 62 17,355 10,826 28,243
31 Dec 2025
Other current financial assets
Financial assets at FV through OCI 62 - 1,101 1,163
Financial assets at FV through P&L (*) - - 9,725 9,725
Trade and other receivables
Receivables (subject to provisional pricing) - 21,254 - 21,254
Total 62 21,254 10,826 32,142
(*) The fair value of the convertible loan was determined using a valuation
model reflecting expected outcomes of Lain UK Ltd.
On 30 September 2024 the Company entered into a convertible loan agreement
with Lain Technologies Ltd., granting a credit facility of up to €10 million
(the "Convertible Loan"). The Convertible Loan was granted for a fixed term to
31 December 2025 and bears interest at EURIBOR 3M + 2% per annum.
As at 31 March 2026, the carrying value of the Convertible Loan amounts €9.7
million comprising €9.3 million of principal and €0.4 million of accrued
interest.
As at 31 March 2026, Lain Technologies Ltd has not repaid the principal and
accrued interest therefore, Atalaya has the right to acquire 20% of the shares
of Lain Technologies, Ltd at zero consideration (in exchange for the
outstanding principal and interest of the Convertible Loan). Upon receipt of
such equity interest, the Convertible Loan will be cancelled.
As at the date of approval of these financial statements, Atalaya has neither
collected the outstanding amount nor exercised the conversion right.
Lain Technologies, Ltd is the owner of the E-LIX technology, which is
safeguarded as a trade secret, and the company's value is fundamentally driven
by ownership of that technology. The functionality of the E-LIX process has
been demonstrated, however, the only demonstration scale plant using this
technology is located at Proyecto Riotinto and is currently in ramping up and
has not yet achieved consistent commercial production levels.
2.4 Critical accounting estimates and judgements
The preparation of the unaudited Condensed Consolidated Interim Financial
Statements require management to make judgements, estimates and assumptions
that affect the reported amounts of revenues, expenses, assets and
liabilities, and the accompanying disclosures, and the disclosure of
contingent liabilities at the date of the Consolidated Financial Statements.
Estimates and assumptions are continually evaluated and are based on
management's experience and other factors, including expectations of future
events that are believed to be reasonable under the circumstances. Uncertainty
about these assumptions and estimates could result in outcomes that require a
material adjustment to the carrying amount of assets or liabilities affected
in future periods.
Provisions are recognised when the Group has a present legal or constructive
obligation as a result of past events, it is probable that an outflow of
resources will be required to settle the obligation, and a reliable estimate
of the amount can be made. If the effect of the time value of money is
material, provisions are discounted using a current pre-tax rate that
reflects, where appropriate, the risks specific to the liability. Where
discounting is used, the increase in the provision due to the passage of time
is recognised as a finance cost.
A full analysis of critical accounting estimates and judgements is set out in
Note 3.4 of the 2025 audited Financial Statements.
Recoverability of assets related to the E-LIX project
The E-LIX System represents a key area of estimation uncertainty due to the
early-stage nature of the project and the significant assumptions involved in
assessing the recoverability of capitalised development costs.
Historically, the Group capitalised expenditures related to the construction
of the pilot plant and supporting infrastructure, as well as costs associated
with feasibility studies and engineering design for a potential
industrial-scale application of the E-LIX electrochemical extraction process.
The recoverability of these capitalised amounts is subject to considerable
uncertainty and depends on the achievement of several future milestones,
including:
· Demonstration of commercial and technical feasibility - The E-LIX
Phase 1 plant must validate the E-LIX System's ability to operate consistently
and cost-effectively at scale. Progress to date has highlighted challenges in
achieving sustainable throughput levels, and further assessment is pending
(see Note 8).
· Market conditions for copper and zinc - Sustained favourable
pricing is critical to supporting the project's economic case.
· Operational and cost performance - The system must achieve
targeted recovery rates and cost efficiencies during pilot and potential
commercial operation.
· Strength of exclusivity arrangements - The Group retains
exclusive rights to deploy the E-LIX System within the Iberian Pyrite Belt,
but the value of these rights is contingent on successful commercialisation.
Management assesses the capitalised amounts for indicators of impairment in
accordance with IAS 36. Should there be indications of material changes in
project assumptions or external conditions, the Group will review the carrying
amount of the asset in accordance with IAS 36.
3. Business and geographical segments
Business segments
The Group has only one distinct business segment, being that of mining
operations, which include mineral exploration, development and scrap sales.
Copper concentrates produced by the Group are sold to three off-takers as per
the relevant offtake agreements. In addition, the Group has spot agreements
for the concentrates not committed to off-takers.
Geographical segments
The Group's mining activities are located in Spain. The commercialisation of
the copper concentrates produced in Spain is carried out through Cyprus. Sales
transactions to related parties are on arm's length basis in a similar manner
to transaction with third parties. Accounting policies used by the Group in
different locations are the same as those contained in Note 2.
The table below presents revenues from external customers based on their
geographical location, determined by the country of establishment of each
customer.
Revenue - from external customers Three month period ended 31 Mar 2026 Three month period ended 31 Mar 2025
€'000 €'000
Switzerland 69,014 106,625
Singapore 48,144 23,967
Spain 96 -
117,254 130,592
The table below presents revenues from external customers attributed to the
country of domicile of the Company.
Revenue - from external customers Three month period ended 31 Mar 2026 Three month period ended 31 Mar 2025
€'000 €'000
Cyprus 9,048 9,385
Spain 108,206 121,283
117,254 130,668
The geographical location of the specified non-current assets is based on the
physical location of the asset in the case of property, plant and equipment
and intellectual property and the location of the operation to which they are
allocated in the case of goodwill.
Non-current assets 31 Mar 2026 31 Dec 2025
€'000 €'000
Spain 529,834 522,648
529,834 522,648
Revenue represents the sales value of goods supplied to customers; net of
value added tax. The following table summarises sales to customers with whom
transactions have individually exceeded 10.0% of the Group's revenues.
(Euro 000's) Three month period ended 31 Mar 2026 Three month period ended 31 Mar 2025
Segment €'000 Segment €'000
Customer 1 Copper 48,144 Copper 23,967
Customer 2 Copper 7,111 Copper 6,473
Customer 3 Copper 18,747 Copper 83,020
Customer 4 Copper - Copper 17,132
Customer 5 Copper 43,156 Copper -
117,158 130,592
4. Revenue
(Euro 000's) Three month period ended 31 Mar 2026 Three month period ended 31 Mar 2025
Revenue from contracts with customers ((1)) 121,421 129,254
Fair value gains relating to provisional pricing within sales ((2)) (143) 1,338
Fair value (losses)/gains relating to provisional pricing within sales ((3)) (4,120) -
Other income ((4)) 96 76
Total revenue 117,254 130,668
All revenue from copper concentrate is recognised at a point in time when the
control is transferred. Revenue from freight services is recognised over time
as the services are provided.
((1) ) Included within Q1 2026 revenue is income of €3.5
million (€3.2 million in Q1 2025) related to the freight services provided
by the Group to its customers arising from the sales of copper concentrate
under CIF incoterm.
((2) ) Represents adjustment to revenue arising from the final
settlement of sales contracts that were previously provisionally priced. These
amounts result from the reversal of provisions once the final invoice amount
has been agreed with the customer.
((3) ) Provisional pricing impact represents the change in fair
value of the embedded derivative arising on sales of concentrate.
((4) ) Other income mainly represents scraps.
5. Net Finance Costs
(Euro 000's) Three month period ended 31 Mar 2026 Three month period ended 31 Mar 2025
Interest expense
Other interest ((1)) (139) (446)
Interest on lease liabilities (4) (9)
Unwinding of discount on mine rehabilitation provision (Note 18) (257) (237)
Interest income
Financial interest 69 611
Total (331) (81)
Interest expense capitalised ((2)) 14 179
((1) ) Interest expenses related to interest accrued on bank
payable balances.
((2) ) Amounts capitalised within the above table refers to the
new crusher in 2026 and new crusher and solar plant during Q1 2025.
Financial income includes interest received on bank balances of €0.1 million
(2025: €0.4 million).
6. Tax
The Group determines the income tax expense for the period based on the
application of relevant tax laws and regulations in each jurisdiction,
including current and deferred tax effect. The major components of income tax
expense in the unaudited Condensed Consolidated Interim Statement of
Comprehensive Income are:
(Euro 000's) Three month period ended 31 Mar 2026 Three month period ended 31 Mar 2025
Income taxes
Current income tax expense (6,998) (6,991)
Income tax expense recognised in statement of profit and loss (6,998) (6,991)
7. Earnings per share
The calculation of the basic and fully diluted earnings per share attributable
to the ordinary equity holders of the Company is based on the following data:
(Euro 000's) Three month period ended 31 Mar 2026 Three month period ended 31 Mar 2025
Profit attributable to equity holders of the parent 28,538 30,467
Weighted number of ordinary shares for the purposes of basic earnings per 149,815 140,759
share (000's)
Basic profit per share (EUR cents/share) 19.0 21.6
Weighted number of ordinary shares for the purposes of fully diluted earnings 155,802 146,033
per share (000's)
Fully diluted profit per share (EUR cents/share) 18.3 20.8
At 31 March 2026 there are nil warrants, 5,986,334 options (Note 15) (31 March
2025: nil warrants and 5,423,666 options) which have been included when
calculating the weighted average number of shares for 2026.
8. Property, plant and equipment
(Euro 000's) Land and buildings Right-of-use assets Plant and machinery Assets under construction ((1)) Deferred mining costs ((2)) Other assets ((3)) Total
Cost
At 1 January 2025 86,452 6,928 340,516 100,448 73,974 980 609,298
Additions 360 - - 8,993 7,247 - 16,600
Reclassifications - - 404 (853) - - (449)
At 31 March 2025 86,812 6,928 340,920 108,588 81,221 980 625,449
Additions 99 1,237 836 38,556 14,837 - 55,565
Changes in rehab. Provision (659) - - - - - (659)
Reclassifications - - 2,491 7,866 - 19 10,376
Disposals - - - (14) - (24) (38)
At 31 December 2025 86,252 8,165 344,247 154,996 96,058 975 690,693
Additions - - 8,165 4,590 7,357 - 20,112
Reclassifications((4)) - - 130,944 (130,944) - - -
At 31 March 2026 86,252 8,165 483,356 28,642 103,415 975 710,805
Depreciation
At 1 January 2025 30,894 2,971 140,876 - 24,718 807 200,266
Charge for the period 1,547 132 7,970 - 1,847 11 11,507
At 31 March 2025 32,441 3,103 148,846 - 26,565 818 211,773
Write-off - - - - - (20) (20)
Charge for the period 3,823 430 20,386 - 6,531 41 31,211
At 31 December 2025 36,264 3,533 169,232 - 33,096 839 242,964
Charge for the period 1,113 149 9,490 - 2,173 6 12,931
At 31 March 2026 37,377 3,682 178,722 - 35,269 845 255,895
Net book value
At 31 March 2026 48,875 4,483 304,634 28,642 68,146 130 454,910
At 31 December 2025 49,988 4,632 175,015 154,996 62,962 136 447,729
( )
(1) Assets under construction at 31 March 2026 were €28.6 million (31
Dec 2025: €155.0 million) this balance includes €7.0 million for road
deviation, €13.8 million for sustaining capital, and €3.4 million for
tailings dam capital expenditure. Additions include sustaining capital
expenditure of €0.9 million (2025: €3.3 million), tailings dams project
€2.9 million (2025: €15.8 million), San Dionisio area spending of €7.1
million (2025: €24.2 million).
(2) Capitalised stripping related to Cerro Colorado.
(3) Includes motor vehicles, furniture, fixtures and office equipment
which are depreciated over 5-10 years.
(4) Reclassifications of €21.9 million related to E-LIX project, €43.
3 million to solar plant and equipment are associated with sustaining capex,
€49.2 million associated with San Dionisio area and €15.3 million of
tailings dam expansion.
(5) During Q1 2026, the Group capitalised €14k of borrowing costs
related to the construction of the new crusher in accordance with IAS 23. The
average effective interest rate applied was 1.35%. The tax deductibility of
these capitalised borrowing costs will be sold over the asset's useful life
through depreciation deductions, rather than as an immediate tax relief.
The above fixed assets are mainly located in Spain.
E-LIX Project
In May 2019, after approximately four years of laboratory work, Atalaya
initiated a partnership with Lain Technologies Ltd. for the development of a
technology known as E-LIX. The E-LIX technology is an electrochemical
extraction process developed by Lain that aims to enable the production of
zinc and copper cathodes, as well as other derivatives of these metals, from
complex sulphide ores.
In July 2020, Atalaya and Lain executed a Memorandum of Understanding ("MOU"),
and have collaborated in the development of the E-LIX technology through
several phases, summarised as follows:
· Phase 0: Preliminary work and research.
· Phase 1: Construction and commissioning of the Pilot Plant.
· Phase 2: Operation of the Pilot Plant and feasibility studies.
· Phase 3: Construction and commissioning of an Industrial Scale
Plant.
In accordance with the phases stated above, several agreements have been
signed, including:
· Construction of the fixed assets required for the use of the
E-LIX technology;
· Exclusivity agreements
· Funding agreements for the construction and the commissioning of
the Pilot Plant
· Funding agreements for the construction and commissioning of the
Industrial Plant;
· Operational agreements for the construction of the Industrial
Plant; and
· Payment and Credit Compensation Agreement.
The Pilot Plant was constructed during 2021 and confirmed the technical
feasibility of E-LIX, demonstrating the ability to selectively leach metals
from concentrates and achieve high recovery rates for copper and zinc.
In December 2021, the Company's Board of Directors approved the construction
and financing of a larger-scale demonstration plant with a significantly
greater processing capacity than the Pilot Plant (the "Industrial Plant").
From the approval of the construction of the Industrial Plant in 2021, Lain
Technologies has been working on constructing and ramping-up the Industrial
Plant.
During 2025, Lain intermittently operated the Industrial Plant processing
copper concentrates produced by Atalaya and producing a saleable mixed zinc
hydroxide product.
While the Industrial Plant has demonstrated the technical functionality of the
E-LIX technology at an industrial scale, production volumes have been
significantly lower than originally designed resulting in challenging
operational and financial results.
As of 31 March 2026, the Industrial Plant has not achieved the level of
commercial production envisaged in the feasibility studies. Although the E-LIX
technology has been performing broadly in line with the design parameters,
certain operational bottlenecks have been identified that limit the plant's
ability to achieve the originally designed production levels without
additional capital investments.
As of 31 March 2026, Atalaya has balances related to Lain and its E-LIX
technology amounting to €31.8 million, as detailed below:
Description Caption Note Amount (€k)
Pilot plant Non-current loan 13 -
Industrial Plant Non-current Receivables (prepayments) 12 -
Industrial Plant PPE 8 22,118*
Convertible Loan Non- Current loan 13 9,725
31,823
*22k corresponding to capitalised interest
Impairment of E-LIX Technology Assets
The E-LIX technology has demonstrated positive results in the recovery of zinc
and copper metal, as well as their derivatives, through the treatment of
complex sulphide ores. If the E-LIX technology is proven to be financially
viable at an industrial scale, the E-LIX technology has the potential to
unlock the production of metals from complex ore and its use at an industrial
scale could potentially significantly extend the life of mine at Proyecto
Riotinto. E-LIX technology is owned by Lain Technology Ltd.
Atalaya has reviewed both external and internal indicators of impairment in
assessing the recoverability of the assets associated with the E-LIX
technology (Note 3.4.).
Based on the information currently available, Atalaya has identified Lain's
financial situation as an impairment indicator affecting the recoverability of
certain assets, due to:
§ the possibility that Lain's financial constraints may limit the
availability of capital investment required to address operational bottlenecks
and the ability of the Industrial Plant to achieve throughput volumes
sufficient to operate in a financially viable manner; and the risk that Lain
may not be able to meet its contractual obligations which could limit
Atalaya's ability to recover outstanding balances.
Description Nature of the Asset (recoverability) Net Asset Value at 31 March 2026 (€k)
Value at 31 Mar 2026 (€k) Impairment (€k)
Pilot Plant Repayments from operational cash flow from the Industrial Plant 2,726 (2,726) -
Industrial Plant - Loan Repayments depend on the use of the technology and operation in the Industrial
Plant
21,418 (21,418) -
Industrial Plant - PPE Recoverable asset through alternative use in Atalaya's processing plant (1)
22,098 - 22,098
Convertible Loan Recoverable by 20% of equity in the E-LIX technology
9,725 - 9,725
55,967 (24,144) 31,823
9. Intangible assets
(Euro 000's) Permits ((1)) Licences, R&D and software Other intangible assets Total
Cost
At 1 January 2025 78,071 1,810 27,847 107,728
Reclassification - 28 - 28
Additions - - 2,301 2,301
At 31 March 2025 78,071 1,838 30,148 110,057
Additions 400 10 6,772 7,182
Reclassification 52 - (51) 1
At 31 December 2025 78,523 1,848 36,869 117,240
Additions((2)) - - 1,019 1,019
Reclassification - - - -
At 31 March 2026 78,523 1,848 37,888 118,259
Amortisation
At 1 January 2025 35,958 1,561 - 37,519
Charge for the period 1,380 7 - 1,387
At 31 March 2025 37,338 1,568 - 38,906
Charge for the period 3,391 24 - 3,415
At 31 December 2025 40,729 1,592 - 42,321
Charge for the period 1,006 8 - 1,014
At 31 March 2026 41,735 1,600 - 43,335
Net book value
At 31 March 2026 36,788 248 37,888 74,924
At 31 December 2025 37,794 256 36,869 74,919
((1)) Permits include the mining rights of Proyecto Riotinto, Proyecto Touro,
Masa Valverde and Ossa Morena.
((2)) Additions include capitalisation cost of Cobre San Rafael (€0.5
million) and Masa Valverde (€0.5 million) according with the policy of the
Group.
The ultimate recovery of balances carried forward in relation to areas of
interest of all such assets including intangibles is dependent on successful
development, and commercial exploitation, or alternatively the sale of the
respective areas.
The Group conducts impairment testing on an annual basis unless indicators of
impairment are not present at the reporting date.
The Group's principal amortised intangible asset relates to the mining rights
associated with Proyecto Riotinto. These rights are amortised on a
units-of-production basis over the commercially recoverable Ore Reserves of
the mine. The last Ore Reserves statement implies a mine life of approximately
nine years.
Other mining-related intangible assets, including Proyecto Touro, Proyecto
Masa Valverde and Proyecto Riotinto East, are not yet available for use and
are therefore not amortised. Amortisation will commence once commercial
production begins.
10. Inventories
(Euro 000's) 31 Mar 2026 31 Dec 2025
Finished products 6,123 3,799
Materials and supplies 25,406 25,087
Work in progress 1,742 1,985
Total inventories 33,271 30,871
As of 31 March 2026, copper concentrate produced and not sold amounted to
5,083 tonnes (31 Dec 2025: 4,050 tonnes). Accordingly, the inventory for
copper concentrate was €6.1 million (31 Dec 2025: €3.8 million).
Materials and supplies relate mainly to machinery spare parts. Work in
progress represents ore stockpiles, which is ore that has been extracted and
is available for further processing.
11. Dividends
Cash dividends declared and paid during the period:
(Euro 000's) Three month period ended 31 Mar 2026 Three month period ended 31 Mar 2025
Dividends declared and paid - -
Interim dividend declared and paid - -
A final dividend of €0.065 in respect of 2025 was proposed on 18 March 2026
for approval by shareholders at the 2026 AGM. This will result in a total
dividend for 2025 of €0.1090 per share.
12. Trade and other receivables
(Euro 000's) 31 Mar 2026 31 Dec 2025
Non-current
Deposits 4,361 902
Loans 109 109
Prepayments for service contract((1)) - -
Other non-current receivables 111 111
4,581 1,122
Current
Trade receivables at fair value - subject to provisional pricing 12,305 5,484
Trade receivables from shareholders at fair value - subject to provisional 5,050 15,770
pricing (Note 22.3)
Receivable from joint venture of shareholder (Note 22.3) 94 -
Deposits 35 35
VAT receivables 24,741 12,739
Tax advances 71 71
Prepayments 3,364 4,736
Other current assets 2,392 2,278
48,052 41,113
Allowance for expected credit losses - -
Total trade and other receivables 52,633 42,235
(1) On January 2022 the Company signed a loan for €15 million and on 8
May 2023 and amendment up to €20 million to the construction of the first
phase of the industrial - scale plant ("Phase I") that utilises the E-LIX
System. This loan was granted for a fixed term of 10 year since the start of
commercial production. This balance includes capitalised interest, and
repayment will be made through the use of the E-LIX technology. On 25
September 2025, a payment and set off agreement was executed for a total
amount of €9.0 million. The agreement was settled through the acquisition of
assets by Atalaya, resulting a non -monetary exchanges. At 31 December 2025,
the Group reassessed its investment in the E-LIX project and, as a result,
recognised an impairment of the full balance of prepayments for service
contract, amounting of €21.4 million (refer to note 8).
Trade receivables are shown net of any interest applied to prepayments.
Payment terms are aligned with offtake agreements and market standards and
generally are 7 days on 90% of the invoice, with the remaining 10% at the
settlement date which can vary between 1 to 5 months. The fair values of trade
and other receivables approximate to their book values.
Non-current deposits included €250k (€250k at 31 December 2025) as a
collateral for bank guarantees, which is recorded as restricted cash (or
deposit).
Advance payment for investment
During Q1 2026, the Group made an advance payment of €8.5 million in
relation to the acquisition of an equity investment in Lara Exploration Ltd.
As completion of the transaction occurred on 2 April 2026, the amount was
recognised as an advance payment for investment at the reporting date.
13. Loans
(Euro 000's) 31 Mar 2026 31 Dec 2025
Non-current loans
Loans 12,451 12,451
Impairment loss on loans (2,726) (2,726)
9,725 9,725
Current loans
Loans - 20
- 20
Non-current loans relate to the loan with Lain Technologies regarding the
Pilot Plant and convertible loan agreement. That balance includes principal of
€2.3 million plus €0.3 million of interest accrued of Pilot Plant (Note
13) with Lain Technologies, S.A. and €9.3 million relating to the
Convertible Loan with Lain Technologies Ltd. Plus €0.4 million of interest
accrued.
In relation to the loan agreement with Lain Technologies for the Pilot Plant,
Atalaya recognised a full impairment of this balance, as recovery is not
expected in the short term. This balance bears interest at EURIBOR 12M + 2%
per annum.
On 30 September 2024 the Group signed a convertible loan agreement, granting a
credit facility of up to €10 million with a fixed term until 31 December
2025. As at 31 December 2025, the loan was classified as non- current. This
balance bears interest at EURIBOR 3M + 2% per annum.
14. Cash and cash equivalents
(Euro 000's) 31 Mar 2026 31 Dec 2025
Unrestricted cash and cash equivalents at Group level 249,940 146,505
Unrestricted cash and cash equivalents at Operation level 29,806 19,801
Consolidated cash and cash equivalents 279,746 166,306
The table above provides a comprehensive overview of the cash and cash
equivalents held by Atalaya as of 31 March 2026.
Cash and cash equivalents denominated in the following currencies:
(Euro 000's) 31 Mar 2026 31 Dec 2025
Euro - functional and presentation currency 222,171 104,902
Great Britain Pound 1,208 142
United States Dollar 56,367 61,262
Consolidated cash and cash equivalents 279,746 166,306
15. Share capital and share premium
Issued and fully paid Shares Share Capital Share premium Total
Issue Date Price (£) Details 000's €'000 €'000 €'000
31 December 2024/1 January 2025 140,759 12,668 321,856 334,524
31-Dec-25 140,759 12,668 321,856 334,524
28-Jan 26 10.000 Issue of new shares 13,000 1,170 143,884 145,054
31-Mar-26 153,759 13,838 465,740 479,578
Issued capital
(a) On 28 January 2026, following the initial announcement on 27 January
2026, the Company completed an equity offering, raising total gross proceeds
of £130 million (approximately €150 million).
The transaction resulted in the issuance of 13,000,000 new ordinary shares at
a placing price of £10.00 per share, which were allocated as follows:
12,730,000 new ordinary shares placed with new institutional investors and
existing shareholders, and 270,000 new ordinary shares subscribed by eligible
retail investors via RetailBook (including 4,000 shares subscribed by
Non-Executive Director Mike Armitage).
The 13,000,000 newly issued shares represent approximately 9.2% of the
Company's total issued ordinary share capital outstanding prior to the
Fundraise
The Company's share capital at 31 March 2026 is 153,759,043 ordinary shares of
€0.09 each.
Share options
Details of share options outstanding as at 31 March 2026:
Grant date Expiry date Exercise price £ Share options
30 Jun 2020 30 Jun 2030 1.475 410,000
24 Jun 2021 23 Jun 2031 3.090 838,000
22 Jun 2022 30 Jun 2027 3.575 890,000
22 May 2023 21 May 2028 3.270 1,020,000
11 Jun 2024 10 Jun 2029 4.135 1,078,334
22 Dec 2024 19 Dec 2029 3.335 150,000
9 July 2025 9 Jul 2030 4.603 1,600,000
Total 5,986,334
Weighted average Share options
exercise price £
At 1 January 2026 3.676 6,026,334
Granted during the period - -
Options executed during the period 4,400 (40,000)
31 Mar 2026 3.671 5,986,334
Warrants
As at 31 March 2026 and 2025 there were no warrants.
Conditional share awards
As agreed on 24 April 2025, the Company granted conditional share awards under
the Atalaya LTIP 2020 to Directors and PDMRs. These awards are subject to the
achievement of performance conditions over a three-year period and their
continuing employment at that time, after which the shares are granted.
However, they remain subject to a two-year holding period, meaning the
beneficiary may not fully realise or dispose of the shares until the end of
year five.
The conditional share awards granted are summarised below:
Name Role Maximum number of shares awarded Grant date Vesting schedule
Alberto Lavandeira Chief Executive Officer 218,000 23/04/2025 Vesting of 3 years, subject to performance
César Sánchez Chief Financial Officer (PDMR) 113,091 23/04/2025 Same as above
Enrique Delgado Corporate Institutional Adviser (Former GM Riotinto) 112,431 23/04/2025 Same as above
443,522
No consideration was paid for the grant of these awards. Vesting is
conditional on performance criteria and continued employment. The awards are
subject to malus and clawback provisions.
16. Other reserves
(Euro 000's) Share-based benefit FV reserve of financial assets at FVOCI ((2)) Non-Distributable reserve ((3)) Total
Bonus share Depletion factor ((1)) Distributable
reserve ((4))
At 1 January 2025 12,689 208 46,727 (1,163) 8,458 21,675 88,774
Recognition of distributable reserve - - - - - 13 13
Recognition of share-based payments 246 - - - - - 246
Change in fair value of financial assets at fair value through OCI - - - 1 - - 1
At 31 March 2025 13,115 208 46,727 (1,162) 8,458 21,688 89,034
Recognition of non-distributable reserve - - - - 1 - 1
Recognition of share-based payments 182 - - - - - 182
Change in fair value of financial assets at fair value through OCI - - - 38 - - 38
At 31 December 2025 13,297 208 46,727 (1,124) 8,459 21,688 89,255
Recognition of deplection factor - - 21,271 - - - 21,271
Recognition of share-based payments 604 - - - - - 604
Recognition of non-distributable reserve - - - - 4,999 - 4,999
Recognition of distributable reserve - - - - - 19,010 19,010
Change in fair value of financial assets at fair value through OCI - - - - - - -
At 31 March 2026 13,901 208 67,998 (1,124) 13,458 40,698 135,139
((1) ) Depletion factor reserve
At 31 March 2026, the Group has recognised €21.3 million (31 March 2025:
€nil million) as a depletion factor reserve as per the Spanish Corporate Tax
Act.
((2) ) Fair value reserve of financial assets at FVOCI
The Group has elected to recognise changes in the fair value of certain
investments in equity securities in OCI, as explained in (1) above. These
changes are accumulated within the FVOCI reserve within equity. The Group
transfers amounts from this reserve to retained earnings when the relevant
equity securities are derecognised.
((3) ) Non-distributable reserve
To comply with Spanish Law, the Group needed to record a reserve of profits
generated equal to a 10% of profit/(loss) for the year until 20% of share
capital is reached.
((4) ) Distributable reserve
This heading includes the transfer from income for the year attributable to
Atalaya Riotinto, S.L.U. for 2025.
17. Trade and other payables
(Euro 000's) 31 Mar 2026 31 Dec 2025
Non-current trade and other payables
Other non-current payables 12,507 12,506
Share based payment non-financial liability 218 225
Government grant 1,418 1,411
14,143 14,142
Current trade and other payables
Trade payables 86,075 87,938
Trade payables to shareholders (Note 23.3) - 155
Share based payment non-financial liability 5,073 6,565
Accruals 922 1,873
VAT payable 132 -
Other 7,408 9,586
99,610 106,117
As of 31 March 2026, other non-current payables included €9.7 million
related to liabilities arising from the potential acquisition of 80% of the
shares of Cobre San Rafael, SL, in accordance with the Shareholders' Agreement
(note 9). An additional €2.8 million related to the acquisition of Atalaya
Masa Valverde SL formerly Cambridge Minería España, SL) and Atalaya Ossa
Morena SLU (formerly Rio Narcea Nickel, SL) (note 1).
Other current payables include €6.8 million also associated with the
potential increase in the stake of Cobre San Rafael, S.L., under the
Shareholders' Agreement (note 9). This amount is classified as current, as the
likelihood of reaching the associated milestone is considered high, making
settlement probable within the current year.
Trade payables primarily relate to the acquisition of materials, supplies and
other services. These payables are non-interest bearing and are not secured by
any guarantees. The fair value of trade and other payables approximates their
carrying values.
Trade payables are non-interest-bearing and are normally settled on 60-day
terms.
18. Provisions
(Euro 000's) Other provisions Rehabilitation costs
Legal costs Total costs
At 1 January 2025 - 395 29,849 30,244
Use of provision - - (6) (6)
Finance cost - - 237 237
At 31 March 2025 - 395 30,080 30,475
Additions 1,197 - 116 1,313
Use of provision - (150) (813) (963)
Revision of estimates - - (775) (775)
Finance cost - - 559 559
At 31 December 2025 1,197 245 29,167 30,609
Use of provision - - (25) (25)
Finance cost - - 257 257
At 31 March 2026 1,197 245 29,399 30,841
(Euro 000's) 31 Mar 2026 31 Dec 2025
Non-current 29,022 28,764
Current 1,820 1,845
Total 30,841 30,609
Rehabilitation provision
Rehabilitation provision represents the accrued cost required to provide
adequate restoration and rehabilitation upon the completion of production
activities. These amounts will be settled when rehabilitation is undertaken,
generally over the project's life.
The discount rate used in the calculation of the net present value of the
liability as at 31 March 2026 was 3.67% (31 December 2025: 3.67%), which is
the 15-year Spain Government Bond rate for 2025. An inflation rate of 2%-2.30%
(31 December 2025: 2%-2.90%) is applied on an annual basis.
Legal provision
As at 31 March 2026, the Group has been named as a defendant in several legal
proceedings in Spain, the outcomes of which remain uncertain. Management
reviewed individually each case and made a provision of €245K as of 31
December 2025 for these claims.
Other provisions - Property tax (IBI) contingency
During 2025, the Huelva Cadastral Office notified Atalaya Riotinto Minera,
S.L.U., subsidiary of the Group, of a revision of the cadastral value of
certain properties from €5.2 million to €90.1 million, effective from 30
December 2021. The Group challenged this revision and an economic-
administrative appeal was filed before the Regional Economic- Administrative
Court of Andalusia, which remains pending resolution as of 31 March 2026.
Following the revision, additional property tax assessments relating to the
years 2022 to 2025 amounting to €3.4 million were issued by the Huelva
Provincial Tax Authority. These assessments were paid in January 2026 in order
to avoid late payment interest while the Group continues to challenge the
underlying cadastral valuation.
The maximum potential exposure associated with this matter is estimated at
approximately €4.4 million. Based on the assessment performed by management
and its external advisors, the Group recognised a provision of €1.2 million,
included within "Other provisions", representing management's best estimate of
the probable obligation at the reporting date. The final outcome of this
matter remains uncertain and may differ materially from the estimate recorded.
19. Borrowings
(Euro 000's) 31 Mar 2026 31 Dec 2025
Non-current borrowings
Credit facilities 4,397 5,708
4,397 5,708
Current borrowings
Credit facilities 8,960 38,638
8,960 38,638
The Group had credit approval for unsecured facilities totalling €82.2
million (€97.2 million at 31 December 2025). During 2026, Atalaya drew down
some of its existing credit facilities to finance the solar plant, payable
amount of €7.9 million at 31 March 2026 (€9.0 million at 31 December 2025)
and for the construction of a new part of the processing plant payable amount
of €1.6 million at 31 March 2026 (€1.9 million at 31 December 2025).
Margins on borrowing with variable interest rates, usually 3 months EURIBOR
and 12 months EURIBOR, range from 0.95% to 2.25% with an average margin of
1.31%.
At 31 March 2026, the Group had used €13.4 million of its facilities and had
undrawn facilities of €68.8 million.
Net cash reconciliation
Reconciliation of Liabilities Arising from Financing Activities
The reconciliation below provides information on changes in liabilities
arising from financing activities, including both cash and non-cash changes.
Net cash (€'000) 31 Mar 2026 31 Dec 2025
Cash and cash equivalents 279,746 166,306
Borrowings - repayable within one year (8,960) (38,638)
Borrowings - repayable after one year (4,397) (5,708)
Lease - as per IAS 7 (4,313) (4,473)
Net cash 262,076 117,487
€'000 Cash Borrowings Lease Total
Net cash as at 1 Jan 2025 52,878 (17,787) (3,801) 31,290
Financing cash flows 17,235 (4) - 17,231
Proceeds from borrowings - (16,604) - (16,604)
Repayment of borrowings - 2,881 128 3,009
Foreign exchanges adjustments (452) - - (452)
Other changes
Interest paid - 446 - 446
Interest expense - (446) (9) (455)
Net cash as at 31 March 2025 69,661 (31,514) (3,682) 34,465
Financing cash flows 103,622 4 - 103,626
Proceeds from borrowings - (21,312) - (21,312)
Repayment of borrowings - 8,476 437 8,913
Foreign exchanges adjustments (6,977) - - (6,977)
Other changes
Interest paid - 792 21 813
Interest expense - (792) (12) (804)
Other changes - - (1,237) (1,237)
Net cash as at 31 December 2025 166,306 (44,346) (4,473) 117,487
Financing cash flows 114,015 - - 114,015
Proceeds from borrowings - (7,382) - (7,382)
Repayment of borrowings - 38,372 160 38,532
Foreign exchanges adjustments (575) - - (575)
Other changes
Interest paid - 153 4 157
Interest expense - (153) (4) (157)
Net cash as at 31 Mar 2026 279,746 (13,357) (4,313) 262,076
20. Lease liabilities
(Euro 000's) 31 Mar 2026 31 Dec 2025
Non-current
Lease liabilities 3,676 3,834
3,676 3,834
Current
Lease liabilities 637 639
637 639
Lease liabilities
The Group entered into lease arrangements for the renting of land and a
warehouse which are subject to the adoption of all requirements of IFRS 16
Leases (Note 2.2). The Group has elected not to recognise right-of-use assets
and lease liabilities for short-term leases that have a lease term of 12
months or less and leases of low-value assets.
(Euro 000's) 31 Mar 2026 31 Dec 2025
Present value of minimum lease payments due
- Within one year 637 639
- Two to five years 2,455 2,464
- Over five years 1,221 1,370
4,313 4,473
(Euro 000's) 31 Mar 2026 31 Mar 2025
Lease liabilities
At 1 January 4,473 3,801
Interest expense 4 9
Lease payments (164) (128)
Write-off - -
At 31 March 4,313 3,682
At 31 March
Non-current liabilities 3,676 3,202
Current liabilities 637 480
4,313 3,682
21. Acquisition, incorporation and disposal of subsidiaries
There were no acquisitions or incorporation of subsidiaries during the
three-month period ended 31 March 2026 and 2025.
22. Winding-up of subsidiaries
There were no operations wound up during the three-month period ended 31 March
2026 and 2025.
23. Related party transactions
The following transactions were carried out with related parties:
23.1 Compensation of key management personnel
The total remuneration and fees of Directors (including Executive Directors)
and other key management personnel was as follows:
(Euro 000's) Three month period ended 31 Mar 2026 Three month period ended 31 Mar 2025
Directors' remuneration and fees 313 271
Share option-based benefits and other benefits to Directors 240 41
Share award benefits to Directors 57 -
Key management personnel fees 199 163
Share option-based and other benefits to key management personnel 135 41
Share award benefits to key management 30
974 516
Effective 1 January 2025, the Group included the General Manager of Proyecto
Touro as a member of its key management personnel. The decision reflected the
formal creation of the role and its strategic relevance, as the position
entails direct responsibility over the planning, direction and control of all
operational and development activities at Proyecto Touro.
On 24 July 2025, Fernando Araúz de Robles Villalón was appointed General
Manager of Proyecto Riotinto, succeeding Enrique Delgado, thereby becoming a
member of key management from that date.
23.2 Share-based benefits
No share options were granted to the directors or key management personnel
during the three-month period ended 31 March 2026 (Q1 2025: nil).
23.3 Transactions with related parties/shareholders
i) Transaction with shareholders
(Euro 000's) Three month period ended 31 Mar 2026 Three month period ended 31 Mar 2025
Trafigura Pte Ltd- Revenue from contracts ((a)) 49,627 23,262
(Losses)/gains relating provisional pricing within sales (1,483) 705
48,144 23,967
Impala Terminals Huelva S.L.U. - Port Handling and Warehousing services ((b))
(546) (1,128)
Trafigura - Total revenue from contracts 47,598 22,839
(a) Offtake agreement and spot sales to Trafigura
Offtake agreement
In May 2015, the Company agreed terms with key stakeholders in a
capitalisation exercise to finance the re-start of Proyecto Riotinto (the
"2015 Capitalisation").
As part of the 2015 Capitalisation, the Company entered into offtake
agreements with some of its large shareholders, one of which was Trafigura Pte
Ltd ("Trafigura"), under which the total forecast concentrate production from
Proyecto Riotinto was committed ("2015 Offtake Agreements").
During Q1 2026, the Company completed 1 sales transactions under the terms of
the Offtake Agreements valued at €19.8 million (Q1 2025: 2 sales valued at
€22.9 million). In addition, in Q1 2026, a pricing adjustment of negative
€0.1 million was recorded.
Spot Sales Agreements
Due to various expansions implemented at Proyecto Riotinto in recent years,
volumes of concentrate have been periodically available for sale outside of
the Company's various offtake agreements.
In Q1 2026, the Company completed 2 spot sales with Trafigura valued at
€30.4 million (Q1 2025: nil spot sales valued at €nil). In addition, in Q1
2026, a pricing adjustment of negative €0.5 million was recorded.
Sales transactions with related parties are at arm's length basis in a similar
manner to transactions with third parties.
(b) Port Handling and Warehousing services
The Group has in place a port handling, storage and shipping services
agreement with Impala Terminals Huelva, S.L.U. ("Impala Terminals") in respect
of copper concentrates produced from Proyecto Riotinto.
The agreement covers export concentrate volumes that are not committed under
the Group's offtake arrangements, as well as volumes committed to the
Trafigura Group under its offtake arrangement. The agreement remains in force
at 31 March 2026.
Impala Terminals forms part of the Trafigura Group, which is under joint
control. As a result, Impala Terminals is considered a related party of the
Group in accordance with IAS 24 Related Party Disclosures.
The Group reassessed its relationship with Impala Terminals in prior periods
and concluded that that the criteria for related party classification are met.
This assessment remains unchanged at 31 March 2026.
Transactions with Impala Terminals are conducted under normal commercial terms
and on an arm's length basis, consistent with arrangements that would be
entered into with independent third parties.
ii) Period-end balances with shareholders
(Euro 000's) 31 Mar 2026 31 Dec 2025
Receivable from shareholder (Note 12)
Trafigura - Debtor balance- subject to provisional pricing 5,050 15,770
5,050 15,770
Receivable from joint venture of shareholder (Note 12)
Impala Terminals Huelva S.L.U. - Receivable balance 94 -
94 -
Payable from joint venture of shareholder (Note 17)
Impala Terminals Huelva S.L.U. - Payable balance - (155)
- (155)
The above debtor balance arising from the agreements between Trafigura and
Impala, bear no interest and is repayable on demand.
24. Contingent liabilities
Judicial and administrative cases
In the normal course of business, the Group may be involved in legal
proceedings, claims and assessments. Such matters are subject to many
uncertainties, and outcomes are not predictable with assurance. Legal fees for
such matters are expensed as incurred and the Group accrues for adverse
outcomes as they become probable and estimable.
25. Commitments
There are no minimum exploration requirements at Proyecto Riotinto. However,
the Group is obliged to pay local land taxes which currently are approximately
€235,000 per year in Spain and the Group is required to maintain the
Riotinto site in compliance with all applicable regulatory requirements.
In 2012, Atalaya Riotinto Minera, S.L.U. entered into a 50/50 joint venture
with Rumbo 5. Cero, S.L. ("Rumbo") to evaluate and exploit the potential of
the class B resources in the tailings dam and waste areas at Proyecto Riotinto
(mainly residual gold and silver in the old gossan tailings). Under the joint
venture agreement, ARM will be the operator of the joint venture, will
reimburse Rumbo for the costs associated with the application for
classification of the Class B resources and will fund the initial expenditure
of a feasibility study up to a maximum of €2.0 million. Costs are then borne
by the joint venture partners in accordance with their respective ownership
interests.
26. Significant events
The global macroeconomic environment continues to be shaped by a state of
structural uncertainty, driven by intensified geopolitical tensions and
regional conflicts that increasingly threaten critical trade routes. The
implementation of higher tariffs and stricter export restrictions on key
technologies and critical minerals is actively fragmenting global supply
chains, leading to persistent increases in operating costs. Consequently,
these factors are expected to drive continued volatility in commodity prices,
directly impacting both Atalaya's revenues and its overall operating cost
structure.
· On 5 January 2026, Cobas Asset Management, S.G.I.I.C., S.A.,
shareholder of the Company, decreased its voting rights from 14.47% to 9.89%.
· On 27 January 2026 Atalaya announced a proposed equity offering
to raise gross proceeds of £130 million (approximately €150 million) by way
of an institutional placing and a separate retail offer. Proceeds from the
Fundraise will allow Atalaya to accelerate the development of its copper
growth projects in Spain in order to capitalise on strong copper market
fundamentals. The fundraise will also provide the Company with financial
flexibility to optimise the ultimate funding package for Proyecto Touro while
concurrently advancing its growth pipeline primarily in the Riotinto District.
· On 28 January 2026, Atalaya announced that it has successfully
placed 12,730,000 new ordinary Shares in the Company with new institutional
investors and existing shareholders at a price of £ 10.00 per Placing share
raising gross proceeds of £127.3 million. Eligible retail investors have
subscribed in the offer made by the Company via RetailBook for a total of
270,000 new Ordinary Shares at the Placing Price raising gross proceeds of
£2.7 million. Mike Armitage, a non- executive director of the Company,
subscribed for 4,000 new Ordinary Shares as part of the Retail Offer.
Following Admission, Mr Armitage will hold 4,695 Ordinary Shares. In total,
13,000,000 Offer Shares have been subscribed for at the Placing Price raising
gross proceeds of £130 million (equivalent to approximately €150 million).
The Offer Shares represent, in aggregate, approximately 9.2% of the Company's
issued Ordinary Share capital prior to the Fundraise.
· On 3 February 2026, Urion Holdings (Malta) Limited (Trafigura), a
member of the Trafigura Group, shareholder of the Company, announced its
intention to sell approximately 13 million ordinary shares with a nominal
value of €0.09 each. As of 2 February 2026, the Placing Shares represent
approximately 8.5% of the Company's issued share capital.
· On 4 February 2026, Urion Holdings (Malta) Limited (Trafigura), a
member of the Trafigura Group, shareholder of the Company, announced that
agreed to sell in aggregate 14,000,000 Placing Shares at the price of 945
pence per share, raising aggregate gross proceeds of approximately £132
million. Following settlement of the Placing, Urion Holdings (Malta) Limited
(Trafigura), shareholder of the Company, decreased its voting rights to
10.94%.
· On 5 March 2026, Atalaya announced that will release its annual
financial results for the period ended 31 December 2025 together with its
audited consolidated financial statements on Thursday 19 March 2026.
· On 19 March 2026 Atalaya announced its audited consolidated
financial results for the year ended 31 December 2025. Copper production of
11.6kt in Q4 2025 and 51.1 kt in FY2025, which achieved the higher end of
FY2025 guidance range. Cash costs of US$2.62/lb in Q4 2025 and US$2.40/lb in
FY2025, with reductions due to higher production, higher silver credits and
lower offsite costs. AISC of US$3.07/lb in Q4 2025 and US$2.90/lb in FY2025.
EBITDA of €41.4 million in Q4 2025 and €179.8 million in FY2025, resulting
in strong free cash flow generation of €107.4 million in FY2025. Final
dividend of €0.065/sh proposed, for a full year total of €0.109/sh. Robust
net cash position to support the development of Atalaya's copper growth
projects in Spain.
27. Events after the Reporting Period
On 2 April 2026 Atalaya announced the acquisition of 4,500,000 shares of Lara
Exploration Ltd. ("Lara") for C$13.5 million ("the Subscription"). Lara is
listed on the TSX Venture Exchange and owns a 100% interest in the Planalto
copper- gold project located in the Carajás Mineral Province of northern
Brazil. The subscription shares were acquired at a price of C$3.00 per share
and represent approximately 7.3% of Lara's issued and outstanding shares.
· On 10 April 2026, Cobas Asset Management, SGIIC, S.A. shareholder
of the Company, announced its intention to decrease its voting rights from
9.89% to 4.60%.
· On 14 April 2026, Atalaya announced its operation update for the
first quarter of 2026.
· On 16 April 2026, a notification of major holdings released.
Rovida Worldwide Investments Limited holds 3.20% of voting rights.
· On 28 April 2026, Atalaya announced that it had published a suite
of documents in relation to its financial year ended 31 December 2025. 2025
Annual Report, 2025 Report on Payments to Governments, 2025 Sustainability and
Climate Change Reporting.
· On 28 April 2026, Atalaya announced that conditional share awards
have been granted. Pursuant to these awards, participants who are Persons
Discharging Managerial Responsibilities ("PDMRs") may receive and allocation
of shares following the normal vesting date, subject to the extent to which
the applicable performance conditions have been satisfied at the end of the
three-year performance period and their continuing employment at that time. In
addition, conditional share awards have been made to employees who are not
PDMRs. Pursuant to these awards, participants will receive an allocation of
shares on grant equal to one third of the maximum number of shares comprised
in the award immediately following the Company's 2026 Annual General
Shareholder's Meeting. Participants may receive two further allocations of
shares (up to one third each on the first and second anniversaries of grant)
subject to the achievement of an underpin condition on each anniversary
related to performance of the Company and performance of the individual
employee.
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