Atalaya Mining Copper (ATYM) investor relations material

Executive summary

• Q1 2026 delivered solid financial results despite lower copper production due to heavy rainfall and adverse weather conditions impacting mining operations.

• EBITDA reached €48.0 million, with profit after tax at €28.3 million, both slightly down year-over-year.

• Robust liquidity with net cash of €266.4 million, bolstered by a €150 million equity raise in January 2026.

• Major investments included San Dionisio, Cerro Colorado, and a 7.3% equity stake in Lara Exploration.

• Progress continued on growth projects, notably at Touro, with environmental permitting expected before summer.

Financial highlights

• Revenue for Q1 2026 was €117.3 million, down from €130.7 million in Q1 2025, mainly due to lower copper sales volumes.

• Operating costs decreased to €69.2 million from €78.2 million, reflecting lower concentrate sales and electricity costs.

• EBITDA of €48.0 million (Q1 2025: €52.5 million); profit after tax €28.3 million (Q1 2025: €30.5 million).

• Operating cash flow reached €29.8 million, with free cash flow at €0.3 million.

• Net cash position improved to €266.4 million, with a working capital surplus of €254.4 million.

Outlook and guidance

• FY2026 copper production guidance is 50,000–54,000 tonnes, trending toward the low end due to Q1 weather impacts.

• Cash costs and AISC for FY2026 guided at US$2.60–2.90/lb and US$3.10–3.40/lb, with potential US$0.15–0.20/lb increase if diesel and explosives prices remain high.

• Non-sustaining capital investments and exploration expenses planned at €75–102 million.

• No changes to CapEx plans; ongoing projects may see cost impacts if high diesel prices persist.