Atalaya Mining Copper (ATYM) M&A announcement summary

Deal rationale and strategic fit

• Acquisition adds 100% ownership and immediate control of Tharsis and La Zarza, two past-producing polymetallic projects near existing operations in Spain’s Iberian Pyrite Belt.

• The assets expand the district-scale footprint between Riotinto and Tharsis, with established regional infrastructure and exploration potential beyond Touro.

• The projects support copper growth and diversification by applying regional operating, technical and exploration capabilities; near-term development priorities remain Touro and existing operations.

Financial terms and conditions

• Total consideration is €125m: €75m cash at completion and €50m deferred within 12 months, secured by a bank guarantee and accruing interest at 12-month EURIBOR plus 1.5%.

• No equity dilution or contingent earn-outs; the deal also includes no royalties or streams.

• The upfront payment came from existing cash; pro forma net cash remained above €260m, with new bank credit facilities expected to support Touro.

• Approximately €7m in legacy and contingent liabilities remain with the acquired group; seller-related balances and loans were settled, extinguished or acquired at closing.

Synergies and expected cost savings

• Studies will assess operational and administrative synergies across Riotinto, Masa Valverde and potential future Tharsis and La Zarza operations, drawing on shared regional infrastructure and expertise.

• La Zarza higher-grade material could be trucked to Riotinto to displace lower-grade feed; satellite processing could avoid a new plant and additional tailings facilities.

• Exploration spending may rise from €10m to €12m, prioritising anomalies in the acquired areas.