Atalaya Mining Copper (ATYM) Q1 2025 earnings summary

Executive summary

• Achieved record quarterly EBITDA of €52.5 million in Q1 2025, driven by strong copper production, higher grades, and favorable market conditions.

• Copper production reached 14,291 tonnes, the highest since Q2 2021, with improved ore grades and throughput.

• Revenues rose to €130.7 million, with net profit of €30.5 million, reflecting higher concentrate sales and copper prices.

• Maintained a strong balance sheet with €38.1 million net cash and €68.5 million working capital surplus.

• Completed re-domiciliation to Spain and added to FTSE 250 and All-Share indices in May 2025.

Financial highlights

• Q1 2025 revenue rose to €130.7 million, up from €69.9 million in Q1 2024, due to higher sales volumes and copper prices.

• EBITDA surged to €52.5 million (Q1 2024: €10.3 million); profit after tax was €30.5 million (Q1 2024: €1.6 million).

• Operating cash flow was €26.0 million; free cash flow €3.6 million.

• All-in sustaining costs for the quarter were the lowest in four years, benefiting from reduced treatment charges and higher byproduct credits from silver.

• Net cash position at €38.1 million as of March 2025.

Outlook and guidance

• FY2025 copper production guidance unchanged at 48,000–52,000 tonnes, weighted toward H1.

• Cash cost and AISC guidance unchanged at $2.70–2.90/lb and $3.20–3.40/lb.

• Non-sustaining capital investments of €58–82 million planned for San Dionisio, Masa Valverde, E-LIX, solar plant, and tailings expansion.

• Expects to access higher recovery fresh ore at San Dionisio from 2026, improving future recoveries.

• Anticipates continued strong performance in Q2 due to operational improvements and deferred maintenance.