Atalaya Mining Copper (ATYM) Q2 2025 earnings summary

Executive summary

• Achieved record EBITDA for both the quarter (€55.1M) and first half (€107.6M), driven by strong copper production, higher grades, and cost control.

• Copper production reached 27,466 tonnes in H1 2025, with plant throughput exceeding design capacity and improved ore grades.

• Net cash position increased to €70.1M at June 2025, supporting ongoing growth projects.

• Interim dividend increased to €0.044 per share, up 21% from prior interim dividend, and shares added to FTSE 250 Index.

• Key project milestones included San Dionisio environmental approval, Masa Valverde drilling, and Touro project advances.

Financial highlights

• Q2 2025 revenue was €124.1M (Q2 2024: €92.2M); H1 2025 revenue €254.8M (H1 2024: €162.1M).

• Q2 2025 EBITDA reached €55.1M (Q2 2024: €26.4M); H1 2025 EBITDA €107.6M (H1 2024: €36.7M).

• H1 2025 net profit was €60.1M (H1 2024: €16.1M); Q2 2025 net profit €29.6M (Q2 2024: €14.5M).

• Free cash flow in Q2 2025 was €32.9M; H1 2025 FCF was €36.5M.

• Net cash position at June 2025 was €70.1M, with a working capital surplus of €92.2M.

Outlook and guidance

• FY2025 copper production guidance raised to 49,000–52,000 tonnes, with a higher floor.

• FY2025 cash costs guidance lowered to $2.60–2.80/lb; AISC to $3.10–3.30/lb, reflecting ongoing cost improvements.

• Non-sustaining capex guidance reduced to €29–37M, with some projects deferred to 2026.

• Exploration budget increased to €8–12M, focused on Masa Valverde, San Antonio, and Sweden.

• Focus remains on advancing San Luis, Toro, and exploration at Massawa, San Antonio, and Sweden.