Atalaya Mining Copper (ATYM) Q3 2024 earnings summary

Executive summary

• Q3 2024 copper production was 11,901 tonnes, with YTD at 34,149 tonnes, reflecting lower grades but strong plant throughput above nameplate capacity.

• EBITDA was €17.0 million in Q3 2024 and €53.7 million YTD, with a net cash position of €40.6 million supporting ongoing growth projects.

• Key projects advancing include San Dionisio, Proyecto Touro, Masa Valverde, and the E-LIX Phase I plant, with a 50 MW solar plant now connected.

• Investments included €21.3 million in San Dionisio and €10.1 million in E-LIX Phase I; interim and final dividends of $0.04/share paid.

• Progress made on re-domiciliation to Spain, Main Market admission, and sustainability initiatives.

Financial highlights

• Q3 2024 revenue was €86.8 million (Q3 2023: €85.4 million); YTD 2024 revenue was €248.9 million (YTD 2023: €254.8 million).

• Q3 2024 net profit was €1.5 million (Q3 2023: €11.1 million); YTD 2024 net profit was €17.6 million (YTD 2023: €31.4 million).

• Operating cash flow for Q3 2024 was €13.9 million; YTD €42.3 million.

• Free cash flow was negative at €(0.7) million in Q3 and €(7.2) million YTD, reflecting higher investments.

• Net cash at 30 September 2024 was €40.6 million, with working capital surplus of €54.5 million.

Outlook and guidance

• FY2024 copper production is expected at the lower end of 45,000–50,000 tonnes, with AISC at the high end of $3.00–3.20/lb.

• Non-sustaining capital investments forecast at the low end of €64–73 million; exploration spend within €5–7 million.

• Grades are expected to rise in 2025, with preliminary plans targeting over 50,000 tonnes of copper.

• Solar plant connection to reduce electricity costs by 22% from 2025 onward.