Atalaya Mining Copper (ATYM) Q4 2024 earnings summary

Executive summary

• 2024 was a transition year with lower copper production (46.2 kt) but record ore throughput, strong cost control, and operational improvements, setting up key project catalysts for 2025.

• Major milestones included re-domiciliation to Spain, move to the LSE Main Market, and inclusion in the FTSE All-Share Index, enhancing visibility and liquidity.

• Sustainability performance improved, with lower lost time injury frequency rates, reduced water and electricity use, and strong community relations.

Financial highlights

• FY2024 revenue was €326.8m (down from €340.3m in FY2023) due to lower copper sales and grades, but cost control kept EBITDA at €66.4m and net profit at €32.6m, including a €6.9m impairment reversal on Touro.

• Net cash at year-end was €35.1m, with €19.7m in unsold concentrate and a cash balance of €52.9m.

• Operating cash flow was €53.4m, supporting €66.1m in investments and €10.3m in dividend payments.

• FY2024 cash cost was $2.92/lb and AISC $3.26/lb, both slightly higher than prior year.

• Free cash flow for FY2024 was negative at €(12.7)m due to higher investment.

Outlook and guidance

• 2025 copper production guidance is 48,000–52,000 tonnes, with cash costs expected at $2.70–2.90/lb and AISC at $3.20–3.40/lb.

• Major investments planned in San Dionisio, Masa Valverde, E-LIX, solar plant, and tailings expansion, with non-sustaining capex of €58–82m.

• Exploration budget for 2025 is €6–8m, targeting resource expansion in Spain and Sweden.

• Touro project expected to receive permits mid-2024, with production start targeted for late 2026 or early 2027.