Atalaya Mining Copper, S.A. (LON:ATYM) has announced its unaudited first quarter financial results for the period ended 31 March 2025 together with its unaudited condensed consolidated financial statements.
Highlights
· Copper production of 14.3 kt, the best quarter since Q2 2021
· Cash Cost of $2.25/lb and AISC of $2.74/lb, well below FY2025 guidance
· EBITDA of €52.5 million, the highest quarterly figure in Atalaya history
· Strong balance sheet, with net cash position of €38.1 million and working capital surplus of €68.5 million
· Proyecto Touro permitting process continues to advance under Galicia’s strategic industrial project legislation
· Atalaya’s shares were added to the FTSE UK Index Series following the re-domiciliation to Spain, including the FTSE 250 Index from 7 May 2025
· San Dionisio was granted the environmental authorisation (“AAU”), which allows for the expansion of mining activities, as announced on 15 May 2025
Q1 2025 Financial Results Summary
| Period ended 31 March | Unit | Q1 2025 | Q1 2024 |
| Revenues from operations | €k | 130,668 | 69,938 |
| Operating costs | €k | (78,154) | (59,687) |
| EBITDA | €k | 52,514 | 10,251 |
| Profit for the period | €k | 30,467 | 1,627 |
| Basic earnings per share | € cents/share | 21.6 | 1.5 |
| Cash flows from operating activities | €k | 26,039 | (1,737) |
| Cash flows used in investing activities | €k | (22,399) | (17,877) |
| Cash flows from financing activities | €k | 13,595 | (16,809) |
| Net cash position (1) | €k | 38,147 | 36,067 |
| Working capital surplus | €k | 68,535 | 59,608 |
| Average realised copper price(excluding QPs) | US$/lb | 4.26 | 3.89 |
| Copper concentrate produced | tonnes | 80,170 | 52,684 |
| Copper production | tonnes | 14,291 | 10,666 |
| Cash Cost | US$/lb payable | 2.25 | 2.99 |
| All-In Sustaining Cost (“AISC”) | US$/lb payable | 2.74 | 3.17 |
(1) Includes restricted cash and bank borrowings at 31 March 2025 and 31 March 2024.
Alberto Lavandeira, Atalaya Mining Copper CEO, commented:
“We are pleased to have delivered a strong quarter to begin 2025. Good grades and plant throughput resulted in our best quarter of production in several years. Cash Costs and AISC were well below our full-year guidance, thanks to higher grades and stable site costs. Combined, these helped to deliver the highest quarterly EBITDA in Atalaya’s history.
This year is expected to be rich with catalysts, both at the corporate and asset level. We completed our re-domiciliation and now benefit from inclusion in the FTSE 250. At Riotinto, the San Dionisio deposit was granted the environmental approval as expected, which will allow for an expansion of mining activities. At Touro, the permitting process continues.
We remain very optimistic about the year ahead. We expect to make further progress across our copper growth projects in Spain, at a time when the copper market remains very tight despite global political developments and ongoing sector M&A is reducing options for investors that seek exposure to copper growth stories.”
Results Presentations
Analyst and Investor Presentation
Alberto Lavandeira (CEO) and César Sánchez (CFO) will host a webcast for analysts and investors today at 9:00 BST.
To access the SparkLive webcast, please visit:
Atalaya Mining Q1 2025 Results | SparkLive | LSEG
Q1 2025 Operating Results Summary
| Unit | Q1 2025 | Q1 2024 | |
| Ore mined | tonnes | 3,711,043 | 3,701,828 |
| Waste mined (1) | tonnes | 11,311,284 | 5,539,677 |
| Ore processed | tonnes | 4,221,891 | 3,740,093 |
| Copper grade | % | 0.42 | 0.34 |
| Copper concentrate grade | % | 17.83 | 20.25 |
| Copper recovery | % | 80.98 | 84.74 |
| Copper concentrate produced | tonnes | 80,170 | 52,684 |
| Copper production | tonnes | 14,291 | 10,666 |
| Payable copper production | tonnes | 13,490 | 10,139 |
| Cash Cost | US$/lb payable | 2.25 | 2.99 |
| All-in Sustaining Cost | US$/lb payable | 2.74 | 3.17 |
(1) Represents the Cerro Colorado pit only.
Mining
Ore mined was 3.7 million tonnes in Q1 2025 (Q1 2024: 3.7 million tonnes).
Waste mined at Cerro Colorado was 11.3 million tonnes in Q1 2025 (Q1 2024: 5.5 million tonnes). In addition, waste stripping activities continued at the San Dionisio area.
Processing
Ore processed was 4.2 million tonnes in Q1 2025 (Q1 2024: 3.7 million tonnes), which represents strong performance due to minimal downtime. The Company now expects to complete its next SAG mill liner change in Q3 2025.
Copper grade was 0.42% in Q1 2025 (Q1 2024: 0.34%), as a result of pit sequencing.
Copper recovery was 80.98% in Q1 2025 (Q1 2024: 84.74%), as a result of the characteristics of certain ores.
Production
Copper production was 14,291 tonnes in Q1 2025 (Q1 2024: 10,666 tonnes), as a result of strong throughput and higher copper grade.
On-site copper concentrate inventories were 19,031 tonnes at 31 March 2025 (31 December 2024: 21,815 tonnes). Nearly all of the concentrate inventories as at 31 December 2024 were sold during Q1 2025 and the Company expects to reduce the current concentrate inventory balance to normalised levels during Q2 2025.
Copper contained in concentrates sold was 14,687 tonnes in Q1 2025 (Q1 2024: 10,286 tonnes).
Cash Cost and AISC Breakdown
| $/lb Cu payable | Q1 2025 | Q1 2024 |
| Mining | 0.85 | 0.99 |
| Processing | 0.80 | 0.91 |
| Other site operating costs | 0.51 | 0.67 |
| Total site operating costs | 2.16 | 2.57 |
| By-product credits | (0.25) | (0.14) |
| Freight, treatment charges and other offsite costs | 0.34 | 0.56 |
| Total offsite costs | 0.09 | 0.42 |
| Cash Cost | 2.25 | 2.99 |
| Cash Cost | 2.25 | 2.99 |
| Corporate costs | 0.11 | 0.09 |
| Sustaining capital (excluding tailings expansion) | 0.06 | 0.02 |
| Capitalised stripping costs (1) | 0.26 | – |
| Other costs | 0.06 | 0.07 |
| AISC | 2.74 | 3.17 |
(1) Represents the Cerro Colorado pit only.
Note: Some figures may not add up due to rounding.
Cash costs were $2.25/lb payable copper in Q1 2025 (Q1 2024: $2.99/lb), with the decrease due to higher copper production, higher silver credits and lower treatment charges.
AISC were $2.74/lb payable copper in Q1 2025 (Q1 2024: $3.17/lb), with the decrease in costs due to the same factors that impacted cash costs, partly offset by higher capitalised stripping, sustaining capital and corporate costs. AISC excludes investments in the tailings dam (consistent with prior reporting) and waste stripping at the San Dionisio area.
Q1 2025 Financial Results Highlights
Income Statement
Revenues were €130.7 million in Q1 2025 (Q1 2024: €69.9 million), as a result of higher copper concentrate sales, higher copper prices and lower offsite costs.
Operating costs were €78.2 million in Q1 2025 (Q1 2024: €59.7 million), as a result of higher mining and processing rates.
EBITDA was €52.5 million in Q1 2025 (Q1 2024: €10.3 million), which represents the highest quarterly figure in Atalaya’s history.
Profit after tax was €30.5 million in Q1 2025 (Q1 2024: €1.6 million) or 21.6 cents basic earnings per share (Q1 2024: 1.5 cents).
Cash Flow Statement
Cash flows from operating activities before changes in working capital were €52.8 million in Q1 2025 (Q1 2024: €11.4 million) and €26.0 million after working capital changes (Q1 2024: negative €1.7 million). Working capital changes were impacted by higher trade receivables at Period end, a significant portion of which was settled on 4 April 2025.
Cash flows used in investing activities were €22.4 million in Q1 2025 (Q1 2024: €17.9 million). Key investments in Q1 2025 included €1.6 million in sustaining capex, €7.2 million in capitalised stripping at Cerro Colorado, €3.0 million related to the San Dionisio area, €4.0 million to expand the tailings dam and €0.3 million for the solar plant. In addition, €4.5 million was invested in the E-LIX Phase I Plant, of which €4.0 million was recorded as a loan to Lain Technologies.
Cash flows from financing activities were positive €13.6 million in Q1 2025 (Q1 2024: negative €16.8 million), as a result of credit facility drawdowns.
Balance Sheet
The Company’s balance sheet remains strong with consolidated cash and cash equivalents of €69.7 million as at 31 March 2025 (31 December 2024: €52.9 million).
Current and non-current borrowings were €31.5 million, resulting in a net cash position of €38.1 million as at 31 March 2025 (31 December 2024: €35.1 million).
Inventories of concentrate valued at cost were €16.4 million at 31 March 2025 (31 December 2024: €19.7 million). The total working capital surplus was €68.5 million at 31 March 2025 (31 December 2024: €44.7 million).
Outlook for 2025
Full year 2025 guidance is unchanged from the outlook announced as part of the Company’s 2024 Annual Results. This includes copper production of 48,000 – 52,000 tonnes (weighted slightly towards H1 2025) and Cash Cost and AISC of $2.70 – 2.90/lb and $3.20 – 3.40/lb copper payable, respectively. Guidance for non-sustaining capital investments and exploration expenditures are also unchanged.
Corporate Activities Update
Re-domiciliation
On 10 January 2025, the Company announced the completion of its re-domiciliation to the Kingdom of Spain and trading under the new registered name of Atalaya Mining Copper, S.A.
Indexation
Following the completion of the re-domiciliation, Atalaya’s shares were added to the FTSE UK Index Series effective 24 March 2025, including the FTSE All-Share Index.
Subsequently, Atalaya’s shares were added to the FTSE 250 Index effective from 7 May 2025. This milestone is expected to enhance the Company’s visibility to institutional investors.
Copper Concentrate Offtake
As a result of the favourable market conditions for producers of copper concentrate, the Company is exploring options to unlock value from its uncommitted future production, including allocations that were subject to legacy offtake agreements which are expiring in the near term.
Asset Portfolio Update
Proyecto Riotinto
Waste stripping activities continued at San Dionisio in order to prepare the area for future mining phases, with total material mined of 1.4 million tonnes in Q1 2025.
Development progress continued in relation to the planned relocation of the A-461 road that currently runs between Cerro Colorado and San Dionisio.
At San Antonio, the polymetallic deposit located immediately east of the Cerro Colorado pit, an infill and step-out drilling programme is expected to begin shortly.
On 15 May 2025, Atalaya announced that the Junta de Andalucía (“JdA”) granted the Unified Environmental Authorisation (or in Spanish, Autorización Ambiental Unificada (“AAU”)) to the San Dionisio deposit at Proyecto Riotinto, which allows for the expansion of mining activities. San Dionisio represents a key component of Atalaya’s strategy to increase copper production by sourcing higher-grade material from deposits throughout the Riotinto District.
E-LIX Phase I Plant
Commissioning and ramp-up activities continued at the E-LIX Phase I plant. During Q1 2025, further progress was made in relation to optimising and debottlenecking the circuits to increase capacity, with the novel leaching section continuing to perform well. Focus remains on leaching the zinc contained within Atalaya’s copper concentrates due to the low copper treatment charge environment.
Once fully operational, the E-LIX plant is expected to produce high-purity copper or zinc metals and intermediate products such as metal precipitates on site, allowing the Company to potentially achieve higher metal recoveries from complex polymetallic ores, lower transportation charges and a reduced carbon footprint.
Riotinto District – Proyecto Masa Valverde (“PMV”)
At present, four rigs are infill drilling the veining stockwork and massive sulphide type mineralisation at the Masa Valverde deposit.
The Company expects to start preparatory works related to the access ramp in the coming months once it has completed the purchase of certain surface rights.
PMV has been granted the two key permits required for development – the Unified Environmental Authorisation (or in Spanish, Autorización Ambiental Unificada (“AAU”)) and the exploitation permit.
Proyecto Touro
On 24 June 2024, Atalaya announced that Proyecto Touro, via its local entity Cobre San Rafael, was declared a strategic industrial project by the Council of the Xunta de Galicia (“XdG”). Under legislation of the Autonomous Community of Galicia, the status of strategic industrial project (or in Spanish, Proyecto Industrial Estratégico (“PIE”)) acts to simplify the administrative procedures associated with the development of industrial projects and intends to substantially reduce permitting timelines.
This declaration highlights the XdG’s commitment to promoting new investment that will benefit the region and also support the objectives of the European Union. Copper is considered a strategic raw material by the EU and this project has the potential to become a new source of sustainable European copper production.
The XdG is continuing its review according to the simplified procedures afforded to projects with PIE status. The public information period, which serves to inform the surrounding communities and organisations about the proposed project, concluded on 31 January 2025. Cobre San Rafael has responded to the feedback submitted during the public information period and the vast majority of sectoral reports issued by the various departments of the XdG have been finalised. In relation to the planned power transmission line, good progress has been made, with agreements reached with the majority of landowners.
The Company continues to engage with the many stakeholders in the region and is restoring the water quality of the rivers around Touro by operating its water treatment plant. The Company has also intensified its recruitment initiatives in relation to its potential future workforce.
Plant engineering is ongoing including the definition of final flowsheets and detailed process layout, in order to shorten the timeline to construction start once permits are obtained. Finally, infill and step-out drilling programmes are nearing completion, having focused on areas captured in the initial mine plan and where mineralisation remains open.
Proyecto Ossa Morena
Drilling is expected to start at the Alconchel-Pallares copper-gold project in June. At the Guijarro-Chaparral gold-copper project, drilling is expected to begin in the coming months.
Proyecto Riotinto East
Gravimetric ground surveys and soil geochemistry are being carried out over selected areas to better define future drill targets on the East belt extension. Drilling in expected to begin in the coming months.
Skellefte Belt and Rockliden (Sweden)
In November 2024, Atalaya announced that it had entered into two binding agreements with Mineral Prospektering i Sverige AB pursuant to which Atalaya Mining Copper can earn an initial 75% interest in two separate land packages in Sweden. The Skellefte Belt land package and the Rockliden land package are located in two notable districts that host many large-scale volcanogenic massive sulphide deposits and mines owned by Boliden AB. Both regions are underexplored and could increase Atalaya’s exposure to critical minerals in Europe.
The winter drilling programmes at both projects completed in March 2025, with final assays pending. In the coming months, focus will be on the geological interpretation and modelling of the data, as well as completing geophysical surveys over certain areas in order to define the next drill targets.
