Atalaya Mining Copper S.A. (LON:ATYM) has announced its operations update for the fourth quarter of 2025.
Proyecto Riotinto Operating Highlights
| Q4 | Q3 | Full Year | |||||
| 2025(1) | 2024 | 2025 | 2025(1) | 2024 | 2026 Guidance | ||
| Ore mined | M tonnes | 3.9 | 3.5 | 3.7 | 14.8 | 15.2 | 15.5 – 16.0 |
| Waste mined(2) | M tonnes | 9.2 | 10.2 | 9.8 | 43.0 | 32.8 | 38 – 44(3) |
| Ore processed | M tonnes | 4.1 | 3.8 | 4.3 | 16.6 | 15.9 | 15.5 – 16.0 |
| Copper grade | % | 0.33 | 0.41 | 0.38 | 0.39 | 0.35 | 0.38 – 0.41 |
| Copper recovery | % | 83.87 | 78.15 | 74.45 | 78.84 | 83.06 | 79 – 83 |
| Copper production | tonnes | 11,550 | 12,078 | 12,123 | 51,139 | 46,227 | 50,000 – 54,000 |
(1) Figures for Q4 2025 are preliminary and final figures will be released with 2025 Annual Results.
(2) Represents the Cerro Colorado pit only.
(3) Waste guidance is 57 – 67 million tonnes when including the San Dionisio pit.
Alberto Lavandeira, Atalya Mining Copper CEO, commented:
“We are pleased to have achieved the higher end of our FY2025 production guidance range, in part due to plant throughput that set a new record for Atalaya. This performance provides a solid foundation as we enter FY2026.
Looking ahead for the Riotinto District, we are increasing mining rates at San Dionisio, advancing infill drilling programmes at the San Antonio and Masa Valverde deposits, and progressing engineering works associated with plant modifications that could unlock value from our polymetallic resources. In Galicia, we remain active in our engagement with the Xunta and continue to advance engineering at Proyecto Touro.
At the same time, the fundamentals for copper continue to strengthen, with prices setting new highs thanks to growing demand from emerging technologies, consistent supply challenges at major mines and strategic stockpiling of critical metals like copper. Against this backdrop, we are optimistic about the future and remain confident in Atalaya’s positioning and outlook.”
Q4 2025 Operating Results
Mining
Ore mined was 3.9 million tonnes in Q4 2025 (Q4 2024: 3.5 million tonnes), compared with 3.7 million tonnes in Q3 2025. Ore mined was 14.8 million tonnes in FY2025 (FY2024: 15.2 million tonnes).
Waste mined was 9.2 million tonnes in Q4 2025 (Q4 2024: 10.2 million tonnes), compared with 9.8 million tonnes in Q3 2025. Waste mined was 43.0 million tonnes in FY2025 (FY2024: 32.8 million tonnes). In addition, waste stripping activities continued at the San Dionisio area.
Processing
The plant processed ore of 4.1 million tonnes in Q4 2025 (Q4 2024: 3.8 million tonnes), compared with 4.3 million tonnes in Q3 2025. Throughput was 16.6 million tonnes in FY2025 (FY2024: 15.9 million tonnes), which represents a new annual throughput record. The SAG mill liner change was completed during the first days of October 2025.
Copper grade was 0.33% in Q4 2025 (Q4 2024: 0.41%), compared with 0.38% in Q3 2025. Copper grade was 0.39% in FY2025 (FY2024: 0.35%).
Copper recovery was 83.87% in Q4 2025 (Q4 2024: 78.15%), compared with 74.45% in Q3 2025. Copper recovery was 78.84% in FY2025 (FY2024: 83.06%).
Production
Copper production was 11,550 tonnes in Q4 2025 (Q4 2024: 12,078 tonnes), compared with 12,123 tonnes in Q3 2025. Copper production was 51,139 tonnes in FY2025 (FY2024: 46,227 tonnes), thereby achieving the higher end of the Company’s FY2025 guidance range of 49,000 to 52,000 tonnes.
On-site copper concentrate inventories were 4,050 tonnes at 31 December 2025 (30 September 2025: 8,092 tonnes).
Copper contained in concentrates sold was 11,823 tonnes in Q4 2025 (Q4 2024: 10,271 tonnes), compared with 12,234 tonnes in Q3 2025. Copper contained in concentrates sold was 53,487 tonnes in FY2025 (FY2024: 43,609 tonnes).
Select Financial Highlights
Realised Copper Price
The average realised copper price (excluding QPs closed during the Period) was US$5.10/lb in Q4 2025 (Q4 2024: US$4.10/lb), compared with US$4.41/lb in Q3 2025. The average spot copper price was US$5.03/lb in Q4 2025.
Provisional Revenue Adjustments
For Q4 2025, settlement adjustments (for QPs closed during the Period) and fair value adjustments (for open QPs based on copper forward curve prices as of 31 December 2025) were positive €6.2 million.
Balance Sheet
The Company’s balance sheet remains strong with consolidated cash and cash equivalents of €166.3 million as of 31 December 2025 (31 December 2024: €52.9 million).
Current and non-current borrowings were €44.3 million, resulting in a net cash position of €122.0 million as of 31 December 2025 (31 December 2024: €35.1 million).
2026 Production Guidance
Copper production in FY2026 is expected to be 50,000 to 54,000 tonnes, with H2 2026 production to be approximately 10% higher than H1 2026 production.
The Company will provide FY2026 operating cost and capital expenditure guidance when it reports its 2025 Annual Results.
Asset Portfolio Update
Proyecto Riotinto
In H2 2025, waste stripping activities at San Dionisio accelerated, with total material mined of 5.8 million tonnes in Q4 2025 and 12.4 million tonnes in FY2025. 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 to be blended with ore from Cerro Colorado.
At San Antonio, the polymetallic deposit located immediately east of the Cerro Colorado pit, the infill and step-out drilling programme made further progress and will continue in 2026.
Atalaya continued to advance the front-end engineering design of processing plant modifications that would allow for the simultaneous treatment of polymetallic and copper ores at Riotinto.
E-LIX Phase I Plant
In Q4 2025, the E-LIX Phase I plant operated for intermittent periods and produced zinc precipitates from copper-zinc concentrates, although at a variable and reduced capacity due to the focus on optimising the process. All zinc precipitates produced have been sold.
An independent engineering firm has completed the review of the operating parameters and confirmed the potential added value of the process when treating complex polymetallic concentrates like those prevailing in the Iberian Pyrite Belt.
Based on the conclusions of the engineering report, Atalaya’s goal during 2026 is to profitably extract zinc and precious metals from bulk copper-zinc concentrates produced at Proyecto Riotinto.
Atalaya continues working with Lain Technologies on the long term operating strategy, including existing funding requirements, to achieve a profitable application of E-LIX at its deposits in the Iberian Pyrite Belt.
Riotinto District – Proyecto Masa Valverde (“PMV”)
During Q4 2025, infill and extensional drilling at the Masa Valverde deposit continued and further infill drilling is planned for 2026. Focus will remain on the stockwork-style mineralisation, which is expected to be amenable for processing at the existing Riotinto facilities, and support Atalaya’s initial focus on the Masa Valverde copper zones. Development of the access ramp is anticipated to begin once the inminent purchase of certain surface rights is completed, subject to final Board approval.
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. As a result, Cobre San Rafael has applied to the second call for strategic projects launched by the European Commission, where the main objective is to ensure a secure and sustainable supply of critical raw materials for European industry.
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 addressed the feedback from the public information period, and most sectoral reports from the Xunta de Galicia have been finalised, with only two reports still pending. The Company has also responded to requests for additional information and is awaiting a small number of corresponding replies.
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.
Engineering, cost estimation and financial modelling works are advancing as expected. In addition, infill and step-out drilling programmes will continue in 2026.
Proyecto Ossa Morena
Drilling is expected to begin at the Guijarro-Chaparral gold-copper project in Q1 2026.
Proyecto Riotinto East
Drilling will begin at the Cerro Negro and Peñas Blancas permits in Q1 2026.
Skellefte Belt and Rockliden (Sweden)
In November 2024, Atalaya announced that it had entered into two binding agreements with Mineral Prospektering i Sverige AB (“MPS”) pursuant to which Atalaya can earn an initial 75% interest in two separate land packages in Sweden. The Skellefte Belt land package (“Skellefte Belt Project”) and the Rockliden land package (“Rockliden Project”) are located in two notable districts that host many large-scale volcanogenic massive sulphide (“VMS”) deposits and mines owned by Boliden AB. Both regions are underexplored and could increase Atalaya’s exposure to critical minerals in Europe.
Atalaya and MPS have concluded their autumn drilling campaign, which finished in late November with 11 holes totalling over 3,200 meters. Results confirm a significant extension of mineralisation at the Bjurträskgruvan area, with complete laboratory assays expected soon.
The winter drill programme is now underway at both the Skellefte Belt and Rockliden projects, with three drill rigs currently active. Drilling at previously defined targets commenced during the second week of January, supported by ongoing Fixed-Loop Electromagnetic (FLEM) ground surveys and advanced modelling to refine target definition.
In parallel, work plans and authorisations for new targets identified by the summer airborne (VTEM) survey are well advanced. Ground-based exploration, including FLEM surveys and drilling on these targets, is scheduled to begin in the coming months.
Corporate Activities Update
On 30 December 2025, the Company announced that it intends to appoint Dr. Michael Graham Armitage as an independent non-executive director with effect from 19 January 2026. Mike will replace Steve Scott who stepped down from the Board on 31 December 2025.
As a result, several changes will be made in relation to the composition of the Board’s various committees effective 19 January 2026.
