Atalaya Mining Copper S.A (LON:ATYM) has announced its audited consolidated financial results for the year ended 31 December 2025.
Highlights
· Copper production of 11.6 kt in Q4 2025 and 51.1 kt in FY2025, which achieved the higher end of the FY2025 guidance range
· Cash Costs of US$2.62/lb in Q4 2025 and US$2.40/lb in FY2025, with reductions due to higher production, higher silver credits and lower offsite costs
· AISC of US$3.07/lb in Q4 2025 and US$2.90/lb in FY2025
· EBITDA of €41.4 million in Q4 2025 and €179.8 million in FY2025, resulting in strong free cash flow generation of €107.4 million in FY2025
· Final dividend of €0.065/sh proposed, for a full year total of €0.109/sh
· Robust net cash position to support the development of Atalaya’s copper growth projects in Spain
Q4 and FY2025 Financial Results Summary
| Period ended 31 December | Unit | Q4 2025 | Q4 2024 | FY2025 | FY2024 |
| Revenues from operations | €k | 121,412 | 77,852 | 482,915 | 326,797 |
| Operating costs | €k | (79,965) | (65,172) | (303,159) | (260,441) |
| EBITDA | €k | 41,447 | 12,680 | 179,756 | 66,356 |
| Profit for the period (1) | €k | 14,451 | 14,922 | 85,363 | 32,560 |
| Basic earnings per share (1) | € cents/share | 10.3 | 8.7 | 60.8 | 22.6 |
| Dividend declared per share (2) | €/share | n/a | n/a | 0.109 | 0.0637 |
| Cash flows from operating activities | €k | 72,477 | 11,101 | 192,483 | 53,403 |
| Cash flows used in investing activities | €k | (25,305) | (16,578) | (85,070) | (66,073) |
| Cash flows from financing activities | €k | 11,418 | (19,168) | 13,444 | (57,261) |
| Net cash position (3) | €k | 121,960 | 35,091 | 121,960 | 35,091 |
| Working capital surplus | €k | 93,822 | 44,728 | 93,822 | 44,728 |
| Average realised copper price(excluding QPs) | US$/lb | 5.10 | 4.10 | 4.49 | 4.19 |
| Copper concentrate produced | tonnes | 66,402 | 69,550 | 298,108 | 252,165 |
| Copper production | tonnes | 11,550 | 12,078 | 51,139 | 46,227 |
| Cash Costs | US$/lb payable | 2.62 | 2.79 | 2.40 | 2.92 |
| All-In Sustaining Costs (“AISC”) | US$/lb payable | 3.07 | 3.28 | 2.90 | 3.26 |
(1) Includes impact of Q4 2025 impairment related to the E-LIX project of €24.1 million.
(2) Consists of 2025 Interim Dividend (paid 10 October 2025) and proposed 2025 Final Dividend, which is subject to approval by shareholders at the Company’s 2026 Annual General Meeting.
(3) Includes restricted cash and bank borrowings at 31 December 2025 and 31 December 2024.
Alberto Lavandeira, CEO, commented:
“2025 was a year of strong operational and financial delivery for Atalaya. We achieved copper production at the upper end of our guidance range, generated robust free cash flow and further strengthened our balance sheet. The Board has again proposed a final dividend. These results reflect disciplined cost control, improved operating performance at Riotinto and continued focus on efficiency across the business.
We continued to invest in the long‑term development of our assets, with sustained investment at Riotinto, further progress at Masa Valverde and Proyecto Touro, and encouraging exploration results, reinforcing the growth potential and optionality across our asset portfolio. At the same time, we maintained our commitment to sustainability, including targeted actions to address safety performance and a focus on continuous improvement in relation to energy and water efficiency.
The equity fundraise completed in January 2026 has further strengthened Atalaya’s financial position and provides significant flexibility to advance our copper growth projects in Spain. Looking ahead, while the start of 2026 has been affected by challenging weather conditions at Riotinto, we remain confident in our production guidance for the year and in the medium‑term growth potential of our portfolio. With a strong balance sheet, high‑quality assets and favourable long‑term copper fundamentals, Atalaya is well positioned to deliver on our 2026 goals.”
