Atalaya Mining Copper S.A. (LON:ATYM) has announced its unaudited second quarter and first half financial results for the period ended 30 June 2025 together with its interim financial statements.
Highlights
· Copper production of 13.2 kt in Q2 2025 and 27.5 kt in H1 2025, due to improved grades and good plant performance
· AISC of US$2.81/lb in Q2 2025 and US$2.78/lb in H1 2025, thanks to higher production and lower offsite costs
· EBITDA of €55.1 million in Q2 2025 and €107.6 million in H1 2025, which are new quarterly and half year records for Atalaya
· Balance sheet further strengthened with a net cash position of €70.1 million, which will support Atalaya’s ongoing investments in its growth projects in Spain
· 2025 interim dividend of €0.044 per share declared
· Strong performance in H1 2025 supports Atalaya’s full-year outlook, where positive revisions have been made to production and cost guidance
Q2 and H1 2025 Financial Results Summary
| Period ended 30 June | Unit | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 |
| Revenues from operations | €k | 124,082 | 92,208 | 254,750 | 162,146 |
| Operating costs | €k | (69,004) | (65,781) | (147,158) | (125,468) |
| EBITDA | €k | 55,078 | 26,427 | 107,592 | 36,678 |
| Profit for the period | €k | 29,597 | 14,520 | 60,064 | 16,147 |
| Basic earnings per share | € cents/share | 21.1 | 10.8 | 42.7 | 12.2 |
| Interim dividend declared per share (1) | €/share | n/a | n/a | 0.0440 | 0.0362 |
| Cash flows from operating activities | €k | 52,238 | 30,126 | 78,277 | 28,389 |
| Cash flows used in investing activities | €k | (19,374) | (17,054) | (41,773) | (34,931) |
| Cash flows from financing activities | €k | 1,294 | (18,862) | 14,889 | (35,671) |
| Net cash position (2) | €k | 70,078 | 53,361 | 70,078 | 53,361 |
| Working capital surplus | €k | 92,246 | 63,408 | 92,246 | 63,408 |
| Average realised copper price(excluding QPs) | US$/lb | 4.27 | 4.54 | 4.27 | 4.26 |
| Copper concentrate produced | tonnes | 77,088 | 60,623 | 157,258 | 113,308 |
| Copper production | tonnes | 13,175 | 11,583 | 27,466 | 22,249 |
| Cash Costs | US$/lb payable | 2.21 | 2.88 | 2.23 | 2.93 |
| All-In Sustaining Costs (“AISC”) | US$/lb payable | 2.81 | 3.20 | 2.78 | 3.19 |
(1) Interim dividends declared in relation to the H1 2025 and H1 2024 periods.
(2) Includes restricted cash and bank borrowings at 30 June 2025 and 30 June 2024.
Alberto Lavandeira, CEO, commented:
“We are pleased with our performance during the first half of 2025. Good production and cost control have resulted in quarterly and half year records for EBITDA, and our net cash position has further improved thanks to strong free cash flow generation. As a result, our board has declared an interim dividend of €0.044 per share.
Given the performance in 2025 so far, we are also pleased to announce positive revisions to our production and unit cost guidance.
Activity is increasing at our various copper growth projects. At San Dionisio, mining is accelerating following the environmental authorisation in May 2025. At Masa Valverde, we recently announced notable drilling results for the high-grade copper zones, which are expected to be the focus for initial development. At Touro, we have received many positive reports from the different administrative bodies related to the environmental impact review, and we remain confident of a positive outcome in the coming months.
In summary, H1 2025 was a good start to the year and we look forward to delivering further consistent performance and advancing our exciting growth pipeline.”
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 Q2 and H1 2025 Results | SparkLive | LSEG
Q2 and H1 2025 Operating Results Summary
| Unit | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | |
| Ore mined | tonnes | 3,512,257 | 3,797,923 | 7,223,300 | 7,499,752 |
| Waste mined (1) | tonnes | 12,648,006 | 7,507,378 | 23,959,290 | 13,047,055 |
| Ore processed | tonnes | 3,996,573 | 4,086,408 | 8,218,464 | 7,826,501 |
| Copper grade | % | 0.43 | 0.33 | 0.42 | 0.33 |
| Copper concentrate grade | % | 17.09 | 19.11 | 17.47 | 19.64 |
| Copper recovery | % | 76.75 | 85.81 | 78.90 | 85.30 |
| Copper concentrate produced | tonnes | 77,088 | 60,623 | 157,258 | 113,308 |
| Copper production | tonnes | 13,175 | 11,583 | 27,466 | 22,249 |
| Payable copper production | tonnes | 12,404 | 10,976 | 25,894 | 21,116 |
| Cash Costs | US$/lb payable | 2.21 | 2.88 | 2.23 | 2.93 |
| All-in Sustaining Costs | US$/lb payable | 2.81 | 3.20 | 2.78 | 3.19 |
(1) Represents the Cerro Colorado pit only.
Mining
Ore mined was 3.5 million tonnes in Q2 2025 (Q2 2024: 3.8 million tonnes) and 7.2 million tonnes in H1 2025 (H1 2024: 7.5 million tonnes).
Waste mined was 12.6 million tonnes in Q2 2025 (Q2 2024: 7.5 million tonnes) and 24.0 million tonnes in H1 2025 (H1 2024: 13.0 million tonnes). In addition, waste stripping activities continued at the San Dionisio area.
Processing
The plant processed ore of 4.0 million tonnes in Q2 2025 (Q2 2024: 4.1 million tonnes) and 8.2 million tonnes in H1 2025 (H1 2024: 7.8 million tonnes). The next SAG mill liner change will be completed in Q3 2025.
Copper grade was 0.43% in Q2 2025 (Q2 2024: 0.33%) and 0.42% in H1 2025 (H1 2024: 0.33%).
Copper recovery was 76.75% in Q2 2025 (Q2 2024: 85.81%) and 78.90% in H1 2025 (H1 2024: 85.30%). Recoveries in H1 2025 were impacted by the characteristics of certain ores, however, this material contributed much higher grades than the average plant feed during the period.
Production
Copper production was 13,175 tonnes in Q2 2025 (Q2 2024: 11,583 tonnes) and 27,466 tonnes in H1 2025 (H1 2024: 22,249 tonnes), mainly as a result of higher copper grades but partly offset by lower recoveries.
On-site copper concentrate inventories were 9,820 tonnes at 30 June 2025 (31 March 2025: 19,031 tonnes).
Copper contained in concentrates sold was 14,024 tonnes in Q2 2025 (Q2 2024: 11,397 tonnes) and 28,711 tonnes in H1 2025 (H1 2024: 21,683 tonnes).
Cash Cost and AISC Breakdown
| US$/lb Cu payable | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 |
| Mining | 0.88 | 1.04 | 0.86 | 1.01 |
| Processing | 0.77 | 0.83 | 0.79 | 0.87 |
| Other site operating costs | 0.69 | 0.63 | 0.59 | 0.65 |
| Total site operating costs | 2.33 | 2.50 | 2.24 | 2.53 |
| By-product credits | (0.40) | (0.23) | (0.32) | (0.19) |
| Freight, treatment charges and other offsite costs | 0.29 | 0.61 | 0.31 | 0.58 |
| Total offsite costs | (0.12) | 0.38 | (0.01) | 0.40 |
| Cash Costs | 2.21 | 2.88 | 2.23 | 2.93 |
| Cash Cost | 2.21 | 2.88 | 2.23 | 2.93 |
| Corporate costs | 0.06 | 0.12 | 0.09 | 0.11 |
| Sustaining capital (excluding tailings expansion) | 0.02 | 0.05 | 0.04 | 0.03 |
| Capitalised stripping costs (1) | 0.41 | 0.06 | 0.33 | 0.03 |
| Other costs | 0.10 | 0.09 | 0.09 | 0.08 |
| AISC | 2.81 | 3.20 | 2.78 | 3.19 |
(1) Represents the Cerro Colorado pit only.
Note: Some figures may not add up due to rounding.
Cash Costs were US$2.21/lb payable copper in Q2 2025 (Q2 2024: US$2.88/lb) and US$2.23/lb payable copper in H1 2025 (H1 2024: US$2.93/lb), with the decrease due to higher copper production, higher silver credits and lower treatment charges, partly offset by a stronger EUR/USD exchange rate which is a headwind for USD-denominated metrics.
AISC were US$2.81/lb payable copper in Q2 2025 (Q2 2024: US$3.20/lb) and US$2.78/lb payable copper in H1 2025 (H1 2024: US$3.19/lb), with the decrease in costs due to the same factors that impacted Cash Costs but partly offset by higher capitalised stripping. AISC excludes investments in the tailings dam (consistent with prior reporting) and waste stripping at the San Dionisio area.
Q2 and H1 2025 Financial Results Highlights
Income Statement
Revenues were €124.1 million in Q2 2025 (Q2 2024: €92.2 million) and €254.8 million in H1 2025 (H1 2024: €162.1 million), as a result of higher copper concentrate sales and lower offsite costs.
Operating costs were €69.0 million in Q2 2025 (Q2 2024: €65.8 million) and €147.2 million in H1 2025 (H1 2024: €125.5 million), as a result of higher mining and processing rates.
EBITDA was €55.1 million in Q2 2025 (Q2 2024: €26.4 million) and €107.6 million in H1 2025 (H1 2024: €36.7 million), which represent new quarterly and half year records for Atalaya.
Profit after tax was €29.6 million in Q2 2025 (Q2 2024: €14.5 million) or 21.1 cents basic earnings per share (Q2 2024: 10.8 cents) and €60.1 million in H1 2025 (H1 2024: €16.1 million) or 42.7 cents basic earnings per share (H1 2024: 12.2 cents).
Cash Flow Statement
Cash flows from operating activities before changes in working capital were €55.3 million in Q2 2025 (Q2 2024: €26.8 million) and €52.2 million after working capital changes (Q2 2024: €30.1 million). For H1 2025, cash flows from operating activities before changes in working capital were €108.1 million (H1 2024: €38.3 million) and €78.3 million after working capital changes (H1 2024: €28.4 million).
Cash flows used in investing activities were €19.4 million in Q2 2025 (Q2 2024: €17.1 million) and €41.8 million in H1 2025 (H1 2024: €34.9 million). Key investments in Q2 2025 included €0.5 million in sustaining capex, €9.9 million in capitalised stripping at Cerro Colorado, €2.2 million related to the San Dionisio area, €4.0 million to expand the tailings dam and €0.2 million for the solar plant. In addition, €0.4 million was invested in the E-LIX Phase I Plant.
Cash flows from financing activities were positive €1.3 million in Q2 2025 (Q2 2024: negative €18.9 million) and positive €14.9 million in H1 2025 (H1 2024: negative €35.7 million), as a result of temporary credit facility drawdowns to finance the settlement of an intercompany loan.
Balance Sheet
The Company’s balance sheet remains strong with consolidated cash and cash equivalents of €103.0 million as of 30 June 2025 (31 December 2024: €52.9 million).
Current and non-current borrowings were €32.9 million, resulting in a net cash position of €70.1 million as of 30 June 2025 (31 December 2024: €35.1 million).
Inventories of concentrate valued at cost were €10.2 million at 30 June 2025 (31 December 2024: €19.7 million). The total working capital surplus was €92.2 million at 30 June 2025 (31 December 2024: €44.7 million).
Outlook for 2025
Production
Updated copper production guidance for FY2025 is 49,000 – 52,000 tonnes, up from 48,000 – 52,000 tonnes, as a result of the strong performance in H1 2025. Full year production is still expected to be weighted slightly towards H1 2025 as a result of pit sequencing.
Operating Costs
Updated guidance for FY2025 Cash Costs and AISC are as follows:
· Cash Costs range of US$2.60 – 2.80/lb copper payable, down from US$2.70 – 2.90/lb
· AISC range of US$3.10 – 3.30/lb copper payable, down from US$3.20 – 3.40/lb
Euro-denominated costs were well-controlled in H1 2025, however, the stronger EUR/USD exchange rate is expected to be a headwind for USD-denominated metrics in H2 2025.
Expected costs associated with waste stripping at the San Dionisio area in H2 2025 are now included in the guidance for Cash Costs and AISC, having been reallocated from the non-sustaining capital investment guidance shown below.
AISC guidance continues to exclude investments in the tailings dam, consistent with prior reporting.
Non-Sustaining Capital Investments
Updated guidance for FY2025 non-sustaining capital investments is €29 – 37 million, down from €58 – 82 million.
Key changes include the reallocation of expected San Dionisio H2 2025 waste stripping costs to Cash Costs and AISC, and the expected deferral into 2026 of certain expenditures related to the road relocation and the Proyecto Masa Valverde access ramp.
Exploration Expenditures
Updated guidance for FY2025 exploration expenditures is €8 – 12 million, up from €6 – 8 million. The main expenditures are associated with Proyecto Masa Valverde, the San Antonio deposit and the earn-in commitments with MPS in Sweden.
2025 Interim Dividend
Atalaya has a dividend policy that seeks to provide capital returns to its shareholders and allows for continued investments in the Company’s portfolio of growth projects. Dividends are payable in two half-yearly instalments.
In relation to H1 2025, the Company’s Board of Directors has elected to declare an interim dividend of €0.044 per ordinary share (“2025 Interim Dividend”), which is equivalent to approximately US$0.051 or £0.038 per share. This compares to the 2024 interim dividend of €0.0362 (or US$0.040 and £0.0306) per share.
2025 Interim Dividend Timetable
| Event | Date |
| Ex-dividend date | 11 September 2025 |
| Record date | 12 September 2025 |
| Estimated payment date | 10 October 2025 |
Corporate Activities Update
Indexation
Effective from 7 May 2025, Atalaya’s shares were added to the FTSE 250 Index. This milestone is expected to enhance the Company’s visibility to institutional investors.
2025 Annual General Meeting (“AGM”)
All resolutions put to the Company’s 2025 AGM were passed by the requisite majorities, including the approval of the 2024 Final Dividend of US$0.03 (€0.0275) per share, which was paid to holders of CREST Depository Interests on 23 July 2025.
Board of Directors
Following the conclusion of the Company’s 2025 AGM, Hussein Barma stepped down as an independent non-executive director and Hennie Faul was appointed as an independent non-executive director of the Company. As a result, several changes were made in relation to the composition of the Board’s various committees.
Senior Management Changes
In July 2025, Fernando Araúz de Robles Villalón was appointed General Manager of Proyecto Riotinto, succeeding Enrique Delgado. Fernando Araúz is a mining engineer (Polytechnic University of Madrid) with over 20 years of experience with leading multinational companies, and participated in the re-start of Proyecto Riotinto.
Enrique Delgado, who served as General Manager of Proyecto Riotinto since May 2019, will continue as an advisor to Atalaya and vice president of the Atalaya Riotinto Foundation. The Company would like to thank Enrique for his many years of dedicated service.
Asset Portfolio Update
Proyecto Riotinto
On 15 May 2025, San Dionisio was granted the Unified Environmental Authorisation (or in Spanish, Autorización Ambiental Unificada (“AAU”)) by the Junta de Andalucía (“JdA”), which allows for the expansion of mining activities. During Q2 2025, waste stripping activities continued at San Dionisio with total material mined of 1.0 million tonnes, and in H2 2025, mining activities are expected to accelerate. 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.
With respect to the planned relocation of the A-461 road that currently runs between Cerro Colorado and San Dionisio, the project is progressing well and major works are expected during H2 2025.
At San Antonio, the polymetallic deposit located immediately east of the Cerro Colorado pit, an infill and step-out drilling programme began in June.
E-LIX Phase I Plant
Ramp-up activities continued at the E-LIX Phase I plant. During Q2 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, thereby producing upgraded copper concentrates and zinc precipitates.
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”)
On 10 July 2025, the Company announced results from its ongoing drilling programme at PMV, where two rigs are active and are focused on infill and extensional drilling at the Masa Valverde deposit.
Notable high-grade copper zone drilling results included 25 metres at 2.93% Cu (MJ65), 46 metres at 2.11% Cu (MJ76) and 26 metres at 2.78% Cu (MJ79), including 10 metres at 4.39% Cu. The results are primarily associated with stockwork-style mineralisation, which is expected to be amenable for processing at the existing Riotinto facilities. Recent drilling supports Atalaya’s initial focus on the Masa Valverde copper zones, which are expected to be mined via the planned access ramp. Development of the access ramp is expected to begin following the resolution of certain surface rights matters, 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 Mining 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 addressed the feedback from the public information period, and most sectoral reports from the Xunta de Galicia have been finalised, with only three reports still pending. The company has also responded to requests for additional information and is awaiting the corresponding replies. Progress on the planned power transmission line continues, with agreements already secured with a significant number 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 progressing, focused on cost optimisation. Additionally, the search for contractors has started. Finally, infill and step-out drilling programmes continue, with the objective of determining the limits of mineral orebodies both at depth and laterally.
Proyecto Ossa Morena
A step-out drilling programme is underway at the flagship Alconchel-Pallares copper-gold project.
Proyecto Riotinto East
Gravimetric ground surveys have been completed in order to better define future drill targets on the East Belt extension, and soil geochemistry works are nearing completion at two targets.
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 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.
Following the winter drilling programmes, complete assays are still pending. At Bjurtraskgruvan, encouraging results from step-out drilling have been received, including:
· 25SBJK015:
‒ From 299.50m, 8.65m at 0.42% Cu, 1.49% Zn, 4.94g/t Ag, 0.12g/t Au (including 2.45m at 0.25% Cu, 4.78% Zn, 5.99g/t Ag, 0.19g/t Au)
· 25SBJK016:
‒ From 263.35m, 4.25m at 0.16% Cu, 7.93% Zn, 4.80g/t Ag, 0.23g/t Au (including 1.70m at 0.06% Cu, 18.51% Zn, 5.24g/t Ag, 0.38g/t Au)
‒ From 275.65m, 8.65m at 0.61% Cu, 2.66% Zn, 12.21g/t Ag, 0.47g/t Au (including 3.85 m at 0.67% Cu, 4.25% Zn, 14.65g/t Ag, 0.82 g/t Au)
· 25SBJK017:
‒ From 98.20m, 4.50m at 1.84% Cu, 0.12% Zn, 14.36g/t Ag, 0.14g/t Au (including 1.20m at 5.14% Cu, 0.30% Zn, 39.6g/t Ag, 0.40g/t Au)
‒ From 163.75m, 10.65m at 2.21% Cu, 0.29% Zn, 10.89g/t Ag, 0.18g/t Au (including 2.95m at 6.35% Cu, 0.70% Zn, 31.79g/t Ag, 0.39g/t Au)
Additionally, results from a geophysical Borehole TEM (BHEM) survey in the new Bjurtraskgruvan drill holes indicate that the “plates” are more extensive than originally thought, potentially increasing the size of the deposit. Further testing will be completed in the winter 2025-2026 drilling season.
An airborne electromagnetic survey (VTEM) has been completed in order to provide detailed coverage of the Mid-Skellefte Belt, with results and preliminary interpretation expected in late 2025.
Technical Information
The technical information in this announcement that relates to Proyecto Masa Valverde and the Skellefte Belt Project has been compiled by Juan Manuel Pons Pérez, senior geologist and employee of the Company. Juan Manuel Pons Pérez has over 35 years’ experience, is a member of good standing with the College of Geologists of Andalucía and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person. Juan Manuel Pons Pérez consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.
