Atalaya Mining Copper S.A. (LON:ATYM) has announced its unaudited second quarter and first half financial results for the period ended 30 June 2026 together with its interim financial statements.
Highlights
· Copper production of 13.5 kt in Q2 2026 and 23.4 kt in H1 2026
· AISC of US$2.79/lb in Q2 2026 and US$2.97/lb in H1 2026, representing strong performance despite the cost impact of the Middle East conflicts
· EBITDA of €78.2 million in Q2 2026 and €126.2 million in H1 2026, which are new quarterly and half year records for Atalaya
· Strong free cash flow contributed to a growing net cash position of €318.3 million, which will support Atalaya’s investments in its copper growth projects in Spain
· Continued progress with Touro permits, polymetallic circuit and at Masa Valverde
· 2026 interim dividend of €0.055 per share declared
· FY2026 guidance is maintained for production, Cash Costs and AISC
Q2 and H1 2026 Financial Results Summary
| Period ended 30 June | Unit | Q2 2026 | Q2 2025 | H1 2026 | H1 2025 |
| Revenues from operations | €k | 147,437 | 124,082 | 264,691 | 254,750 |
| Operating costs | €k | (69,274) | (69,004) | (138,503) | (147,158) |
| EBITDA | €k | 78,163 | 55,078 | 126,188 | 107,592 |
| Profit for the period | €k | 55,659 | 29,597 | 84,008 | 60,064 |
| Basic earnings per share | € cents/share | 36.1 | 21.1 | 55.4 | 42.7 |
| Interim dividend declared per share (1) | €/share | n/a | n/a | 0.055 | 0.044 |
| Cash flows from operating activities | €k | 78,737 | 52,238 | 108,560 | 78,277 |
| Cash flows used in investing activities | €k | (20,476) | (19,374) | (49,956) | (41,773) |
| Cash flows from financing activities | €k | 18,419 | 1,294 | 132,092 | 14,889 |
| Net cash position (2) | €k | 318,347 | 70,078 | 318,347 | 70,078 |
| Working capital surplus | €k | 284,281 | 92,246 | 284,281 | 92,246 |
| Average realised copper price(excluding QPs) | US$/lb | 6.14 | 4.27 | 6.02 | 4.27 |
| Copper concentrate produced | tonnes | 81,155 | 77,088 | 141,465 | 157,258 |
| Copper production | tonnes | 13,493 | 13,175 | 23,432 | 27,466 |
| Cash Costs | US$/lb payable | 2.36 | 2.21 | 2.43 | 2.23 |
| All-In Sustaining Costs (“AISC”) | US$/lb payable | 2.79 | 2.81 | 2.97 | 2.78 |
(1) Interim dividends declared in relation to the H1 2026 and H1 2025 periods.
(2) Net cash = cash and cash equivalents less borrowings, but excludes lease liabilities.
Alberto Lavandeira, CEO, commented:
“We are pleased to have generated the highest quarterly and half-year EBITDA in Atalaya’s history, thanks to strong copper prices, solid Q2 production and good cost performance. This translated into free cash flow of over €58 million during the quarter, which is also a record for Atalaya. Reflecting this strong financial performance and confidence in our business, the Board has declared a 2026 interim dividend of €0.055 per share.
We are maintaining our prior guidance for FY2026 production, cash costs and AISC, despite experiencing higher diesel and explosives prices following the start of conflicts in the Middle East.
With our strong net cash position, we are well-placed to fund our various growth projects in Spain, especially Proyecto Touro in Galicia, where we understand that the environmental impact statement is nearing completion.
We look forward to the second half of 2026, where we will continue our focus on operational excellence, cost management and advancing our project pipeline. We would also like to thank our shareholders for their continued support as we continue to build long-term value for all stakeholders.”
Q2 and H1 2026 Operating Results Summary
| Unit | Q2 2026 | Q2 2025 | H1 2026 | H1 2025 | |
| Ore mined | tonnes | 4,041,512 | 3,512,257 | 7,402,359 | 7,223,300 |
| Waste mined (1) | tonnes | 10,314,694 | 12,648,006 | 20,494,061 | 23,959,290 |
| Ore processed | tonnes | 4,112,250 | 3,996,573 | 8,173,002 | 8,218,464 |
| Copper grade | % | 0.39 | 0.43 | 0.35 | 0.42 |
| Copper concentrate grade | % | 16.63 | 17.09 | 16.56 | 17.47 |
| Copper recovery | % | 83.91 | 76.75 | 82.89 | 78.90 |
| Copper concentrate produced | tonnes | 81,155 | 77,088 | 141,465 | 157,258 |
| Copper production | tonnes | 13,493 | 13,175 | 23,432 | 27,466 |
| Payable copper production | tonnes | 12,682 | 12,404 | 22,018 | 25,894 |
| Cash Costs | US$/lb payable | 2.36 | 2.21 | 2.43 | 2.23 |
| All-in Sustaining Costs | US$/lb payable | 2.79 | 2.81 | 2.97 | 2.78 |
(1) Represents the Cerro Colorado pit only.
Mining
Ore mined was 4.0 million tonnes in Q2 2026 (Q2 2025: 3.5 million tonnes) and 7.4 million tonnes in H1 2026 (H1 2025: 7.2 million tonnes).
Waste mined was 10.3 million tonnes in Q2 2026 (Q2 2025: 12.6 million tonnes) and 20.5 million tonnes in H1 2026 (H1 2025: 24.0 million tonnes). In addition, waste stripping activities continued at the San Dionisio area.
Processing
Ore processed was 4.1 million tonnes in Q2 2026 (Q2 2025: 4.0 million tonnes) and 8.2 million tonnes in H1 2026 (H1 2025: 8.2 million tonnes). The next SAG mill liner change is expected to take place in Q3 2026.
Copper grade was 0.39% in Q2 2026 (Q2 2025: 0.43%) and 0.35% in H1 2026 (H1 2025: 0.42%).
Copper recovery was 83.91% in Q2 2026 (Q2 2025: 76.75%) and 82.89% in H1 2026 (H1 2025: 78.90%).
Production
Copper production was 13,493 tonnes in Q2 2026 (Q2 2025: 13,175 tonnes) and 23,432 in H1 2026 (H1 2025: 27,466 tonnes). In addition, silver contained in copper concentrate was 0.25 million ounces in Q2 2026 (Q2 2025: 0.35 million ounces) and 0.45 million ounces in H1 2026 (H1 2025: 0.63 million ounces).
On-site copper concentrate inventories were 11,362 tonnes at 30 June 2026 (31 March 2026: 5,083 tonnes).
Copper contained in concentrates sold was 12,493 tonnes in Q2 2026 (Q2 2025: 14,024 tonnes) and 22,248 in H1 2026 (H1 2025: 28,711 tonnes).
Cash Cost and AISC Breakdown
| US$/lb Cu payable | Q2 2026 | Q2 2025 | H1 2026 | H1 2025 |
| Mining | 1.21 | 0.88 | 1.25 | 0.86 |
| Processing | 0.81 | 0.77 | 0.94 | 0.79 |
| Other site operating costs | 0.69 | 0.69 | 0.79 | 0.59 |
| Total site operating costs | 2.72 | 2.33 | 2.98 | 2.24 |
| By-product credits | (0.59) | (0.40) | (0.66) | (0.32) |
| Freight, treatment charges and other offsite costs | 0.23 | 0.29 | 0.11 | 0.31 |
| Total offsite costs | (0.36) | (0.12) | (0.55) | (0.01) |
| Cash Costs | 2.36 | 2.21 | 2.43 | 2.23 |
| Cash Costs | 2.36 | 2.21 | 2.43 | 2.23 |
| Corporate costs | 0.13 | 0.06 | 0.13 | 0.09 |
| Sustaining capital (excluding tailings expansion) | 0.05 | 0.02 | 0.05 | 0.04 |
| Capitalised stripping costs (1) | 0.19 | 0.41 | 0.29 | 0.33 |
| Other costs | 0.06 | 0.10 | 0.08 | 0.09 |
| AISC | 2.79 | 2.81 | 2.97 | 2.78 |
(1) Represents the Cerro Colorado pit only.
Note: Some figures may not add up due to rounding.
Cash Costs were US$2.36/lb payable copper in Q2 2026 (Q2 2025: US$2.21/lb) and US$2.43/lb payable copper in H1 2026 (H1 2025: US$2.23/lb), which increased due to higher mining and processing costs and a stronger EUR/USD exchange rate, but were partly offset by higher by-product credits and lower treatment charges.
AISC were US$2.79/lb payable copper in Q2 2026 (Q2 2025: US$2.81/lb) and US$2.97/lb payable copper in H1 2026 (H1 2025: US$2.78/lb), which were impacted by the same factors as Cash Costs but benefitted from lower capitalised stripping costs. AISC excludes investments in the tailings dam (consistent with prior reporting) and waste stripping at the San Dionisio area.
Q2 and H1 2026 Financial Results Highlights
Income Statement
Revenues were €147.4 million in Q2 2026 (Q2 2025: €124.1 million) and €264.7 million in H1 2026 (H1 2025: €254.8 million), as a result of higher copper prices, higher silver credits and lower offsite costs but partly offset by lower sales volumes.
Operating costs were €69.3 million in Q2 2026 (Q2 2025: €69.0 million) and €138.5 million in H1 2026 (H1 2025: €147.2 million).
EBITDA was €78.2 million in Q2 2026 (Q2 2025: €55.1 million) and €126.2 million in H1 2026 (H1 2025: €107.6 million), which represent new quarterly and half year records for Atalaya.
Profit after tax was €55.7 million in Q2 2026 (Q2 2025: €29.6 million) or 36.1 cents basic earnings per share (Q2 2025: 21.1 cents) and €84.0 million in H1 2026 (H1 2025: €60.1 million) or 55.4 cents basic earnings per share (H1 2025: 42.7 cents).
Cash Flow Statement
Cash flows from operating activities before changes in working capital were €81.2 million in Q2 2026 (Q2 2025: €55.3 million) and €78.7 million after working capital changes (Q2 2025: €52.2 million). For H1 2026, cash flows from operating activities before changes in working capital were €128.5 million (H1 2025: €108.1 million) and €108.6 million after working capital changes (H1 2025: €78.3 million).
Cash flows used in investing activities were €20.5 million in Q2 2026 (Q2 2025: €19.4 million) and €50.0 million in H1 2026 (H1 2025: €41.8 million). Key investments in Q2 2026 included €1.3 million in sustaining capex, €4.6 million in capitalised stripping at Cerro Colorado, €8.9 million related to the San Dionisio area, €2.3 million to expand the tailings dam.
Cash flows from financing activities were positive €18.4 million in Q2 2026 (Q2 2025: positive €1.3 million) and positive €132.1 million in H1 2026 (H1 2025: positive €14.9 million), with Q2 2026 reflecting temporary drawdowns of the Company’s working capital facilities and H1 2026 including proceeds from the January 2026 equity offering.
Balance Sheet
Consolidated cash and cash equivalents were €350.3 million as of 30 June 2026 (31 December 2025: €166.3 million).
Current and non-current borrowings were €31.9 million, resulting in a net cash position of €318.3 million as of 30 June 2026 (31 December 2025: €122.0 million).
Inventories of concentrate valued at cost were €10.4 million at 30 June 2026 (31 December 2025: €3.8 million). The total working capital surplus was €284.3 million at 30 June 2026 (31 December 2025: €93.8 million).
Outlook for 2026
Production
Atalaya continues to expect for FY2026 production to be at the low end of the original guidance ranges of 50,000 – 54,000 tonnes of copper and 0.9 – 1.1 million ounces of silver contained in copper concentrate, respectively.
Operating Costs
The ongoing conflicts in the Middle East continue to disrupt supply chains and impact the prices of certain consumables, including diesel and explosives. For other consumables, fixed price agreements have helped to insulate Atalaya from further cost pressures.
In H1 2026, overall cost performance has been favourable with Cash Costs and AISC that were below the FY2026 guidance ranges. However, due to the ongoing risk that conflicts in the Middle East could continue or escalate, Atalaya is maintaining its FY2026 cost guidance ranges for Cash Costs and AISC of US$2.60 – 2.90/lb and US$3.10 – 3.40/lb copper payable, respectively.
Non-Sustaining Capital Investments
Atalaya now expects that total non-sustaining capital investments for FY2026 will be €52 – 80 million, down from the original guidance range of €75 – 102 million. The revisions are mainly the result of timing, where certain expenditures are now expected to be incurred in the next fiscal year.
Exploration and Other Project Expenses
Guidance for exploration and other project expenses remains at €5 – 7 million and is mainly attributable to San Antonio, Proyecto Masa Valverde, Proyecto Touro and the earn-in agreements in Sweden.
2026 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 2026, the Company’s Board of Directors has elected to declare an interim dividend of €0.055 per ordinary share (“2026 Interim Dividend”), which is equivalent to approximately US$0.064 or £0.047 per share. This compares to the 2025 interim dividend of €0.044 (or US$0.051 and £0.038) per share.
2026 Interim Dividend Timetable
| Event | Date |
| Ex-dividend date | 10 September 2026 |
| Record date | 11 September 2026 |
| Estimated payment date | 30 September 2026 |
Corporate Activities Update
Investment in Lara Exploration Ltd.
On 2 April 2026, Atalaya announced that it had acquired 4,500,000 shares of Lara Exploration Ltd. (TSX-V: LRA) for C$13.5 million. The shares were acquired via private placement at a price of C$3.00 per share and represent approximately 7.3% of Lara’s issued and outstanding shares following completion of the private placements as announced by Lara on 1 April 2026. Atalaya acquired the shares for investment purposes.
2026 Annual General Meeting (“AGM”)
All resolutions put to the Company’s 2026 AGM were passed by the requisite majorities, including the approval of the 2025 Final Dividend of €0.065 per share, which was paid on 22 July 2026.
Asset Portfolio Update
Proyecto Riotinto
Stripping activities at San Dionisio continued during the Period, with total waste mined of 3.2 million tonnes in Q2 2026. 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, two rigs are drilling with the objective of increasing resource confidence and confirming deposit limits.
Atalaya continues to advance engineering works associated with processing plant modifications that would allow for the simultaneous treatment of polymetallic and copper ores at Riotinto. In conjunction, Atalaya is also studying the potential to produce a pyrite concentrate from its tailings streams, which could serve the sulphuric acid market.
E-LIX Phase I Plant
During Q2 2026, the E-LIX plant processed high-zinc, low-copper bulk concentrates and produced saleable copper concentrates and zinc precipitates. Operating stability improved at the throughput levels achieved, however, throughput remained below design capacity and sustained operating and cost performance at scale has not yet been established. Accordingly, uncertainty remains regarding the recoverability of the related assets.
Riotinto District – Proyecto Masa Valverde (“PMV”)
Infill drilling continues at the Masa Valverde deposit, where the focus remains on copper-rich stockwork-style zones, which are expected to be amenable for processing at the existing Riotinto facilities. Results continue to confirm the continuity and expansion of the high-grade mineralisation. Preparatory surface works are ongoing ahead of a final Board decision regarding the access ramp.
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
Based on recent correspondence between Atalaya (through its local entity Cobre San Rafael (“CSR”)) and the regional administration, the Company can confirm that the environmental impact statement (“DIA”) for Touro is well-advanced and that the DIA is under preparation.
While it awaits the conclusion of the permitting process, CSR continues to advance early works including detailed engineering and procurement, documentation, limited land purchases and exploration drilling.
Proyecto Ossa Morena
A drilling programme is ongoing at the Guijarro gold project, where seven holes were completed during Q2 2026 as part of a campaign that will total 17 holes.
Proyecto Riotinto East
Two holes were completed at the Cerro Negro permit, targeting a coincident gravity and magnetic anomaly.
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.
Following the successful winter drilling campaign at both the Skellefte Belt and Rockliden projects, laboratory assays are now complete. These results confirm the extension of high-grade zones and underscore the strong potential of the drilled targets, all of which remain open in several directions. Some of the most significant new intercepts are summarised in the table below.
Table 1: Selected Rockliden Intercepts
| Prospect | BHID | from | to | Interval | Cu | Zn | Pb | Ag | Au |
| m | % | % | % | g/t | g/t | ||||
| T1 | 26RCK021 | 52.25 | 52.80 | 0.55 | 4.98 | 1.03 | 0.25 | 51.00 | 0.06 |
| 56.50 | 71.35 | 14.85 | 1.83 | 0.46 | 0.12 | 32.72 | 0.11 | ||
| (Incl.) | 64.20 | 66.50 | 2.30 | 5.90 | 0.64 | 0.09 | 101.91 | 0.16 | |
| T1 | 26RCK023 | 71.25 | 75.25 | 4.00 | 1.10 | 0.12 | 0.02 | 11.95 | 0.05 |
| 119.40 | 143.00 | 23.60 | 0.96 | 0.32 | 0.05 | 12.01 | 0.11 | ||
| Incl. | 119.40 | 128.10 | 8.70 | 2.39 | 0.42 | 0.12 | 29.87 | 0.25 | |
| ((Incl.)) | 123.45 | 126.35 | 2.90 | 5.31 | 0.82 | 0.28 | 71.03 | 0.64 |
Note: Assays by ALS Laboratory (Methods: ME-ICP61, ME-ICPORE, Au-AA26)
Table 2: Selected Skellefte Belt Intercepts
| Prospect | BHID | from | to | Interval | Cu | Zn | Pb | Ag | Au |
| m | % | % | % | g/t | g/t | ||||
| BJE | 25BJE004 | 211.20 | 222.20 | 11.00 | 0.19 | 4.80 | 0.30 | 26.84 | 0.24 |
| Incl. | 214.00 | 220.40 | 6.40 | 0.19 | 6.67 | 0.50 | 42.57 | 0.26 | |
| (Incl.) | 218.00 | 220.40 | 2.40 | 0.23 | 11.01 | 0.01 | 5.52 | 0.07 | |
| BJE | 25BJE001 | 230.60 | 242.60 | 12.00 | 0.21 | 3.69 | 0.06 | 10.02 | 0.21 |
| BJK | 26SBJK025 | 301.50 | 326.55 | 25.05 | 0.08 | 2.67 | 0.01 | 2.00 | 0.20 |
| Inc. | 301.50 | 303.95 | 2.45 | 0.05 | 23.77 | 0.00 | 3.00 | 0.05 | |
| BJK | 26SBJK029 | 193.20 | 208.70 | 15.50 | 1.05 | 0.07 | 0.00 | 6.15 | 0.39 |
| Incl. | 193.20 | 196.35 | 3.15 | 2.73 | 0.20 | 0.00 | 13.33 | 0.68 | |
| BJK | 26SBJK032 | 309.35 | 333.45 | 24.10 | 0.62 | 3.29 | 1.15 | 14.37 | 0.11 |
| Inc. | 309.35 | 318.95 | 9.60 | 0.68 | 8.10 | 0.38 | 24.33 | 0.05 | |
| (Incl.) | 309.35 | 312.30 | 2.95 | 1.56 | 17.09 | 1.17 | 62.51 | 0.05 | |
| Inc. | 332.05 | 333.45 | 1.40 | 3.17 | 0.21 | 0.00 | 33.36 | 0.39 | |
| 338.95 | 342.70 | 3.75 | 0.33 | 0.02 | 0.00 | 7.80 | 0.97 | ||
| KED | 26SKED005 | 200.70 | 220.50 | 19.80 | 0.12 | 2.89 | 0.13 | 9.16 | 0.21 |
| Incl. | 202.45 | 214.50 | 12.05 | 0.12 | 4.26 | 0.17 | 10.74 | 0.22 | |
| (Incl.) | 202.45 | 204.90 | 2.45 | 0.16 | 5.81 | 0.30 | 12.82 | 0.47 |
Note: Assays by ALS Laboratory (Methods: ME-ICP61, ME-ICPORE, Au-AA26)
Since the commencement of the earn-in agreements, cumulative drilling totals 43 holes (12,617 metres) at the Skellefte Belt Project and 25 holes (4,593 metres) at the Rockliden Project.
Summer exploration activities are focused on modelling the newly acquired data, surveying new target areas using Fixed-Loop Electromagnetic (FLEM) geophysics, and vectoring extensions of the mineralised zones with Borehole Electromagnetic (BHEM) surveys. Concurrently, planning is underway for the next drilling campaign, which is expected to commence in late September.
Subsequent to the end of the Period, Atalaya completed its Stage 1 funding commitments for the Skellefte Belt Project and has thereby earned a 51% interest.
Technical Information
The technical information in this announcement that relates to the Rockliden and Skellefte Belt projects 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.
