Atalaya Mining Copper S.A. (LON:ATYM) has announced its operations update for the third quarter of 2025.
Proyecto Riotinto Operating Highlights
| Q3 | Q2 | Full Year | |||
| 2025(1) | 2024 | 2025 | 2025 Guidance | ||
| Ore mined | M tonnes | 3.7 | 4.2 | 3.5 | 15 – 16 |
| Waste mined(2) | M tonnes | 9.8 | 9.6 | 12.6 | 40 – 43(3) |
| Ore processed | M tonnes | 4.3 | 4.3 | 4.0 | 15.8 – 16.0 |
| Copper grade | % | 0.38 | 0.33 | 0.43 | 0.39 – 0.41 |
| Copper recovery | % | 74.45 | 84.35 | 76.75 | 78 – 80 |
| Copper production | tonnes | 12,123 | 11,901 | 13,175 | 49,000 – 52,000 |
(1) Figures for Q3 2025 are preliminary and final figures will be released with Q3 2025 Financial Results.
(2) Represents the Cerro Colorado pit only.
(3) Guidance is 47 – 50 million tonnes when including the San Dionisio pit.
Alberto Lavandeira, CEO, commented:
“Production for the third quarter was consistent with our full-year outlook and benefitted from strong plant availability. Cost performance is trending favourably compared to our guidance ranges, and combined with strong copper prices, our balance sheet continues to strengthen.
We remain busy across our project pipeline in the Riotinto District, including stripping at San Dionisio, infill drilling at San Antonio and Proyecto Masa Valverde and engineering works for the future polymetallic circuit.
At Proyecto Touro, our team is active on many fronts, including engaging with the Xunta de Galicia in relation to the environmental impact review, progressing detailed engineering and also completing exploration drilling.
We are increasingly optimisitic about Atalaya’s growth strategy, thanks to a portfolio of projects that have the potential to deliver new production into a copper market that is becoming increasingly supply constrained.”
Q3 2025 Operating Results
Mining
Ore mined was 3.7 million tonnes in Q3 2025 (Q3 2024: 4.2 million tonnes), compared with 3.5 million tonnes in Q2 2025.
Waste mined was 9.8 million tonnes in Q3 2025 (Q3 2024: 9.6 million tonnes), compared with 12.6 million tonnes in Q2 2025. In addition, waste stripping activities continued at the San Dionisio area.
Processing
The plant processed ore of 4.3 million tonnes in Q3 2025 (Q3 2024: 4.3 million tonnes), compared with 4.0 million tonnes in Q2 2025, representing strong plant performance. The SAG mill liner change was completed during the first days of October 2025.
Copper grade was 0.38% in Q3 2025 (Q3 2024: 0.33%), compared with 0.43% in Q2 2025.
Copper recovery was 74.45% in Q3 2025 (Q3 2024: 84.35%), compared with 76.75% in Q2 2025.
Production
Copper production was 12,123 tonnes in Q3 2025 (Q3 2024: 11,901 tonnes), compared with 13,175 tonnes in Q2 2025.
On-site copper concentrate inventories were 8,092 tonnes at 30 September 2025 (30 June 2025: 9,820 tonnes).
Copper contained in concentrates sold was 12,952 tonnes in Q3 2025 (Q3 2024: 11,656 tonnes), compared with 14,024 tonnes in Q2 2025.
Select Financial Highlights
Realised Copper Price
The average realised copper price (excluding QPs closed during the Period) was US$4.42/lb in Q3 2025 (Q3 2024: US$4.13/lb), compared with US$4.27/lb in Q2 2025. The average spot copper price was US$4.44/lb in Q3 2025.
Provisional Revenue Adjustments
For Q3 2025, settlement adjustments (for QPs closed during the Period) and fair value adjustments (for open QPs based on copper forward curve prices as of 30 September 2025) were positive €1.6 million.
Balance Sheet
The Company’s balance sheet remains strong with consolidated cash and cash equivalents of €113.8 million as of 30 September 2025 (31 December 2024: €52.9 million).
Current and non-current borrowings were €24.1 million, resulting in a net cash position of €89.7 million as of 30 September 2025 (31 December 2024: €35.1 million).
Outlook for 2025
Atalaya is in a strong position to deliver on its full-year targets, thanks to Riotinto’s performance in the year-to-date.
Copper production guidance for 2025 remains at 49,000 – 52,000 tonnes, while Cash Cost and AISC performance continue to trend favourably in relation to guidance of US$2.60 – 2.80/lb and US$3.10 – 3.30/lb copper payable, respectively.
Asset Portfolio Update
Proyecto Riotinto
In 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 Q3 2025, waste stripping activities at San Dionisio accelerated, with total material mined of 4.2 million tonnes. 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, eight drill holes were completed during the quarter as part of the ongoing infill and step-out drilling programme.
Atalaya Mining is also advancing the front-end engineering design of a new processing circuit that would allow for the simultaneous treatment of polymetallic and copper ores at Riotinto.
E-LIX Phase I Plant
In Q3 2025, the E-LIX Phase I plant demonstrated continuous operations over extended periods, producing zinc precipitates from copper-zinc concentrates, although at a reduced capacity.
Lain Technologies also continues to focus on optimisation and debottlenecking initiatives. In conjunction, an independent third-party engineering firm initiated a review to assess actual and potential plant performance, confirm achievable throughput capacity and identify further optimisation opportunities. Once the third-party review has been completed, Atalaya and Lain Technologies will determine a future operating strategy for the E-LIX Phase I plant.
Riotinto District – Proyecto Masa Valverde (“PMV”)
On 10 July 2025, the Company announced results from its ongoing drilling programme at PMV. Two rigs remain active and are focused on infill and extensional drilling at the Masa Valverde deposit. In addition, two geotechnical holes were recently completed.
Recent drilling results are primarily associated with 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 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. In this context, Cobre San Rafael will apply 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.
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
Three drill holes were recently completed at the Alconchel-Pallares copper-gold project.
Proyecto Riotinto East
Following the completion of the gravimetric survey and soil geochemistry, an area with several coincident gravity-geochemical targets has been outlined at Cerro Negro and Peñas Blancas. Drilling is expected to commence at Cerro Negro during the next quarter.
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 Mining 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.
The VTEM airborne electromagnetic survey carried out this summer over the Skellefte Belt project has extended high-resolution coverage throughout the permit area. This work has identified multiple new anomalies that are currently being systematically ranked and modelled. Following further refinement with ground electromagnetic (FLEM) surveys where required, these targets will be incorporated into the upcoming winter drilling programme.
Following the processing and modelling of several VTEM anomalies, which were further refined through FLEM and detailed UAV magnetic surveys conducted over the summer, a drill rig was mobilised and began drilling activities in the final days of September.
Recent drilling and ground geophysical surveys (including Borehole BHEM and FLEM) have indicated extensions of mineralisation at both the Bjurtraskgruvan deposit (Skellefte Belt Project) and the Rockliden Project. These identified areas will undergo drill testing during the upcoming winter months, and planning for these activities is currently underway.
Corporate Activities Update
As announced on 17 September 2025, alternative arrangements were implemented to assist the holders of Atalaya ordinary shares represented by physical certificates as at 9 January 2025 to convert their shares into electronic form represented by CREST Depositary Interests.
