Q3 2026 Operations Update

Atalaya Mining Copper, S.A.

15 October 2026

 

15 October 2026

Atalaya Mining Copper, S.A.

(“Atalaya” or “the Company”)

Q3 2026 Operations Update

Another strong quarter of production and further balance sheet strengthening

Atalaya Mining (LSE: ATYM) is pleased to announce its operations update for the third quarter of 2026 (“Q3 2026” or the “Period”).

Proyecto Riotinto Operating Highlights

		Q3		Q2	Full Year
		2026(1)	2025	2026	2026 Guidance
Ore mined	M tonnes	4.2	3.7	4.0	15.5 – 16.0
Waste mined(2)	M tonnes	11.0	9.8	10.3	38 – 44(3)
Ore processed	M tonnes	4.1	4.3	4.1	15.8 – 16.2
Copper grade	%	0.40	0.38	0.39	0.36 – 0.39
Copper recovery	%	84.25	74.45	83.91	80 – 83
Copper production	tonnes	13,967	12,123	13,493	50,000 – 54,000(4)

1.        Figures for Q3 2026 are preliminary and final figures will be released with Q3 2026 Financial Results.
2.        Represents the Cerro Colorado pit only.
3.        Waste guidance is 53 – 62 million tonnes when including the San Dionisio pit.
4.        Low end.

Alberto Lavandeira, CEO, commented:

“We are pleased to have delivered another strong quarter of production, thanks to solid copper grades and recoveries. Together with strong copper prices, these contributed to a further strengthening of our balance sheet. We continue to expect production at the low end of the guidance range, while maintaining our cost guidance despite the impact of various conflicts on the prices of key consumables.

We are delighted that Proyecto Touro has been designated as a Strategic Project by the European Commission. This recognition reinforces Touro's strategic importance to Europe's future copper supply and should help to facilitate the completion of the environmental permitting process.

The outlook for copper remains very robust, supported by solid demand and persistent supply challenges. With our balance sheet strength and portfolio of growth projects, Atalaya is well-positioned to capitalise on favourable market conditions and advance its growth strategy.”

Q3 2026 Operating Results

Mining

Ore mined was 4.2 million tonnes in Q3 2026 (Q3 2025: 3.7 million tonnes), compared with 4.0 million tonnes in Q2 2026.

Waste mined was 11.0 million tonnes in Q3 2026 (Q3 2025: 9.8 million tonnes), compared with 10.3 million tonnes in Q2 2026. In addition, waste stripping activities continued at the San Dionisio area.

Processing

Ore processed was 4.1 million tonnes in Q3 2026 (Q3 2025: 4.3 million tonnes), compared with 4.1 million tonnes in Q2 2026.

Copper grade was 0.40% in Q3 2026 (Q3 2025: 0.38%), compared with 0.39% in Q2 2026.

Copper recovery was 84.25% in Q3 2026 (Q3 2025: 74.45%), compared with 83.91% in Q2 2026.

Production

Copper production was 13,967 tonnes in Q3 2026 (Q3 2025: 12,123 tonnes), compared with 13,493 tonnes in Q2 2026. In addition, silver contained in copper concentrate was 0.18 million ounces in Q3 2026.

On-site copper concentrate inventories were 3,259 tonnes at 30 September 2026 (30 June 2026: 11,362 tonnes).

Copper contained in concentrates sold was 15,243 tonnes in Q3 2026, compared with 12,493 tonnes in Q2 2026.

Select Financial Highlights

Realised Copper Price

The average realised copper price (excluding QPs closed during the Period) was US$6.44/lb in Q3 2026, compared with US$6.14/lb in Q2 2026. The average spot copper price was US$6.41/lb in Q3 2026.

Provisional Revenue Adjustments

For Q3 2026, 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 2026) were negative €1.1 million.

Balance Sheet

Consolidated cash and cash equivalents were €354.1 million as of 30 September 2026 (31 December 2025: €166.3 million).

Current and non-current borrowings were €11.9 million, resulting in a net cash position of €342.1 million as of 30 September 2026 (31 December 2025: €122.0 million). This represents a further strengthening of Atalaya's balance sheet in Q3 2026, despite an increase in receivables during the Period.

Outlook for 2026

Production

For FY2026, Atalaya continues to expect 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

Ongoing geopolitical conflicts, including those in the Middle East and Ukraine-Russia, continue to contribute to volatility in energy markets and higher prices for certain key consumables, such as diesel and explosives. In addition, these developments have contributed to electricity price volatility in Spain during periods of peak summer demand.

Despite these pressures, Atalaya continues to expect FY2026 Cash Costs and AISC to remain within the previously announced guidance ranges of US$2.60 – 2.90/lb and US$3.10 – 3.40/lb of payable copper, respectively.

Asset Portfolio Update

Proyecto Riotinto

Stripping activities at San Dionisio continued during the Period, with total waste mined of 3.1 million tonnes in Q3 2026, which was lower than planned due to delays in the relocation of a power line by the electricity supplier. 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 the San Antonio polymetallic deposit, which is located immediately east of the Cerro Colorado pit, the current drilling campaign has been completed and the new data will support an update to the resource model.

Atalaya continues to progress engineering studies for modifications to the Riotinto processing plant that would enable the simultaneous treatment of copper and polymetallic ores. In parallel, the Company is evaluating opportunities to produce a pyrite concentrate from its tailings streams for potential sale into the sulphuric acid market.

E-LIX Phase I Plant

During Q3 2026, the E-LIX plant has been processing high-zinc, low-copper bulk concentrates and producing upgraded saleable copper concentrates and zinc precipitates. Operational costs are currently under review, with the core objectives for the remainder of FY2026 being to demonstrate breakeven and consistent plant performance.

Riotinto District – Proyecto Masa Valverde ("PMV")

Surface preparation works continue at Proyecto Masa Valverde, while the start of access ramp development is expected to begin in the coming weeks. The project has received the key environmental and exploitation permits required for development.

Exploration activities continue to focus on the copper-rich stockwork-style zones, which are expected to be amenable for processing at the existing Riotinto facilities. Recent results have been favourable and confirm the continuity and expansion of the high-grade mineralisation.

Photo 1: PMV Surface Works

Photo 2: PMV Explosives Storage Magazines

Proyecto Touro

On 9 October 2026, the European Commission announced that it had designated Proyecto Touro as a Strategic Project under the European Union’s Critical Raw Materials Act (“CRMA”). This designation recognises the strategic importance of Proyecto Touro in contributing to a secure and sustainable European supply of copper, which has been included on the EU’s list of strategic raw materials as a result of being essential to electrification, energy infrastructure and industrial development.

Atalaya and its local entity Cobre San Rafael ("CSR") believe that the approval process for the Touro environmental impact statement ("DIA") is nearing completion. Meanwhile, CSR continues to advance early works including detailed engineering and procurement activities.

Proyecto Ossa Morena

At the Guijarro gold project, the 2026 drilling programme concluded after completing 16 holes.

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.

At the end of Q2 2026, Atalaya fulfilled its Stage 1 funding commitments for the Skellefte Belt Project, thereby earning a 51% interest in the project. During Q3 2026, Fixed-Loop Electromagnetic (FLEM) and Borehole Electromagnetic (BHEM) geophysical surveys were conducted and their results interpreted during the quarter, identifying promising new drill targets and potential extensions of known mineralisation. Drilling resumed on 22 September 2026 within the Kedtrask nr 1 licence, with the first two holes of the campaign intersecting massive sulphides at the anticipated depths, extending the mineralisation identified during the previous winter drilling campaign further down-dip.

At the Rockliden Project, a Fixed-Loop Electromagnetic (FLEM) survey was completed during Q3 2026, with interpretation of the results currently underway.

Contacts:

SEC Newgate UK	Elisabeth Cowell / George Esmond  / Gwen Samuel	[phone]
Atalaya Mining	Michael Rechsteiner	[phone]

About Atalaya Mining Copper, S.A.

Atalaya is a European copper producer that owns and operates the Proyecto Riotinto complex in southwest Spain. Atalaya’s shares trade on the London Stock Exchange’s Main Market under the symbol “ATYM” and Atalaya is a FTSE 250 Index constituent.

Atalaya’s operations include the Cerro Colorado open pit mine and a modern 15 Mtpa processing plant, which has the potential to become a central processing hub for ore sourced from its wholly owned regional projects around Riotinto, such as Proyecto Masa Valverde and Proyecto Riotinto East. In addition, Atalaya has a phased earn-in agreement for up to 80% ownership of Cobre San Rafael S.L., which fully owns the Proyecto Touro brownfield copper project in the northwest of Spain, as well as a 99.9% interest in Proyecto Ossa Morena. For further information, please visit www.atalayamining.com

 

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