Q2 and H1 2026 Financial Results

Summary by AI ^BETAClose X

Atalaya Mining Copper, S.A. reported record quarterly and half-year EBITDA of €78.2 million and €126.2 million respectively for Q2 and H1 2026, driven by strong copper prices and solid production. The company achieved copper production of 13.5 kt in Q2 and 23.4 kt in H1 2026, with All-In Sustaining Costs (AISC) at US$2.79/lb and US$2.97/lb respectively, despite geopolitical cost impacts. Atalaya's net cash position grew to €318.3 million, supporting its growth projects, and the board declared an interim dividend of €0.055 per share, maintaining FY2026 guidance for production and costs.

Disclaimer*

Financial instrument	Fair value hierarchy	Valuation technique	Significant inputs
Listed equity investments classified as FVOCI	Level 1	Quoted market prices	Quoted closing market prices
Receivables subject to provisional pricing	Level 2	Forward pricing model	Observable LME copper forward prices, forward foreign exchange rates, discount factors and contractual quotational periods
Unlisted equity investments classified as FVOCI	Level 3	Market approach incorporating company-specific information	Recent transactions, financial position of the investee and other relevant observable and unobservable information
Convertible Loan to Lain Technologies Ltd	Level 3	Probability-weighted discounted cash flow model	Expected commercial development of the E-LIX technology, expected timing of commercialisation and discount rates

Significant unobservable input	Description
Expected commercial development of the E-LIX technology	Assumptions regarding the expected incremental economic benefits generated by the commercial application of the E-LIX technology
Forecast operating cash flows	Financial projections prepared for the valuation of the underlying equity interest
Discount rate	Reflects the risks specific to the investment and market participant assumptions

Company	Country	Activity	Classification
Lara Exploration Ltd.	Canada	Mineral exploration	FVOCI
Explotaciones Gallegas del Cobre, S.L.	Spain	Mineral exploration	FVOCI
KEFI Gold and Copper plc	United Kingdom	Mineral exploration	FVOCI
Prospech Limited	Australia	Mineral exploration	FVOCI

Name	Role	Maximum number of shares awarded	Grant date	Vesting schedule
Alberto Lavandeira	Chief Executive Officer	218,000	23/04/2025	Vesting of 3 years, subject to performance
César Sánchez	Chief Financial Officer (PDMR)	113,091	23/04/2025	Same as above
Enrique Delgado	Corporate Institutional Adviser (Former GM Riotinto)	112,431	23/04/2025	Same as above
		443,522

Name	Role	Maximum number of conditional share awards
Alberto Lavandeira	Chief Executive Officer	100,513
César Sánchez	Chief Financial Officer	54,750
Other employees	Employees	152,141
		307,404

Companies

Atalaya Mining (ATYM)

UK 100

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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

	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

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

Event	Date
Ex-dividend date	10 September 2026
Record date	11 September 2026
Estimated payment date	30 September 2026

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

Q2 and H1 2026 Financial Results

Summary by AI ^BETAClose X

Condensed Consolidated Interim Statement of Financial Position

Condensed Consolidated Interim Cash Flow Statement

Notes to the Unaudited Condensed Consolidated Interim Financial Statements

1. Incorporation and summary of business

2. Basis of preparation and accounting policies

2.1 Basis of preparation

2.2 New standards, interpretations and amendments adopted by the Group

2.3 Fair value estimation

2.4 Critical accounting estimates and judgements

3. Business and geographical segments

4. Revenue

5. Net Finance Income/(Costs)

6. Tax

7. Earnings per share

8. Property, plant and equipment

9. Intangible assets

10. Inventories

11. Dividends

12. Trade and other receivables

13. Loans

14. Other financial assets

15. Cash and cash equivalents

16. Share capital and share premium

17. Other reserves

18. Trade and other payables

19. Provisions

20. Borrowings

21. Lease liabilities

22. Acquisition, incorporation and disposal of subsidiaries

23. Winding-up of subsidiaries

24. Related party transactions

25. Contingent liabilities

26. Commitments

27. Significant events

28. Events after the Reporting Period

Companies

UK 100

Latest directors dealings

SEC Newgate UK	Elisabeth Cowell / George Esmond / Gwen Samuel	+44 20 3757 6882
Atalaya Mining	Michael Rechsteiner	+34 959 59 28 50

Units expressed in accordance with the international system of units (SI)	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 rate	%	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$/lb payable	2.36	2.21	2.43	2.23
All-in Sustaining Cost ("AISC")*	US$/lb payable	2.79	2.81	2.97	2.78

	Unit	Guidance 2026
Ore mined	million tonnes	15.5 - 16.0
Waste mined ⁽¹⁾	million tonnes	38 - 44
Ore processed	million tonnes	15.8 - 16.2 ⁽²⁾
Copper grade	%	0.36 - 0.39 ⁽²⁾
Copper recovery	%	80 - 83 ⁽²⁾
Copper production	tonnes	50,000 - 54,000 ⁽³⁾
Cash Costs	US$/lb payable	US$2.60 - 2.90
All-in sustaining cost	US$/lb payable	US$3.10 - 3.40

(Euro 000's)	Three month period ended 30 Jun 2026	Three month period ended 30 June 2025	Six month period ended 30 Jun 2026	Six month period ended 30 Jun 2025

Revenues	147,437	124,082	264,691	254,750
Costs of sales	(71,203)	(67,889)	(130,463)	(140,232)
Corporate expenses	1,628	(1,461)	(4,817)	(4,055)
Exploration expenses	(775)	(95)	(4,520)	(3,430)
Care and maintenance expenditures	(1)	2	(14)	(7)
Other income	1,077	439	1,311	566
EBITDA	78,163	55,078	126,188	107,592
Depreciation/amortisation	(14,811)	(12,901)	(28,756)	(25,795)
Net foreign exchange (loss)/gain	1,532	(3,875)	3,130	(5,956)
Net finance (cost)/income	533	-	202	(81)
Tax	(9,758)	(8,705)	(16,756)	(15,696)
Profit for the period	55,659	29,597	84,008	60,064

(Euro 000's)	30 Jun 2026	31 Dec 2025

Unrestricted cash and cash equivalents at Group level	293,987	146,505
Unrestricted cash and cash equivalents at Operation level	56,295	19,801
Consolidated cash and cash equivalents	350,282	166,306
Net cash position ⁽¹⁾	318,347	121,960
Working capital surplus	284,281	93,822

	Three month period ended 30 Jun 2026	Three month period ended 30 Jun 2025	Six month period ended 30 Jun 2026	Six month period ended 30 Jun 2025
Average rates for the periods
GBP - EUR	0.86619	0.8490	0.8672	0.8423
USD - EUR	1.1627	1.1338	1.1666	1.0927
Spot rates as at
GBP - EUR	0.8613	0.8555	0.8613	0.8555
USD - EUR	1.1394	1.1720	1.1394	1.172

(Euro 000's)	Note	Three month period ended 30 Jun 2026	Three month period ended 30 Jun 2025	Six month period ended 30 Jun 2026	Six month period ended 30 Jun 2025
		(Unaudited and unreviewed)	(Unaudited and unreviewed)	(Unaudited)	(Unaudited)
Revenue	4	147,437	124,082	264,691	254,750
Operating costs and mine site administrative expenses		(68,216)	(67,598)	(128,129)	(139,695)
Mine site depreciation and amortisation		(14,811)	(12,901)	(28,756)	(25,795)
Gross profit		64,410	43,583	107,806	89,260
Administration and other expenses		1,628	(1,461)	(4,817)	(4,055)
Share-based benefits	17	(2,987)	(291)	(2,334)	(537)
Exploration expenses		(775)	(95)	(4,520)	(3,430)
Care and maintenance expenditure		(1)	2	(14)	(7)
Other income		1,077	439	1,311	566
Operating profit		63,352	42,177	97,432	81,797
Net foreign exchange (loss)/gain		1,532	(3,875)	3,130	(5,956)
Net finance income/(costs)	5	533	-	202	(81)
Profit before tax		65,417	38,302	100,764	75,760
Tax	6	(9,758)	(8,705)	(16,756)	(15,696)
Profit for the period		55,659	29,597	84,008	60,064

Profit for the period attributable to:
- Owners of the parent	7	55,575	29,681	84,113	60,148
- Non-controlling interests		84	(84)	(105)	(84)
		55,659	29,597	84,008	60,064

Earnings per share from operations attributable to equity holders of the parent during the period:
Basic earnings per share (EUR cents per share)	7	36.1	21.1	55.4	42.7
Fully diluted earnings per share (EUR cents per share)	7	34.7	20.3	53.3	41.1

Profit for the period		55,659	29,597	84,008	60,064
Other comprehensive income:			-		-
Other comprehensive income that will not be reclassified to profit or loss in subsequent periods (net of tax):
Change in fair value of financial assets through other comprehensive income 'OCI'		1,846	(1)	1,846	-
Total comprehensive income for the period		57,505	29,596	85,854	60,064

Total comprehensive income for the period attributable to:
- Owners of the parent	7	57,421	29,680	85,959	60,148
- Non-controlling interests		84	(84)	(105)	(84)
		57,505	29,596	85,854	60,064

(Euro 000's)	Note	Share capital	Share premium	Other reserves	Accum. Profits	Total	NCI	Total equity
(Unaudited)		Share capital	Share premium	Other reserves	Accum. Profits	Total	NCI	Total equity
At 1 January 2026		12,668	321,856	89,255	166,091	589,870	1,940	591,810
Profit for the period		-	-	-	84,113	84,113	(105)	84,008
Change in fair value of financial assets through OCI		-	-	1,846	-	1,846	-	1,846
Total comprehensive income		-	-	1,846	84,113	85,959	(105)	85,854
Issuance of share capital	16	1,170	149,079	-	-	150,249	-	150,249
Share issue costs		-	(5,195)	-	-	(5,195)	-	(5,195)
Recognition of depletion factor	17	-	-	21,270	(21,270)	-	-	-
Recognition of share-based payments	17	-	-	1,876	-	1,876	-	1,876
Recognition of non-distributable reserve	17	-	-	6,861	(6,861)	-	-	-
Recognition of distributable reserve	17	-	-	19,010	(19,010)	-	-	-
Other changes in equity		-	-	322	(317)	5	-	5
Dividends	11	-	-	-	(9,994)	(9,994)	-	(9,994)
At 30 June 2026		13,838	465,740	140,440	192,752	812,770	1,835	814,605


(Euro 000's)	Note	Share capital	Share premium ⁽¹⁾	Other reserves	Accum. Profits	Total	NCI	Total equity
(Unaudited)		Share capital	Share premium ⁽¹⁾	Other reserves	Accum. Profits	Total	NCI	Total equity
At 1 January 2025		12,668	321,856	88,774	93,085	516,383	2,154	518,537
Profit for the period		-	-	-	60,148	60,148	(84)	60,064
Total comprehensive income		-	-	-	60,148	60,148	(84)	60,064
Recognition of share-based payments	17	-	-	537	-	537	-	537
Recognition of non-distributable reserve	17	-	-	1	(1)	-	-	-
Recognition of distributable reserve	17	-	-	13	(13)	-	-	-
Dividends	11	-	-	-	(3,871)	(3,871)	-	(3,871)
At 30 June 2025		12,668	321,856	89,325	149,348	573,197	2,070	575,267

Financial assets or liabilities (Euro 000's)	Level 1	Level 2	Level 3	Total
30 Jun 2026
Other financial assets
Financial assets at FV through OCI	10,981	-	1,101	12,082
Financial assets at FV through P&L (*)	-	-	9,725	9,725
Trade and other receivables
Receivables (subject to provisional pricing)	-	13,411	-	13,411
Total	10,981	13,411	10,826	35,218

31 Dec 2025
Other current financial assets
Financial assets at FV through OCI	62	-	1,101	1,163
Financial assets at FV through P&L (*)	-	-	9,725	9,725
Trade and other receivables
Receivables (subject to provisional pricing)	-	21,254	-	21,254
Total	62	21,254	10,826	32,142

Revenue - from external customers	Three month period ended 30 Jun 2026	Three month period ended 30 June 2025	Six month period ended 30 Jun 2026	Six month period ended 30 Jun 2025
	€'000	€'000	€'000	€'000
Switzerland	96,826	78,210	165,840	184,835
Singapore	50,395	45,689	98,539	69,656
Spain	216	183	312	259
	147,437	124,082	264,691	254,750

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


Neil Gregson (Chair)	Alberto Lavandeira (CEO)

(Euro 000's)	Land and buildings		Right-of-use assets	Plant and machinery	Assets under construction ⁽¹⁾	Deferred mining costs ⁽³⁾	Other assets ⁽⁴⁾	Total
Cost
At 1 January 2025		86,452	6,928	340,516	100,448	73,974	980	609,298
Additions		392	-	-	16,570	17,178	-	34,140
Increase in rehab. Provision		116	-	-	-	-	-	116
Reclassifications		-	-	2,468	(1,839)	-	19	648
Disposals		-	-	-	(14)	-	-	(14)
At 30 June 2025		86,960	6,928	342,984	115,165	91,152	999	644,188
Additions		67	1,237	836	30,979	4,906	-	38,025
Changes in rehab. Provision		(775)	-	-	-	-	-	(775)
Reclassifications		-	-	427	8,852	-	-	9,279
Disposals		-	-	-		-	(24)	(24)
At 31 December 2025		86,252	8,165	344,247	154,996	96,058	975	690,693
Additions ⁽²⁾		1,875	-	5,820	18,161	11,907	-	37,763
Increase in rehab. Provision		-	-	-	-	-	-	-
Reclassifications ⁽⁵⁾		-	-	126,782	(126,699)	-	-	83
30 Jun 2026		88,127	8,165	476,849	46,458	107,965	975	728,539

Depreciation
At 1 January 2025		30,894	2,971	140,876	-	24,718	807	200,266
Charge for the period		3,012	257	15,917	-	3,872	34	23,092
At 30 June 2025		33,906	3,228	156,793	-	28,590	841	223,358
Charge for the period		2,358	305	12,439	-	4,506	18	19,626
Write-off		-	-	-	-	-	(20)	(20)
At 31 December 2025		36,264	3,533	169,232	-	33,096	839	242,964
Charge for the period⁽⁶⁾		2,240	149	19,310	-	5,004	12	26,715
30 Jun 2026		38,504	3,682	188,542	-	38,100	851	269,679

Net book value
30 Jun 2026		49,623	4,483	288,307	46,458	69,865	124	458,860
At 31 December 2025		49,988	4,632	175,015	154,996	62,962	136	447,729

Description	Caption		Note		Amount (€k)
Pilot plant		Non-current loan		13		-
Industrial Plant		Non-current receivables (prepayments)		12		-
Industrial Plant		PPE		8		20,640*
Convertible Loan		Non-current loan		13		9,725

Non-current assets	30 Jun 2026	31 Dec 2025
	€'000	€'000
Spain	538,044	522,648
	538,044	522,648

(Euro 000's)	Three months ended 30 Jun 2026	Three months ended 30 Jun 2025	Six months ended 30 Jun 2026	Six months ended 30 Jun 2025
Profit attributable to equity holders of the parent	55,575	29,681	84,113	60,148

Weighted number of ordinary shares for the purposes of basic earnings per share (000's)	153,759	140,759	151,809	140,759
Basic profit per share (EUR cents/share)	36.1	21.1	55.4	42.7

Weighted number of ordinary shares for the purposes of fully diluted earnings per share (000's)	159,998	146,430	157,903	146,306
Fully diluted profit per share (EUR cents/share)	34.7	20.3	53.3	41.1

Description	Nature of the Asset (recoverability)	Value at 31 December 2025 (€k)	Impairment 31 December 2025 (€k)	Net Asset Value at 31 December 2025 (€k)	Net Asset Value at 30 June 2026 (€k)
Pilot Plant	Repayments from operational cash flow from the Industrial Plant	2,726	(2,726)	-	-
Industrial Plant - Loan	Repayments depend on the use of the technology and operation in the Industrial Plant	21,418	(21,418)	-	-
Industrial Plant - PPE	Recoverable asset through alternative use in Atalaya's processing plant (1)	22,118	-	22,118	20,640**
Convertible Loan	Recoverable by 20% of equity in the E-LIX technology	9,725	-	9,725	9,725

(Euro 000's)	Permits ⁽¹⁾	Licences, R&D and software	Other intangible assets	Total
Cost
At 1 January 2025	78,071	1,810	27,847	107,728
Additions	-	-	4,752	4,752
Reclassifications	-	28	-	28
At 30 June 2025	78,071	1,838	32,599	112,508
Additions	400	10	4,321	4,731
Reclassifications	52	-	(51)	1
At 31 December 2025	78,523	1,848	36,869	117,240
Additions⁽²⁾	-	-	4,906	4,906
Reclassification	-	-	-	-
30 Jun 2026	78,523	1,848	41,775	122,146
Amortisation
At 1 January 2025	35,958	1,561	-	37,519
Charge for the period	2,687	16	-	2,703
At 30 June 2025	38,645	1,577	-	40,222
Charge for the period	2,084	15	-	2,099
At 31 December 2025	40,729	1,592	-	42,321
Charge for the period	2,025	16	-	2,041
At 30 June 2026	42,754	1,608	-	44,362
Net book value
At 30 June 2026	35,769	240	41,775	77,784
At 31 December 2025	37,794	256	36,869	74,919

(Euro 000's)	30 Jun 2026	30 Jun 2025	31 Dec 2025
Dividend payable	10,003	3,871	-

(Euro 000's)	Non-current	Current	Total
At 31 December 2025	1,101	62	1,163
Acquisition of equity investment	8,453	-	8,453
Fair value gain/(loss) recognised in OCI	2,478	(12)	2,466
30 Jun 2026	12,032	50	12,082

(Euro 000's)	Six month period ended 30 Jun 2026
Gross fair value gain recognised in OCI	2,466
Deferred tax recognised in OCI	(620)
Net gain recognised in OCI	1,846

(Euro 000's)	30 Jun 2026	31 Mar 2026	31 Dec 2025	30 Jun 2025	31 Mar 2025
Unrestricted cash and cash equivalents at Group level	293,987	249,940	146,505	83,747	44,020
Unrestricted cash and cash equivalents at Operation level	56,295	29,806	19,801	19,266	25,641
Consolidated cash and cash equivalents	350,282	279,746	166,306	103,013	69,661

Issued and fully paid			Shares	Share Capital	Share premium	Total
Issue Date	Price (£/share)	Details	000's	€'000	€'000	€'000
31 December 2024/1 January 2025			140,759	12,668	321,856	334,524


31-Dec-25			140,759	12,668	321,856	334,524
28-Jan-26	10.00	Issue of new shares	13,000	1,170	143,884	145,054
30-Jun-26			153,759	13,838	465,740	479.578

Grant date		Expiry date		Exercise price £		Share options
30 Jun 2020		30 Jun 2030		1.475		410,000
24 Jun 2021		23 Jun 2031		3.090		838,000
22 Jun 2022		30 Jun 2027		3.575		890,000
22 May 2023		21 May 2028		3.270		1,020,000
11 Jun 2024		10 Jun 2029		4.135		1,078,334
22 Dec 2024		19 Dec 2029		3.335		150,000
9 Jul 2025		9 Jul 2030		4.603		1,600,000
Total						5,986,334

			Weighted average exercise price £		Share options
	At 1 January 2026		3,686		6,026,334
	Granted during the period		-		-
	Options executed during the period		4,440		(40,000)
	30 June 2026		3.681		5,986,334

Q2 and H1 2026 Financial Results

Summary by AI BETAClose X

Condensed Consolidated Interim Statement of Financial Position

Condensed Consolidated Interim Cash Flow Statement

Notes to the Unaudited Condensed Consolidated Interim Financial Statements

1. Incorporation and summary of business

2. Basis of preparation and accounting policies

2.1 Basis of preparation

2.2 New standards, interpretations and amendments adopted by the Group

2.3 Fair value estimation

2.4 Critical accounting estimates and judgements

3. Business and geographical segments

4. Revenue

5. Net Finance Income/(Costs)

6. Tax

7. Earnings per share

8. Property, plant and equipment

9. Intangible assets

10. Inventories

11. Dividends

12. Trade and other receivables

13. Loans

14. Other financial assets

15. Cash and cash equivalents

16. Share capital and share premium

17. Other reserves

18. Trade and other payables

19. Provisions

20. Borrowings

21. Lease liabilities

22. Acquisition, incorporation and disposal of subsidiaries

23. Winding-up of subsidiaries

24. Related party transactions

25. Contingent liabilities

26. Commitments

27. Significant events

28. Events after the Reporting Period

Companies

UK 100

Latest directors dealings

Summary by AI ^BETAClose X

(Euro 000's)	Share- based benefit	Bonus share	Depletion factor ⁽¹⁾	FV reserve of financial assets at FVOCI ⁽²⁾	Non-Distributable reserve ⁽³⁾	Distributable reserve ⁽⁴⁾	Total
At 1 January 2025	12,869	208	46,727	(1,163)	8,458	21,675	88,774
Recognition of share- based payments	537	-	-	-	-	-	537
Recognition of non-distributable reserve	-	-	-	-	1	-	1
Recognition of distributable reserve	-	-	-	-	-	13	13
At 30 June 2025	13,406	208	46,727	(1,163)	8,459	21,688	89,325
Recognition of share-based payments	(109)	-	-	-	-	-	(109)
Change in fair value of financial assets at fair value through OCI	-	-	-	39	-	-	39
At 31 December 2025	13,297	208	46,727	(1,124)	8,459	21,688	89,255
Recognition of share-based payments	1,876	-	-	-	-	-	1,876
Recognition of non-distributable reserve	-	-	-	-	6,861	-	6,861
Recognition of distributable reserve	-	-	-	-	-	19,010	19,010
Recognition of depletion factor	-	-	21,270	-	-	-	21,270
Change in fair value of financial assets at fair value through OCI	-	-	-	1,846	-	-	1,846
Other changes in reserves	-	-	-	-	322	-	322
30 Jun 2026	15,173	208	67,997	722	15,642	40,698	140,440

(Euro 000's)	Other provisions	Legal costs	Rehabilitation costs	Total costs
At 1 January 2025	-	395	29,849	30,244
Use of provision	-	(100)	(420)	(520)
Increase in provision	-	-	116	116
Finance cost	-	-	475	475
At 30 June 2025	-	295	30,020	30,315
Additions	1,197	-	-	1,197
Revision of estimates	-	-	(775)	(775)
Use of provision	-	(50)	(399)	(449)
Finance cost	-	-	321	321
At 31 December 2025	1,197	245	29,167	30,609
Use of provision	-	(15)	(108)	(123)
Finance cost	-	-	523	523
At 30 June 2026	1,197	230	29,582	31,009

Net cash (€'000)	30 Jun 2026	31 Dec 2025

Cash and cash equivalents	350,282	166,306
Borrowings - repayable within one year	(28,715)	(38,638)
Borrowings - repayable after one year	(3,220)	(5,708)
Lease - as per IAS 7	(4,153)	(4,473)
Net cash excluding lease liabilities	318,347	121,960
Net cash including lease liabilities	314,194	117,487

€'000	Cash	Borrowings	Lease	Total
Net cash as at 1 Jan 2025	52,878	(17,787)	(3,801)	31,290
Financing cash flows	51,393	-	-	51,393
Proceeds from borrowings	-	(19,733)	-	(19,733)
Repayment of borrowings	-	4,585	259	4,844
Foreign exchanges adjustments	(1,258)	-	-	(1,258)
Other changes
Interest paid	-	738	-	738
Interest expense	-	(738)	(19)	(757)
Net cash as at 30 June 2025	103,013	(32,935)	(3,561)	66,517
Financing cash flows	69,464	-	-	69,464
Proceeds from borrowings	-	(18,183)	-	(18,183)
Repayment of borrowings	-	6,772	306	7,078
Foreign exchanges adjustments	(6,171)	-	-	(6,171)
Other changes
Interest paid	-	500	21	521
Interest expense	-	(500)	(2)	(502)
Other changes	-	-	(1,237)	(1,237)
Net cash as at 31 December 2025	166,306	(44,346)	(4,473)	117,487
Financing cash flows	190,695	-	-	190,695
Proceeds from borrowings	-	(34,067)	-	(34,067)
Repayment of borrowings	-	46,478	320	46,798
Foreign exchanges adjustments	(6,719)	-	-	(6,719)
Other changes
Interest paid	-	-	7	7
Interest expense	-	-	(7)	(7)
Net cash as at 30 June 2026	350,282	(31,935)	(4,153)	314,194

(Euro 000's)	30 Jun 2026	31 December 2025
Receivable from shareholder (Note 12)
Trafigura - Debtor balance- subject to provisional pricing	6,081	15,770
	6,081	15,770

Payable from joint venture of shareholder (Note 18)
Impala Terminals - Payable balance	(113)	(155)
	(113)	(155)