Q3 and YTD 2026 Financial Results

Summary by AI ^BETAClose X

Atalaya reported record Q3 EBITDA €90.1m and YTD EBITDA €216.3m on revenues of €187.8m (Q3) and €452.5m (YTD), delivering profit after tax €62.9m Q3 and €146.9m YTD with basic EPS 40.9¢ Q3/96.4¢ YTD; copper production was 14.0 kt in Q3 and 37.4 kt YTD, average realised copper price US$6.44/lb Q3 (US$6.19/lb YTD), and net cash strengthened to €342.1m with a €333.1m working capital surplus. Cash Costs rose to US$2.89/lb Q3 and US$2.60/lb YTD and AISC to US$3.34/lb Q3 and US$3.11/lb YTD due to higher diesel, explosives and electricity; the company reaffirmed FY2026 guidance and completed the €125m acquisition of Tharsis Mining.

Disclaimer*

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 shares awarded
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 September	Unit	Q3 2026	Q3 2025	YTD 2026	YTD 2025
Revenues from operations	€k	187,766	106,753	452,457	361,503
Operating costs	€k	(97,627)	(76,036)	(236,130)	(223,194)
EBITDA	€k	90,139	30,717	216,327	138,309
Profit for the period	€k	62,868	10,848	146,876	70,912
Basic earnings per share	€ cents/share	40.9	7.8	96.4	50.5
Cash flows from operating activities	€k	56,995	41,729	165,555	120,006
Cash flows used in investing activities	€k	(19,784)	(17,992)	(69,740)	(59,765)
Cash flows from financing activities	€k	(38,713)	(12,863)	93,378	2,026
Net cash position (1)	€k	342,139	89,748	342,139	89,748
Working capital surplus	€k	333,116	93,125	333,116	93,125
Average realised copper price (excluding QPs)	US$/lb	6.44	4.41	6.19	4.31
Cu concentrate produced	tonnes	81,822	74,448	223,287	231,706
Cu production	tonnes	13,967	12,123	37,399	39,589
Cash Costs	US$/lb payable	2.89	2.55	2.60	2.33
All-In Sustaining Cost (“AISC”)	US$/lb payable	3.34	2.98	3.11	2.84

	Unit	Q3 2026	Q3 2025	YTD 2026	YTD 2025
Ore mined	tonnes	4,241,682	3,726,262	11,644,041	10,949,563
Waste mined (1)	tonnes	10,994,393	9,803,768	31,488,455	33,763,057
Ore processed	tonnes	4,119,542	4,271,614	12,292,544	12,490,078
Copper grade	%	0.40	0.38	0.37	0.41
Copper concentrate grade	%	17.07	16.28	16.75	17.09
Copper recovery	%	84.26	74.45	83.40	77.48
Copper concentrate produced	tonnes	81,822	74,448	223,287	231,706
Copper production	tonnes	13,967	12,123	37,399	39,589
Payable copper production	tonnes	13,149	11,378	35,166	37,272
Cash Costs	US$/lb payable	2.89	2.55	2.60	2.33
All-in Sustaining Costs	US$/lb payable	3.34	2.98	3.11	2.84

US$/lb Cu payable	Q3 2026	Q3 2025	YTD 2026	YTD 2025
Mining	1.24	1.07	1.25	0.92
Processing	0.92	0.94	0.93	0.83
Other site operating costs	0.64	0.74	0.73	0.64
Total site operating costs	2.80	2.75	2.91	2.40
By-product credits	(0.27)	(0.43)	(0.52)	(0.35)
Freight, treatment charges and other offsite costs	0.36	0.23	0.21	0.29
Total offsite costs	0.09	(0.20)	(0.31)	(0.07)
Cash Costs	2.89	2.55	2.60	2.33

Cash Costs	2.89	2.55	2.60	2.33
Corporate costs	0.14	0.10	0.13	0.09
Sustaining capital (excluding tailings expansion)	0.09	0.02	0.07	0.03
Capitalised stripping costs (1)	0.20	0.18	0.26	0.28
Other costs	0.02	0.14	0.05	0.10
AISC	3.34	2.98	3.11	2.84

SEC Newgate UK	Clotilde Gros / 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	Q3 2026	Q3 2025	YTD 2026	YTD 2025
Ore mined	tonnes	4,241,682	3,726,262	11,644,041	10,949,563
Waste mined (1)	tonnes	10,994,393	9,803,768	31,488,455	33,763,057
Ore processed	tonnes	4,119,542	4,271,614	12,292,544	12,490,078
Copper grade	%	0.40	0.38	0.37	0.41
Copper concentrate grade	%	17.07	16.28	16.75	17.09
Copper recovery rate	%	84.26	74.45	83.40	77.48
Copper concentrate produced	tonnes	81,822	74,448	223,287	231,706
Copper production	tonnes	13,967	12,123	37,399	39,589
Payable copper production	tonnes	13,149	11,378	35,166	37,272
Cash Costs *	US$/lb payable	2.89	2.55	2.60	2.33
All-in Sustaining Cost (“AISC”) *	US$/lb payable	3.34	2.98	3.11	2.84

	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
Copper grade	%	0.36 – 0.39
Copper recovery	%	80 – 83
Copper production	tonnes	50,000 – 54,000 (2)
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 Sep 2026	Three month period ended 30 Sep 2025	Nine month period ended 30 Sep 2026	Nine month period ended 30 Sep 2025

Revenues	187,766	106,753	452,457	361,503
Costs of sales	(92,933)	(72,242)	(223,396)	(212,474)
Corporate expenses	(3,120)	(2,639)	(7,937)	(6,694)
Exploration expenses	(3,121)	(1,542)	(7,641)	(4,972)
Care and maintenance expenditures	(2)	(39)	(16)	(46)
Other income	1,549	426	2,860	992
EBITDA	90,139	30,717	216,327	138,309
Depreciation/amortisation	(16,245)	(13,985)	(45,001)	(39,780)
Net foreign exchange (loss)/gain	685	77	3,815	(5,879)
Net finance (cost)/income	687	(2,880)	889	(2,961)
Tax	(12,398)	(3,081)	(29,154)	(18,777)
Profit for the period	62,868	10,848	146,876	70,912

(Euro 000’s)	30 Sep 2026	31 Dec 2025

Unrestricted cash and cash equivalents at Group level	331,256	146,505
Unrestricted cash and cash equivalents at Operation level	22,819	19,801
Consolidated cash and cash equivalents	354,075	166,306
Net cash position (1)	342,139	121,960
Working capital surplus	333,116	93,822

(Euro 000’s)	Note	Three month period ended 30 Sep 2026	Three month period ended 30 Sep 2025	Nine month period ended 30 Sep 2026	Nine month period ended 30 Sep 2025
		(Unaudited and unreviewed)	(Unaudited and unreviewed)	(Unaudited)	(Unaudited)
Revenue	4	187,766	106,753	452,457	361,503
Operating costs and mine site administrative expenses		(88,259)	(71,122)	(216,388)	(210,817)
Mine site depreciation and amortisation		(16,245)	(13,985)	(45,001)	(39,780)
Gross profit		83,262	21,646	191,068	110,906
Administration and other expenses		(3,120)	(2,639)	(7,937)	(6,694)
Share-based benefits	17	(4,674)	(1,120)	(7,008)	(1,657)
Exploration expenses		(3,121)	(1,542)	(7,641)	(4,972)
Care and maintenance expenditure		(2)	(39)	(16)	(46)
Other income		1,549	426	2,860	992
Operating profit		73,894	16,732	171,326	98,529
Net foreign exchange (loss)/gain		685	77	3,815	(5,879)
Net finance income/(costs)	5	687	(2,880)	889	(2,961)
Profit before tax		75,266	13,929	176,030	89,689
Tax	6	(12,398)	(3,081)	(29,154)	(18,777)
Profit for the period		62,868	10,848	146,876	70,912

Profit for the period attributable to:
- Owners of the parent	7	62,941	10,925	147,054	71,073
- Non-controlling interests		(73)	(77)	(178)	(161)
		62,868	10,848	146,876	70,912

Earnings per share from operations attributable to equity holders of the parent during the period:
Basic earnings per share (EUR cents per share)	7	40.9	7.8	96.4	50.5
Fully diluted earnings per share (EUR cents per share)	7	39.2	7.4	92.4	48.5

Profit for the period		62,868	10,848	146,876	70,912
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’		(253)	29	1,593	29
Total comprehensive income for the period		62,615	10,877	148,469	70,941

Total comprehensive income for the period attributable to:
- Owners of the parent	7	62,688	10,954	148,647	71,102
- Non-controlling interests		(73)	(77)	(178)	(161)
		62,615	10,877	148,469	70,941

(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		-	-	-	147,054	147,054	(178)	146,876
Change in fair value of financial assets through OCI		-	-	1,593	-	1,593	-	1,593
Total comprehensive income		-	-	1,593	147,054	148,647	(178)	148,469
Issuance of share capital	16	1,170	149,079	-	-	150,249	-	150,249
Share issue costs		-	(5,300)	-	-	(5,300)	-	(5,300)
Recognition of depletion factor	17	-	-	21,271	(21,271)	-	-	-
Recognition of share-based payments	17	-	-	2,479	-	2,479	-	2,479
Recognition of non-distributable reserve	17	-	-	6,861	(6,861)	-	-	-
Recognition of distributable reserve	17	-	-	19,583	(19,583)	-	-	-
Other changes in equity		-	-	321	(321)	-	-	-
Dividends	11	-	-	-	(18,450)	(18,450)	-	(18,450)
At 30 September 2026		13,838	465,635	141363	246,659	867,495	1,762	869,257


(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 2025		12,668	321,856	88,774	93,085	516,383	2,154	518,537
Profit for the period		-	-	-	71,073	71,073	(161)	70,912
Change in fair value of financial assets through OCI		-	-	29	-	29	-	29
Total comprehensive income		-	-	29	71,073	71,102	(161)	70,941
Recognition of share-based payments	17	-	-	1,657	-	1,657	-	1,657
Recognition of non-distributable reserve	17	-	-	685	-	685	-	685
Recognition of distributable reserve	17	-	-	(670)	-	(670)	-	(670)
Dividends	11	-	-	-	(10,064)	(10,064)	-	(10,064)
At 30 September 2025		12,668	321,856	90,341	154,216	579,081	1,993	581,074

Financial assets or liabilities (Euro 000’s)	Level 1	Level 2	Level 3	Total
30 Sep 2026
Other financial assets
Financial assets at FV through OCI	10,648	-	1,101	11,749
Financial assets at FV through P&L (*)	-	-	9,725	9,725
Trade and other receivables
Receivables (subject to provisional pricing)	-	57,191	-	57,191
Total	10,648	57,191	10,826	78,665

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

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

Revenue – from external customers	Three month period ended 30 Sep 2026	Three month period ended 30 Sep 2025	Nine month period ended 30 Sep 2026	Nine month period ended 30 Sep 2025
	€'000	€'000	€'000	€'000
Switzerland	144,921	40,662	310,761	225,497
Singapore	42,726	66,013	141,265	135,669
Spain	119	78	431	337
	187,766	106,753	452,457	361,503

Non-current assets	30 Sep 2026	31 Dec 2025
	€'000	€'000
Spain	545,507	522,648
	545,507	522,648

(Euro 000’s)	Note	Three month period ended 30 Sep 2026	Three month period ended 30 Sep 2025	Nine month period ended 30 Sep 2026	Nine month period ended 30 Sep 2025
		(Unaudited and unreviewed)	(Unaudited and unreviewed)	(Unaudited)	(Unaudited)
Cash flows from operating activities
Profit before tax		75,266	13,929	176,030	89,689
Adjustments for:
Depreciation of property, plant and equipment	8	15,216	12,580	41,931	35,672
Amortisation of intangibles	9	1,029	1,406	3,070	4,109
Recognition of share-based payments	17	4,674	1,120	7,008	1,657
Interest income	5	(1,152)	(518)	(2,362)	(1,872)
Interest expense	5	197	555	682	1,515
Unwinding of discounting on mine rehabilitation provision	19	268	141	791	616
Other tax provision	19	-	4,692	-	4,692
Impairment loss on fina ncial assets		-	2,702	-	2,702
Net foreign exchange differences		(685)	(77)	(3,815)	5,879
Unrealised foreign exchange loss on financing activities		-	1	-	15
Cash inflows from operating activities before working capital changes		94,813	36,531	223,335	144,674
Changes in working capital:
Inventories	10	6,202	523	(3,182)	12,292
Trade and other receivables	12	(52,237)	(2,047)	(50,900)	(31,305)
Trade and other payables	18	11,092	7,230	9,403	4,081
Loans		-	-	20	-
Deferred consideration		(52)	-	(1,794)	-
Provisions	19	371	(64)	248	(584)
Cash flows from operations		60,189	42,173	177,131	129,158
Tax paid		(2,715)	-	(10,612)	(7,970)
Interest on leases liabilities	5	(4)	-	(11)	-
Interest paid	5	(475)	(444)	(953)	(1,182)
Net cash from operating activities		56,995	41,729	165,555	120,006

Cash flows from investing activities
Purchase of property, plant and equipment	8	(19,167)	(16,078)	(56,771)	(49,894)
Purchase of intangible assets	9	(1,960)	(2,617)	(6,866)	(7,369)
Payments for investments		-	176	(8,465)	(3,370)
Interest received	5	1,343	527	2,362	868
Net cash used in investing activities		(19,784)	(17,992)	(69,740)	(59,765)

Cash flows from financing activities
Lease payments	21	(159)	(129)	(479)	(388)
Proceeds from borrowings	20	-	5,336	18,483	25,069
Repayment of borrowings	20	(20,000)	(14,209)	(50,894)	(18,794)

(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	459	-	-	37,412	21,031	-	58,902
Reclassifications	-	-	4,907	(2,230)	-	19	2,696
Increase in rehab. Provision	116	-	-	-	-	-	116
Disposals	-	-	-	(15)	-	-	(15)
At 30 September 2025	87,027	6,928	345,423	135,615	95,005	999	670,997
Additions	-	1,237	836	10,137	1,053	-	13,263
Changes in rehab. Provision	(775)	-	-	-	-	-	(775)
Reclassifications	-	-	(2,012)	9,243	-	-	7,231
Disposals	-	-	-	1	-	(24)	(23)
At 31 December 2025	86,252	8,165	344,247	154,996	96,058	975	690,693
Additions (2)	1,881	-	5,902	35,555	17,022	120	60,480
Increase in rehab. Provision	286	-	-	-	-	-	286
Reclassifications (5)	-	-	127,112	(126,884)	-	-	228
30 September 2026	88,419	8,165	477,261	63,667	113,080	1,095	751,687

Depreciation
At 1 January 2025	30,894	2,971	140,876	-	24,718	807	200,266
Charge for the period	4,582	390	24,386	-	6,271	43	35,672
At 30 September 2025	35,476	3,361	165,262	-	30,989	850	235,938
Charge for the period	788	172	3,970	-	2,107	9	7,046
Write-off	-	-	-	-	-	(20)	(20)
At 31 December 2025	36,264	3,533	169,232	-	33,096	839	242,964
Charge for the period (6)	3,370	453	29,903	-	8,187	18	41,931
30 September 2026	39,634	3,986	199,135	-	41,283	857	284,895

Net book value
30 September 2026	48,785	4,179	278,126	63,667	71,797	238	466,792
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 receivables	13	-
Industrial Plant	Non-current Receivables (prepayments)	12	-
Industrial Plant	PPE	8	19,895*
Convertible Loan	Non-current loan	13	9,725

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 September 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	19,895**
Convertible Loan	Recoverable by 20% of equity in the E-LIX technology	9,725	-	9,725	9,725

(Euro 000’s)	Three months ended 30 Sep 2026	Three months ended 30 Sep 2025	Nine months ended 30 Sep 2026	Nine months ended 30 Sep 2025
Profit attributable to equity holders of the parent	62,941	10,925	147,054	71,073

Weighted number of ordinary shares for the purposes of basic earnings per share (000’s)	153,759	140,759	152,473	140,759
Basic profit per share (EUR cents/share)	40.9	7.8	96.4	50.5

Weighted number of ordinary shares for the purposes of fully diluted earnings per share (000’s)	160,496	147,850	159,085	146,418
Fully diluted profit per share (EUR cents/share)	39.2	7.4	92.4	48.5

(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	400	-	6,969	7,369
Reclassification	52	28	(50)	30
At 30 September 2025	78,523	1,838	34,766	115,127
Additions	-	10	2,104	2,114
Reclassification	-	-	(1)	(1)
At 31 December 2025	78,523	1,848	36,869	117,240
Additions (2)	-	-	6,866	6,866
30 September 2026	78,523	1,848	43,735	124,106
Amortisation
At 1 January 2025	35,958	1,561	-	37,519
Charge for the period	4,084	25	-	4,109
At 30 September 2025	40,042	1,586	-	41,628
Charge for the period	687	6	-	693
At 31 December 2025	40,729	1,592	-	42,321
Charge for the period	3,046	24	-	3,070
At 30 September 2026	43,775	1,616	-	45,391
Net book value
At 30 September 2026	34,748	232	43,735	78,715
At 31 December 2025	37,794	256	36,869	74,919

(Euro 000’s)	30 Sep 2026	30 Sep 2025	31 Dec 2025
Dividend payable	8	6,203	8

(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	2,164	(31)	2,133
30 September 2026	11,718	31	11,749

(Euro 000’s)	Nine month period ended 30 Sep 2026
Gross fair value gain recognised in OCI	2,133
Deferred tax recognised in OCI	(540)
Net gain recognised in OCI	1,593

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

(Euro 000’s)	30 Sep 2026	30 Jun 2026	31 Dec 2025	30 Sep 2025	30 Jun 2025
Unrestricted cash and cash equivalents at Group level	331,256	293,987	146,505	79,380	83,747
Unrestricted cash and cash equivalents at Operation level	22,819	56,295	19,801	34,430	19,266
Consolidated cash and cash equivalents	354,075	350,282	166,306	113,810	103,013

(Euro 000’s)	30 Sep 2026	30 June 2026	31 Dec 2025	30 Sep 2025	30 June 2025
Euro – functional and presentation currency	262,489	242,360	104,902	50,840	55,821
Great Britain Pound	967	1,099	142	568	60
United States Dollar	90,619	106,823	61,262	62,402	47,132
Consolidated cash and cash equivalents	354,075	350,282	166,306	113,810	103,013

Issued and fully paid			Shares	Share Capital	Share premium	Total
Issue Date	Price (£)	Details	000’s	€'000	€'000	€'000
31 December 2025/1 January 2026			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	143,779	144,949
At 30-Sep-26			153,759	13,838	465,635	479,473

Grant date	Expiry date		Exercise price £		Share options
30 Jun 2020	29 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	21 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		3.676		6,026,334
Options executed during the period		4.440		(40,000)
30 September 2026		3.681		5,986,334

Q3 and YTD 2026 Financial Results

Summary by AI BETAClose X

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	1,657	-	-	-	-		-	1,657
Recognition of non-distributable reserve	-	-	-	-	685		-	685
Recognition of distributable reserve	-	-	-	-	-		(670)	(670)
Change in fair value of financial assets at fair value through OCI	-	-	-	29	-		-	29
Other changes in reserves	(134)	-	-	-	-		-	(134)
At 30 September 2025	14,392	208	46,727	(1,134)	9,143		21,005	90,341
Recognition of distributable reserve	-	-	-	-	(684)		683	(1)
Recognition of share-based payments	(1,229)	-	-	-	-		-	(1,229)
Change in fair value of financial assets at fair value through OCI	-	-	-	10	-		-	10
Other changes in reserves	134	-	-	-	-		-	134
At 31 December 2025	13,297	208	46,727	(1,124)	8,459		21,688	89,255
Recognition of share-based payments	2,479	-	-	-	-		-	2,479
Recognition of non-distributable reserve	-	-	-	-	6,861		-	6,861
Recognition of distributable reserve	-	-	-	-	-		19,583	19,583
Recognition of depletion factor	-	-	21,271	-	-		-	21,271
Change in fair value of financial assets at fair value through OCI	-	-	-	1,593	-		-	1,593
Other changes in reserves	-	-	-	-	321		-	321
30 September 2026	15,776	208	67,998	469	15,641		41,271	141,363

(Euro 000’s)	Other provisions	Legal costs		Rehabilitation costs		Total costs
At 1 January 2025	-	395		29,849		30,244
Additions	-	-		-		-
Use of provision	-	(150)		(434)		(584)
Increase in provision	-	-		116		116
Finance cost	-	-		616		616
At 30 September 2025	-	245		30,147		30,392
Additions	1,197	-		-		1,197
Revision of estimates	-	-		(775)		(775)
Use of provision	-	-		(385)		(385)
Finance cost	-	-		180		180
At 31 December 2025	1,197	245		29,167		30,609
Additions	371	-		-		371
Use of provision	-	(15)		(108)		(123)
Increase in provision	-	-		286		286
Finance cost	-	-		791		791
30 September 2026	1,568	230		30,136		31,934

(Euro 000’s)			30 Sep 2026		31 Dec 2025
Non-current			29,813		28,764
Current			2,121		1,845
Total			31,934		30,609

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

Cash and cash equivalents	354,075	166,306
Borrowings – repayable within one year	(5,620)	(38,638)
Borrowings – repayable after one year	(6,316)	(5,708)
Lease – as per IAS 7	(3,994)	(4,473)
Net cash excluding lease liabilities	342,139	121,960
Net cash including lease liabilities	338,145	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	62,267	-	-	62,267
Proceeds from borrowings	-	(25,069)	-	(25,069)
Repayment of borrowings	-	18,794	389	19,183
Foreign exchanges adjustments	(1,335)	-	-	(1,335)
Other changes
Interest paid	-	1,487	28	1,515
Interest expense	-	(1,487)	(28)	(1,515)
Other changes	-	-	(29)	(29)
Net cash as at 30 Sep 2025	113,810	(24,062)	(3,441)	86,307
Financing cash flows	58,590	-	-	58,590
Proceeds from borrowings	-	(12,847)	-	(12,847)
Repayment of borrowings	-	(7,437)	176	(7,261)
Foreign exchanges adjustments	(6,094)	-	-	(6,094)
Other changes
Interest paid	-	(249)	(7)	(256)
Interest expense	-	249	7	256
Other changes	-	-	(1,208)	(1,208)
Net cash as at 31 December 2025	166,306	(44,346)	(4,473)	117,487
Financing cash flows	189,193	-	-	189,193
Proceeds from borrowings	-	(18,483)	-	(18,483)
Repayment of borrowings	-	50,894	479	51,373
Foreign exchanges adjustments	(1,424)	-	-	(1,424)
Other changes
Interest paid	-	-	11	11
Interest expense	-	-	(11)	(11)
Net cash as at 30 Sep 2026	354,075	(11,936)	(3,994)	338,145