• Record Copper Production: Over 14,000 tonnes of copper produced, best quarter in the last four years.

• Revenue: Record revenue due to high production and inventory worth EUR16 million.

• EBITDA Margin: EUR52 million, highest in Atalaya's history.

• Operating Cash Flow: EUR26 million, affected by EUR20 million trade receivables.

• Working Capital: EUR70 million at quarter end.

• Cash Costs: Decrease due to higher production, lower TC/RCs, and higher silver credits.

• All-in Sustaining Costs: At the lower end of the last four years.

• Guidance: Maintained at 48,000 to 52,000 tonnes of copper for 2025.

• CapEx Guidance: Unchanged, with potential improvements in specific areas.

• Warning! GuruFocus has detected 9 Warning Signs with LSE:ATYM.

Release Date: May 29, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Atalaya Mining Copper SA (LSE:ATYM) reported a record quarter with over 14,000 tonnes of copper produced, marking the best performance in the last four years.

• The company achieved inclusion in the FTSE 250 Index, enhancing its market visibility and liquidity.

• Atalaya Mining Copper SA maintained strong financial performance with an EBITDA margin of EUR52 million, the highest in its history.

• The company received a positive environmental permit for the San Dionisio project, allowing access to better grades and less oxidized material.

• The balance sheet remains robust with a working capital of EUR70 million, indicating financial stability and capacity for future investments.

Negative Points

• Copper recoveries were lower due to blending with oxidized material from San Dionisio, affecting overall efficiency.

• The euro-dollar exchange rate fluctuation poses a potential headwind, impacting cost structures.

• The ELIX plant's progress has been slower than expected, delaying its full operational capacity.

• Despite strong performance, the company decided to maintain conservative guidance, indicating potential uncertainties in future quarters.

• The market perception of Atalaya Mining Copper SA as a high-cost producer may affect its valuation and investor sentiment.

Q & A Highlights

Q: Can you provide more color on how you expect costs to evolve through the year, given the strong Q1 performance? A: The cost per tonne at the mine is expected to remain around EUR2, with plant costs between EUR7 and EUR8 per tonne. We anticipate a slightly better Q2 due to lower electricity prices and solar plant contributions. However, Q3 may see higher fixed costs due to a planned maintenance stoppage. Overall, Q2 costs should be similar to Q1, with Q3 and Q4 slightly higher. Off-site costs, including treatment charges and silver credits, are expected to remain low.