Atalaya delivers record EBITDA as higher copper prices boost performance

(Sharecast News) - Copper miner Atalaya Mining posted record quarterly and interim underlying earnings on Tuesday as higher copper prices and improved recoveries helped lift earnings and strengthen its balance sheet. Atalaya reported €78.2m of underlying earnings in Q2 and €126.2m for the first half, both all‑time highs for the group. Pre-tax profits rose to €55.7m for the quarter and €84.0m for the half, while net cash increased sharply to €318.3m, supported by strong free cash flow.

Copper production reached 13,500 tonnes in Q2 and 23,400 tonnes in H1, with recoveries improving year‑on‑year despite lower grades. All‑in sustaining costs were $2.79 per pound in Q2 and $2.97/lb in the first half, which Atalaya said reflected solid cost performance given supply‑chain pressures linked to the ongoing Middle East conflict.

The FTSE 250-listed firm stated revenues had climbed to €147.4m in Q2 and €264.7m in H1, driven by higher copper prices, stronger silver credits and lower offsite costs, partly offset by reduced sales volumes. Operating costs were €69.3m in Q2, up slightly from €69m a year earlier, and €138.5m for the half, down from €147.2m in H125.

Atalaya declared an interim dividend of €0.055 per share and maintained its FY26 production guidance of 50,000 to 54,000 tonnes of copper and 900,000 to 1.1m ounces of silver. It also reiterated cost guidance ranges for cash costs and AISC. Non‑sustaining capital investment expectations were reduced to €52 to €80m, mainly due to timing shifts into next year.

Exploration spend was still expected to be somewhere between €5m to €7m, covering work at the San Antonio, Masa Valverde, Touro and projects in Sweden.

As of 1115 BST, Atalaya shares were up 2.65% at 1,018.25p.





Reporting by Iain Gilbert at Sharecast.com

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