Atalaya Mining Copper SA
(LSE:ATYM)
£
11.09
+0.43 (+4.07%)
Market Cap: 1.71 Bil
Enterprise Value: 1.44 Bil
PE Ratio: 18.21
PB Ratio: 2.43
GF Score: 76/100 
Half Year 2026 Atalaya Mining Copper SA Earnings Presentation Transcript
Aug 11, 2026 / 10:00AM GMT
Release Date Price:
£9.95
(+0.25%)
Key Points
Positve
- Record quarterly EBITDA of EUR78.2 million and record H1 EBITDA of EUR126 million, driven by strong copper prices and higher silver by-product credits.
- Strong free cash flow of EUR58 million in Q2, leading to a net cash position of nearly EUR320 million and a 25% higher interim dividend.
- Improved cash costs and all-in sustaining costs, with Q2 AISC at EUR279/lb, benefiting from lower treatment charges and negative offsite costs.
- Successful technical operation of the ELIX plant, processing complex concentrates and producing saleable copper and zinc products, now breaking even.
- Growth pipeline advancing: San Dionisio pushback, Rio Tinto polymetallic circuit, and Massa Valverde ramp development, with Toto awaiting final environmental approval.
- Positive outlook for copper market, with expectations of higher prices due to supply deficits and strong demand from electrification and data centers.
Negative
- Production in H1 2026 was impacted by heavy rains in Q1, with Q2 recovering only half of the lost output, leading to guidance at the low end.
- Higher mining and processing costs due to inflation, particularly diesel and explosives, partially offset by by-product credits and lower TC/RCs.
- Toto project environmental approval (DIA) is delayed and uncertain, with no clear timeline for issuance, potentially pushing back the project's contribution.
- ELIX plant operates below design capacity and requires debottlenecking to improve economics, with an impairment still on the loan.
- Capital expenditure guidance reduced to EUR50-80 million due to project delays, not cost savings, indicating potential schedule slippage.
- Dividend payment structure faces Spanish withholding tax for UK shareholders, with no immediate solution in place.
Operator
Good morning and welcome to the Atalaya Mining Q2 and H1 2026 Financial Results Investor presentation.(Operator Instructions)
I would now like to hand you over to CEO Alberto Lavandeira. Good morning to you.
Alberto Lavandeira
Atalaya Mining Copper SA - Chief Executive Officer, Managing Director, Executive Director
Thanks very much. Good morning, ladies and gentlemen. Thanks for being here this morning. Today, as we announced the Q2 and H1 results, financial results, and I'm going to go through the highlights and try to give a little bit of, try to give some details. Going to the slide, you will have the slide in the screen. I will have with me Cesar Sanchez, the CFO, which will
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