Atalaya Mining Q3 2023 Operations Update

Operations Update Highlights:

• Atalaya Mining reports its operations update for Q3 2023.
• The company is on course to meet its full-year production target within the initial guidance range.

Mining Details:

• Ore mined: 3.8 million tonnes (same as Q3 2022) and slightly down from 3.9 million tonnes in Q2 2023.
• Waste mined: 9.7 million tonnes in Q3 2023, up from 5.8 million tonnes in Q3 2022 and 8.6 million tonnes in Q2 2023.

Processing Insights:

• Ore processed: 3.9 million tonnes, consistent with Q3 2022 and slightly down from Q2 2023.
• Copper grade: 0.38% in Q3 2023, down from 0.41% in Q3 2022.
• Copper recoveries: 87.01% in Q3 2023, showing improvement from 84.62% in Q3 2022.

Production Overview:

• Copper production: 12,541 tonnes in Q3 2023, down from 13,453 tonnes in Q3 2022.
• On-site copper concentrate inventory: Roughly 7,358 tonnes as of 30 September 2023.

Financial Highlights:

• Average realised copper price: $3.77/lb in Q3 2023.
• Consolidated cash and cash equivalents: EUR119.0 million as of 30 September 2023. After accounting for borrowings, net cash stood at EUR66.7 million.

Renewable Energy Projects and 2023 Guidance:

• A 50 MW solar plant at Riotinto is under construction with operations expected to start late 2023 or early 2024.
• The company's 2023 production guidance is between 53,000 to 54,000 tonnes.

Asset Portfolio Update:

• Significant modifications were granted to the Unified Environmental Authorisation for Proyecto Riotinto in April 2023.
• E-LIX Phase I plant construction is ongoing, with commissioning anticipated in Q4 2023.

CEO Remarks:

Alberto Lavandeira stated they are on track for their production goals. Key projects, including the E-LIX Phase I plant and the 50 MW solar plant, are advancing. He remains confident in the strong fundamentals of copper despite economic uncertainties. The demand for copper is growing, and on the supply side, there's an expected significant deficit due to the limited approval of new large projects.

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