Atalaya copper production rises; sees full-year at low end of guidance

Atalaya Mining Copper SA on Thursday reported higher production in the third quarter and but guided its full-year output towards the lower end of the forecast range.

The mining company focused on copper deposits in Spain estimates copper production for the third quarter from the Riotinto project, in the Iberian Pyrite Belt, was 13,967 tonnes, up 3.5% from 13,493 tonnes the previous quarter and up 15% from 12,123 tonnes a year earlier.

Ore mined rose to 4.2 million tonnes from 4.0 million tonnes in the second quarter and 3.7 million tonnes the year prior.

Waste mined totalled 11.0 million tonnes, up from 10.3 million on-quarter and 9.8 million on-year. Ore processed totalled 4.1 million tonnes, steady compared to the previous quarter, but down slightly from 4.3 million the previous year.

Atalaya estimated an average copper grade of 0.40% in the third quarter, up from 0.39% in the second quarter and 0.38% a year earlier. Copper recovery came to 84.25%, versus 83.91% on-quarter and 74.45% on-year.

For 2026 as a whole, the company left its copper production guidance unchanged - between 50,000 and 54,000 tonnes - but said it expects the final result to be at the low end of that range. In 2025, it reported copper production of 51,139 tonnes.

Atalaya shares were down 2.7% to 999.35 pence each on Thursday in London.

The company also noted that conflict in the Middle East, Ukraine and Russia was driving price volatility, particularly for diesel and explosives. Still, Atalaya expects full-year cash costs and all-in sustaining costs for copper within the target ranges of USD2.60 to USD2.90 per pound, and USD3.10 to USD3.40 per pound, respectively.

In 2025, cash costs came in at USD2.40 per pound, while AISC was USD2.90 per pound.

Chief Executive Alberto Lavandeira commented on Thursday: "We are pleased to have delivered another strong quarter of production, thanks to solid copper grades and recoveries. Together with strong copper prices, these contributed to a further strengthening of our balance sheet. We continue to expect production at the low end of the guidance range, while maintaining our cost guidance despite the impact of various conflicts on the prices of key consumables."

The CEO also pointed out that Atalaya's Touro was recognised for its "strategic" status by the European Commission.

"This recognition reinforces Touro's strategic importance to Europe's future copper supply and should help to facilitate the completion of the environmental permitting process," Lavandeira said.

"The outlook for copper remains very robust, supported by solid demand and persistent supply challenges. With our balance sheet strength and portfolio of growth projects, Atalaya is well-positioned to capitalise on favourable market conditions and advance its growth strategy."

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