Member Info for Alexei91

Looking very good. I am excited for the Q2 operational results and financial results.

Copper is going to average above 6 USD/lb this quarter

Silver is still high ($70/oz)

The treatment costs have turned negative and sulphur prices still aren't coming down

Diesel and costs are coming down

And Touro and San Dionisio advancing

@AMinerInvestor

Today the US released strong job data - 172,000 jobs added in May. Now the markets are unsure about a fed cut. If you look at the DXY index today you can see the dollar gained.

Oh well we only have three weeks left for Q2 and hopefully it will be our first quarter where we average over $6/lb.

Good luck all, hopefully next week is a better week for Atalaya holders:)

It was good to see the cash on the balance sheet, the silver credits getting to (0.73) and it was also the first time the freight, treatment charges and other offsite costs went negative! If this was our weakest quarter for the year I will be very happy.

Good luck all!

Yeah the share price is looking low compared to the copper price ($13,535/MT). The financials on the 26th of May should be interesting, the market will also get to see the book value increase after the raise.

Hi pj70,

With Atalaya and other miners the share price (and the earnings) is often leveraged to underlaying commodities. So a 10% drop in the copper price can result in a 20-30% drop in the share price as we have seen. We have also seen input costs rising such as diesel and explosives.

However, This Q1 is still looking good, here are some of the quarterly average numbers I have captured in my Excel tracker.

Copper Price Quarterly Average

(Q1 2026) ≈ $5.83/lb

(Q4 2025) ≈ $5.03/lb

(Q3 2025) ≈ $4.44/lb

(Q2 2025) ≈ $4.31/lb

Silver Price Quarterly Average

(Q1 2026) ≈ $83.63/oz

(Q4 2025) ≈ $54.51/oz

(Q3 2025) ≈ $40.02/oz

(Q2 2025) ≈ $33.82/oz

Spanish Diesel Price Quarterly Average

(Q1 2026) ≈ €1.5236/l

(Q4 2025) ≈ €1.4074/l

(Q3 2025) ≈ €1.4105/l

(Q2 2025) ≈ €1.3761/l

Spanish SPOT OMIE Electricity Price Quarterly Average

(Q1 2026) ≈ €44.16 MWh

(Q4 2025) ≈ €70.91 MWh

(Q3 2025) ≈ €66.56 MWh

(Q2 2025) ≈ €38.52 MWh

The only negative which I am thinking about is the lost production time in Q1 because of the rainfall. Hoping that we produce over 10,000t of copper in Q1. Either way we will find out in 2 weeks on the 14th!

Good luck all:)

Agreed on the copper price holding around $5.40-5.55 is very encouraging! I'd also like to see the share price starting with an 8 rather than a 7.

It seems Spain's renewable buildout since 2022 has done a great job of decoupling electricity prices from the gas spot price, which helps on the energy cost side. Diesel is the other input to watch, Alberto confirmed in the FY results that Atalaya consumed around 30 million litres last year.

One thing I don't think is getting enough attention is sulphuric acid. The Strait of Hormuz blockade has cut supply of the key reagent for SX-EW copper processing. Antofgasta produces around 30% of its copper via SX-EW at Zaldivar, Antucoya and Centinela Cathodes, all dependent on sulphuric acid. The DRC copper belt is similarly exposed. Atalaya processes sulphide ore through flotation at Riotinto so needs none, a real advantage right now that isn't in the price.

On Q1, Alberto stated the production is less due to the rainfall but full year guidance is intact.

Good luck all!

I am also looking forward to the results on Thursday.

Sounds like you've bought back in, Xhita;)

Good luck all!

Hi Winvestor,

Yes we have the solar farm and we also have some of our electric hedged at below the 5 year average price (if I remember correctly). So we are probably exposed to 50% spot electric price - you can check the electricity prices on omie.es. We are also exposed to Spanish diesel prices.

However on the positive note, as you stated, silver is up (averaging $86/Oz this quarter, up from $54.5/Oz last quarter). Copper is also averaging high this quarter (average of $5.9/lb at the moment compared to $5.1/lb last quarter). And now the electricity from OMIE has averaged €47.26/MWh so far this quarter compared to €70.91 in Q4 2025.

As for views on the energy I guess that depends on your opinions on the conflict and how long you think it will last and the impact it will inflict on the energy markets. I remember the energy shock in 2022 where the quarterly averages for Spanish electricity went up to approximately €220/MWh and diesel peaking at €1.91/l in Q3 2022. Also for the last energy shock with the Russia-Ukraine war the Copper price was considerably lower $4.2/lb and Atalaya didn't have the solar farm working.

Hope this info was useful and I can update the numbers for the quarterly averages in three weeks and post them here.

Good luck all

I don’t think Atalaya transports concentrate to China by train.

From the 2024 annual report:

“In December 2023, the Company entered into an extension of the service agreement with Impala Terminals for the handling, storage and shipping of copper concentrates produced from Proyecto Riotinto…”

This suggests the logistics chain is:

Riotinto mine → transport to Huelva → Impala Terminals handling/storage → shipment by sea to smelters.

All the best!

Good to know Xhita, Glad to hear it has come down and hope it will stay down!

I believe Atalaya is getting about 20% of their electricity from the solar panels.

I think they also have 30% on a long term contract.

I am also tracking the price of Spanish diesel, I shall post the averages at the end of the quarter.

Good luck all!

Very good point Lord, I am also keeping an eye on the electricity prices on https://www.omie.es/es/spot-hoy . So far this quarter (Q1 2026) has been good with an average of 44.24 EUR/MWh vs last quarter (Q4 2025) which was around 70 EUR/MWh.

This news was posted this morning. Hopefully we get more updates on Touro soon.

https://www.lavozdegalicia.es/amp/noticia/economia/2026/03/03/cobre-san-rafael-inicia-compra-definitiva-terrenos-mina-touro-o-pino/0003_202603G3P23993.htm?utm_campaign=amp

Hi Richard,

I ran a model a while back and ended up with broadly similar numbers to yours. For this year I’m looking at roughly €480m of revenue and hoping for €90-100m profit. A lot hinges on Q4, where they produced 11,550t at around $5.1/lb. My model has that quarter at about €31m profit, although it’s missed before so we’ll see.

For next year I’m a bit more bullish, mainly on the back of lower AISC from stronger silver credits, cheaper diesel, and hopefully copper staying firm.

Q1 should be an interesting one — at these prices they’re throwing off a lot of cash, so I’m keen to see how it feeds through.

All the best

Just checked the copper price today and it has rallied hard overnight.

Currently up 6.2% today!

https://www.metal.com/Copper/LME_CA_3M?type=Intraday

Good luck all

Just did the numbers properly using the Sep-25 unaudited balance sheet.

Yesterday the stock closed on a P/B of ~2.99, based on the equity back then and a share price of 1,074 GBX. After the raise, with the new shares and cash added, the P/B is now ~2.53 at a share price of 1,040 GBX.

For reference, the old P/B ratio at 1,040 GBX was ~2.89.

I calculated this on a book value of €581m and €728m, respectively. In reality, the book value is likely to be even higher in the next financial results.

In other words, the stock is cheaper on a price-to-book basis than it was pre-raise, while the company now has more cash to fund its growth projects.

Good luck all!

Yes, great to see the market open so strong. I’m also happy with the raise. Alberto clearly has the tight copper supply in mind. I’m hoping ATYM will quickly deploy the funds to accelerate copper production and get the projects up and running faster.

Hi Chromeinvestor,

I would doubt that the AISC will be negative but at these silver levels it will be having a very significant impact. As I posted in another thread I think ATYM are producing over 500,000 Oz of silver as a by-product. At today's silver price that is approximately 60 million USD (50 million euros).

I got the silver production from this document 2022.09-ATYM-Riotinto-NI-43-101-Technical-Report-vF on page 261, Maybe there is something more up to date?

All the best!

Hi Fishysaurus,

I was looking in the report 2022.09-ATYM-Riotinto-NI-43-101-Technical-Report-vF and on page 261 of the document it said that 547,812 Oz of silver were produced in 2021.

Yes, I am following the LME 3 month price here - https://www.metal.com/Copper/LME_CA_3M?type=Time%20Sharing

Currently the Chinese markets aren't open so will be interesting to see how the copper price does when the Chinese golden week ends.

I think it ends tomorrow actually so maybe the SHFE will be back posting info soon!

I’ve been following the copper news tonight, and it’s striking how many of the world’s top producers are facing serious disruptions , and tragically, some have lost lives this year.

• Grasberg (Indonesia) – 816,466 MT per annum (#2 Cu producer) – Force Majeure announced today.

• Kamoa-Kakula (DR Congo) – 520,000 MT per annum (#3 Cu producer) – Flooded in May, Ivanhoe cut the medium-term outlook for the year.

• Antamina (Peru) – 410,000 MT per annum (#9 Cu producer) – 12% drop in copper production this year.

• El Teniente (Chile) – 316,000 MT per annum (#12 Cu producer) – Fatal earthquake last month.

• Cobre Panama (Panama) – 350,000 MT per annum (Would be #20 producer) – Closed for 2 years due to government shutdown.

These events highlight both the challenges in global copper supply and the uncertainty going forward.