Q2 and H1 2025 Financial Results

Atalaya Mining (LSE: ATYM) is pleased to announce its unaudited second quarter and first half financial results for the period ended 30 June 2025 ("Q2 2025" and "H1 2025" respectively) together with its interim financial statements.

Highlights

• Copper production of 13.2 kt in Q2 2025 and 27.5 kt in H1 2025, due to improved grades and good plant performance
• AISC of US$2.81/lb in Q2 2025 and US$2.78/lb in H1 2025, thanks to higher production and lower offsite costs
• EBITDA of €55.1 million in Q2 2025 and €107.6 million in H1 2025, which are new quarterly and half year records for Atalaya
• Balance sheet further strengthened with a net cash position of €70.1 million, which will support Atalaya's ongoing investments in its growth projects in Spain
• 2025 interim dividend of €0.044 per share declared
• Strong performance in H1 2025 supports Atalaya's full-year outlook, where positive revisions have been made to production and cost guidance

Q2 and H1 2025 Financial Results Summary

• Interim dividends declared in relation to the H1 2025 and H1 2024 periods.
• Includes restricted cash and bank borrowings at 30 June 2025 and 30 June 2024.

Alberto Lavandeira, CEO, commented:

"We are pleased with our performance during the first half of 2025. Good production and cost control have resulted in quarterly and half year records for EBITDA, and our net cash position has further improved thanks to strong free cash flow generation. As a result, our board has declared an interim dividend of €0.044 per share.

Given the performance in 2025 so far, we are also pleased to announce positive revisions to our production and unit cost guidance.

Activity is increasing at our various copper growth projects. At San Dionisio, mining is accelerating following the environmental authorisation in May 2025. At Masa Valverde, we recently announced notable drilling results for the high-grade copper zones, which are expected to be the focus for initial development. At Touro, we have received many positive reports from the different administrative bodies related to the environmental impact review, and we remain confident of a positive outcome in the coming months.

In summary, H1 2025 was a good start to the year and we look forward to delivering further consistent performance and advancing our exciting growth pipeline."

Results Presentations

Analyst and Investor Presentation

To access the SparkLive webcast, please visit:

Investor Meet Company Presentation

In addition, the Company will provide a live presentation via the Investor Meet Company platform today at 10:00 BST.

To access the Investor Meet Company presentation, please visit:

Q2 and H1 2025 Operating Results Summary

• Represents the Cerro Colorado pit only.

Mining

Ore mined was 3.5 million tonnes in Q2 2025 (Q2 2024: 3.8 million tonnes) and 7.2 million tonnes in H1 2025 (H1 2024: 7.5 million tonnes).

Waste mined was 12.6 million tonnes in Q2 2025 (Q2 2024: 7.5 million tonnes) and 24.0 million tonnes in H1 2025 (H1 2024: 13.0 million tonnes). In addition, waste stripping activities continued at the San Dionisio area.

Processing

The plant processed ore of 4.0 million tonnes in Q2 2025 (Q2 2024: 4.1 million tonnes) and 8.2 million tonnes in H1 2025 (H1 2024: 7.8 million tonnes). The next SAG mill liner change will be completed in Q3 2025.

Copper grade was 0.43% in Q2 2025 (Q2 2024: 0.33%) and 0.42% in H1 2025 (H1 2024: 0.33%).

Copper recovery was 76.75% in Q2 2025 (Q2 2024: 85.81%) and 78.90% in H1 2025 (H1 2024: 85.30%). Recoveries in H1 2025 were impacted by the characteristics of certain ores, however, this material contributed much higher grades than the average plant feed during the period.

Production

Copper production was 13,175 tonnes in Q2 2025 (Q2 2024: 11,583 tonnes) and 27,466 tonnes in H1 2025 (H1 2024: 22,249 tonnes), mainly as a result of higher copper grades but partly offset by lower recoveries.

On-site copper concentrate inventories were 9,820 tonnes at 30 June 2025 (31 March 2025: 19,031 tonnes).

Copper contained in concentrates sold was 14,024 tonnes in Q2 2025 (Q2 2024: 11,397 tonnes) and 28,711 tonnes in H1 2025 (H1 2024: 21,683 tonnes).

Cash Cost and AISC Breakdown

• Represents the Cerro Colorado pit only.

Note: Some figures may not add up due to rounding.

Cash Costs were US$2.21/lb payable copper in Q2 2025 (Q2 2024: US$2.88/lb) and US$2.23/lb payable copper in H1 2025 (H1 2024: US$2.93/lb), with the decrease due to higher copper production, higher silver credits and lower treatment charges, partly offset by a stronger EUR/USD exchange rate which is a headwind for USD-denominated metrics.

AISC were US$2.81/lb payable copper in Q2 2025 (Q2 2024: US$3.20/lb) and US$2.78/lb payable copper in H1 2025 (H1 2024: US$3.19/lb), with the decrease in costs due to the same factors that impacted Cash Costs but partly offset by higher capitalised stripping. AISC excludes investments in the tailings dam (consistent with prior reporting) and waste stripping at the San Dionisio area.

Q2 and H1 2025 Financial Results Highlights

Income Statement

Revenues were €124.1 million in Q2 2025 (Q2 2024: €92.2 million) and €254.8 million in H1 2025 (H1 2024: €162.1 million), as a result of higher copper concentrate sales and lower offsite costs.

Operating costs were €69.0 million in Q2 2025 (Q2 2024: €65.8 million) and €147.2 million in H1 2025 (H1 2024: €125.5 million), as a result of higher mining and processing rates.

EBITDA was €55.1 million in Q2 2025 (Q2 2024: €26.4 million) and €107.6 million in H1 2025 (H1 2024: €36.7 million), which represent new quarterly and half year records for Atalaya.

Profit after tax was €29.6 million in Q2 2025 (Q2 2024: €14.5 million) or 21.1 cents basic earnings per share (Q2 2024: 10.8 cents) and €60.1 million in H1 2025 (H1 2024: €16.1 million) or 42.7 cents basic earnings per share (H1 2024: 12.2 cents).

Cash Flow Statement

Cash flows from operating activities before changes in working capital were €55.3 million in Q2 2025 (Q2 2024: €26.8 million) and €52.2 million after working capital changes (Q2 2024: €30.1 million). For H1 2025, cash flows from operating activities before changes in working capital were €108.1 million (H1 2024: €38.3 million) and €78.3 million after working capital changes (H1 2024: €28.4 million).

Cash flows used in investing activities were €19.4 million in Q2 2025 (Q2 2024: €17.1 million) and €41.8 million in H1 2025 (H1 2024: €34.9 million). Key investments in Q2 2025 included €0.5 million in sustaining capex, €9.9 million in capitalised stripping at Cerro Colorado, €2.2 million related to the San Dionisio area, €4.0 million to expand the tailings dam and €0.2 million for the solar plant. In addition, €0.4 million was invested in the E-LIX Phase I Plant.

Cash flows from financing activities were positive €1.3 million in Q2 2025 (Q2 2024: negative €18.9 million) and positive €14.9 million in H1 2025 (H1 2024: negative €35.7 million), as a result of temporary credit facility drawdowns to finance the settlement of an intercompany loan.

Balance Sheet

The Company's balance sheet remains strong with consolidated cash and cash equivalents of €103.0 million as of 30 June 2025 (31 December 2024: €52.9 million).

Current and non-current borrowings were €32.9 million, resulting in a net cash position of €70.1 million as of 30 June 2025 (31 December 2024: €35.1 million).

Inventories of concentrate valued at cost were €10.2 million at 30 June 2025 (31 December 2024: €19.7 million). The total working capital surplus was €92.2 million at 30 June 2025 (31 December 2024: €44.7 million).

Outlook for 2025

Production

Updated copper production guidance for FY2025 is 49,000 - 52,000 tonnes, up from 48,000 - 52,000 tonnes, as a result of the strong performance in H1 2025. Full year production is still expected to be weighted slightly towards H1 2025 as a result of pit sequencing.

Operating Costs

Updated guidance for FY2025 Cash Costs and AISC are as follows:

• Cash Costs range of US$2.60 - 2.80/lb copper payable, down from US$2.70 - 2.90/lb
• AISC range of US$3.10 - 3.30/lb copper payable, down from US$3.20 - 3.40/lb

Euro-denominated costs were well-controlled in H1 2025, however, the stronger EUR/USD exchange rate is expected to be a headwind for USD-denominated metrics in H2 2025.

Expected costs associated with waste stripping at the San Dionisio area in H2 2025 are now included in the guidance for Cash Costs and AISC, having been reallocated from the non-sustaining capital investment guidance shown below.

AISC guidance continues to exclude investments in the tailings dam, consistent with prior reporting.

Non-Sustaining Capital Investments

Updated guidance for FY2025 non-sustaining capital investments is €29 - 37 million, down from €58 - 82 million.

Key changes include the reallocation of expected San Dionisio H2 2025 waste stripping costs to Cash Costs and AISC, and the expected deferral into 2026 of certain expenditures related to the road relocation and the Proyecto Masa Valverde access ramp.

Exploration Expenditures

Updated guidance for FY2025 exploration expenditures is €8 - 12 million, up from €6 - 8 million. The main expenditures are associated with Proyecto Masa Valverde, the San Antonio deposit and the earn-in commitments with MPS in Sweden.

2025 Interim Dividend

Atalaya has a dividend policy that seeks to provide capital returns to its shareholders and allows for continued investments in the Company's portfolio of growth projects. Dividends are payable in two half-yearly instalments.

In relation to H1 2025, the Company's Board of Directors has elected to declare an interim dividend of €0.044 per ordinary share ("2025 Interim Dividend"), which is equivalent to approximately US$0.051 or £0.038 per share. This compares to the 2024 interim dividend of €0.0362 (or US$0.040 and £0.0306) per share.

2025 Interim Dividend Timetable

Corporate Activities Update

Indexation

Effective from 7 May 2025, Atalaya's shares were added to the FTSE 250 Index. This milestone is expected to enhance the Company's visibility to institutional investors.

2025 Annual General Meeting ("AGM")

All resolutions put to the Company's 2025 AGM were passed by the requisite majorities, including the approval of the 2024 Final Dividend of US$0.03 (€0.0275) per share, which was paid to holders of CREST Depository Interests on 23 July 2025.

Board of Directors

Following the conclusion of the Company's 2025 AGM, Hussein Barma stepped down as an independent non-executive director and Hennie Faul was appointed as an independent non-executive director of the Company. As a result, several changes were made in relation to the composition of the Board's various committees.

Senior Management Changes

In July 2025, Fernando Araúz de Robles Villalón was appointed General Manager of Proyecto Riotinto, succeeding Enrique Delgado. Fernando Araúz is a mining engineer (Polytechnic University of Madrid) with over 20 years of experience with leading multinational companies, and participated in the re-start of Proyecto Riotinto.

Enrique Delgado, who served as General Manager of Proyecto Riotinto since May 2019, will continue as an advisor to Atalaya and vice president of the Atalaya Riotinto Foundation. The Company would like to thank Enrique for his many years of dedicated service.

Asset Portfolio Update

Proyecto Riotinto

On 15 May 2025, San Dionisio was granted the Unified Environmental Authorisation (or in Spanish, Autorización Ambiental Unificada ("AAU")) by the Junta de Andalucía ("JdA"), which allows for the expansion of mining activities. During Q2 2025, waste stripping activities continued at San Dionisio with total material mined of 1.0 million tonnes, and in H2 2025, mining activities are expected to accelerate. San Dionisio represents a key component of Atalaya's strategy to increase copper production by sourcing higher-grade material from deposits throughout the Riotinto District to be blended with ore from Cerro Colorado.

With respect to the planned relocation of the A-461 road that currently runs between Cerro Colorado and San Dionisio, the project is progressing well and major works are expected during H2 2025.

At San Antonio, the polymetallic deposit located immediately east of the Cerro Colorado pit, an infill and step-out drilling programme began in June.

E-LIX Phase I Plant

Ramp-up activities continued at the E-LIX Phase I plant. During Q2 2025, further progress was made in relation to optimising and debottlenecking the circuits to increase capacity, with the novel leaching section continuing to perform well. Focus remains on leaching the zinc contained within Atalaya's copper concentrates due to the low copper treatment charge environment, thereby producing upgraded copper concentrates and zinc precipitates.

Once fully operational, the E-LIX plant is expected to produce high-purity copper or zinc metals and intermediate products (such as metal precipitates) on site, allowing the Company to potentially achieve higher metal recoveries from complex polymetallic ores, lower transportation charges and a reduced carbon footprint.

Riotinto District - Proyecto Masa Valverde ("PMV")

On 10 July 2025, the Company announced results from its ongoing drilling programme at PMV, where two rigs are active and are focused on infill and extensional drilling at the Masa Valverde deposit.

Notable high-grade copper zone drilling results included 25 metres at 2.93% Cu (MJ65), 46 metres at 2.11% Cu (MJ76) and 26 metres at 2.78% Cu (MJ79), including 10 metres at 4.39% Cu. The results are primarily associated with stockwork-style mineralisation, which is expected to be amenable for processing at the existing Riotinto facilities. Recent drilling supports Atalaya's initial focus on the Masa Valverde copper zones, which are expected to be mined via the planned access ramp. Development of the access ramp is expected to begin following the resolution of certain surface rights matters, subject to final Board approval.

Proyecto Touro

The XdG is continuing its review according to the simplified procedures afforded to projects with PIE status. The public information period, which serves to inform the surrounding communities and organisations about the proposed project, concluded on 31 January 2025. Cobre San Rafael has addressed the feedback from the public information period, and most sectoral reports from the Xunta de Galicia have been finalised, with only three reports still pending. The company has also responded to requests for additional information and is awaiting the corresponding replies. Progress on the planned power transmission line continues, with agreements already secured with a significant number of landowners.

Plant engineering is progressing, focused on cost optimisation. Additionally, the search for contractors has started. Finally, infill and step-out drilling programmes continue, with the objective of determining the limits of mineral orebodies both at depth and laterally.

Proyecto Ossa Morena

A step-out drilling programme is underway at the flagship Alconchel-Pallares copper-gold project.

Proyecto Riotinto East

Gravimetric ground surveys have been completed in order to better define future drill targets on the East Belt extension, and soil geochemistry works are nearing completion at two targets.

Skellefte Belt and Rockliden (Sweden)

Following the winter drilling programmes, complete assays are still pending. At Bjurtraskgruvan, encouraging results from step-out drilling have been received, including:

25SBJK015:

‒ From 299.50m, 8.65m at 0.42% Cu, 1.49% Zn, 4.94g/t Ag, 0.12g/t Au (including 2.45m at 0.25% Cu, 4.78% Zn, 5.99g/t Ag, 0.19g/t Au)

25SBJK016:

‒ From 263.35m, 4.25m at 0.16% Cu, 7.93% Zn, 4.80g/t Ag, 0.23g/t Au (including 1.70m at 0.06% Cu, 18.51% Zn, 5.24g/t Ag, 0.38g/t Au)

‒ From 275.65m, 8.65m at 0.61% Cu, 2.66% Zn, 12.21g/t Ag, 0.47g/t Au (including 3.85 m at 0.67% Cu, 4.25% Zn, 14.65g/t Ag, 0.82 g/t Au)

25SBJK017:

‒ From 98.20m, 4.50m at 1.84% Cu, 0.12% Zn, 14.36g/t Ag, 0.14g/t Au (including 1.20m at 5.14% Cu, 0.30% Zn, 39.6g/t Ag, 0.40g/t Au)

‒ From 163.75m, 10.65m at 2.21% Cu, 0.29% Zn, 10.89g/t Ag, 0.18g/t Au (including 2.95m at 6.35% Cu, 0.70% Zn, 31.79g/t Ag, 0.39g/t Au)

Additionally, results from a geophysical Borehole TEM (BHEM) survey in the new Bjurtraskgruvan drill holes indicate that the "plates" are more extensive than originally thought, potentially increasing the size of the deposit. Further testing will be completed in the winter 2025-2026 drilling season.

An airborne electromagnetic survey (VTEM) has been completed in order to provide detailed coverage of the Mid-Skellefte Belt, with results and preliminary interpretation expected in late 2025.

Technical Information

The technical information in this announcement that relates to Proyecto Masa Valverde and the Skellefte Belt Project has been compiled by Juan Manuel Pons Pérez, senior geologist and employee of the Company. Juan Manuel Pons Pérez has over 35 years' experience, is a member of good standing with the College of Geologists of Andalucía and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person. Juan Manuel Pons Pérez consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.

About Atalaya Mining Copper, S.A.

Atalaya's operations include the Cerro Colorado open pit mine and a modern 15 Mtpa processing plant, which has the potential to become a central processing hub for ore sourced from its wholly owned regional projects around Riotinto, such as Proyecto Masa Valverde and Proyecto Riotinto East. In addition, Atalaya has a phased earn-in agreement for up to 80% ownership of Cobre San Rafael S.L., which fully owns the Proyecto Touro brownfield copper project in the northwest of Spain, as well as a 99.9% interest in Proyecto Ossa Morena. For further information, please visit www.atalayamining.com

ATALAYA MINING COPPER, S.A.

MANAGEMENT'S REVIEW AND

UNAUDITED CONDENSED CONSOLIDATED INTERIM

FINANCIAL STATEMENTS

Management review report

Notice to Reader

Introduction

This report provides an overview and analysis of the financial results of operations of Atalaya Mining Copper, S.A. and its subsidiaries ("Atalaya", the "Company" and/or "Group"), to enable the reader to assess material changes in the financial position between 31 December 2024 and 30 June 2025 and results of operations for the three and six months ended 30 June 2025 and 2024.

This report has been prepared as of 11 August 2025. The analysis hereby included is intended to supplement and complement the Unaudited Condensed Consolidated Interim Financial Statements and notes thereto ("Financial Statements") as at and for the period ended 30 June 2025. The reader should review the Financial Statements in conjunction with the review of this report and with the audited, consolidated financial statements for the year ended 31 December 2024, and the Unaudited Condensed Consolidated Interim Financial Statements for the period ended 30 June 2024. These documents can be found on Atalaya's website at www.atalayamining.com

Incorporation and description of the Business

The Company was first listed on the Alternative Investment Market (AIM) of the London Stock Exchange in May 2005, trading under the symbol ATYM. On 29 April 2024, the Company was admitted to the premium listing segment of the Official List maintained by the FCA and to trading on the main market of the London Stock Exchange. After completion of the cross-border conversion, the Company's shares commenced trading under "Atalaya Mining Copper, S.A." on 10 January 2025 and the nominal value of the Company's shares were also adjusted from 7.5p to €0.09 per share.

Proyecto Riotinto

Proyecto Touro

As described in the Annual Report 2024, the Group initially acquired a 10% stake in Cobre San Rafael, S.L. ("CSR"), the owner of Proyecto Touro, under an earn-in agreement that allows the Group to acquire up to 80% of the copper project. Proyecto Touro, located in Galicia (north-west Spain), is currently the permitting process.

• Phase 1 - The Group paid €0.5 million to secure and exclusive right to fund up to a maximum of €5.0 million to support the permitting and financing stages.
• Phase 2 - Upon receipt of permits, the Group is required to pay €2.0 million to acquire an additional 30% interest in the project (cumulative 40%).
• Phase 3 - Once development capital is secured and construction commences, the Group is required to pay €5.0 million to acquire an additional 30% interest in the project (cumulative 70%).
• Phase 4 - Upon declaration of commercial production, the Group purchases an additional 10% interest (cumulative 80%) in consideration for a 0.75% Net Smelter Return royalty, with a buyback option.

As a result of developments during 2024, the Group concluded that it was likely that phases 2, 3 and 4 of the Touro project would be completed. Accordingly, in line with the Group's accounting policy on contingent payments, it recognised an intangible asset of €16.5 million as of year-end, together with the related contingent liabilities.

In accordance with the Group's policy on non-controlling interests, 20% of the newly recognised intangible asset was allocated to non-controlling interests, amounting to €3.3 million.

As also disclosed in the Annual Report 2024 and reflecting the Group's updated expectations regarding the completion of future phases, the Group reversed a previously recorded impairment from 2019 of €6.9 million, which related to capitalised expenses associated with Proyecto Touro.

Proyecto Masa Valverde

On 21 October 2020, the Company announced that it had entered into a definitive purchase agreement to acquire 100% of the shares of Cambridge Mineria España, S.L. (since renamed Atalaya Masa Valverde, S.L.U.), a Spanish company which fully owns the Masa Valverde polymetallic project located in Huelva (Spain). Under the terms of the agreement Atalaya will make an aggregate €1.4 million cash payment in two approximately equal instalments. The first payment is to be executed once the project is permitted and the second and final payment when first production is achieved from the concession.

In November 2023, the exploitation permit for the Masa Valverde and Majadales deposits was officially granted. Following this milestone, in January 2024, the Company made a payment of €0.7 million as part of the process associated with the granted permits.

Proyecto Ossa Morena ("POM")

In December 2021, Atalaya announced the acquisition of a 51% interest in Rio Narcea Nickel, S.L., which owned 9 investigation permits. The acquisition also provided a 100% interest in three investigation permits that are also located along the Ossa-Morena Metallogenic Belt. In Q3 2022, Atalaya increased its ownership interest in POM to 99.9%, up from 51%, following completion of a capital increase that will fund exploration activities. During 2022 Atalaya rejected 8 investigation permits.

Atalaya will pay a total of €2.5 million in cash in three instalments and grant a 1% net smelter return ("NSR") royalty over all acquired permits. The first payment of €0.5 million was made following execution of the purchase agreement. The second and third instalments of €1 million each will be made once the environmental impact statement ("EIS") and the final mining permits for any project within any of the investigation permits acquired under the agreement are secured. In accordance with the agreement, these outstanding instalments are disclosed as a non-current payable to the sellers.

Proyecto Riotinto East

In December 2020, Atalaya entered into a Memorandum of Understanding with a local private Spanish company to acquire a 100% beneficial interest in three investigation permits (known as Peñas Blancas, Cerro Negro and Herreros investigation permits), which cover approximately 12,368 hectares and are located immediately east of Proyecto Riotinto. After a short drilling campaign, the Los Herreros investigation permit was rejected in June 2022. Proyecto Riotinto East consists of the remaining two investigation permits, Peñas Blancas and Cerro Negro, totalling 10,016 hectares.

Skellefte Belt Project and Rockliden Project

Overview of Operational Results

Proyecto Riotinto

The following table presents a summarised statement of operations of Proyecto Riotinto for the three and six months ended 30 June 2025 and 2024, respectively.

• Represents the Cerro Colorado pit only.

(*) Refer Section 5 of this Management Review.

• Represents the Cerro Colorado pit only.

Note: Some figures may not add up due to rounding.

Three months operational review

Mining

Waste mined was 12.6 million tonnes in Q2 2025 (Q2 2024: 7.5 million tonnes), compared with 11.3 million tonnes in Q1 2025. In addition, waste stripping activities advanced at the San Dionisio area, supporting future access to higher-grade material following the granting of the environmental permit (AAU) in May 2025.

Processing

The plant processed 4.0 million tonnes of ore in Q2 2025 (Q2 2024: 4.1 million tonnes), compared with 4.2 million tonnes in Q1 2025. This reflects ongoing strong plant performance, above the 15 million tonne per annum nameplate capacity. The next SAG mill liner change is scheduled for Q3 2025.

Copper grade in Q2 2025 was 0.43% (Q2 2024: 0.33%), compared with 0.42% in Q1 2025.

Copper recovery was 76.75% in Q2 2025 (Q2 2024: 85.81%), compared with 80.98% in Q1 2025. The decrease was due to mineralogical variability of certain ores processed during the quarter. Nevertheless, these materials contributed higher grades than the average, enhancing overall feed quality.

Production

Copper production was 13,175 tonnes in Q2 2025 (Q2 2024: 11,583 tonnes), compared with 14,291 tonnes in Q1 2025. The quarterly decrease was the result of lower recoveries and lower throughput, partly offset by higher grades.

On-site copper concentrate inventories stood at 9,820 tonnes at 30 June 2025, compared with 19,031 tonnes at 31 March 2025, reflecting increased concentrate sales. Copper contained in concentrates sold was 14,024 tonnes in Q2 2025 (Q2 2024: 11,397 tonnes), compared with 14,687 tonnes in Q1 2025.

Six months operational review

Copper production during H1 2025 was 27,466 tonnes, compared with 22,249 tonnes in the same period of 2024. Higher production was primarily the result of increased ore throughput and higher copper grades, which more than offset the impact of lower recoveries.

Payable copper in concentrates was 25,894 tonnes, compared with 21,116 tonnes of payable copper in H1 2024.

Ore mined in H1 2025 was 7.2 million tonnes, compared with 7.5 million tonnes during H1 2024. Ore processed was 8.2 million tonnes, versus 7.8 million tonnes in H1 2024, although a portion of lower-grade stockpiles was processed during H1 2025.

Ore grade during H1 2025 was 0.42% Cu, compared with 0.33% Cu in H1 2024. Copper recovery was 78.90%, compared to 85.30% in the same period of the previous year. Concentrate production amounted to 157,258 tonnes, above the H1 2024 production of 113,308 tonnes.

Outlook

Operational guidance

Proyecto Riotinto operational guidance for 2025 is as follows:

• Represents the Cerro Colorado and San Dionisio pits; prior guidance included Cerro Colorado only.
• Represents updated guidance.

Production

Updated copper production guidance for FY2025 is 49,000 - 52,000 tonnes, up from 48,000 - 52,000 tonnes, as a result of the performance in H1 2025. Full year production is still expected to be weighted slightly towards H1 2025 as a result of pit sequencing.

Operating Costs

Updated guidance for FY2025 Cash Costs and AISC are as follows:

• Cash Costs range of US$2.60 - 2.80/lb copper payable, down from US$2.70 - 2.90/lb
• AISC range of US$3.10 - 3.30/lb copper payable, down from US$3.20 - 3.40/lb

Euro-denominated costs were well-controlled in H1 2025, however, the stronger EUR/USD exchange rate is expected to be a headwind for USD-denominated metrics in H2 2025.

Expected costs associated with waste stripping at the San Dionisio area in H2 2025 are now included in the guidance for Cash Costs and AISC, having been reallocated from the non-sustaining capital investment guidance shown below.

AISC guidance continues to exclude investments in the tailings dam, consistent with prior reporting.

Non-Sustaining Capital Investments

Updated guidance for FY2025 non-sustaining capital investments is €29 - 37 million, down from €58 - 82 million.

Key changes include the reallocation of expected San Dionisio H2 2025 waste stripping costs to Cash Costs and AISC, and the expected deferral into 2026 of certain expenditures related to the road relocation and the Proyecto Masa Valverde access ramp.

Exploration Expenditures

Updated guidance for FY2025 exploration expenditures is €8 - 12 million, up from €6 - 8 million. The main expenditures are associated with Proyecto Masa Valverde, the San Antonio deposit and the earn-in commitments with MPS in Sweden.

Overview of the Financial Results

The following table presents summarised consolidated income statements for the three and six months ended 30 June 2025, with comparatives for the three and six months ended 30 June 2024, respectively.

Three months financial review

Revenues for the three-month period ended 30 June 2025 amounted to €124.1 million (Q2 2024: €92.2 million). The increase in revenues was mainly driven by significantly higher copper concentrate volumes sold including inventories at the end of Q1 2025 and lower offsite costs, despite lower realised copper prices and a stronger Euro relative to the US Dollar.

Realised prices excluding quotation periods ("QPs") were US$4.27/lb copper during Q2 2025 compared with US$4.54/lb in Q2 2024. The realised price including QPs was approximately US$4.23lb during Q2 2025 (Q2 2024: US$4.13/lb).

Cost of sales for the three-month period ended 30 June 2025 amounted to €67.9 million, compared with €60.2 million in Q2 2024. Higher costs were primarily attributable to lower inventories from the previous quarter and partially offset with lower costs of electricity and consumables.

Cash costs were US$2.21/lb payable copper during Q2 2025 compared with US$2.88/lb in the same period last year. The reduction in unit cash costs was mainly due to higher copper production despite stronger Euro/US Dollar exchange rate compared to Q2 2024. AISC for Q2 2025, excluding one-off investments in the tailings dam and San Dionisio stripping, was US$2.81/lb payable copper compared with US$3.20/lb in Q2 2024. The decrease was primarily due to lower cash costs despite an increase in capitalised stripping.

Sustaining capex for Q2 2025 amounted to €0.5 million (Q2 2024: €1.1 million), mainly related to the new crusher and enhancements in the processing systems. In addition, the Company continues to invest in the tailings dam project to increase storage capacity, having invested €4.0 million in Q2 2025 (Q2 2024: €4.4 million). Stripping costs capitalised for Cerro Colorado during Q2 2025 amounted to €9.9 million (Q2 2024: €1.3 million).

Capex associated with the construction of the solar plant amounted to €0.2 million in Q2 2025 (Q2 2024: €1.9 million), while investments in the E-LIX Phase I plant totalled €0.4 million (Q2 2024: €0.2 million). Additionally, capex of €2.2 million was related to the San Dionisio area during the quarter.

Corporate expenses amounted to €1.5 million (Q2 2024: €3.1 million) and include non-operating costs of the Cyprus office, corporate legal and consultancy fees, listing costs, officers and directors' emoluments, corporate office salaries and administrative expenses.

Exploration costs on Atalaya's project portfolio for Q2 2025 were €0.1 million, compared to €1.1 million in Q2 2024, with the reduction mainly due to a pause in drilling activities in Sweden during the summer months. As of 30 June 2025, the Company has recognised a prepayment of €0.8 million in relation to exploration activities not yet executed, although the funds have already been provided under agreements for the Skellefte Belt and Rockliden Projects.

Care and maintenance costs were €2k for the three-month period ended 30 June 2025 (Q2 2024: €1.6 million). The significant reduction compared with the prior year reflects the fact that, following the designation of Proyecto Touro as a Strategic Industrial Project by the Council of the Xunta de Galicia at the end of H1 2024, all direct costs associated with the mining development were capitalised in accordance with applicable IFRS criteria. The remaining costs, which were mainly administrative in nature and incurred through the local subsidiary Cobre San Rafael S.L., were no longer presented under care and maintenance, thus, in 2025, these costs were reclassified under administration and corporate expenses, and amounted to €0.4 million in H1 2025.

EBITDA for Q2 2025 amounted to €55.1 million, up from €26.4 million in Q2 2024, primarily driven by higher sales and lower unit costs.

Depreciation and amortisation for the quarter totalled €12.9 million (Q2 2024: €11.0 million).

Net foreign exchange losses for Q2 2025 of €3.9 million resulted from the appreciation of the Euro against the US Dollar.

Net finance costs for Q2 2025 were nil, consistent with the same period in 2024.

Six months financial review

Revenues for the six-month period ended 30 June 2025 amounted to €254.8 million (H1 2024: €162.1 million). The increase in revenues was mainly due to significantly higher concentrate volumes sold with slightly higher realised copper prices.

Copper concentrate production during the six-month period was 157,258 tonnes (H1 2024: 113,308 tonnes), with 169,253 tonnes of copper concentrate sold (H1 2024: 111,281 tonnes). Inventories of concentrates at the reporting date were 9,820 tonnes (21,815 tonnes as at 31 December 2024).

Copper contained in concentrates sold was 28,711 tonnes in H1 2025 (H1 2024: 21,683 tonnes).

Realised copper prices excluding QPs for H1 2025 were US$4.27/lb, compared with US$4.26/lb in H1 2024. The realised price remained close to the market average, which was US$4.28/lb in H1 2025 versus US$4.13/lb in H1 2024. No hedging agreements were entered into during the period.

Cost of sales amounted to €140.2 million in H1 2025 (H1 2024: €117.0 million). The cost increase was related to higher volumes, the increase in waste mined and lower inventories at the end of the period with a lower unit cost.

Cash costs were US$2.23/lb payable copper, compared with US$2.93/lb in H1 2024. The reduction in cash costs was mainly due to higher copper production and lower offsite cost. AISC, excluding investment in tailings dam and San Dionisio stripping, was US$2.78/lb payable copper (H1 2024: US$3.19/lb) with a higher stripping cost capitalised.

Sustaining capex for H1 2025 totalled €2.0 million compared with €1.6 million in H1 2024, mainly related to the new crusher and enhancements in the plant's processing systems. Additional investment in tailings dam €8.0 million compared with €7.5 million invested in H1 2024. Stripping costs capitalised for Cerro Colorado during H1 2025 amounted to €17.2 million (H1 2024: €1.3 million).

Capex for the solar plant was €0.5 million in H1 2025 (H1 2024: €2.6 million) while investments in the E-LIX Phase I plant, commissioning and ramp-up totalled €0.9 million and €4.0 million related to the convertible loan. Additionally, a capex of €5.2 million is related to the San Dionisio area.

Corporate costs for H1 2025 were €4.1 million (H1 2024: €5.2 million), mainly comprising the Company's overhead expenses.

Exploration costs totalled €3.4 million (H1 2024: €1.9 million), mainly due to activities in the Skellefte Belt and Rockliden Projects in Sweden and Proyecto Masa Valverde.

EBITDA for the six months ended 30 June 2025 amounted to €107.6 million (H1 2024: €36.7 million).

Depreciation and amortisation for H1 2025 totalled €25.8 million (H1 2024: €20.6 million).

Net foreign exchange loss was €6.0 million (H1 2024: €2.2 million).

Net finance cost for H1 2025 amounted to €0.1 million, compared with a cost of €0.1 million in H1 2024.

Copper prices

The average realised copper price (excluding QPs) decreased by 6.1% to US$4.27/lb in Q2 2025, from US$4.54/lb in Q2 2024.

The average prices of copper for the three and six month period ended 30 June 2025 and 2024 are summarised below:

Realised copper prices for the reporting period noted above have been calculated using payable copper and excluding both provisional invoices and final settlements of QPs together. The realised price during Q2 2025, including the QP, was approximately US$4.23/lb.

• Non-GAAP Measures
• Liquidity and Capital Resources

The following is a summary of Atalaya's cash position and cash flows as at 30 June 2025 and 31 December 2024.

Liquidity information

Includes borrowings

Unrestricted cash and cash equivalents, which include balances held at both Group and Operation levels, increased to €103.0 million as at 30 June 2025, compared with €52.9 million at 31 December 2024. This significant increase was primarily driven by strong cash inflows from operating activities, partially offset by investment outflows and moderate financing movements. At the Group level, cash rose from €43.2 million to €83.7 million, while Operation-level cash increased from €9.7 million to €19.3 million.

The Group generated €78.3 million in net cash from operating activities during the first six months of 2025, supported by solid EBITDA and limited tax payments, despite a working capital outflow mainly attributable to a €38.0 million increase in trade and other receivables. Cash outflows from investing activities totalled €41.8 million, reflecting continued capital expenditure in strategic areas such as San Dionisio and processing plant upgrades. Net financing cash flows were positive at €14.9 million, with new borrowings of €19.7 million drawn temporarily in order to settle an intercompany loan, exceeding repayments of €4.6 million.

As of 30 June 2025, the Group reported a working capital surplus of €92.2 million, compared with €44.7 million at year-end 2024. The improvement is largely explained by the stronger cash position and an increase in short-term receivables, which offset modest changes in inventories and trade payables. The Group's net cash position also doubled during the period, reaching €70.1 million, up from €35.1 million at 31 December 2024. All cash balances remain unrestricted and available for general use at both the operational and corporate levels, reinforcing Atalaya's robust liquidity and financial flexibility.

Overview of the Group's cash flows

Three months cash flows review

Total net cash inflow for the three months ended 30 June 2025 was €34.2 million, primarily driven by strong cash generation from operating activities. Cash from operating activities amounted to €52.2 million, while investing activities consumed €19.4 million, and financing activities contributed a net inflow of €1.3 million.

Cash generated from operations before changes in working capital was €55.3 million. During the quarter, inventories decreased by €6.6 million, trade and other receivables increased by €0.1 million, and trade and other payables decreased by €2.5 million, resulting in a modest net working capital inflow.

Investing activities consumed €19.4 million, mainly related to ongoing development works at the tailings dams, the San Dionisio deposit, and continued upgrades to processing infrastructure.

Financing activities generated a net inflow of €1.3 million, primarily from new borrowings of €3.1 million, partially offset by repayments of €1.7 million and lease payments of €0.1 million.

Six months cash flow review

For the six months ended 30 June 2025, the Group reported a net cash inflow of €51.4 million. This included net cash from operating activities of €78.3 million, investing outflows of €41.8 million, net financing inflows of €14.9 million, and negative foreign exchange differences of €1.3 million.

Cash generated from operations before working capital movements was €108.1 million. However, working capital movements during the period had a net outflow effect, driven by a €29.3 million increase in trade and other receivables, an €11.8 million decrease in inventories, and a €3.1 million decrease in trade and other payables.

Cash outflows from investing activities of €41.8 million mainly reflect capital expenditure related to the San Dionisio area, tailings storage facilities, and processing plant upgrades.

Financing activities resulted in a net inflow of €14.9 million, reflecting €19.7 million of new borrowings drawn temporarily in order to settle an intercompany loan, offset by €4.6 million of repayments and €0.3 million of lease and interest payments.

Foreign exchange

During the three and six months ended 30 June 2025, Atalaya recognised a foreign exchange loss of €3.9 million and €6.0 million, respectively. The foreign exchange loss mainly related to the appreciation of the Euro against the US Dollar, as a significant portion of sales proceeds are held in USD.

The following table summarises the movement in key currencies versus the EUR:

Sustainability

Corporate Social Responsibility

During the second quarter of 2025, Fundación Atalaya continued to strengthen its role as a catalyst for sustainable development in the Cuenca Minera, with a focus on education, cultural promotion, and support for local communities.

The fifth edition of the Mining Operations Training Course concluded its theoretical component during the quarter. Participants have now entered the internship phase, gaining hands-on experience working with local mining-related companies during the summer. This initiative continues to enhance employability and sector-specific skills among residents of the region.

The Riotinto Experience project, which offers guided tours of the operational mine, continued to attract growing interest. It is steadily positioning Riotinto as a national benchmark in industrial tourism and contemporary mining education.

Fundación Atalaya also supported a diverse range of cultural and social initiatives. Key activities during the quarter included sponsorship of SEPER Adela Frigolet's XXI Cultural Week, poetry and music competitions (Rosario Santana and CEM Manuel Rojas), and local heritage events such as the San Antonio and San Juan Alto de la Mesa gatherings. Ongoing collaboration with community associations, including Asociación Nayeros, also continued. In the area of infrastructure and heritage, Fundación Atalaya contributed to the interior restoration of the parish church in El Campillo and supported a commercial revitalisation campaign led by APYME El Campillo.

Furthermore, a cultural preservation agreement was signed with the Ayuntamiento de Nerva to restore and catalogue the historical archive of the Casa del Maestro Rojas, contributing to the safeguarding and dissemination of the region's collective memory.

Health and Safety

In the second quarter of 2025, compared to the same period of the previous year, there was a slight uptick in incident rates due to a higher number of accidents involving contractor personnel. This increase is reflected in the frequency rate (FR) and severity rate (SR), which closed the half-year at 5.66 and 0.18, respectively. There was one lost-time accident involving Atalaya personnel and six involving contractors, all of which were of a minor nature.

Regarding accident reduction targets, the severity rate (SR) target was met, while the frequency rate (FR) target was not achieved, as the actual figure exceeded the established threshold for 2025.

In terms of Occupational Hygiene, nearly all of the planned measurements for the quarter were carried out, including: respirable crystalline silica and dust, organic vapours, asbestos fibres, and respirator fit testing for 55% of Atalaya Riotinto Minera, S.L.U.'s workforce, along with legionella prevention monitoring.

With regards to the First Response Brigade, specific training activities scheduled in the annual plan were delivered, such as casualty extrication, fire protection, and self-contained breathing apparatus (SCBA) use. SCBA rescue drills were conducted with the participation of the mine rescue chief from Sandfire-Matsa, fostering synergies with other mining operations and strengthening readiness for emergency response.

In this regard, in June, three members of the on-site brigade responded to a fire incident in an isolated area of the plant, successfully extinguishing and containing the fire until the public fire brigade arrived. The intervention prevented the fire from spreading to other parts of the facility and was managed quickly and effectively.

Also in June, an emergency drill was conducted in the General Warehouse area, with support from a specialist consultancy firm.

The second annual meeting of the Health and Safety Committee also took place during the quarter, a joint consultation and participation meeting with workers' representatives.

Psychoactive substance controls continue to be carried out at access points and in the medical unit. The improvement implemented last year, involving randomised controls using AI to select individuals or vehicles for substance (alcohol or drugs) testing, remains in effect.

The second phase of the "Zero Harm Challenge" project is ongoing, with working groups developing the 10 most prevalent and high-engagement proposals identified during phase one. The project has seen high participation and commitment levels, and its progress was presented in May to general management and ARM department heads.

Finally, the Field Leadership activities have been officially recognised as Best Occupational Health and Safety Practices by the Andalusian Institute for Occupational Risk Prevention (Junta de Andalucía).

Environment

During the second quarter of 2025, the Environmental Department maintained its focus on advancing environmental monitoring and natural resource management across the Riotinto operations. A total of three environmental incidents were reported during the period. The first involved a hydrocarbon spill on natural soil within the mining area during tanker refuelling activities, affecting an estimated surface area of 6 m². The second related to the outdoor accumulation of hazardous waste, specifically, empty oil GRGs, on natural soil within the mining area, although no soil contamination was identified. The third incident occurred in the milling area, where an oil spill took place during lubrication tasks. While no soil was affected, the area was promptly cleaned and restored, and the resulting waste was properly managed.

Rainfall levels during Q2 2025 were significantly higher than in the same period of the previous year, reaching 143.4 l/m², a 271% increase year-on-year. Cumulative rainfall for the current hydrological year (October 2024 to June 2025) totalled 1,074.2 l/m², representing a 30% increase over the same period in the prior year.

On 14 May 2025, the Company received official approval of a substantial modification to its environmental permit, enabling the expansion of mining operations into the San Dionisio deposit. In addition, three requests for non-substantial modifications to the permit were submitted during the quarter: (i) on 28 April, relating to diesel availability optimisation in the mining area; (ii) on 9 June, for the enhancement of mining road connectivity in San Dionisio; and (iii) on 20 June, concerning improvements to the retention pond at the North Waste Dump.

The department also submitted the required annual environmental documentation to the competent authorities, including the Annual Water Balance and the results of receiving river monitoring associated with authorised discharges. Measures established under the Dust Action Plan continued to be implemented, including intensified watering schedules, enhanced coordination, and systematic monitoring of dust emissions generated by operational activities.

Progress continued on the Restoration Plan, which covers both operational and legacy areas. In parallel, scheduled forest maintenance works were carried out in compliance with the approved Wildfire Prevention Plan. Annual external emissions control testing was completed in May without incident, while all routine internal monitoring of non-ducted atmospheric emissions also confirmed compliance with regulatory thresholds. All other mandatory periodic environmental controls were conducted on schedule and without issues. Several environmental reports were submitted to the relevant administrative authorities during the quarter.

Daily environmental inspections remained a key aspect of the department's operations, with a focus on chemical storage and handling, site cleanliness, waste management, prevention of uncontrolled releases, and the reinforcement of responsible environmental behaviour among both Atalaya personnel and contractors. Specific inspections also targeted dust suppression systems and drainage infrastructure. In total, 85 inspections were conducted across the plant, mining area, and contractor camps throughout the quarter.

Risk Factors

In particular, Atalaya is closely monitoring the risks associated with the investments made in the E-LIX technology together with Lain Technologies Ltd (hereinafter "Lain"). While the leaching process E-LIX has continued to deliver results in line with technical expectations, progress towards achieving sustainable, economically viable throughput levels has been more challenging and materially slower than anticipated (Note 8).

• Critical accounting policies, estimates, judgements, assumptions and accounting changes

As at 30 June 2025, whilst there are no significant changes in critical accounting policies or estimates to those applied in 2024. We highlight the assumptions made in relation to Lain Technologies and the progress on the Industrial Plant in Note 8.

Other Information

Additional information about Atalaya Mining Copper, S.A. is available at www.atalayamining.com

Unaudited condensed consolidated interim financial statements on subsequent pages.

By Order of the Board of Directors,

Neil Gregson

Chair

Sevilla, 11 August 2025

Condensed Consolidated Interim Statement of Comprehensive Income

(All amounts in Euro thousands unless otherwise stated)

For the period ended 30 June 2025 and 2024

Earnings per share from operations attributable to equity holders of the parent during the period:

The share premium reserve is not available for distribution

Condensed Consolidated Interim Cash Flow Statement

(All amounts in Euro thousands unless otherwise stated)

For to the period ended 30 June 2025 and 2024

Notes to the Unaudited Condensed Consolidated Interim Financial Statements

(All amounts in Euro thousands unless otherwise stated)

For the period ended 30 June 2025 and 2024

Incorporation and summary of business

Change of name and share consolidation (2015)

Following the Company's Extraordinary General Meeting ("EGM") on 13 October 2015, the change of name from EMED Mining Public Limited to Atalaya Mining Plc became effective on 21 October 2015. On the same day, the consolidation of ordinary shares came into effect, whereby all shareholders received one new ordinary share of nominal value Stg £0.075 for every 30 existing ordinary shares of nominal value Stg £0.0025. The Company's trading symbol became "ATYM".

Cross-border conversion (re-domiciliation) (2024-2025)

• Atalaya's registered name changed from Atalaya Mining Plc to Atalaya Mining Copper, S.A.; and

The Company's shares commenced trading under "Atalaya Mining Copper, S.A." on 10 January 2025 at 8:00 am (London time) and the nominal value of the Company's shares were also adjusted from 7.5p to €0.09 per share.

Principal activities

Proyecto Riotinto

Proyecto Touro

• Phase 1 - The Group paid €0.5 million to secure the exclusivity agreement and committed to funding up to a maximum of €5.0 million to support the permitting and financing stages.
• Phase 2 - Upon receipt of permits, the Group is required to pay €2.0 million to acquire an additional 30% interest in the project (cumulative 40%).
• Phase 3 - Once development capital is secured and construction commences, the Group is required to pay €5.0 million to acquire an additional 30% interest in the project (cumulative 70%).
• Phase 4 - Upon declaration of commercial production, the Group will purchase an additional 10% interest (cumulative 80%) in exchange for a 0.75% Net Smelter Return royalty, with a buyback option.

As a result of the regulatory developments that occurred during 2024, the Group now considers it likely that phases 2, 3 and 4 of the Touro project will be completed. In accordance with the Group's accounting policy on contingent payments, in 2024 the Group recognised an intangible asset amounting to €16.5 million in 2024 (Note 9), as well as the corresponding contingent liabilities (note 17).

In line with the its policy on non-controlling interests, the Group allocated 20% of this intangible asset to non-controlling interests, amounting to €3.3 million.

Additionally, as described in note 9, the Group reversed an impairment previously recorded in 2019 on intangible fixed assets amounting to €6.9 million, related to capitalised expenses associated with Proyecto Touro.

The Group continues to engage with stakeholders in the region including through various recruitment initiatives, and operates a water treatment plant to restore the water quality of the rivers around Touro.

The Group's exploration activities are ongoing, including infill and step-out drilling programmes focused on areas within the initial mine plan where mineralisation remains open.

Proyecto Masa Valverde

On 21 October 2020, the Company announced that it entered into a definitive purchase agreement to acquire 100% of the shares of Cambridge Mineria España, S.L. (since renamed Atalaya Masa Valverde, S.L.U.), a Spanish company which fully owns the Masa Valverde polymetallic project located in Huelva (Spain). Under the terms of the agreement Atalaya would make an aggregate €1.4 million cash payment in two instalments of approximately the same amount: the first upon permitting of the project and the second upon achieving first production from the concession.

In November 2023, the exploitation permit for the Masa Valverde and Majadales deposits was officially granted. Following this milestone, in January 2024, the Company made the first payment of €0.7 million associated with the granted permits.

Proyecto Ossa Morena

In December 2021, Atalaya announced the acquisition of a 51% interest in Rio Narcea Nickel, S.L., which owned 9 investigation permits. The acquisition also provided a 100% interest in three investigation permits that are also located along the Ossa- Morena Metallogenic Belt. In Q3 2022, Atalaya increased its ownership interest in POM to 99.9%, up from 51%, following completion of a capital increase that will fund exploration activities. During 2022 Atalaya rejected 8 investigation permits.

Atalaya will pay a total of €2.5 million in cash in three instalments and grant a 1% net smelter return ("NSR") royalty over all acquired permits. The first payment of €0.5 million was made following execution of the purchase agreement. The second and third instalments of €1 million each will be made once the environmental impact statement ("EIS") and the final mining permits for any project within any of the investigation permits acquired under the Transaction are secured. In accordance with the agreement, these outstanding instalments are disclosed as a non-current payable to the sellers.

Proyecto Riotinto East

In December 2020, Atalaya entered into a Memorandum of Understanding with a local private Spanish company to acquire a 100% beneficial interest in two investigation permits (known as Peñas Blancas and Cerro Negro investigation permits), which cover approximately 12,368 hectares and are located immediately east of Proyecto Riotinto. After a short drilling campaign, the Los Herreros investigation permit was rejected in June 2022. Proyecto Riotinto East consists of the remaining two investigation permits, Peñas Blancas and Cerro Negro, totalling 10,016 hectares.

Skellefte Belt Project and Rockliden Project

During 2024, the Group entered into agreements with Mineral Prospektering i Sverige AB ("MPS") in relation to the Skellefte Belt Project and the Rockliden Project, both situated in well-established volcanogenic massive sulphide districts recognised for their mineral resource potential. In 2024, the Group provided funding of €1.2 million to MPS to support the preparatory work for the planned winter drilling campaigns and to compensate MPS for certain past expenditures. During H1 2025, Atalaya contributed an additional €1.8 million to fund exploration activities as part of its ongoing earn-in commitments. In accordance with IFRS6, all amounts provided to MPS to date have been recognised as exploration expenses.

Basis of preparation and accounting policies

2.1 Basis of preparation

Overview

These condensed interim financial statements are unaudited.

The unaudited Condensed Consolidated Interim Financial Statements for the period ended 30 June 2025 have been prepared in accordance with International Accounting Standard 34: Interim Financial Reporting. IFRS comprise the standard issued by the International Accounting Standard Board ("IASB"), and IFRS Interpretations Committee ("IFRICs") as issued by the IASB. Additionally, the unaudited Condensed Consolidated Interim Financial Statements have also been prepared in accordance with the IFRS as adopted by the European Union (EU), using the historical cost convention and have been prepared on a historical cost basis except for the revaluation of certain financial instruments that are measured at fair value at the end of each reporting period, as explained below.

Going concern

2.2 New standards, interpretations and amendments adopted by the Group

The accounting policies adopted in the preparation of the Condensed Consolidated Interim Financial Statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2024, except for the adoption of new standards effective as of 1 January 2025. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. One amendment applies for the first time in 2025, but does not have an impact on the unaudited Condensed Consolidated Interim Financial Statements of the Group.

Lack of exchangeability - Amendments to IAS 21

The amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity's financial performance, financial position and cash flows. The amendments are effective for annual reporting periods beginning on or after 1 January 2025. When applying the amendments, an entity cannot restate comparative information. The amendments did not have a material impact on the Group's financial statements.

2.3 Fair value estimation

Fair value measurements recognised in the consolidated statement of financial position

2.4 Critical accounting estimates and judgements

Recoverability of assets related to the E-LIX project

• Demonstration of commercial and technical feasibility - The pilot plant must validate the E-LIX System's ability to operate consistently and cost-effectively at scale.

Management assesses the capitalised amounts for indicators of impairment in accordance with IAS 36. Should there be indications of material changes in project assumptions or external conditions, the Group will review the carrying amount of the asset in accordance with IAS 36.

Business and geographical segments

Business segments

Geographical areas of sales

Revenue from Spain is derived from the sale of scrap metal.

Revenue represents the sales value of goods supplied to customers; net of value added tax. The following table summarises sales to customers with whom transactions have individually exceeded 10.0% of the Group's revenues.

• Included within Q2 2025 and H1 2025 is income related to the freight services provided by the Group to its customers arising from the sales of copper concentrate under CIF incoterm, of €2.8 million (Q2 2024: €3.2 million) and €6.0 million (H1 2024: €6.3 million), respectively.
• Represents adjustments to revenue arising from the final settlement of sales contracts that were previously provisionally priced. These amounts result from the reversal of provisions once the final invoice amount has been agreed with the customer.
• Other income mainly represents scraps.
• Net Finance Income/(Costs)

• Interest expense primarily relates to interest accrued on bank payable balances and €0.2 million corresponds to the unwinding of discount on liabilities related to the potential acquisition of the shares of Cobre San Rafael, SL.

Financial income include interest received on bank balances of €0.3 million (2024: €0.6 million) and €0.7 million related to E-LIX project funding (Note 8).

Tax

The Group determines the income tax expense for the period based on the application of relevant tax laws and regulations in each jurisdiction, including current and deferred tax effect. The major components of income tax expense in the unaudited condensed consolidated interim financial statements of profit or loss are:

At 30 June 2025 there are nil warrants, 5,302,000 options and 443,522 share awards (Note 15) (31 December 2024: nil warrants, 5,423,666 options and nil share awards) which have been included when calculating the weighted average number of shares for 2025.

Property, plant and equipment

• Assets under construction at 30 June 2025 were €115.2 million (31 December 2024: €100.4 million) which include sustaining capital expenditures, tailings dams project, E-LIX plant, solar plant and the San Dionisio area.
• Stripping costs excluding San Dionisio.
• Advances related to E-LIX plant. The above fixed assets are mainly located in Spain.
• Transfer to Prepayments for service contract (Note 12).
• Reclassifications of €0.7 million related to low-rotation stock reclassified from inventories (material supplies).
• During H1 2025, the Group capitalised €0.3 million of borrowing costs related to the construction of the solar plant in accordance with IAS 23. The average effective interest rate applied was 1.4%. The tax deductibility of these capitalised borrowing costs will be realised over the asset's useful life through depreciation deductions, rather than as an immediate tax relief.

The above fixed assets are mainly located in Spain.

E-LIX Project

In May 2019, Atalaya initiated a partnership with Lain Technologies Ltd. (hereinafter "Lain") for the development of technology known as E-LIX. The E-LIX Technology is a newly-developed technology invented and owned by Lain which is protected by trade secret rights. Atalaya's rights over the E-LIX technology is limited to its use on favourable terms and other benefits but excluding the ownership.

E-LIX is an innovative electrochemical extraction process developed by Lain to assess the production of zinc and copper cathodes, as well as other derivatives of these metals, from complex sulphide ores.

Lain and Atalaya have partnered to develop the E-LIX technology since 2019. During these years, the collaboration has progressed through different phases, summarised as follows:

• Phase 0: Preliminary work and research.
• Phase 1: Construction and commissioning of the Pilot Plant.
• Phase 2: Operation of the Pilot Plant and feasibility studies of the project.
• Phase 3: Construction and commissioning of an Industrial Plant.

As a result of the successful laboratory tests carried out by Atalaya on the E-LIX technology during Phase 0, in July 2020, Atalaya and Lain reached a global agreement and executed a memorandum of understanding ("MOU"), with the first step being the construction of a pilot plant (the "Pilot Plant") fully funded by Atalaya via loans.

The Pilot Plant was built during 2021 and confirmed the technical feasibility of E-LIX, proving the capacity of leaching selective metals from concentrates and achieving high recovery rates for copper and zinc through a more efficient and sustainable process compared to traditional methods.

In December 2021, the Company's Board of Directors approved the construction and financing of a larger-scale plant with a significantly higher processing capacity than the Pilot Plant (the "Industrial Plant").

Throughout the partnership from 2019 and aligned with the MOU signed between Atalaya and Lain, several agreements have been signed, including:

• Construction of the fixed assets required for the use of the E-LIX technology;
• Exclusivity agreements
• Funding agreements for the construction and the commissioning of the Pilot Plant
• Funding agreements for the construction and commissioning of the Industrial Plant; and
• Operational agreements for the construction of the Industrial Plant.

As of 30 June 2025, Atalaya has balances related to Lain and its E-LIX technology amounting to €55.4 million, as detailed below:

55,356

Commissioning and Ramp-up progress on the Industrial Plant

Commissioning and ramp-up activities at the E-LIX Phase I plant continued during 2025. While the leaching process has continued to deliver results in line with technical expectations, progress towards achieving sustainable, economically viable throughput levels has been more challenging and materially slower than anticipated.

The process developer and operator, Lain, has advised that further improvements are expected in the third quarter 2025 to achieve the expected nameplate capacity of the Industrial Plant.

The reduced throughput rate at present increases the risk that Lain may experience challenges with liquidity and meeting ongoing working capital requirements, although Atalaya or its management does not have direct insight into Lain's financial position. The ability to achieve and maintain optimal throughput will depend on a number of factors, including the availability of suitable feed material and the successful implementation of plant modifications and refinements.

To support this effort and decrease the risk, Atalaya will initiate an independent third-party review to assess actual and potential plant performance, confirm achievable throughput capacity, and identify further optimisation opportunities.

While Atalaya remains confident in the underlying potential of the E-LIX technology, particularly in improving metal recoveries from complex polymetallic ores which could support the conversion of resources into reserves, the long-term economic viability of the technology and the associated investment in the Industrial Plant, will ultimately depend on Lain's ability to achieve and sustain profitable throughput levels in the short to medium term or in its ability to find a financial partner, that may or may not be Atalaya, to provide the necessary financial support until Lain achieves profitable production levels.

Recoverability of Assets

As at 30 June 2025, the commissioning and ramp-up activities at the Industrial Plant, which is based on a novel hydrometallurgical process, continued. The E-LIX technology has demonstrated positive results in the recovery of pure zinc and copper, as well as their derivatives, in a technologically efficient manner. The E-LIX technology unlocks the production of metals from complex ores in a consistently and financially viable manner and its use at an industrial scale could potentially increase significantly the life of the mine at Proyecto Riotinto.

As of the reporting date, Atalaya has not found any significant issue in the use or application of the E-LIX technology and therefore, Atalaya continues to believe the E-LIX technology will bring significant value to its operations as the leaching process has delivered results in line with technical expectations but ramp-up to profitable throughput levels has been slower than anticipated.

Management is actively working with Lain to address operational challenges and expects further progress in the second half of the year.

As at 30 June 2025, the Group has assessed whether there are any significant changes to the E-LIX technology's business model and/or to the indicators of impairment under IAS 36 Impairment of Assets performed as at 31 December 2024.

As at the reporting date, no impairment has been recognised as Atalaya estimates on the financial model for the use of the technology remains valid until the independent third-party review is concluded.

However, management notes that continued delays in achieving design throughput capacity may have a potential impact on processing costs and the operator's liquidity position. In the event that the independent third-party review shows that design throughput capacity cannot be reached, there may be a resulting adverse impact on unit processing costs and therefore, in the ability of Atalaya to recover its investment in Lain and its E-LIX Technology since 2019.

Refer to Note 13 of Atalaya's financial statements as at 31 December 2024 for further information on the impairment analysis carried out.

Intangible assets

• Additions in 2024 include €16.7 million at fair value related to the interest to acquire the 80% of the shares of Cobre San Rafael, SL, as per the Shareholders' Agreement, including €16.5 million (note 26) and €0.2 million related to capitalisation expenses in accordance with the policy of the Group once the Touro Project was granted as Strategic Industrial Project (PIE).
• Reversal of Impairment on Intangible Assets

Additions during H1 2025 relate to the capitalisation of exploration and evaluation costs in connection with Proyecto Masa Valverde (€2.4 million) and Proyecto Touro (€2.4 million).

On 29 January 2020, the Company released an update on Proyecto Touro. The Company referenced news from the regional government of Galicia ("Xunta de Galicia") in relation to the permitting process, where the General Directorate to the Mines, Energy and Industry Department announced a negative Environmental Impact Statement for Proyecto Touro.

As a result of the re-assessment, the Company booked as at 31 December 2019 an impairment of €6.9 million related to the capitalised cost incurred by the Company to the date according to its accounting policy. However, the Company retained the value of the mining rights at €5.0 million, as these rights remained in force.

In compliance with IAS 36 - Impairment of Assets, the Company conducted an impairment test as at 31 December 2024, concluding that the conditions that had led to the impairment in 2019 no longer existed. The impairment test was carried out by evaluating both technical and financial feasibility, confirming that the project was able to generate economic benefits in line with initial expectations.

As a result, the impairment loss of €6.9 million was fully reversed as at 31 December 2024.

Inventories

As of 30 June 2025, copper concentrate produced and not sold amounted to 9,820 tonnes (31 Dec 2024:21,815 tonnes). Accordingly, the inventory for copper concentrate was €10.2 million (31 Dec 2024: €19.7 million).

Dividends

Cash dividends declared and paid during the period:

A final dividend of US$0.03 in respect of 2024 was proposed on 17 March 2025 for approval by shareholders at the 2025 Annual General Meeting ("AGM"). This equated to €0.0275 per share at the exchange rate published by the European Central Bank on 17 March 2025. The dividend resulted in a total dividend for 2024 of US$0.07 per share. The final dividend for 2024 was approved by shareholders at the AGM held on 24 June 2025 and was paid to holders of CREST Depository Interests on 23 July 2025.

On 11 August 2025, the Company's Board of Directors elected to declare a 2025 Interim Dividend of €0.044 per ordinary share, which is equivalent to approximately US$0.051 or £0.038 per share.

Trade and other receivables

(1) On 28 January 2022 the Company signed a loan for €15 million and on 8 May 2023 an amendment increasing this amount to up to €20 million for the construction of the first phase of the industrial-scale E-LIX plant ("Phase I"). This loan was granted for a fixed term of 10 years from the start of commercial production. This balance includes capitalised interest, and repayment will be made through the use of the E-LIX technology. This balance also includes €7.6 million referred to additional costs classified as prepayments related to running costs of the Industrial Plant of Proyecto E-LIX (see note 8).

Non-current deposits included €250k (€250k at 31 December 2024) as a collateral for bank guarantees, which was recorded as restricted cash (or deposit).

Loans

Non-current loans relate to the loan agreement with Lain Technologies for the Pilot Plant, comprising €2.3 million in principal plus €0.4 million in accrued interest. The loan bears interest at EURIBOR 12M + 2%.

On 30 September 2024 the Company entered into a convertible loan agreement, providing a credit facility of up to €10 million, maturing on 31 December 2025. This facility bears interest at EURIBOR 3M + 2%. As at the reporting date, the balance includes €9.4 million principal drawn under the facility and €0.1 in accrued interest (refer to note 8).

Cash and cash equivalents

The table above provides a comprehensive overview of the cash and cash equivalents held by Atalaya as of 30 June 2025.

Cash and cash equivalents denominated in the following currencies:

*The Company's share capital at 30 June 2025 is 140,759,043 ordinary shares (140,759,043 at 31 December 2024) of €0.09 each.

** Nominal value converted from 7.5p to €0.09 per share

In 2024, following the re-domiciliation of Atalaya to Spain, and in accordance with Spanish corporate law, the Company redenominated its share capital to euros. As part of this process, the share capital, represented by 140,759,043 ordinary shares, was converted from GBP 10,556,928.22 to EUR 12,395,853.02, with the nominal value per share adjusted from GBP 0.075 to EUR 0.088065 (applying the exchange rate of 0.85165 EUR/GBP).

Subsequently, in order to round the nominal value of each share to EUR 0.09 following the Cross-Border Transformation, shareholders approved a capital increase of EUR 272,460.85, using distributable reserves. This adjustment raised the nominal value of each share by EUR 0.001935, resulting in a total share capital of EUR 12,668,313.87.

Issued capital

There has been no issuance of share capital during H1 2025.

• On 9 February 2024, the Company announced that it has issued 20,000 ordinary shares of 7.5p in the Company ("Option Shares") pursuant to an exercise of share options by an employee.
• On 7 May 2024, Atalaya announced that it has issued 66,500 ordinary shares of 7.5p in the Company ("Option Shares") pursuant to an exercise of share options by an employee.
• On 22 May 2024, the Company announced that it has issued 600,000 ordinary shares of 7.5p in the Company ("Option Shares") pursuant to an exercise of share options by a person discharging managerial responsibilities ("PDMR").
• On 27 June 2024, Atalaya announced that it has issued 193,334 ordinary shares of 7.5p in the Company ("Option Shares") pursuant to the exercise of share options by an employee. These options were issued as part of the Company's long term incentive plan.

The Company's share capital at 30 June 2025 is 140,759,043 ordinary shares of €0.09 each.

Share Options

Details of share options outstanding as at 30 June 2025:

By agreement with the respective employees, the 40,000 options exercised during H1 2025 were settled in cash, and no share capital was issued in respect of these awards.

Warrants

As at 30 June 2025 and 2024 there were no warrants.

Conditional share awards

As agreed on 24 April 2025, the Company granted conditional share awards under the Atalaya LTIP 2020 to Directors and PDMRs. These awards are subject to the achievement of performance conditions over a three-year period, after which the shares are granted. However, they remain subject to a two-year holding period, meaning the beneficiary may not fully realise or dispose of the shares until the end of year five (note 23.2).

The conditional share awards granted during the period are summarised below:

443,522

No consideration was paid for the grant of these awards. Vesting is conditional on performance criteria and continued employment, as detailed in the 2024 Annual Report (page 96). The awards are subject to malus and clawback provisions (note 23.2).

Other reserves

Depletion factor reserve

At 30 June 2025, the Group has recognised €nil (30 June 2024: €7.5million) as a depletion factor reserve as per the Spanish Corporate Tax Act.

• Fair value reserve of financial assets at FVOCI
• Non-distributable reserve
• Distributable reserve

Distributable reserves include the transfer from income for the year attributable to the parent for 2024.

Trade and other payables

As of 30 June 2025, other non-current payables include €9.7 million related to liabilities arising from the potential acquisition of 80% of the shares of Cobre San Rafael, SL, in accordance with the Shareholders' Agreement (note 9). An additional €2.8 million relates with the acquisition of Atalaya Masa Valverde SL (formerly Cambridge Minería España, SL) and Atalaya Ossa Morena SLU (formerly Rio Narcea Nickel, SL) (note 1).

Other current payables include €6.8 million, also associated with the potential increase in the stake of Cobre San Rafael, S.L., under the Shareholders' Agreement (note 9). This amount is classified as current, as the likelihood of reaching the associated milestone is considered high, making settlement probable within the current year.

Trade payables are non-interest-bearing and are normally settled on 60-day terms.

Provisions

Rehabilitation provision

The discount rate used in the calculation of the net present value of the liability as at 30 June 2025 was 3.23% (31 December 2024: 3.23%), which is the 15-year Spanish Government Bond rate for 2025. An inflation rate of 2%-2.80% (31 December 2024: 2%-2.80%) is applied on annual basis.

In May 2024, Atalaya incorporated an update of its ore reserves based on an independent expert analysis in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards on Mineral Resources and Mineral Reserves adopted by the CIM Council (the "CIM Standards"). This update had some impact on the Group's financial statements and accounting estimates and reflects a revised understanding of the economic potential and operational requirements of our mining assets.

Legal provision

As at 30 June 2025, the Group has been named as a defendant in several legal proceedings in Spain, the outcomes of which remain uncertain. Following a case-by-case assessment, management has determined a provision of €0.3 million, compared to €0.4 million recognised as at 31 December 2024. This has been reflected in these unaudited Condensed Consolidated Interim Financial Statements.

Other provisions

Other provisions were related with the called-up equity holdings of Atalaya Masa Valverde S.L.

Borrowings

The Group had credit approval for unsecured facilities totalling €85.6 million (€97.4 million at 31 December 2024). Atalaya drew down some of its existing credit facilities to finance the solar plant, payable amount of €11.0 million at 30 June 2025 (€13.9 million at 31 December 2024) and for the construction of a new part of the processing plant payable amount of €2.4 million at 30 June 2025 (€2.8 million at 31 December 2024).

Margins on borrowing with variable interest rates, usually 12 months EURIBOR, range from 0.90% to 2.25% with an average margin of 1.33%.

At 30 June 2025, the Group had used €32.9 million of its facilities and had undrawn facilities of €52.7 million.

Net cash reconciliation

Reconciliation of Liabilities Arising from Financing Activities

(*) The comparative figures of the cash flow statement include further breakdown in respect comparative figures, breaking down loan proceeds and repayments for a better understanding of the movement.

Lease liabilities

Acquisition, incorporation and disposal of subsidiaries

There were no acquisitions or incorporation of subsidiaries during the six-month period ended 30 June 2025 and 2024.

Winding-up of subsidiaries

There were no operations wound up during the six-month period ended 30 June 2025 and 2024.

Related party transactions

The following transactions were carried out with related parties:

23.1 Compensation of key management personnel

• These amounts related to the performance bonus for 2024 approved by the Board of Directors of the Company during H1 2025. Director's bonus relates to the amount approved for the CEO as an executive director and key management bonus relates to the amount approved for other key management personnel which are not directors of Atalaya Mining Copper, S.A.

Effective 1 January 2025, the Group included the COO of Proyecto Touro as a member of its key management personnel. The decision reflected the formal creation of the role and its strategic relevance, as the position entails direct responsibility over the planning, direction and control of all operational and development activities at Proyecto Touro.

23.2 Share-based benefits

During the period, the Company granted new conditional share awards under the Atalaya Mining Long-Term Incentive Plan 2020. These awards are subject to performance conditions measured over a three-year period and a subsequent two-year holding period following vesting. The awards were granted on 24 April 2025 at a market price of 358.60 pence per share and were made to certain members of senior management and PDMRs.

The maximum number of shares conditionally awarded was as follows:

Chief Executive Officer (Director): 218,000 shares

Chief Financial Officer (PDMR): 113,091 shares

General Manager Riotinto (PDMR): 112,431 shares

The awards will vest subject to the extent to which performance conditions are satisfied and continued employment. No consideration was paid for the grant. The total charge recognised in the unaudited interim consolidated income statement for the six months ended 30 June 2025 in respect of these awards amounted to €0.1 million.

Further information on the LTIP performance conditions and terms is set out in the Directors' Remuneration Report of the 2024 Annual Report.

23.3 Transactions with related parties/shareholders

Transaction with shareholders

Offtake agreement and spot sales to Trafigura

Offtake agreement

During Q2 2025, the Company completed 5 sales transactions under the terms of the 2015 Offtake Agreements valued at €16.7 million (Q2 2024: 3 sales valued at €97.1 million).

Spot Sales Agreements

In Q2 2025, the Company completed 2 spot sales (Q2 2024: nil spot sales valued at €nil) valued at €28.1 million. No pricing adjustments were recorded in Q2 2025. In comparison, Q2 2024 included a negative adjustment of €0.2 million, reflecting QP (quotational period) adjustments related to spot sales made in the previous year.

Port Handling and Warehousing services

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 on similar terms to the 2015 agreement and the extension in 2018. This 2023 extension has a term of approximately five years and covers the concentrate volumes produced for export from Proyecto Riotinto that are not already committed to the Trafigura Group under its 2015 Offtake Agreement.

As at 30 June 2025, Impala Terminals was part of the Trafigura Group.

Period-end balances with related parties

The above balances bear no interest and are repayable on demand.

Period-end balances with shareholders

Contingent liabilities

Judicial and administrative cases

Commitments

There are no minimum exploration requirements at Proyecto Riotinto. However, the Group is obliged to pay local land taxes which currently are approximately €235,000 per year in Spain and the Group is required to maintain the Riotinto site in compliance with all applicable regulatory requirements.

In 2012, Atalaya Riotinto Minera, S.L.U. entered into a 50/50 joint venture with Rumbo 5.Cero, S.L. ("Rumbo") to evaluate and exploit the potential of the class B resources in the tailings dam and waste areas at Proyecto Riotinto (mainly residual gold and silver in the old gossan tailings). Under the joint venture agreement, ARM will be the operator of the joint venture, will reimburse Rumbo for the costs associated with the application for classification of the Class B resources and will fund the initial expenditure of a feasibility study up to a maximum of €2.0 million. Costs are then borne by the joint venture partners in accordance with their respective ownership interests.

Significant events

The global macroeconomic environment remained affected by heightened geopolitical tensions and economic policy uncertainty. Ongoing conflicts in Eastern Europe and the Middle East, combined with renewed protectionist measures such as the reintroduction of tariffs by major economies, have contributed to increased volatility across commodity markets and international trade routes.

These conditions have led to elevated and more volatile input costs, disruptions to freight and logistics networks, and continued pressure on energy prices. All of which are particularly relevant to the mining industry. While Atalaya has not experienced any material operational disruption to date, the broader financial implications of these external developments cannot be estimated with any reasonable degree of certainty at this stage.

• On 10 January 2025, Atalaya Mining Copper, S.A. (formerly Atalaya Mining Copper, S.A.) completed its re-domiciliation to Spain. Trading under the new name became effective at 8:00 AM, and the nominal value of shares changed from 7.5p to €0.09.
• On 31 January 2025, Atalaya received notification that Neil Gregson, Non-Executive Chair, purchased 2,800 ordinary shares of €0.09 nominal value at an average price of 347.28 pence per share.
• On 8 April 2025, Atalaya announced that it received notification that Jesús Fernández, a PDMR, purchased 32,000 ordinary shares of €0.09 nominal value each in the Company at an average price of 307.98 pence per share.
• On 24 April 2025, conditional share awards were granted under the Company's Long- Term Incentive Plan to the CEO (218,000 shares), CFO (113,091 shares) and General Manager Riotinto (112,431 shares), subject to performance conditions and vesting terms.
• On 15 May 2025, Atalaya received the Unified Environmental Authorisation (AAU) from the Junta de Andalucía for the San Dionisio deposit, enabling future expansion of mining activities at Proyecto Riotinto.
• On 4 June 2025, Atalaya announced that Hussein Barma, an independent non-executive director of the Company, was appointed as a non-executive director of Eldorado Gold Corporation with immediate effect.
• On 24 June 2025, following the retirement of Hussein Barma and the appointment of Hennie Faul as Director, Atalaya updated the composition of its board committees, with Hennie now serving as a member of the Audit and Physical Risk Committees.
• Events after the Reporting Period
• On 10 July 2025, Atalaya granted share options under its LTIP 2020 to CEO and Director Alberto Lavandeira (800,000), CFO César Sánchez (400,000) and Riotinto General Manager Enrique Delgado (400,000), at an exercise price of 460.35p. The options vest 1/6th on grant, 1/3rd on the first anniversary and 50% on the second anniversary, subject to performance conditions, and expire on 9 July 2030.
• On 23 July 2025, Atalaya paid the 2024 final dividend approved by shareholders at the 2025 AGM.
• On 24 July 2025, Fernando Araúz de Robles Villalón was appointed General Manager of Proyecto Riotinto, succeeding Enrique Delgado, who will continue as an advisor to Atalaya and vice president of the Atalaya Riotinto Foundation.
• On 11 August 2025, the Company's Board of Directors elected to declare a 2025 Interim Dividend of €0.044 per ordinary share, which is equivalent to approximately US$0.051 or £0.038 per share.