Result of Secondary Placing

PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.

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Placing of 8,211,795 existing ordinary shares in Atalaya Mining Copper, S.A.

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Canaccord Genuity Limited ("Canaccord Genuity") announces that it has successfully completed the sale of 8,211,795 ordinary shares ("Placing Shares") in Atalaya Mining Copper, S.A. ("Atalaya") on behalf of certain affiliates of Fairfax Financial Holdings Limited (the "Sellers") to institutional investors at a price of 510 pence per share. The Placing Shares represent approximately 5.8% of Atalaya's entire issued share capital and represents the entire holding of the Sellers in Atalaya.

Canaccord Genuity acted as sole bookrunner in relation to the transaction.

596/2014 as it forms part of UK domestic law pursuant to the European Union (Withdrawal) Act 2018, as amended ("MAR").

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No offer and sale of Placing Shares is or will be made in Canada, except to persons who are: (a) an "accredited investor" within the meaning of Section 1.1 of National Instrument 45-106 - Prospectus Exemptions ("NI 45-106") of the Canadian Securities Administrators or subsection 73.3(1) of the Securities Act (Ontario) (the "OSA"), as applicable, and is either purchasing the Placing Shares as principal for its own account, or is deemed to be purchasing the Placing Shares as principal for its own account in accordance with applicable Canadian securities laws, for investment only and not with a view to resale or redistribution; (b) such person was not created or used solely to purchase or hold the Placing Shares as an accredited investor under NI 45-106; (c) a "permitted client" within the meaning of National Instrument 31-103 - Registration Requirements, Exemptions and Ongoing Registrant Obligations ("NI 31-103") of the Canadian Securities Administrators; and (d) entitled under applicable Canadian securities laws to purchase the Placing Shares without the benefit of a prospectus under such securities laws.

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This announcement is only directed at persons in Australia, who it is lawful to offer the Placing Shares without disclosure under Chapter 6D of the Australian Corporations Act (including those who are "sophisticated investors" as set out in section 708(8) of the Australian Corporations Act or who are "professional investors" as set out in section 708(11) of the Australian Corporations Act), and where such action complies with all applicable laws, regulations and directives and does not require any document to be lodged with the Australian Securities and Investments Commission.

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In connection with the Placing, Canaccord Genuity or any of its Affiliates may take up a portion of the Placing Shares as a principal position and in that capacity may retain, purchase, sell, offer to sell for its own account such Placing Shares and other securities of Atalaya or related investments in connection with the Placing or otherwise. Accordingly, references to the shares being issued, offered, subscribed, acquired, placed or otherwise dealt in should be read as including any issue or offer to, or subscription, acquisition, placing or dealing by, Canaccord Genuity and any of its Affiliates acting as investor for its own account. Canaccord Genuity does not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so.

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Canaccord Genuity is acting for the Sellers in connection with the Placing and no-one else and they will not be responsible to anyone other than the Sellers for providing advice in relation to the Placing or any other matter referred to in this announcement.

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This announcement does not purport to identify or suggest the risks (direct or indirect) which may be associated with an investment in Atalaya's securities. The price of shares and the income from them may go down as well as up and investors may not get back the full amount invested on disposal of the shares. Acquiring Placing Shares to which this announcement relates may expose an investor to a significant risk of losing all of the amount invested. Past performance is no guide to future performance and persons needing advice should consult an independent financial advisor.