Atalaya Mining delivers record quarterly EBITDA

(Sharecast News) - Atalaya Mining delivered a record quarterly EBITDA of €52.5m in the first quarter of 2025, it reported on Thursday underpinned by strong copper production and cost control. Output reached 14,300 tonnes, the company's best performance since the second quarter of 2021, while cash costs and all-in sustaining costs came in at $2.25 and $2.74 per pound, both below full-year guidance.

The FTSE 250 company reported a net cash position of €38.1m and a working capital surplus of €68.5m.

During the quarter, Atalaya advanced permitting for Proyecto Touro under Galicia's strategic industrial project framework and secured environmental approval for its San Dionisio project, enabling expanded mining activity.

Following its re-domiciliation to Spain, Atalaya was added to the FTSE 250 Index on 7 May.

"We are pleased to have delivered a strong quarter to begin 2025 - good grades and plant throughput resulted in our best quarter of production in several years," said chief executive officer Alberto Lavandeira.

"Cash costs and AISC were well below our full-year guidance, thanks to higher grades and stable site costs.

"Combined, these helped to deliver the highest quarterly EBITDA in Atalaya's history."

Lavandeira said this year was expected to be "rich with catalysts", both at the corporate and asset level.

"We completed our re-domiciliation and now benefit from inclusion in the FTSE 250.

"At Riotinto, the San Dionisio deposit was granted the environmental approval as expected, which will allow for an expansion of mining activities.

"At Touro, the permitting process continues."

The company remained "very optimistic" about the year ahead, Alberto Lavandeira added.

"We expect to make further progress across our copper growth projects in Spain, at a time when the copper market remains very tight despite global political developments and ongoing sector mergers and acquisitions are reducing options for investors that seek exposure to copper growth stories."

At 1040 BST, shares in Atalaya Mining were up 5.09% at 433.48p.

Reporting by Josh White for Sharecast.com.