New FTSE 250 member Atalaya reports consistent performance

(Sharecast News) - Atalaya Mining reported a consistent operational performance in the second quarter of 2025 on Tuesday, with solid output from its Proyecto Riotinto site and a strengthened balance sheet underpinned by rising cash reserves. Copper production for the quarter reached 13,175 tonnes, up from 11,583 tonnes in the second quarter of 2024 but down from 14,291 tonnes in the first quarter of the year, with higher ore grades offset by lower recoveries.

The FTSE 250 company mined 3.5 million tonnes of ore during the period, slightly below the previous quarter's 3.7 million tonnes, while waste mined rose to 12.6 million tonnes.

Ore processed totalled four million tonnes, with a copper grade of 0.43% and recovery rate of 76.75%.

Sales of copper in concentrate reached 14,024 tonnes.

Average realised copper prices remained stable at $4.27 per pound, marginally ahead of the prior quarter.

Atalaya reported a net cash position of €70.1m as at 30 June, up from €35.1m at year-end, following positive provisional revenue adjustments and continued cash generation.

"We are pleased to announce another quarter of consistent performance at Riotinto, which provides confidence in our full year outlook," said chief executive Alberto Lavandeira.

"With the regulatory approval of the San Dionisio area, the start of drilling at San Antonio and the confirmation of high-grade copper zones at Masa Valverde, we continue to advance our strategy of delivering higher grades to our plant at Riotinto while optimising the use of our existing infrastructure."

Atalaya maintained its full-year guidance for copper production of 48,000 to 52,000 tonnes, with costs expected between $2.70 and $2.90 per pound on a cash cost basis.

Operationally, the company continued stripping at San Dionisio following environmental approval in May, while drilling began at the nearby San Antonio polymetallic deposit.

At the Masa Valverde project, recent drilling returned high-grade intercepts, with plans for underground development progressing.

Meanwhile, the E-LIX phase one plant advanced through ramp-up and optimisation stages, focusing on zinc recovery to improve concentrate quality and margins.

In Spain's Galicia region, the permitting process for Proyecto Touro advanced under its strategic industrial designation, with the company reporting constructive engagement with local stakeholders and authorities.

Step-out drilling at the Skellefte Belt and Rockliden projects in Sweden meanwhile delivered promising assays, particularly from the Bjurtraskgruvan prospect, where multiple holes intersected copper-rich zones.

Additional geophysical and airborne survey work was ongoing.

Atalaya's shares were added to the FTSE 250 in May, while all resolutions at the company's annual general meeting were approved, including a final dividend of three cents per share payable on 23 July.

Hennie Faul was appointed as an independent non-executive director following the AGM.

At 1155 BST, shares in Atalaya Mining Copper were up 2% at 485p.

Reporting by Josh White for Sharecast.com.