Atalaya Mining reported first-quarter 2026 copper production of 9.9 thousand tonnes, while continuing to advance a portfolio of copper development and exploration assets across Spain supported by operating cash flow, a strengthened balance sheet and a recent equity financing.
The company generated EBITDA of €48 million during the quarter and ended the period with net cash of €266.4 million. Copper production was affected by wet weather conditions. Reported cash costs were US$2.52/lb, while all-in sustaining costs reached US$3.20/lb. Management stated that existing financial resources, together with proceeds from a recent equity raise, are intended to support near- and medium-term copper growth initiatives in Spain.
Equity Financing Supports Development Portfolio
Atalaya completed an equity offering that raised approximately £130 million, equivalent to around €150 million. The proceeds are earmarked to accelerate the company’s copper growth projects within Spain.
The funding supplements cash generated from existing mining operations and provides additional capital for advancing projects across the company’s regional portfolio.
Permitting Progress at Touro
The company’s development pipeline includes the operating Riotinto mine, the Touro project in Galicia, Masa Valverde, Ossa Morena, and several other exploration interests. In June 2024, the Government of Galicia designated the Touro copper project as a Strategic Industrial Project, a classification intended to streamline administrative procedures and reduce permitting timelines.
As of March 31, 2026, permitting activities at Touro continued under the simplified regulatory framework, with the company awaiting responses from the remaining authorities involved in the approval process.
Masa Valverde Advances Toward Development Decisions
At Masa Valverde, Atalaya continued infill drilling activities while progressing development planning.
The company reported that two key approvals had been secured: the unified environmental authorization and the exploitation permit. Atalaya is also assessing a final board decision regarding construction of an access ramp, a step associated with advancing the project toward development.
Portfolio Built Around Existing Production Base
Atalaya’s Spanish asset base combines an operating copper mine with a pipeline of development and exploration projects located within the same jurisdiction.
Alongside the producing Riotinto mine, the company continues work on Touro, Masa Valverde, Ossa Morena, and additional exploration assets as it pursues copper growth opportunities across Spain.
