Atalaya Mining Plc: Touro permit expected ‘before summer’. Production now lower end of guide.

研报英文原文证据摘录

Atalaya Mining Plc: Touro permit expected ‘before summer’. Production now lower end of guide.

Accessible version

Atalaya Mining Plc

Touro permit expected ‘before summer’.

Production now lower end of guide.

Reiterate Rating: BUY | PO: 1,180 GBp | Price: 789.50 GBp

Higher rainfall = trending towards low end of guide 26 May 2026

Q1 Revenue from ops EUR117.2mn, +8% vs Visible Alpha (VA) consensus, 42% of BofAe

1H26E. EBITDA EUR 48.0m, +26% vs VA, 45% of BofAe 1H26E. EPS EUR 0.19, +27% vs Equity

VA. FY26 production guide unchanged (50-54kt, trending towards lower end now).

Jason Fairclough >>

Continuing to work on production shortfall. Cash cost guide unchanged ($2.60-2.90/lb, Research Analyst

+$0.15-0.20/lb higher if diesel/explosives prices remain at current levels). Non- MLI (UK) +44 20 7995 0225

sustaining capex guide unchanged (EUR 75-102m). Positive progress at Touro, DIA jason.fairclough@bofa.com

(environmental permit) expected before summer. We leave our model unchanged. Reinhardt van der Walt >>

Shares trade on 4.6x 2026E EBITDA, inexpensive vs. copper peers on 6-12x EBITDA. We Research Analyst MLI (UK)

think ATYM shares offer inexpensive exposure to copper price moves with growth Paul Kirjanovs >>

optionality. Reiterate Buy. Research Analyst

MLI (UK)

Felicity Robson >>Touro permit before summer? E-LIX phase I progressing. Research Analyst

Touro: Expecting environmental impact statement before summer, which according to MLI (UK)

management could be by end of June. Breaking ground expected in June/July, starting Lawson Winder, CFA >>

with removal of topsoil and geotechnical work. Construction to take c. 1.5 years, and Research Analyst Merrill Lynch (Canada)

production planned for end of 2027. Capex now expected to be c. EUR300m, reflecting

Commodity Strategy