Atalaya Mining Q2 2026 slides: record EBITDA, strong cash flow

On August 11, 2026, Atalaya Mining, a Spain-based copper producer listed on the London Stock Exchange, unveiled its impressive financial results for Q2 2026 and H1 2026. The company’s Riotinto mine achieved a remarkable quarterly EBITDA of €78.2 million, setting a new record, alongside a free cash flow of €58.3 million also surpassing previous company benchmarks.

This strong performance has driven Atalaya’s shares to $11.60, up 1.75% from the prior close, trading near the upper limits of its 52-week range of $5.50 to $12.50. The Q2 2026 results were buoyed by a solid operational rebound following weather disruptions in Q1, with the mine producing 13,493 tonnes of copper, just slightly above the 13,175 tonnes recorded in Q2 2025.

The company’s strategic efforts paid off, with ore processed increasing to 4.1 million tonnes from 4.0 million tonnes a year earlier, while copper recovery improved to 83.91% from 76.75%, offsetting a modest decline in ore grade to 0.39% from 0.43%. Revenue for the quarter reached €147.4 million, up from €124.1 million in the same period last year, while operating costs remained relatively stable at €69.3 million, enabling EBITDA to rise 42% to €78.2 million.

Atalaya’s financial strength is further underscored by a significant strengthening of its balance sheet, with net cash growing to €318.3 million from €122.0 million at the end of 2025, in part due to a £130 million equity offering completed in January 2026. Despite geopolitical tensions in the Middle East driving up costs for diesel and explosives, Atalaya managed to maintain competitive cost performance, with All-In Sustaining Costs (AISC) at $2.79 per pound in Q2 2026, barely changing from $2.81 per pound in the previous quarter and well below its guidance range of $3.10 to $3.40 per pound.

This operational efficiency is reflected in the company’s peer group analysis, where Atalaya consistently falls in the lower to mid-range for All-In Sustaining Costs (AISC), outperforming producers like Copper Mountain (now Hudbay) and First Quantum. Management’s dividend policy also benefited from the strong results, with an interim dividend of €0.055 per share declared, a 25% increase from the 2025 interim dividend of €0.044 per share.

Looking ahead, Atalaya has ambitious development plans, aiming to grow its production from the current 54,000 tonnes copper equivalent to a near-term target of 100 ktpa CuEq. Strategic initiatives include the continued waste stripping at San Dionisio, advancing engineering works for the Riotinto polymetallic circuit, and progress on surface works at Masa Valverde.

The E-LIX pilot project demonstrated the technical viability of producing saleable copper concentrates and zinc precipitates, further bolstering the company’s development pipeline.