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On Thursday, BMO Capital Markets adjusted their outlook on Atalaya Mining Plc (ATYM:LN), increasing the price target to £5.00 from £4.25, while reaffirming the Outperform rating on the company’s shares. The revision comes after Atalaya Mining reported a robust first quarter, surpassing expectations with a significant 34% EBITDA beat, marking a record quarter for the mining firm.
Atalaya Mining’s financial results for the first quarter of 2025 were bolstered by both increased revenue and effective cost management. Despite maintaining previous production and cost guidance, BMO Capital has slightly reduced its cost estimates for Atalaya, leading to a 9% enhancement in their EBITDA forecast for the year 2025.
The recent full permitting of the San Dionisio pit positions Atalaya Mining for a potential 27% growth in copper production heading into 2026. BMO Capital highlighted this development as a key factor in their revised price target, also noting Atalaya’s attractive enterprise value to EBITDA (EV/EBITDA) multiples of 5.4 for 2025 and 4.5 for 2026.
The analyst at BMO Capital expressed optimism about Atalaya’s future prospects, citing the company’s strong financial performance and growth potential. The increased price target reflects confidence in Atalaya Mining’s ability to sustain its positive momentum and capitalize on the fully permitted expansion of its operations.
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