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Investing.com -- Atalaya Mining on Thursday reported third-quarter financial results that exceeded consensus expectations, driven by lower costs and improved operational efficiency.
The copper producer posted Q3 EBITDA of €30.7 million, which was 7% higher than consensus estimates of €29 million, despite being 9% below RBC’s forecast of €34 million.
The difference from RBC’s projection was attributed to lower freight revenue and a €4.4 million provision related to a land tax examination in Spain. Excluding this provision, EBITDA would have been 4% above RBC estimates and 22% above consensus.
The company’s Q3 C1 cash cost came in at $2.55 per pound, 9% lower than RBC’s estimate of $2.79 per pound and 11% below consensus expectations of $2.87 per pound. This improvement was driven by lower operating costs, higher silver credits, and reduced freight and treatment charges.
All-in sustaining costs (AISC) of $2.98 per pound were 11% below RBC’s forecast of $3.35 per pound and 13% lower than consensus estimates of $3.42 per pound, primarily due to lower sustaining capital expenditure and capitalised stripping costs.
Earnings per share for the quarter reached €7.8 cents, falling short of both RBC’s estimate of €12.9 cents and consensus expectations of €12 cents. This miss was largely due to a €2.7 million impairment for a loan to Lain Tech related to the E-LIX pilot plant.
Free cash flow for the quarter totaled €26 million, which was lower than RBC’s forecast due to higher-than-expected capital expenditure, but ahead of the consensus estimate of €16 million.
Atalaya Mining reiterated its full-year 2025 production guidance of 49,000-52,000 tonnes of copper. The company indicated that due to a revised allocation of stripping costs at San Dionisio, cost guidance is now expected to be at the lower end of the $2.60-2.80 per pound range for C1 cash costs and at the lower end of the $3.10-3.30 per pound range for AISC.
Non-sustaining capital expenditure is projected to be at the higher end of the €29-37 million range, while exploration expenditure guidance of €8-12 million remains unchanged.
Regarding projects, permitting at Touro continues to advance with most sectoral reports from the Xunta finalized, though two reports remain outstanding. A positive permitting decision is expected in the first half of 2026.
The E-LIX phase 1 plant is operating at a variable and reduced capacity while an independent third-party firm reviews plant performance. Drilling at Masa Valverde is ongoing, with two geotechnical holes recently completed.
Atalaya Mining’s net cash position of €89.7 million was pre-reported for the quarter.
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