Atalaya Mining Copper, S.A. (LSE: ATYM), the FTSE 250 European copper producer, reported record quarterly and nine-month EBITDA figures for the period ended 30 September 2026, driven by significantly higher realised copper prices at its Proyecto Riotinto complex in southwest Spain. EBITDA reached €90.1 million in Q3 2026 and €216.3 million for the first nine months of the year, surpassing prior-year comparatives of €30.7 million and €138.3 million respectively. The company also confirmed it remains on track to meet its full-year 2026 production and cost guidance, while separately completing the €125 million acquisition of Tharsis Mining on 11 November 2026.

Key Points

  • Atalaya Mining Copper, S.A. (LSE: ATYM), FTSE 250 European copper producer
  • Record Q3 2026 EBITDA of €90.1 million and nine-month EBITDA of €216.3 million, both new company records
  • Net cash position strengthened to €342.1 million at 30 September 2026; Tharsis Mining acquired for €125 million on 11 November 2026
  • Investors may be watching progress at Proyecto Masa Valverde, the Touro environmental impact statement, and integration of Tharsis assets

Proyecto Riotinto Delivers Record Financials on Higher Copper Prices and Improved Recovery Rates

Revenues from operations rose to €187.8 million in Q3 2026 from €106.8 million in Q3 2025, and to €452.5 million for the nine-month period from €361.5 million a year earlier. The announcement attributes the improvement primarily to higher average realised copper prices, which reached US$6.44/lb in Q3 2026 compared with US$4.41/lb in Q3 2025. Copper recovery at the Cerro Colorado operation also improved markedly, rising to 84.26% in Q3 2026 from 74.45% in the prior-year quarter, contributing to quarterly copper production of 13,967 tonnes against 12,123 tonnes in Q3 2025. Profit after tax for the nine-month period was €146.9 million, equivalent to 96.4 cents basic earnings per share.

Cost Pressures from Geopolitical Conflicts Offset by Strong Copper Pricing and Production Gains

Cash Costs increased to US$2.89/lb payable copper in Q3 2026 from US$2.55/lb in Q3 2025, with the company citing higher diesel, explosives and electricity prices linked to ongoing geopolitical conflicts in the Middle East and Ukraine-Russia as key drivers. AISC rose to US$3.34/lb in Q3 2026 from US$2.98/lb. Despite these pressures, Atalaya confirmed it expects full-year 2026 Cash Costs and AISC to remain within guidance ranges of US$2.60–2.90/lb and US$3.10–3.40/lb respectively. Full-year copper production is now expected at the low end of the 50,000–54,000 tonne guidance range, the announcement states.

Tharsis Mining Acquisition for €125 Million Extends Atalaya's Iberian Pyrite Belt Footprint

On 11 November 2026, Atalaya completed the acquisition of 100% of the shares of Tharsis Mining, S.L., a private Spanish company owning the past-producing Tharsis and La Zarza polymetallic projects located west of the Riotinto complex. Total consideration is €125 million, comprising €75 million paid in cash on completion from existing resources and deferred consideration of €50 million payable within 12 months of closing. The announcement describes the two assets as large-scale deposits expected to become growth options sequenced beyond the development of Proyecto Touro, further consolidating Atalaya's presence in the Iberian Pyrite Belt.

Proyecto Touro Receives EU Strategic Project Status as Masa Valverde Ramp Development Approaches

On 9 October 2026, the European Commission designated Proyecto Touro as a Strategic Project under the EU's Critical Raw Materials Act, recognising copper's classification as a strategic raw material essential to electrification and energy infrastructure. Atalaya's local entity Cobre San Rafael reports that the environmental impact statement approval process is nearing completion. Meanwhile, at Proyecto Masa Valverde, surface preparation works are ongoing and access ramp development is expected to begin imminently following receipt of key environmental and exploitation permits. The company's strengthened net cash position of €342.1 million at 30 September 2026 is cited as a foundation for advancing these growth initiatives.