Highlights

  • Canaccord Genuity maintains a buy rating on Atalaya Mining with a target price of GBP 830 per share.
  • Atalaya’s Q3 2025 ore mined was 3.7 million tonnes, with copper production reaching 12,123 tonnes.
  • The company’s balance sheet shows a net cash position of €89.7 million as of September 2025.

Atalaya Mining (LSE:ATYM) has received a buy rating from Canaccord Genuity, which has set a target price of GBP 830 per share. This announcement coincides with Atalaya’s update on third-quarter 2025 results from its Riotinto project, which shows steady progress toward its full-year production and financial targets.

Atalaya Mining Reports Q3 2025 Operational Update

Atalaya Mining provided its operational highlights for the third quarter of 2025 (Q3 2025), focusing on production figures and ongoing project activities at the Riotinto mine.

  • Ore mined during Q3 2025 was 3.7 million tonnes, slightly lower than 4.2 million tonnes in the same period last year but above the 3.5 million tonnes reported in Q2 2025.
  • Waste mined amounted to 9.8 million tonnes, compared to 9.6 million tonnes in Q3 2024 and 12.6 million tonnes in Q2 2025. Waste stripping continued at the San Dionisio area.
  • Ore processed remained consistent at 4.3 million tonnes in Q3 2025, matching the volume processed in Q3 2024 and exceeding Q2 2025 figures of 4.0 million tonnes.
  • Copper grade was recorded at 0.38% in Q3 2025, up from 0.33% a year ago, though slightly below the 0.43% reported in Q2 2025.
  • Copper recovery in Q3 was 74.45%, a decrease from 84.35% in Q3 2024 and 76.75% in Q2 2025.
  • Copper production reached 12,123 tonnes, slightly above the 11,901 tonnes produced in Q3 2024 but below the 13,175 tonnes in Q2 2025.

Financial Position and Outlook

As of September 30, 2025, the company reported consolidated cash and cash equivalents of €113.8 million, significantly higher than €52.9 million at the end of 2024. Current and non-current borrowings stood at €24.1 million, resulting in a net cash position of €89.7 million.

The company confirmed its copper production guidance for 2025 remains between 49,000 and 52,000 tonnes. Cost projections continue to align with previous guidance, with cash costs expected between USD 2.60 and USD 2.80 per pound and all-in sustaining costs (AISC) estimated between USD 3.10 and USD 3.30 per pound of payable copper.