Q3 and YTD 2025 Financial Results

13 November 2025

Atalaya Mining Copper, S.A.

("Atalaya" or the "Company")

Q3 and YTD 2025 Financial Results

On track to achieve full-year guidance following another positive quarter

Atalaya Mining (LSE: ATYM) is pleased to announce its unaudited third quarter and nine-month financial results for the period ended 30 September 2025 ("Q3 2025" and "YTD 2025" respectively) together with its interim financial statements.

Highlights

· Copper production of 12.1 kt in Q3 2025 and 39.6 kt in YTD 2025

· Cash Costs of US$2.55/lb in Q3 2025 and US$2.33/lb in YTD 2025, demonstrating strong performance throughout 2025

· AISC of US$2.98/lb in Q3 2025 and US$2.84/lb in YTD 2025

· EBITDA of €30.7 million in Q3 2025 and €138.3 million in YTD 2025, despite the inclusion of a €4.4 million provision for a potential land tax re-assessment

· Net cash position of €89.7 million, which provides support for Atalaya's continued investments in its copper growth pipeline

· Strong performance to date positions Atalaya to achieve its FY2025 guidance

Q3 and YTD 2025 Financial Results Summary

(1) Includes restricted cash and bank borrowings at 30 September 2025 and 30 September 2024.

Alberto Lavandeira, CEO, commented:

"We are pleased to deliver another quarter of positive financial results, underpinned by solid copper production, strong cost performance and free cash flow generation that has further strengthened our balance sheet. Our operational progress and financial management have ensured that we remain on track to achieve our full-year guidance.

We continue to focus on advancing our core growth projects, which have the potential to materially increase our copper production in the coming years. In the Riotinto District, we have accelerated stripping activities at San Dionisio, continue drilling at Masa Valverde and San Antonio and are advancing engineering works on the potential polymetallic circuit. At Touro, we continue to have positive engagement with the Xunta de Galicia in relation to the environmental permit.

As we look ahead, we are increasingly confident in our copper growth strategy. Governments around the world continue to classify copper as a core critical mineral, while at the same time, miners have demonstrated the many challenges associated with maintaining existing production levels and developing new projects. As a result, copper fundamentals are strengthening quarter by quarter."

Results Presentations

Analyst and Investor Presentation

Alberto Lavandeira (CEO) and César Sánchez (CFO) will host a webcast for analysts and investors today at 9:00 GMT.

To access the SparkLive webcast, please visit:

Atalaya Mining Q3 and YTD 2025 Results | SparkLive | LSEG

Investor Meet Company Presentation

In addition, the Company will provide a live presentation via the Investor Meet Company platform today at 11:00 GMT.

To access the Investor Meet Company presentation, please visit:

https://www.investormeetcompany.com/atalaya-mining-copper-sa/register-investor

Management will also answer questions that have been submitted via the Investor Meet Company dashboard.

Q3 and YTD 2025 Operating Results Summary

(1) Represents the Cerro Colorado pit only.

Mining

Ore mined was 3.7 million tonnes in Q3 2025 (Q3 2024: 4.2 million tonnes) and 10.9 million tonnes in YTD 2025 (YTD 2024: 11.7 million tonnes).

Waste mined was 9.8 million tonnes in Q3 2025 (Q3 2024: 9.6 million tonnes) and 33.8 million tonnes in YTD 2025 (YTD 2024: 22.6 million tonnes). In addition, waste stripping activities continued at the San Dionisio area. 

Processing

The plant processed ore of 4.3 million tonnes in Q3 2025 (Q3 2024: 4.3 million tonnes) and 12.5 million tonnes in YTD 2025 (YTD 2024: 12.2 million tonnes), representing strong plant performance. The SAG mill liner change was completed during the first days of October 2025.

Copper grade was 0.38% in Q3 2025 (Q3 2024: 0.33%) and 0.41% in YTD 2025 (YTD 2024: 0.33%).

Copper recovery was 74.45% in Q3 2025 (Q3 2024: 84.35%) and 77.48% in YTD 2025 (YTD 2024: 84.96%).

Production

Copper production was 12,123 tonnes in Q3 2025 (Q3 2024: 11,901 tonnes) and 39,589 tonnes in YTD 2025 (YTD 2024: 34,149 tonnes).

On-site copper concentrate inventories were 8,092 tonnes at 30 September 2025 (30 June 2025: 9,820 tonnes).

Copper contained in concentrates sold was 12,234 tonnes in Q3 2025 (Q3 2024: 11,656 tonnes) and 41,664 tonnes in YTD 2025 (YTD 2024: 33,338 tonnes).

Cash Cost and AISC Breakdown

(1) Represents the Cerro Colorado pit only.

Note: Some figures may not add up due to rounding.

Cash Costs were US$2.55/lb payable copper in Q3 2025 (Q3 2024: US$3.01/lb) and US$2.33/lb payable copper in YTD 2025 (YTD 2024: US$2.96/lb), with the decrease due to higher copper production, higher silver credits and lower treatment charges, partly offset by a stronger EUR/USD exchange rate which is a headwind for USD-denominated metrics.

AISC were US$2.98/lb payable copper in Q3 2025 (Q3 2024: US$3.39/lb) and US$2.84/lb payable copper in YTD 2025 (YTD 2024: US$3.26/lb), with the decrease in costs due to the same factors that impacted Cash Costs as well as lower sustaining capital, but partly offset by higher capitalised stripping. AISC excludes investments in the tailings dam (consistent with prior reporting) and waste stripping at the San Dionisio area.

Q3 and YTD 2025 Financial Results Highlights

Income Statement

Revenues were €106.8 million in Q3 2025 (Q3 2024: €86.8 million) and €361.5 million in YTD 2025 (YTD 2024: €248.9 million), as a result of higher copper concentrate sales, higher realised copper prices and lower offsite costs.

Operating costs were €76.0 million in Q3 2025 (Q3 2024: €69.8 million) and €223.2 million in YTD 2025 (YTD 2024: €195.3 million). Operating costs in Q3 2025 were impacted by the inclusion of a €4.4 million provision related to a potential land tax (cadastral) re-assessment, while operating costs in YTD 2025 reflected higher mining and processing rates than the comparative period.

EBITDA was €30.7 million in Q3 2025 (Q3 2024: €17.0 million) and €138.3 million in YTD 2025 (YTD 2024: €53.7 million), after the impact of the €4.4 million cadastral tax provision.

Profit after tax was €10.8 million in Q3 2025 (Q3 2024: €1.5 million) or 7.8 cents basic earnings per share (Q3 2024: 1.7 cents) and €70.9 million in YTD 2025 (YTD 2024: €17.6 million) or 50.5 cents basic earnings per share (YTD 2024: 13.9 cents). Profits were impacted by the impairment of a €2.7 million loan to Lain Technologies in relation to the E-LIX pilot plant.

Cash Flow Statement

Cash flows from operating activities before changes in working capital were €36.5 million in Q3 2025 (Q3 2024: €16.5 million) and €41.7 million after working capital changes (Q3 2024: €13.9 million). For YTD 2025, cash flows from operating activities before changes in working capital were €144.7 million (YTD 2024: €54.7 million) and €120.0 million after working capital changes (YTD 2024: €42.3 million).

Cash flows used in investing activities were €18.0 million in Q3 2025 (Q3 2024: €14.6 million) and €59.8 million in YTD 2025 (YTD 2024: €49.5 million). Key investments in Q3 2025 included €0.4 million in sustaining capex, €3.9 million in capitalised stripping at Cerro Colorado, €7.9 million related to the San Dionisio area, €3.5 million to expand the tailings dam and €0.2 million for the solar plant. In addition, €0.4 million was invested in the E-LIX Phase I Plant.

Cash flows from financing activities were negative €12.9 million in Q3 2025 (Q3 2024: negative €2.4 million) and positive €2.0 million in YTD 2025 (YTD 2024: negative €38.1 million), reflecting credit facility repayments and drawdowns to finance short-term working capital needs.

Balance Sheet

The Company's balance sheet remains strong with consolidated cash and cash equivalents of €113.8 million as of 30 September 2025 (31 December 2024: €52.9 million).

Current and non-current borrowings were €24.1 million, resulting in a net cash position of €89.7 million as of 30 September 2025 (31 December 2024: €35.1 million).

Inventories of concentrate valued at cost were €8.5 million at 30 September 2025 (31 December 2024: €19.7 million). The total working capital surplus was €93.1 million at 30 September 2025 (31 December 2024: €44.7 million).

Outlook for 2025

Copper production guidance for FY2025 continues to be 49,000 - 52,000 tonnes.

As a result of a revised allocation of stripping costs at San Dionisio, Cash Costs and AISC for FY2025 are expected to be at the low end of the guidance ranges (US$2.60 - 2.80/lb and US$3.10 - 3.30/lb copper payable, respectively), while non-sustaining capital investments for FY2025 are expected to be at the high end of the guidance range (€29 - 37 million).

Exploration expenditure guidance for FY2025 remains at €8 - 12 million.

Corporate Activities Update

As announced on 17 September 2025, alternative arrangements were implemented to assist the holders of Atalaya ordinary shares represented by physical certificates as at 9 January 2025 to convert their shares into electronic form represented by CREST Depositary Interests.

Asset Portfolio Update

Proyecto Riotinto

In May 2025, San Dionisio was granted the Unified Environmental Authorisation (or in Spanish, Autorización Ambiental Unificada ("AAU")) by the Junta de Andalucía ("JdA"), which allows for the expansion of mining activities. During Q3 2025, waste stripping activities at San Dionisio accelerated, with total material mined of 4.2 million tonnes. San Dionisio represents a key component of Atalaya's strategy to increase copper production by sourcing higher-grade material from deposits throughout the Riotinto District to be blended with ore from Cerro Colorado.

At San Antonio, the polymetallic deposit located immediately east of the Cerro Colorado pit, the infill and step-out drilling programme continues.

Atalaya is also advancing the front-end engineering design of a new processing circuit that would allow for the simultaneous treatment of polymetallic and copper ores at Riotinto.

E-LIX Phase I Plant

In Q3 2025, the E-LIX Phase I plant operated for extended periods, producing zinc precipitates from copper-zinc concentrates, although at a variable and reduced capacity.

Lain Technologies continued to focus on optimisation and debottlenecking initiatives. In parallel, an independent third-party engineering firm initiated a review to assess actual and potential plant performance, including achievable throughput capacity, and identify further optimisation opportunities. Once this review has been completed, Atalaya and Lain Technologies will determine a future operating strategy for the E-LIX Phase I plant.

Riotinto District - Proyecto Masa Valverde ("PMV")

On 10 July 2025, the Company announced results from its ongoing drilling programme at PMV. Two rigs remain active and are focused on infill and extensional drilling at the Masa Valverde deposit. In addition, two geotechnical holes were recently completed.

Recent drilling results are primarily associated with stockwork-style mineralisation, which is expected to be amenable for processing at the existing Riotinto facilities, and support Atalaya's initial focus on the Masa Valverde copper zones. Development of the access ramp is anticipated to begin once the purchase of certain surface rights is completed, subject to final Board approval.

PMV has been granted the two key permits required for development - the Unified Environmental Authorisation (or in Spanish, Autorización Ambiental Unificada ("AAU")) and the exploitation permit.

Proyecto Touro

On 24 June 2024, Atalaya announced that Proyecto Touro, via its local entity Cobre San Rafael, was declared a strategic industrial project by the Council of the Xunta de Galicia ("XdG"). Under legislation of the Autonomous Community of Galicia, the status of strategic industrial project (or in Spanish, Proyecto Industrial Estratégico ("PIE")) acts to simplify the administrative procedures associated with the development of industrial projects and intends to substantially reduce permitting timelines.

This declaration highlights the XdG's commitment to promoting new investment that will benefit the region and also support the objectives of the European Union. In this context, Cobre San Rafael will apply in the coming months to the second call for strategic projects launched by the European Commission, where the main objective is to ensure a secure and sustainable supply of critical raw materials for European industry.

The XdG is continuing its review according to the simplified procedures afforded to projects with PIE status. The public information period, which serves to inform the surrounding communities and organisations about the proposed project, concluded on 31 January 2025. Cobre San Rafael has addressed the feedback from the public information period, and most sectoral reports from the Xunta de Galicia have been finalised, with only two reports still pending. The Company has also responded to requests for additional information and is awaiting a small number of corresponding replies.

The Company continues to engage with the many stakeholders in the region and is restoring the water quality of the rivers around Touro by operating its water treatment plant. The Company has also intensified its recruitment initiatives in relation to its potential future workforce.

Engineering, cost estimation and financial modelling works are advancing as expected.

Finally, infill and step-out drilling programmes continue, with the objective of determining the limits of mineral orebodies both at depth and laterally.

Proyecto Ossa Morena

Three drill holes were recently completed at the Alconchel-Pallares copper-gold project. Extensional and exploration drilling is expected to begin at the Guijarro-Chaparral gold-copper project in the coming weeks.

Proyecto Riotinto East

Following the completion of the gravimetric survey and soil geochemistry, an area with several coincident gravity-geochemical targets has been outlined at Cerro Negro and Peñas Blancas. Drilling is expected to commence at Cerro Negro in early 2026.

Skellefte Belt and Rockliden (Sweden)

In November 2024, Atalaya announced that it had entered into two binding agreements with Mineral Prospektering i Sverige AB ("MPS") pursuant to which Atalaya can earn an initial 75% interest in two separate land packages in Sweden. The Skellefte Belt land package ("Skellefte Belt Project") and the Rockliden land package ("Rockliden Project") are located in two notable districts that host many large-scale volcanogenic massive sulphide ("VMS") deposits and mines owned by Boliden AB. Both regions are underexplored and could increase Atalaya's exposure to critical minerals in Europe.

The VTEM airborne electromagnetic survey carried out this summer over the Skellefte Belt project has extended high-resolution coverage throughout the permit area. This work has identified multiple new anomalies that are currently being systematically ranked and modelled. Following further refinement with ground electromagnetic ("FLEM") surveys where required, these targets will be incorporated into the upcoming winter drilling programme. Following the processing and modelling of several VTEM anomalies, which were further refined through FLEM and detailed UAV magnetic surveys conducted over the summer, a drill rig was mobilised and began drilling activities in the final days of September.

Recent drilling and ground geophysical surveys (including Borehole BHEM and FLEM) have indicated extensions of mineralisation at both the Bjurtraskgruvan deposit (Skellefte Belt Project) and the Rockliden Project. These identified areas will undergo drill testing during the upcoming winter months, and planning for these activities is currently underway.

Contacts:

About Atalaya Mining Copper, S.A.

Atalaya is a European copper producer that owns and operates the Proyecto Riotinto complex in southwest Spain. Atalaya's shares trade on the London Stock Exchange's Main Market under the symbol "ATYM" and Atalaya is a FTSE 250 Index constituent.

Atalaya's operations include the Cerro Colorado open pit mine and a modern 15 Mtpa processing plant, which has the potential to become a central processing hub for ore sourced from its wholly owned regional projects around Riotinto, such as Proyecto Masa Valverde and Proyecto Riotinto East. In addition, Atalaya has a phased earn-in agreement for up to 80% ownership of Cobre San Rafael S.L., which fully owns the Proyecto Touro brownfield copper project in the northwest of Spain, as well as a 99.9% interest in Proyecto Ossa Morena. For further information, please visit www.atalayamining.com

ATALAYA MINING COPPER, S.A.

MANAGEMENT'S REVIEW AND

UNAUDITED CONDENSED CONSOLIDATED INTERIM

FINANCIAL STATEMENTS

30 September 2025

Management review report

Notice to Reader

The accompanying Unaudited Condensed Consolidated Interim Financial Statements of Atalaya Mining Copper, S.A. have been prepared by and are the responsibility of its management.

Introduction

This report provides an overview and analysis of the financial results of operations of Atalaya Mining Copper, S.A. and its subsidiaries ("Atalaya", the "Company" and/or "Group"), to enable the reader to assess material changes in the financial position between 31 December 2024 and 30 September 2025 and results of operations for the three and nine months ended 30 September 2025 and 2024.

This report has been prepared as of 12 November 2025. The analysis hereby included is intended to supplement and complement the Unaudited Condensed Consolidated Interim Financial Statements and notes thereto ("Financial Statements") as at and for the period ended 30 September 2025. The reader should review the Financial Statements in conjunction with the review of this report and with the audited, consolidated financial statements for the year ended 31 December 2024, and the Unaudited Condensed Consolidated Interim Financial Statements for the period ended 30 September 2024. These documents can be found on Atalaya's website at www.atalayamining.com

Atalaya prepares its Annual Financial Statements in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS-EU) and the interpretations of the IFRS Interpretations Committee (IFRS IC) approved by Regulations of the European Commission, and its Unaudited Condensed Consolidated Interim Financial Statements in accordance with International Accounting Standard 34: Interim Financial Reporting. The currency referred to in this document is the Euro, unless otherwise specified.

Forward-looking statements

This report may include certain "forward-looking statements" and "forward-looking information" under applicable securities laws. Except for statements of historical fact, certain information contained herein constitute forward-looking statements. Forward-looking statements are frequently characterised by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Assumptions upon which such forward-looking statements are based include that all required third party regulatory and governmental approvals will be obtained. Many of these assumptions are based on factors and events that are not within the control of Atalaya and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include changes in market conditions and other risk factors discussed or referred to in this report and other documents filed with the applicable securities regulatory authorities. Although Atalaya has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Atalaya undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

1. Incorporation and description of the Business

Atalaya Mining Copper, S.A. was incorporated in Cyprus on 17 September 2004 as a private company with limited liability under the Companies Law, Cap. 113 and was converted to a public limited liability company on 26 January 2005. Its registered office after the cross-border conversion finished on 10 January 2025 is Paseo de las Delicias, 1, 3, 41001, Sevilla, Spain.

The Company was first listed on the Alternative Investment Market (AIM) of the London Stock Exchange in May 2005, trading under the symbol ATYM. On 29 April 2024, the Company was admitted to the premium listing segment of the Official List maintained by the FCA and to trading on the main market of the London Stock Exchange. After completion of the cross-border conversion, the Company's shares commenced trading under "Atalaya Mining Copper, S.A." on 10 January 2025 and the nominal value of the Company's shares were also adjusted from 7.5p to €0.09 per share.

Atalaya is a European mining and development company. The strategy is to evaluate and prioritise metal production opportunities in several jurisdictions throughout the well-known belts of base and precious metal mineralisation in Spain, elsewhere in Europe and Latin America.

The Group has interests in four mining projects: Proyecto Riotinto, Proyecto Touro, Proyecto Masa Valverde and Proyecto Ossa Morena. In addition, the Group has an earn-in agreement to acquire two investigation permits at Proyecto Riotinto East.

In November 2024, Atalaya entered into earn-in agreements on two exploration projects in Sweden (the Skellefte Belt and Rockliden) located in prospective volcanogenic massive sulphide ("VMS") districts.

Proyecto Riotinto

The Company owns and operates through a wholly owned subsidiary, "Proyecto Riotinto", an open-pit copper mine located in the Iberian Pyrite Belt, in the Andalusia region of Spain, approximately 65 km northwest of Seville. A brownfield expansion of this mine was completed in 2019 and successfully commissioned by Q1 2020.

Proyecto Touro

As described in the Annual Report 2024, the Group initially acquired a 10% stake in Cobre San Rafael, S.L. ("CSR"), the owner of Proyecto Touro, under an earn-in agreement that allows the Group to acquire up to 80% of the copper project. Proyecto Touro, located in Galicia (north-west Spain), is currently in the permitting process.

In July 2017, the Group announced that it had executed the option to acquire 10% of CSR, a wholly owned subsidiary of Explotaciones Gallegas S.L. The earn-in agreement was structured in four phases, enabling the Group to gradually increase its stake in CSR up to 80%:

- Phase 1 - The Group paid €0.5 million to secure and exclusive right to fund up to a maximum of €5.0 million to support the permitting and financing stages.

- Phase 2 - Upon receipt of permits, the Group is required to pay €2.0 million to acquire an additional 30% interest in the project (cumulative 40%).

- Phase 3 - Once development capital is secured and construction commences, the Group is required to pay €5.0 million to acquire an additional 30% interest in the project (cumulative 70%).

- Phase 4 - Upon declaration of commercial production, the Group purchases an additional 10% interest (cumulative 80%) in consideration for a 0.75% Net Smelter Return royalty, with a buyback option.

The agreement was structured to ensure that payments would be made progressively as the project is de-risked, permitted, and becomes operational.

On 24 June 2024, Atalaya announced that Proyecto Touro, through CSR, had been declared a Strategic Industrial Project ("Proyecto Industrial Estratégico" or "PIE") by the Council of the Xunta de Galicia ("XdG"). Under Galician legislation, PIE status sought to simplify administrative procedures and aimed to shorten permitting timelines.

This declaration highlighted the XdG's commitment to promoting new investment in the region and aligned with the objectives of the European Union. As copper was considered a strategic raw material by the EU, the project was recognised for its potential to become a sustainable European source of copper production.

The XdG continued its review under the simplified procedures applicable to PIE projects. The public information period, which informed nearby communities and organisations about the proposed project, concluded on 31 January 2025. At that time, CSR was focused on analysing and responding to feedback from the public and assessing sectoral reports issued by various departments of the XdG.

As a result of developments during 2024, the Group concluded that it was likely that phases 2, 3 and 4 of the Touro project would be completed. Accordingly, in line with the Group's accounting policy on contingent payments, it recognised an intangible asset of €16.5 million as of year-end, together with the related contingent liabilities.

In accordance with the Group's policy on non-controlling interests, 20% of the newly recognised intangible asset was allocated to non-controlling interests, amounting to €3.3 million.

As also disclosed in the Annual Report 2024 and reflecting the Group's updated expectations regarding the completion of future phases, the Group reversed a previously recorded impairment from 2019 of €6.9 million, which related to capitalised expenses associated with Proyecto Touro.

In parallel, the Company continued to engage with local stakeholders through recruitment initiatives and maintained its water treatment operations to improve water quality in rivers around Touro.

Furthermore, the Company carried out infill and step-out drilling programmes, focused on areas within the initial mine plan where mineralisation remained open.

Proyecto Masa Valverde

On 21 October 2020, the Company announced that it had entered into a definitive purchase agreement to acquire 100% of the shares of Cambridge Mineria España, S.L. (since renamed Atalaya Masa Valverde, S.L.U.), a Spanish company which fully owns the Masa Valverde polymetallic project located in Huelva (Spain). Under the terms of the agreement Atalaya will make an aggregate €1.4 million cash payment in two approximately equal instalments. The first payment is to be executed once the project is permitted and the second and final payment when first production is achieved from the concession.

In November 2023, the exploitation permit for the Masa Valverde and Majadales deposits was officially granted. Following this milestone, in January 2024, the Company made a payment of €0.7 million as part of the process associated with the granted permits.

Proyecto Ossa Morena ("POM")

In December 2021, Atalaya announced the acquisition of a 51% interest in Rio Narcea Nickel, S.L., which owned 9 investigation permits. The acquisition also provided a 100% interest in three investigation permits that are also located along the Ossa-Morena Metallogenic Belt. In Q3 2022, Atalaya increased its ownership interest in POM to 99.9%, up from 51%, following completion of a capital increase that will fund exploration activities. During 2022 Atalaya rejected 8 investigation permits.

Atalaya will pay a total of €2.5 million in cash in three instalments and grant a 1% net smelter return ("NSR") royalty over all acquired permits. The first payment of €0.5 million was made following execution of the purchase agreement. The second and third instalments of €1 million each will be made once the environmental impact statement ("EIS") and the final mining permits for any project within any of the investigation permits acquired under the agreement are secured. In accordance with the agreement, these outstanding instalments are disclosed as a non-current payable to the sellers.

Proyecto Riotinto East

In December 2020, Atalaya entered into a Memorandum of Understanding with a local private Spanish company to acquire a 100% beneficial interest in three investigation permits (known as Peñas Blancas, Cerro Negro and Herreros investigation permits), which cover approximately 12,368 hectares and are located immediately east of Proyecto Riotinto. After a short drilling campaign, the Los Herreros investigation permit was rejected in June 2022. Proyecto Riotinto East consists of the remaining two investigation permits, Peñas Blancas and Cerro Negro, totalling 10,016 hectares.

Skellefte Belt Project and Rockliden Project

During 2024, the Group entered into earn-in agreements with Mineral Prospektering i Sverige AB ("MPS") in relation to the Skellefte Belt Project and the Rockliden Project, both situated in well-established volcanogenic massive sulphide districts renowned for their mineral resource potential.

2. Overview of Operational Results

Proyecto Riotinto

The following table presents a summarised statement of operations of Proyecto Riotinto for the three and nine months ended 30 September 2025 and 2024, respectively.

(1) Represents the Cerro Colorado pit only.

(*) Refer Section 5 of this Management Review.

(1) Represents the Cerro Colorado pit only.

Note: Some figures may not add up due to rounding.

Three months operational review

Mining

Ore mined was 3.7 million tonnes in Q3 2025 (Q3 2024: 4.2 million tonnes), compared with 3.5 million tonnes in Q2 2025.

Waste mined was 9.8 million tonnes in Q3 2025 (Q3 2024: 9.6 million tonnes), compared with 12.6 million tonnes in Q2 2025. In addition, waste stripping activities advanced at the San Dionisio area, supporting future access to higher-grade material following the granting of the environmental permit (AAU) in May 2025.

Processing

The plant processed 4.3 million tonnes of ore in Q3 2025 (Q3 2024: 4.3 million tonnes), compared with 4.0 million tonnes in Q2 2025. This reflects ongoing strong plant performance, above the 15 million tonne per annum nameplate capacity.

Copper grade in Q3 2025 was 0.38% (Q3 2024: 0.33%), compared with 0.42% in Q2 2025.

Copper recovery was 74.45% in Q3 2025 (Q3 2024: 84.35%), compared with 76.75% in Q2 2025. The decrease was due to mineralogical variability of certain ores processed during the quarter.

Production

Copper production was 12,123 tonnes in Q3 2025 (Q3 2024: 11,901 tonnes), compared with 13,175 tonnes in Q2 2025. The quarterly decrease was the result of lower recoveries and lower grades, partly offset by higher throughput.

On-site copper concentrate inventories stood at 8,092 tonnes at 30 September 2025, compared with 9,820 tonnes at 30 June 2025, reflecting increased concentrate sales. Copper contained in concentrates sold was 12,234 tonnes in Q3 2025 (Q3 2024: 11,656 tonnes), compared with 14,024 tonnes in Q2 2025.

Nine months operational review

Copper production during YTD 2025 was 39,589 tonnes, compared with 34,149 tonnes in the same period of 2024. Higher production was primarily the result of increased ore throughput and higher copper grades, which more than offset the impact of lower recoveries.

Payable copper in concentrates was 37,272 tonnes, compared with 32,323 tonnes of payable copper in YTD 2024.

Ore mined in YTD 2025 was 10.9 million tonnes, compared with 11.7 million tonnes during YTD 2024. Ore processed was 12.5 million tonnes, compared with 12.2 million tonnes in YTD 2024, although a portion of lower-grade stockpiles was processed during YTD 2025.

Ore grade during YTD 2025 was 0.41% Cu, compared with 0.33% Cu in YTD 2024. Copper recovery was 77.48%, compared to 84.96% in the same period of the previous year. Concentrate production amounted to 231,706 tonnes, above the YTD 2024 production of 182,615 tonnes.

3. Outlook

The forward-looking information contained in this section is subject to the risk factors and assumptions contained in the cautionary statement on forward-looking statements included in the Basis of Reporting. Should the Company consider the current guidance no longer achievable, then the Company will provide a further update.

Operational guidance

Proyecto Riotinto operational guidance for 2025 is as follows:

(1) Represents the Cerro Colorado pit only. Guidance is 47 - 50 million tonnes when including the San Dionisio pit.

(2) Low end.

Copper production guidance for FY2025 continues to be 49,000 - 52,000 tonnes.

As a result of a revised allocation of stripping costs at San Dionisio, Cash Costs and AISC for FY2025 are expected to be at the low end of the guidance ranges (US$2.60 - 2.80/lb and US$3.10 - 3.30/lb copper payable, respectively), while non-sustaining capital investments for FY2025 are expected to be at the high end of the guidance range (€29 - 37 million).

Exploration expenditure guidance for FY2025 remains at €8 - 12 million.

4. Overview of the Financial Results

The following table presents summarised consolidated income statements for the three and nine months ended 30 September 2025, with comparatives for the three and nine months ended 30 September 2024, respectively.

Three months financial review

Revenues for the three-month period ended 30 September 2025 amounted to €106.8 million (Q3 2024: €86.8 million). The increase in revenues was mainly driven by significantly higher copper concentrate volumes sold with lower offsite costs and higher realised copper prices, despite a stronger Euro relative to the US Dollar.

Realised prices excluding quotation periods ("QPs") were US$4.41/lb copper during Q3 2025 compared with US$4.13/lb in Q3 2024. The realised price including QPs was approximately US$4.38/lb during Q3 2025 (Q3 2024: US$4.12/lb).

Cost of sales for the three-month period ended 30 September 2025 amounted to €72.2 million, compared with €65.6 million in Q3 2024. Higher costs were mainly driven by a lower inventory movement compared with Q3 2024. The current quarter also includes a €4.4 million provision related to a cadastral tax examination in Spain. These effects were partially offset by lower costs of electricity, consumables, and professional services.

Cash costs were US$2.55/lb payable copper during Q3 2025 compared with US$3.01/lb in the same period last year. The reduction in unit cash costs was mainly due to higher copper production and lower offsites costs despite of stronger Euro/US Dollar exchange rate compared to Q3 2024. AISC for Q3 2025, excluding one-off investments in the tailings dam and San Dionisio stripping, was US$2.98/lb payable copper compared with US$3.39/lb in Q3 2024. The decrease was primarily due to lower cash costs despite an increase in capitalised stripping.

Sustaining capex for Q3 2025 amounted to €0.4 million (Q3 2024: €2.2 million), mainly related to the new crusher and enhancements in the processing systems.  In addition, the Company continues to invest in the tailings dam project to increase storage capacity, having invested €3.5 million in Q3 2025 (Q3 2024: €3.5 million). Stripping costs capitalised for Cerro Colorado during Q3 2025 amounted to €3.9 million (Q3 2024: €2.4 million).

Capex associated with the construction of the solar plant amounted to €0.2 million in Q3 2025 (Q3 2024: €2.4 million), while investments in the E-LIX Phase I plant totalled €0.4 million (Q3 2024: €3.6 million). Additionally, capex of €7.9 million was related to the San Dionisio area during the quarter.

Corporate expenses amounted to €2.6 million (Q3 2024: €1.1 million) and include non-operating costs of the Cyprus office, corporate legal and consultancy fees, listing costs, officers and directors' emoluments, corporate office salaries and administrative expenses.

Exploration costs on Atalaya's project portfolio for Q3 2025 were €1.5 million, compared to €1.4 million in Q3 2024. As of 30 September 2025, the Company has recognised a prepayment of €0.9 million in relation to exploration activities not yet executed, although the funds have already been provided under agreements for the Skellefte Belt and Rockliden Projects.

Care and maintenance costs were €39k for the three-month period ended 30 September 2025 (Q3 2024: €2.0 million). The significant reduction compared with the prior year reflects the fact that, following the designation of Proyecto Touro as a Strategic Industrial Project by the Council of the Xunta de Galicia at the end of H1 2024, all direct costs associated with the mining development were capitalised in accordance with applicable IFRS criteria. The remaining costs, which were mainly administrative in nature and incurred through the local subsidiary Cobre San Rafael S.L., were no longer presented under care and maintenance, thus, in 2025, these costs were reclassified under administration and corporate expenses and amounted to €0.8 million in YTD 2025.

EBITDA for Q3 2025 amounted to €30.7 million, up from €17.0 million in Q3 2024, primarily driven by higher sales and lower unit costs.

Depreciation and amortisation for the quarter totalled €14.0 million (Q3 2024: €12.4 million).

Net foreign exchange gain for Q3 2025 of €0.1 million resulted from the appreciation of the Euro against the US Dollar.

Net finance costs for Q3 2025 were €2.9 million, compared with €0.6 million in the same period in 2024. Finance cost includes an impairment of €2.7 million for a loan to Lain Technologies in relation to the E-LIX pilot plant.

Nine months financial review

Revenues for the nine-month period ended 30 September 2025 amounted to €361.5 million (YTD 2024: €248.9 million). The increase in revenues was mainly due to significantly higher concentrate volumes sold with higher realised copper prices.

Copper concentrate production during the nine-month period was 231,706 tonnes (YTD 2024: 182,615 tonnes), with 245,429 tonnes of copper concentrate sold (YTD 2024: 176,780 tonnes). Inventories of concentrates at the reporting date were 8,092 tonnes (21,815 tonnes as at 31 December 2024).

Copper contained in concentrates sold was 41,664 tonnes in YTD 2025 (YTD 2024: 33,338 tonnes).

Realised copper prices excluding QPs for YTD 2025 were US$4.31/lb, compared with US$4.22/lb in YTD 2024. The realised price remained close to the market average, which was US$4.33/lb in YTD 2025 versus US$4.14/lb in YTD 2024. No hedging agreements were entered into during the period.

Cost of sales amounted to €212.5 million in YTD 2025 (YTD 2024: €182.6 million). The cost increase was related to higher volumes, the increase in waste mined and lower inventories at the end of the period with a lower unit cost. Cost of sales also include a provision of €4.4 million related to an ongoing cadastral tax examination in Spain.

Cash costs were US$2.33/lb payable copper, compared with US$2.96/lb in YTD 2024. The reduction in cash costs was mainly due to higher copper production and lower offsite cost. AISC, excluding investment in tailings dam and San Dionisio stripping, was US$2.84/lb payable copper (YTD 2024: US$3.26/lb) with a higher stripping cost capitalised.

Sustaining capex for YTD 2025 totalled €2.4 million compared with €3.6 million in YTD 2024, mainly related to the new crusher and enhancements in the plant's processing systems. Additional investment in tailings dam €11.5 million compared with €11.0 million invested in YTD 2024. Stripping costs capitalised for Cerro Colorado during YTD 2025 amounted to €21.0 million (YTD 2024: €3.7 million).

Capex for the solar plant was €0.7 million in YTD 2025 (YTD 2024: €5.1 million) while investments in the E-LIX Phase I plant, commissioning and ramp-up totalled €1.2 million and €4.0 million related to the convertible loan. Additionally, a capex of €13.1 million is related to the San Dionisio area.

Corporate costs for YTD 2025 were €6.7 million (YTD 2024: €6.1 million), mainly comprising the Company's overhead expenses.

Exploration costs totalled €5.0 million (YTD 2024: €3.3 million), mainly due to activities in the Skellefte Belt and Rockliden Projects in Sweden and Proyecto Masa Valverde.

EBITDA for the nine months ended 30 September 2025 amounted to €138.3 million (YTD 2024: €53.7 million).

Depreciation and amortisation for YTD 2025 totalled €39.8 million (YTD 2024: €32.9 million).

Net foreign exchange loss was €5.9 million (YTD 2024: €0.6 million).

Net finance cost for YTD 2025 amounted to €3.0 million, compared with a cost of €0.7 million in YTD 2024. Finance cost includes an impairment of €2.7 million for a loan to Lain Technologies in relation to the E-LIX pilot plant.

Copper prices

The average realised copper price (excluding QPs) increased by 6.8% to US$4.41/lb in Q3 2025, from US$4.13/lb in Q3 2024.

The average prices of copper for the three and nine month period ended 30 September 2025 and 2024 are summarised below:

Realised copper prices for the reporting period noted above have been calculated using payable copper and excluding both provisional invoices and final settlements of QPs together. The realised price during Q3 2025, including the QP, was approximately US$4.38/lb.

5. Non-GAAP Measures

Atalaya has included certain non-IFRS measures including "EBITDA", "Cash Costs per pound of payable copper", "All-In Sustaining Costs" ("AISC") "realised prices" and "Net Cash/Debt" in this report. Non-IFRS measures do not have any standardised meaning prescribed under IFRS, and therefore they may not be comparable to similar measures presented by other companies. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for indicators prepared in accordance with IFRS.

EBITDA includes gross sales net of penalties and discounts and all operating costs, excluding finance, tax, impairment, depreciation and amortisation expenses. Cash Costs per pound of payable copper includes cash operating costs, including treatment and refining charges ("TC/RC"), freight and distribution costs net of by-product credits. Cash Costs per pound of payable copper is consistent with the widely accepted industry standard established by Wood Mackenzie and is also known as the C1 Cash Costs.

AISC per pound of payable copper includes C1 Cash Costs plus royalties and agency fees, expenditures on rehabilitation, capitalised stripping costs, exploration and geology costs, corporate costs and recurring sustaining capital expenditures but excludes one-off sustaining capital projects, such as the tailings dam project.

Realised price per pound of payable copper is the value of the copper payable included in the concentrate produced including the discounts and other features governed by the offtake agreements of the Group and all discounts or premiums provided in commodity hedge agreements with financial institutions if any, expressed in USD per pound of payable copper. Realised prices do not include period end mark to market adjustments in respect of provisional pricing. Realised price is consistent with the widely accepted industry standard definition.

6. Liquidity and Capital Resources

Atalaya monitors factors that could impact its liquidity as part of Atalaya's overall capital management strategy. Factors that are monitored include, but are not limited to, the market price of copper, foreign currency rates, production levels, operating costs, capital and administrative costs.

The following is a summary of Atalaya's cash position and cash flows as at 30 September 2025 and 31 December 2024.

Liquidity information

(1)  Includes borrowings

Unrestricted cash and cash equivalents, which include balances held at both Group and Operation levels, increased to €113.8 million as at 30 September 2025, compared with €52.9 million at 31 December 2024. This significant increase was primarily driven by strong cash inflows from operating activities, partially offset by investment outflows and moderate financing movements. At the Group level, cash rose from €43.2 million to €79.4 million, while Operation-level cash increased from €9.7 million to €34.3 million.

The Group generated €120.0 million in net cash from operating activities during the first nine months of 2025, supported by solid EBITDA and limited tax payments, despite a working capital outflow mainly attributable to a €31.3 million increase in trade and other receivables. Cash outflows from investing activities totalled €59.8 million, reflecting continued capital expenditure in strategic areas such as San Dionisio, and processing plant upgrades. Net financing cash flows were positive at €2.0 million, mainly reflecting the use of €25.0 million from existing credit facilities to support short-term operational funding. These proceeds were partly offset by loan repayments of €18.8 million and dividend payments of €3.9 million.

As of 30 September 2025, the Group reported a working capital surplus of €93.1 million, compared with €44.7 million at year-end 2024. The improvement is largely explained by the stronger cash position and an increase in short-term receivables, which offset changes in inventories and trade payables. Overall working capital reached €93.1 million, up from €44.7 million at 31 December 2024. All cash balances remain unrestricted and available for general use at both the operational and corporate levels, reinforcing Atalaya's robust liquidity and financial flexibility.

Overview of the Group's cash flows

Three months cash flows review

Total net cash inflow for the three months ended 30 September 2025 was €10.9 million, primarily driven by strong cash generation from operating activities. Cash from operating activities amounted to €41.7 million, while investing activities consumed €18.0 million, and financing activities contributed a net outflow of €12.9 million.

Cash generated from operations before changes in working capital was €36.5 million. During the quarter, inventories decreased by €0.5 million, trade and other receivables increased by €2.0 million, and trade and other payables increased by €7.2 million, resulting in a net working capital inflow.

Investing activities consumed €18.0 million, mainly related to the San Dionisio deposit, capitalised stripping at Cerro Colorado, ongoing development works at the tailings dams, and continued upgrades to processing infrastructure.

Financing activities resulted in net cash outflows of €12.9 million, reflecting borrowings repayments of €14.2 million and dividend payments of €3.9 million, partly offset by €5.3 million of net borrowing inflows

Nine months cash flow review

For the nine months ended 30 September 2025, the Group reported a net cash inflow of €62.3 million, supported by strong operating performance and disciplined investment spending. This result included €120.0 million of net cash from operating activities, €59.8 million of investing outflows, and €2.0 million of net financing inflows.

Cash generated from operations before working capital movements was €144.7 million. However, working capital movements during the period had a net outflow effect, driven by a €31.3 million increase in trade and other receivables and partially offset by a €12.3 million decrease in inventories and a €4.1 million increase in trade and other payables.

Cash outflows from investing activities of €59.8 million mainly reflects capitalised stripping at Cerro Colorado, capital expenditure related to the San Dionisio area, tailings storage facilities, and processing plant upgrades.

Financing activities produced a net inflow of €2.0 million, mainly reflecting the use of €25.1 million from existing credit facilities to fund short-term operational needs, partly offset by borrowings repayments of €18.8 million and dividend payments of €3.9 million.

Foreign exchange

Foreign exchange rate movements can have a significant effect on Atalaya's operations, financial position and results. Atalaya's sales are denominated in U.S. dollars ("USD"), while Atalaya's operating expenses, income taxes and other expenses are mainly denominated in Euros ("EUR") which is the functional currency of the Group, and to a much lesser extent in British Pounds ("GBP").

Accordingly, fluctuations in the exchange rates can potentially impact the results of operations and carrying value of assets and liabilities on the balance sheet.

During the three months ended 30 September 2025, Atalaya recognised a foreign exchange gain of €0.1 million, compared with a loss of €1.7 million in the corresponding period of 2024. For the nine months ended 30 September 2025, the Group recorded a foreign exchange loss of €5.9 million, primarily due to the appreciation of the Euro against the US Dollar, as a substantial proportion of the Group's revenue and cash balances are denominated in US Dollars.

The following table summarises the movement in key currencies versus the EUR:

7. Sustainability

Corporate Social Responsibility

During the third quarter of 2025, Fundación Atalaya continued its social engagement in the Cuenca Minera through initiatives in public infrastructure, social inclusion, culture promotion and sporting initiatives.

Other initiatives enabled the foundation to upgrade the municipal stadium and provide a new vehicle for the local police. In Zalamea Real, several projects were proposed, including a new service vehicle, a children's play area and an entrance signage. In Nerva, the foundation continued its agreement to restore and catalogue the historical archive of the Casa del Maestro Rojas.

Fundación Atalaya also supported a diverse range of cultural and social initiatives. These included improving mobility for AFA El Campillo, an organisation dedicated to Alzheimer's care and upgrading workshops for Athenea Association, which supports individuals with mental disabilities. Both aim to promote accessibility and social inclusion.

In terms of cultural activities, the foundation supported various projects including a mining-themed documentary, a community exhibition in Riotinto and a poetry initiative. The foundation also continued its support for the flamenco guitar school in Peña El Candil Minero.

In addition, the foundation also supported various sporting initiatives, such as the launch of the new season at Nerva CF and various cycling events.

Health and Safety

Regarding the results for the third quarter of 2025, and in comparison with the same period of the previous year, the results remain similar, with only one lost-time accident of a minor nature involving a contractor. With respect to the cumulative data at the end of the third quarter, both the frequency rate (FR) and the severity rate (SR) show improvement compared with the previous quarter, closing with values of 4.29 and 0.20, respectively.

Concerning the achievement of accident reduction targets, the SR target has been met, although the FR remains above the level set for 2025.

With regard to Industrial Hygiene, all the planned measurements for the quarter have been completed, including assessments of crystalline silica and respirable dust, organic vapours, asbestos fibres, and fit tests for respiratory protection equipment, covering 75% of ARM's workforce.

The annual inspection for Legionella control was carried out by the Health Authority with satisfactory results, fully compliant with regulations.

As part of the First Response Brigade activities, specific training sessions have been conducted in line with the annual plan. In addition, rescue equipment for confined spaces in the processing plant has been received, with a fixed base to be established for emergency operations. The installation of these bases is scheduled for the fourth quarter.

In relation to the on-site medical services, the staff nurse has requested a leave of absence to care for a young child, and a replacement nurse has joined the team. The new nurse holds the required accreditation and has experience in emergency and urgent care, having previously provided nursing services to Atalaya through an external provider.

Controls for psychoactive substances (alcohol and drugs) continue to be conducted at both access points and within the medical unit.

Phase II of the "Zero Harm Challenge" project is ongoing, involving working groups developing the ten most prevalent and widely supported proposals identified during Phase I. Participation and commitment among the teams remain high.

Finally, it should be noted that the Field Leadership activities have been recognised as Best Practices in Occupational Health and Safety by the Andalusian Institute for Occupational Risk Prevention, part of the Regional Government of Andalusia. Moreover, Atalaya received the Gold Award for Safety at the Euromines Safety Awards 2025, acknowledging its Field Leadership initiatives.

Environment

During the third quarter of 2025, the Environmental Department maintained its focus on advancing environmental monitoring and natural resource management across the Riotinto operations. A total of three environmental incidents were reported during the period, involving dust.

Rainfall levels during Q3 2025 were significantly lower than in the same period of the previous year, reaching 5.4 l/m², a 18% decrease year-on-year. However, cumulative rainfall for the current hydrological year (October 2024 to September 2025) totalled 1,079.6 l/m², representing a 30% increase over the same period in the prior year.

On 14 May 2025, the Company received official approval of a substantial modification to its environmental permit, enabling the expansion of mining operations into the San Dionisio deposit. In addition, three requests for non-substantial modifications to the permit were submitted during the quarter: (i) on 28 April 2025, relating to diesel availability optimisation in the mining area; (ii) on 9 June 2025, for the enhancement of mining road connectivity in San Dionisio; and (iii) on 20 June 2025, concerning improvements to the retention pond at the North Waste Dump.

The department also submitted the required annual environmental documentation to the competent authorities, including the Annual Water Balance and the results of receiving river monitoring associated with authorised discharges. Measures established under the Dust Action Plan continued to be implemented, including intensified periodic watering, enhanced coordination efforts, and systematic monitoring of dust emissions generated by operational activities.

Progress continued on the Restoration Plan, which covers both operational and legacy areas. In parallel, scheduled forest maintenance works were carried out in compliance with the approved Wildfire Prevention Plan. Annual external emissions control testing was completed in May without incident, while all routine internal monitoring of non-ducted atmospheric emissions also confirmed compliance with regulatory thresholds. All other mandatory periodic environmental controls were conducted on schedule and without issues. Several environmental reports were submitted to the relevant administrative authorities during the quarter.

Daily environmental inspections remained a key aspect of the department's operations, with a focus on chemical storage and handling, site cleanliness, waste management, prevention of uncontrolled releases, and the reinforcement of responsible environmental behaviour among both Atalaya personnel and contractors. Specific inspections also targeted dust suppression systems and drainage infrastructure. In total, 80 inspections were conducted across the plant, mining area, and contractor camps throughout the quarter.

8. Risk Factors

Due to the nature of Atalaya's business in the mining industry, the Group is subject to various risks that could materially impact the future operating results and could cause actual events to differ materially from those described in forward-looking statements relating to Atalaya. Readers are encouraged to read and consider the risk factors detailed in Atalaya's audited, consolidated financial statements for the year ended 31 December 2024.

The Company continues to monitor the principal risks and uncertainties that could materially impact the Company's results and operations, including the areas of increasing uncertainty such as the impact of macro-economic uncertainty on the business and geopolitical developments or the risks inherent in the development of new technologies.

In particular, Atalaya is closely monitoring the risks associated with the investments made in the E-LIX technology together with Lain Technologies Ltd ("Lain"). While the leaching process E-LIX has continued to deliver results in line with certain technical expectations, progress towards achieving sustainable, economically viable throughput levels has been more challenging and materially slower than anticipated (Note 8). The Group awaits further technical and commercial information, including the findings of the independent third-party assessment, before updating its evaluation of the associated risks.

9. Critical accounting policies, estimates, judgements, assumptions and accounting changes

The preparation of Atalaya's Financial Statements in accordance with IFRS requires management to make estimates, judgements and assumptions that affect amounts reported in the Financial Statements and accompanying notes. There is a full discussion and description of Atalaya's critical accounting policies in the audited consolidated financial statements for the year ended 31 December 2024.

As at 30 September 2025, whilst there are no significant changes in critical accounting policies or estimates to those applied in 2024. We highlight the assumptions made in relation to Lain Technologies and the progress on the Industrial Plant in Note 8.

10. Other Information

Additional information about Atalaya Mining Copper, S.A. is available at www.atalayamining.com

Unaudited condensed consolidated interim financial statements on subsequent pages.

By Order of the Board of Directors,

Neil Gregson

Chair

Sevilla, 12 November 2025

Condensed Consolidated Interim Statement of Comprehensive Income

(All amounts in Euro thousands unless otherwise stated)

For the period ended 30 September 2025 and 2024

The notes on the subsequent pages are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements.

Condensed Consolidated Interim Statement of Financial Position

(All amounts in Euro thousands unless otherwise stated)

As at 30 September 2025 and 31 December 2024

The notes on the subsequent pages are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements.

Condensed Consolidated Interim Statement of Changes in Equity

(All amounts in Euro thousands unless otherwise stated)

For the period ended 30 September 2025 and 2024

(1) The share premium reserve is not available for distribution

The notes on subsequent pages are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements.

Condensed Consolidated Interim Cash Flow Statement

(All amounts in Euro thousands unless otherwise stated)

For to the period ended 30 September 2025 and 2024

The notes on the subsequent pages are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements.

Notes to the Unaudited Condensed Consolidated Interim Financial Statements

(All amounts in Euro thousands unless otherwise stated)

For the period ended 30 September 2025 and 2024

1. Incorporation and summary of business

Atalaya Mining Plc was incorporated in Cyprus on 17 September 2004 as a private company with limited liability under the Companies Law, Cap. 113 and was converted to a public limited liability company on 26 January 2005. Its registered office was at 1 Lampousa Street, Nicosia, Cyprus.

The Company was first listed on the Alternative Investment Market (AIM) of the London Stock Exchange in May 2005.

Change of name and share consolidation (2015)

Following the Company's Extraordinary General Meeting ("EGM") on 13 October 2015, the change of name from EMED Mining Public Limited to Atalaya Mining Plc became effective on 21 October 2015. On the same day, the consolidation of ordinary shares came into effect, whereby all shareholders received one new ordinary share of nominal value Stg £0.075 for every 30 existing ordinary shares of nominal value Stg £0.0025. The Company's trading symbol became "ATYM".

On 29 April 2024, the Company was admitted to trading on the main market of the London Stock Exchange.

Cross-border conversion (re-domiciliation) (2024-2025)

On 10 January 2025, the Company successfully completed a cross-border conversion, resulting in its re-domiciliation from the Republic of Cyprus to the Kingdom of Spain. This process was carried out in accordance with the Company's strategic objectives to align its corporate structure with its operational base in Spain.

A cross-border conversion deed was executed on 23 December 2024 and subsequently filed with the Spanish Commercial Registry on 27 December 2024. Under Spanish corporate law, the re-domiciliation became legally effective from the date of registration with the Spanish Commercial Registry, i.e., 27 December 2024. However, for administrative and procedural purposes, the final formalities were completed on 9 January 2025, with the official public announcement being made on 10 January 2025. Following this change:

· Atalaya's corporate seat was transferred from Cyprus to Spain, and Atalaya became a Spanish public limited company (Sociedad Anónima) under the laws of the Kingdom of Spain;

· Atalaya's registered name changed from Atalaya Mining Plc to Atalaya Mining Copper, S.A.; and

· Atalaya's registered address changed from 1, Lampousas Street, 1095 Nicosia, Cyprus to Paseo de las Delicias, 1, 3, 41001, Sevilla, Spain.

The Company's shares commenced trading under "Atalaya Mining Copper, S.A." on 10 January 2025 at 8:00 am (London time) and the nominal value of the Company's shares were also adjusted from 7.5p to €0.09 per share.

Principal activities

Atalaya is a European mining and development company. The strategy is to evaluate and prioritise metal production opportunities in several jurisdictions throughout the well-known belts of base and precious metal mineralisation in Spain, elsewhere in Europe and Latin America.

The Group has interests in four mining projects: Proyecto Riotinto, Proyecto Touro, Proyecto Masa Valverde and Proyecto Ossa Morena. In addition, the Group has an earn-in agreement to acquire two investigation permits at Proyecto Riotinto East.

Proyecto Riotinto

The Company owns and operates through a wholly owned subsidiary, "Proyecto Riotinto", an open-pit copper mine located in the Iberian Pyrite Belt, in the Andalusia region of Spain, approximately 65 km northwest of Seville. A brownfield expansion of this mine was completed in 2019 and successfully commissioned by Q1 2020.

In May 2025, the Junta de Andalucía granted the Unified Environmental Authorisation (AAU) for the San Dionisio deposit, located within the Riotinto District. This authorisation enables the Company to expand its mining activities and supports its strategy to increase copper production by sourcing higher-grade material for processing at the Riotinto plant.

Proyecto Touro

The Group initially acquired a 10% stake in Cobre San Rafael, S.L. ("CSR"), the owner of Proyecto Touro, as part of an earn-in agreement, which was designed to enable the Group to acquire up to 80% of the copper project. Proyecto Touro is located in Galicia, north-west Spain, and is currently in the permitting process.

In July 2017, the Group announced that it had executed the option to acquire 10% of the share capital of CSR, a wholly owned subsidiary of Explotaciones Gallegas S.L. This acquisition was part of an earn-in agreement, structured in four phases, allowing the Group to progressively increase its stake in CSR up to 80%:

- Phase 1 - The Group paid €0.5 million to secure the exclusivity agreement and committed to funding up to a maximum of €5.0 million to support the permitting and financing stages.

- Phase 2 - Upon receipt of permits, the Group is required to pay €2.0 million to acquire an additional 30% interest in the project (cumulative 40%).

- Phase 3 - Once development capital is secured and construction commences, the Group is required to pay €5.0 million to acquire an additional 30% interest in the project (cumulative 70%).

- Phase 4 - Upon declaration of commercial production, the Group will purchase an additional 10% interest (cumulative 80%) in exchange for a 0.75% Net Smelter Return royalty, with a buyback option.

The Agreement was structured to ensure that each phase and corresponding payment would only occur once the project was de-risked, permitted, and operational.

On 24 June 2024, Atalaya announced that Proyecto Touro, via its local entity Cobre San Rafael, was declared a strategic industrial project by the Council of the Xunta de Galicia ("XdG"). Under legislation of the Autonomous Community of Galicia, the status of strategic industrial project (or in Spanish, Proyecto Industrial Estratégico ("PIE")) acts to simplify the administrative procedures associated with the development of industrial projects and intends to substantially reduce permitting timelines.

This declaration highlights the XdG's commitment to promoting new investment that will benefit the region and also support the objectives of the European Union. Copper is considered a strategic raw material by the EU and this project has the potential to become a new source of sustainable European copper production.

The XdG is continuing its review according to the simplified procedures afforded to projects with PIE status. The public information period, which serves to inform the surrounding communities and organisations about the proposed project, concluded on 31 January 2025. Cobre San Rafael is currently focused on analysing and responding to the feedback submitted during the public information period and assessing the sectoral reports issued by the various departments of the XdG.

As a result of the regulatory developments that occurred during 2024, the Group now considers it likely that phases 2, 3 and 4 of the Touro project will be completed. In accordance with the Group's accounting policy on contingent payments, in 2024 the Group recognised an intangible asset amounting to €16.5 million in 2024 (Note 9), as well as the corresponding contingent liabilities (note 17).

In line with the its policy on non-controlling interests, the Group allocated 20% of this intangible asset to non-controlling interests, amounting to €3.3 million.

Additionally, as described in note 9, the Group reversed an impairment previously recorded in 2019 on intangible fixed assets amounting to €6.9 million, related to capitalised expenses associated with Proyecto Touro.

The Group continues to engage with stakeholders in the region including through various recruitment initiatives, and operates a water treatment plant to restore the water quality of the rivers around Touro.

The Group's exploration activities are ongoing, including infill and step-out drilling programmes focused on areas within the initial mine plan where mineralisation remains open.

Proyecto Masa Valverde

On 21 October 2020, the Company announced that it entered into a definitive purchase agreement to acquire 100% of the shares of Cambridge Mineria España, S.L. (since renamed Atalaya Masa Valverde, S.L.U.), a Spanish company which fully owns the Masa Valverde polymetallic project located in Huelva (Spain). Under the terms of the agreement Atalaya would make an aggregate €1.4 million cash payment in two instalments of approximately the same amount: the first upon permitting of the project and the second upon achieving first production from the concession.

In November 2023, the exploitation permit for the Masa Valverde and Majadales deposits was officially granted. Following this milestone, in January 2024, the Company made the first payment of €0.7 million associated with the granted permits.

Proyecto Ossa Morena

In December 2021, Atalaya announced the acquisition of a 51% interest in Rio Narcea Nickel, S.L., which owned 9 investigation permits. The acquisition also provided a 100% interest in three investigation permits that are also located along the Ossa- Morena Metallogenic Belt. In Q3 2022, Atalaya increased its ownership interest in POM to 99.9%, up from 51%, following completion of a capital increase that will fund exploration activities. During 2022 Atalaya rejected 8 investigation permits.

Atalaya will pay a total of €2.5 million in cash in three instalments and grant a 1% net smelter return ("NSR") royalty over all acquired permits. The first payment of €0.5 million was made following execution of the purchase agreement. The second and third instalments of €1 million each will be made once the environmental impact statement ("EIS") and the final mining permits for any project within any of the investigation permits acquired under the Transaction are secured. In accordance with the agreement, these outstanding instalments are disclosed as a non-current payable to the sellers.

Proyecto Riotinto East

In December 2020, Atalaya entered into a Memorandum of Understanding with a local private Spanish company to acquire a 100% beneficial interest in two investigation permits (known as Peñas Blancas and Cerro Negro investigation permits), which cover approximately 12,368 hectares and are located immediately east of Proyecto Riotinto. After a short drilling campaign, the Los Herreros investigation permit was rejected in June 2022. Proyecto Riotinto East consists of the remaining two investigation permits, Peñas Blancas and Cerro Negro, totalling 10,016 hectares.

Skellefte Belt Project and Rockliden Project

During 2024, the Group entered into agreements with Mineral Prospektering i Sverige AB ("MPS") in relation to the Skellefte Belt Project and the Rockliden Project, both situated in well-established volcanogenic massive sulphide districts recognised for their mineral resource potential. In 2024, the Group provided funding of €1.2 million to MPS to support the preparatory work for the planned winter drilling campaigns and to compensate MPS for certain past expenditures. During the nine month of 2025, Atalaya contributed an additional €3.1 million to fund exploration activities as part of its ongoing earn-in commitments. In accordance with IFRS6, all amounts provided to MPS to date have been recognised as exploration expenses.

2. Basis of preparation and accounting policies

2.1 Basis of preparation

(a) Overview

These condensed interim financial statements are unaudited.

The unaudited Condensed Consolidated Interim Financial Statements for the period ended 30 September 2025 have been prepared in accordance with International Accounting Standard 34: Interim Financial Reporting. IFRS comprise the standard issued by the International Accounting Standard Board ("IASB"), and IFRS Interpretations Committee ("IFRICs") as issued by the IASB. Additionally, the unaudited Condensed Consolidated Interim Financial Statements have also been prepared in accordance with the IFRS as adopted by the European Union (EU), using the historical cost convention and have been prepared on a historical cost basis except for the revaluation of certain financial instruments that are measured at fair value at the end of each reporting period, as explained below.

These unaudited Condensed Consolidated Interim Financial Statements include the financial statements of the Company and its subsidiary undertakings. They have been prepared using accounting bases and policies consistent with those used in the preparation of the consolidated financial statements of the Company and the Group for the year ended 31 December 2024. These unaudited Condensed Consolidated Interim Financial Statements do not include all the disclosures required for annual financial statements, and accordingly, should be read in conjunction with the consolidated financial statements and other information set out in the Group's annual report for the year ended 31 December 2024.

As a Spanish company operating under EU regulations, the Group also complies with the requirements of Spanish corporate law, including the Commercial Code (Código de Comercio) and the Spanish Capital Companies Act (Ley de Sociedades de Capital), where applicable. These regulations govern the preparation and disclosure of consolidated financial statements.

The definition of Public Interest Entity is set out in Article 2.13 of Directive 2006/43/EC, amended by Article 1 of Directive 2014/56/EU, that states that it is considered to be Public Interest Entities : (a) entities governed by the law of a Member State whose transferable securities are admitted to trading on a regulated market of any Member State; (b) credit institutions as defined in point 1 of Article 3(1) of Directive 2013/36/EU; (c) insurance undertakings within the meaning of Article 2(1) of Directive 91/674/EEC; and (d) entities designated by Member States as public-interest entities. As the company is not included in any of the categories above, it is not considered to be a Public Interest Entity.

(b) Going concern

These unaudited Condensed Consolidated Interim Financial Statements have been prepared based on accounting principles applicable to a going concern which assumes that the Group will realise its assets and discharge its liabilities in the normal course of business. Management has carried out an assessment of the going concern assumption and has concluded that the Group can reasonably be expected to generate sufficient cash and cash equivalents to continue operating for the next twelve months.

Management continues to monitor the impact of geopolitical developments. Currently no significant impact is expected in the operations of the Group.

2.2 New standards, interpretations and amendments adopted by the Group

The accounting policies adopted in the preparation of the Condensed Consolidated Interim Financial Statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2024, except for the adoption of new standards effective as of 1 January 2025. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. One amendment applies for the first time in 2025, but does not have an impact on the unaudited Condensed Consolidated Interim Financial Statements of the Group.

Lack of exchangeability - Amendments to IAS 21

The amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity's financial performance, financial position and cash flows. The amendments are effective for annual reporting periods beginning on or after 1 January 2025. When applying the amendments, an entity cannot restate comparative information. The amendments did not have a material impact on the Group's financial statements.

2.3 Fair value estimation

The fair values of the Group's financial assets and liabilities approximate their carrying amounts at the reporting date.

The fair value of financial instruments traded in active markets, such as publicly traded trading and other financial assets is based on quoted market prices at the reporting date. The quoted market price used for financial assets held by the Group is the current bid price. The appropriate quoted market price for financial liabilities is the current ask price.

The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. The Group uses a variety of methods, such as estimated discounted cash flows, and makes assumptions that are based on market conditions existing at the reporting date.

Fair value measurements recognised in the consolidated statement of financial position

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, Grouped into Levels 1 to 3 based on the degree to which the fair value is observable.

· Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities.

· Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

· Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).

2.4 Critical accounting estimates and judgements

The preparation of the unaudited Condensed Consolidated Interim Financial Statements require management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities at the date of the consolidated financial statements. Estimates and assumptions are continually evaluated and are based on management's experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount can be made. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

A full analysis of critical accounting estimates and judgements is set out in Note 3.3 of the 2024 audited financial statements.

Recoverability of assets related to the E-LIX project

The E-LIX System represents a key area of estimation uncertainty due to the early-stage nature of the project and the significant assumptions involved in assessing the recoverability of capitalised development costs.

Historically, the Group capitalised expenditures related to the construction of the pilot plant and supporting infrastructure, as well as costs associated with feasibility studies and engineering design for a potential industrial-scale application of the E-LIX electrochemical extraction process.

The recoverability of these capitalised amounts is subject to considerable uncertainty and depends on the achievement of several future milestones, including:

· Demonstration of commercial and technical feasibility - The E-LIX Phase 1 plant must validate the E-LIX System's ability to operate consistently and cost-effectively at scale. Progress to date has highlighted challenges in achieving sustainable throughput levels, and further assessment is pending (see Note 8).

· Market conditions for copper and zinc - Sustained favourable pricing is critical to supporting the project's economic case.

· Operational and cost performance - The system must achieve targeted recovery rates and cost efficiencies during pilot and potential commercial operation.

· Strength of exclusivity arrangements - The Group retains exclusive rights to deploy the E-LIX System within the Iberian Pyrite Belt, but the value of these rights is contingent on successful commercialisation.

Management assesses the capitalised amounts for indicators of impairment in accordance with IAS 36. As at the approval date, the Group had not received updated technical or commercial information from the third-party advisor engaged to review the project. Should there be indications of material changes in project assumptions or external conditions, the Group will review the carrying amount of the asset in accordance with IAS 36.

3. Business and geographical segments

Business segments

The Group has only one distinct business segment, being that of mining operations, which include mineral exploration, development and scrap sales.

Copper concentrates produced by the Group are sold to three off-takers as per the relevant offtake agreements. In addition, the Group has spot agreements for the concentrates not committed to off-takers.

Geographical areas of sales

The Group's mining activities are located in Spain. The commercialisation of the copper concentrates produced in Spain is carried out through Cyprus. Sales transactions to related parties are on arm's length basis in a similar manner to transaction with third parties. Accounting policies used by the Group in different locations are the same as those contained in Note 2.

The table below presents revenues from external customers based on their geographical location, determined by the country of establishment of each customer.

Revenue from Spain is derived from the sale of scrap metal.

The table below presents revenues from external customers attributed to the country of domicile of the Company.

The geographical location of the specified non-current assets is based on the physical location of the asset in the case of property, plant and equipment and intellectual property and the location of the operation to which they are allocated in the case of goodwill.

Revenue represents the sales value of goods supplied to customers; net of value added tax. The following table summarises sales to customers with whom transactions have individually exceeded 10.0% of the Group's revenues.

4. Revenue

All revenue from copper concentrate is recognised at a point in time when the control is transferred. Revenue from freight services is recognised over time as the services are provided.

(1) Included within Q3 2025 and YTD 2025 is income related to the freight services provided by the Group to its customers arising from the sales of copper concentrate under CIF incoterm, of €2.2 million (Q3 2024: €3.1 million) and €8.2 million (YTD 2024: €9.4 million), respectively.

(2) Represents adjustments to revenue arising from the final settlement of sales contracts that were previously provisionally priced. These amounts result from the reversal of provisions once the final invoice amount has been agreed with the customer.

(3) Provisional pricing impact represents the change in fair value of the embedded derivative arising on sales of concentrate.

(4) Other income mainly represents scraps.

5. Net Finance Income/(Costs)

(1) Interest expense related to interest accrued on bank payable balances.

(2) Amounts capitalised within the above table refers to 50 MW Solar plant.

Financial income includes interest received on bank balances of €0.4 million (2024: €0.2 million) and €1 million related to E-LIX project funding (Note 8).

The impairment relates to the loan to Lain for the Pilot Plant, which the Company fully written down, as the amount is not expected to be recovered in the short term. (Note 8)

6. Tax

The Group determines the income tax expense for the period based on the application of relevant tax laws and regulations in each jurisdiction, including current and deferred tax effect. The major components of income tax expense in the unaudited condensed consolidated interim financial statements of profit or loss are: