E-LIX Phase I Industrial Plant
Project information
As at 31 December 2025
Description
As at 31 December 2025
Industrial-scale demonstration plant at Proyecto Riotinto applying the E-LIX electrochemical extraction technology - an electrochemical leaching process developed by Lain Technologies Ltd. that aims to selectively recover copper and zinc cathodes (and derivatives) from complex sulphide ores. Pilot plant constructed during 2021 confirmed technical feasibility; Industrial Plant construction and financing approved by the Board in December 2021. Atalaya's exposure is held through (i) a convertible loan with Lain Technologies (entered 30 September 2024), which at maturity allows Atalaya to acquire 20% of Lain Technologies' shares at zero consideration if the principal is not repaid, and (ii) tangible assets (PPE) located at Proyecto Riotinto. In Q4 2025 the plant operated intermittently producing zinc precipitates from copper-zinc concentrates at variable and reduced capacity; all zinc precipitates produced were sold. As at 31 December 2025 the Plant had not achieved the level of commercial production envisaged in the feasibility studies. Atalaya recognised a EUR 24.1m impairment in FY2025 (EUR 21.4m on the Industrial Plant Loan and EUR 2.7m on Pilot Plant balances), leaving a remaining carrying value of EUR 31.8m (EUR 22.1m PPE + EUR 9.7m convertible loan). Atalaya holds limited exclusive rights to the E-LIX technology within the Iberian Pyrite Belt.
Processing facilities
As at 31 December 2025
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