Proyecto Touro — project

Brownfield copper project located in Galicia, north-west Spain, held via local entity Cobre San Rafael, S.L. (CSR). Atalaya initially acquired a 10% stake in CSR in July 2017 with a four-phase earn-in agreement to acquire up to 80%: Phase 1 (EUR 0.5m exclusivity + up to EUR 5.0m permitting funding); Phase 2 (EUR 2.0m on permits, +30% to 40% cumulative); Phase 3 (EUR 5.0m on construction commencement, +30% to 70%); Phase 4 (additional 10% on commercial production, with a 0.75% NSR royalty plus buyback option). Notwithstanding the 10% legal interest, Atalaya consolidates up to 80% of the project. On 24 June 2024, the Xunta de Galicia declared Touro a Strategic Industrial Project (PIE), simplifying permitting. The public information period closed on 31 January 2025; the Group has addressed feedback and most sectoral reports have been finalised, with only two pending. CSR is also restoring water quality in nearby rivers via its water treatment plant. CSR has applied to the European Commission's second call for strategic projects on critical raw materials. Engineering, procurement and cost estimation works continue; infill and step-out drilling will continue in 2026.