Copper · Mid-Tier · Producer · Europe
Last updated 21 June 2026
Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.
Portfolio Aggregate · 1 project
Portfolio mode — asset rows are for context only; tab totals use the company aggregation.
Atalaya Mining Copper Portfolio
Portfolio
Project information
As at 31 December 2025
Description
As at 31 December 2025
Atalaya Mining Copper, S.A. (LSE: ATYM; FTSE 250 constituent) is a European copper producer with operations and growth projects in Spain. The Group's flagship operating asset is Proyecto Riotinto in Andalusia (open-pit Cerro Colorado, plus San Dionisio and San Antonio satellite deposits) feeding a 15 Mtpa processing plant. The development and exploration pipeline includes Proyecto Touro in Galicia (brownfield copper, earn-in up to 80%), Proyecto Masa Valverde in Huelva (polymetallic, 100%), Proyecto Ossa Morena (99.9%) and Proyecto Riotinto East. The Group also holds earn-in agreements (up to 75%) over the Skellefte Belt and Rockliden VMS land packages in Sweden. Atalaya re-domiciled from Cyprus to Spain on 10 January 2025, changing its name from Atalaya Mining Plc to Atalaya Mining Copper, S.A. A January 2026 equity raise of approximately EUR 150m has lifted pro-forma net cash to around EUR 264m to fund growth projects.
Portfolio Aggregate
Multiple effective dates
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Operating · 1 project
Proyecto Riotinto
Asset
Project information
As at 31 December 2025
Description
As at 31 December 2025
Flagship open-pit copper operation owned and operated through wholly-owned subsidiary Atalaya Riotinto Minera, S.L.U. Located in the Iberian Pyrite Belt in the Andalusia region of Spain, approximately 65 km northwest of Seville. The complex comprises the producing Cerro Colorado pit, the San Dionisio deposit (waste-stripping accelerating from 12.4 Mt in FY2025 to 19-23 Mt in FY2026 to provide higher-grade blend feed; AAU received from Junta de Andalucia on 15 May 2025) and the San Antonio polymetallic deposit located immediately east of Cerro Colorado (subject to infill and step-out drilling). Brownfield expansion completed in 2019. A 15 Mtpa processing plant with engineering ongoing for a polymetallic circuit to allow simultaneous treatment of polymetallic and copper ores. Atalaya updated its Ore Reserves in June 2025 in accordance with the JORC Code (2012); the latest Ore Reserves statement implies a mine life of approximately nine years. Supported by a long-term PPA and a 50 MW solar plant under construction. Concentrate is sold to three offtakers via subsidiary EMED Marketing Ltd (Switzerland and Singapore are the largest customer countries).
Mining metrics
Multiple effective dates
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Development · 2 projects
Proyecto Masa Valverde
Asset · Pre-feasibility
Project information
As at 31 December 2025
Description
As at 31 December 2025
Polymetallic project comprising the Masa Valverde and Majadales deposits located in Huelva, Spain, in the Iberian Pyrite Belt. Acquired on 21 October 2020 through a definitive purchase agreement for 100% of Cambridge Mineria Espana, S.L. (since renamed Atalaya Masa Valverde, S.L.U.) for an aggregate EUR 1.4m cash consideration in two instalments (EUR 0.7m paid in January 2024 on permit grant; balance due on first production). The exploitation permit for Masa Valverde and Majadales was officially granted in November 2023, and the Unified Environmental Authorisation (AAU) has also been granted - both key permits required for development. During 2025 infill and extensional drilling continued with two rigs active and further geotechnical drilling completed, focused on stockwork-style mineralisation expected to be amenable for processing at existing Riotinto facilities. Initial focus on copper zones. Development of the access ramp is subject to final Board approval. Further infill drilling planned for 2026.
Mining metrics
As at 31 December 2025
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Proyecto Touro
Asset · Pre-feasibility · Ownership 10%
Project information
Description
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.
Mining metrics
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Exploration · 4 projects
Rockliden Project
Asset · Pre-feasibility
Project information
Description
Earn-in exploration project covering a land package in the Rockliden district of Sweden, a well-established volcanogenic massive sulphide (VMS) area hosting large-scale Boliden-owned VMS deposits. Entered into via November 2024 binding agreements with Mineral Prospektering i Sverige AB (MPS) on identical earn-in economics to the Skellefte Belt Project: initial US$3m commitment over 24 months, Stage 1 option US$3m for 51%, Stage 2 option US$6m plus completion of scoping studies for 75%. Activities resumed in early January 2026 alongside the Skellefte Belt Project with three rigs on-site shared across both projects. The combined exploration funding to MPS across both projects totalled EUR 3.8m in 2025 (2024: EUR 1.2m). The project remains in early exploration stage and is recognised as expenses pending advancement toward a mining permit.
Mining metrics
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Proyecto Riotinto East
District · Pre-feasibility
Project information
Description
Exploration project covering two investigation permits (Penas Blancas and Cerro Negro) totalling 10,016 hectares located immediately east of Proyecto Riotinto in Andalusia. Entered into via a December 2020 Memorandum of Understanding with a local private Spanish company to acquire a 100% beneficial interest in three permits (Penas Blancas, Cerro Negro and Los Herreros, totalling approximately 12,368 hectares); the Los Herreros investigation permit was rejected in June 2022 following a short drilling campaign. During 2025, gravimetric ground surveys and soil geochemistry works defined coincident gravity and geochemical targets at Cerro Negro and Penas Blancas. Drilling is expected to commence at both permits in the coming weeks.
Mining metrics
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Proyecto Ossa Morena
District · Pre-feasibility · Ownership 99.9%
Project information
Description
Exploration portfolio located along the Ossa-Morena Metallogenic Belt in southwest Spain. Acquired in December 2021 via a 51% interest in Rio Narcea Nickel, S.L. (renamed Atalaya Ossa Morena, S.L.U. on 31 January 2022), which owned 9 investigation permits; the acquisition also provided a 100% interest in three further permits along the same belt. In Q3 2022, Atalaya increased its ownership to 99.9% via a capital increase to fund exploration; during 2022 eight investigation permits were rejected. The portfolio includes the Alconchel-Pallares copper-gold project (step-out drilling underway in 2025; three holes completed in Q3 2025) and the Guijarro-Chaparral gold-copper project (drilling expected to commence shortly). Total cash consideration of EUR 2.5m payable in three instalments (EUR 0.5m paid on signature; EUR 1.0m on Environmental Impact Statement; EUR 1.0m on final mining permits) plus a 1% NSR royalty over all acquired permits.
Mining metrics
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Skellefte Belt Project
District · Pre-feasibility
Project information
Description
Earn-in exploration project covering a land package in the Skellefte Belt, a well-established volcanogenic massive sulphide (VMS) district in Sweden hosting many large-scale VMS deposits and mines owned by Boliden AB. Pursuant to binding agreements entered into in November 2024 with Mineral Prospektering i Sverige AB (MPS), Atalaya may earn an initial 75% interest via a staged earn-in: initial funding commitment of US$3m over a 24-month period, Stage 1 option of an additional US$3m for 51% ownership, and Stage 2 option of US$6m plus completion of scoping studies for 75%. Atalaya has confirmed its election to proceed to Stage 1 Exploration Operations following fulfilment of its Minimum Expenditure commitments. Following a successful autumn 2025 drilling campaign, operations resumed in early January 2026 with three rigs on-site (split with the Rockliden Project); over 5,000 metres of drilling have been completed in 2026 to date, primarily focused on the Skellefte Belt Project. Ground-based FLEM geophysical surveys are targeting promising VTEM anomalies; several new targets are currently being tested at the Kedtrask nr 1 licence. Funding to MPS (combined across Skellefte Belt and Rockliden) was EUR 3.8m in 2025 (2024: EUR 1.2m); given early stage, costs are expensed rather than capitalised.
Mining metrics
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Processing facilities · 1 project
E-LIX Phase I Industrial Plant
Asset · Construction
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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Assumptions
- The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.
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How to read this tab
- The tables below list unit codes most often used in the Base Metals sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
What the Portfolio tab shows
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
Concepts in your sector — Base metals
- Cu % / Zn % are the grade norm for base metals; kg/t is for very high-grade deposits. Porphyry copper is typically 0.3–1% Cu; SEDEX zinc 5–15% Zn.
- C1 vs C2 vs C3 vs AISC. C1 is direct mining + processing + transport + by-product credits. C2 adds depreciation; C3 adds corporate/indirect costs. Compare like for like.
- TC/RCs (treatment & refining charges) are smelter payments per dry metric tonne of concentrate — a non-trivial part of base-metal economics, not shown on the Portfolio tab.
- Concentrate vs metal. Miners often sell concentrate (~25–30% Cu) and are paid for contained metal minus TC/RCs. Portfolio books contained metal on a 100% basis.
Portfolio tab — table guide
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Mining — one row per mining project, with columns for project name, location, status, primary commodities, production (with rating), reserves & resources (with rating), grade (with rating), costs and estimated lifetime. Multi-commodity projects emit one summary row per commodity.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
Ownership / Working interest
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
- Consolidation method — how the issuer accounts for the asset. Separate from how much the company owns (ownership %) and who operates it, this accounting treatment decides whether an asset's figures sit inside the company's reported group totals or are stripped out to a single net line. It applies to operating assets (mines, oil & gas fields, processing facilities) and is left blank for royalties, streams, and company-level portfolio rollups.
- Consolidated — the company controls the asset and includes 100% of its figures in the group total; the portion it does not own is carried as a non-controlling interest (NCI). Control is not the same as a majority, so a company can consolidate an asset it holds less than half of. Where ownership is below 100%, the Portfolio shows the NCI percentage (100 minus the company's stake).
- Proportionate — a jointly-operated asset the company includes at its own share, line by line; the share is inside the group total.
- Equity method — an associate or joint venture shown on a single net line, with its revenue excluded from the group total. This is the usual reason a company's reported total is smaller than the sum of its individual assets; the Portfolio flags the share of a commodity total that is equity-accounted.
- Cost / other — a passive or fair-value holding, excluded from the group total.
Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.
Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.
Silver
Copper
Copper uses kt Cu bands; lb-scale copper resources are converted to kt. Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.
Commodity guides
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