Atalaya Mining Plc (AIM: ATYM; TSX: AYM) is pleased to announce its third quarter and nine-month results for the period ended 30 September 2022 (“Q3 2022” or the “Period” and “YTD 2022” respectively) together with its Unaudited Interim Condensed Consolidated Financial Statements.
The Unaudited Interim Condensed Consolidated Financial Statements for the period ended 30 September 2022 are also available under the Company’s profile on SEDAR at www.sedar.com and on Atalaya’s website at www.atalayamining.com.
Consistent quarter of production, supporting confidence in full year guidance
EBITDA of €37.1 million in YTD 2022 despite extremely high electricity prices and other input cost inflation, which resulted in EBITDA of negative €4.3 million in Q3 2022
Maintained a strong balance sheet with net cash of €55.6 million
Continued investments in growth, future cost reductions and decarbonisation via exploration programme, 50 MW solar plant and E-LIX Phase I project
Lower power prices post quarter end support positive outlook for Q4 2022 and into 2023 when new power purchase agreement and 50 MW solar plant are expected to materially lower costs
Q3 and YTD 2022 Financial Results Summary
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Alberto Lavandeira, CEO commented:
“Q3 was a consistent quarter operationally with good throughput and improved grades compared to earlier quarters in 2022. These trends are expected to continue in Q4 and into 2023 and support our reiterated 2022 guidance.
In terms of financial results, we were impacted by lower copper prices and very high inflationary pressures, most notably the price of electricity including extremely severe spikes in August and September 2022. Since the end of Q3, electricity prices have decreased by around 40%, due to mild weather and growing wind generation in Spain, reduced industrial demand and a good supply of LNG cargoes.
As a result, we expect that costs will moderate in Q4 2022 and look forward to 2023, when we will also benefit from our new long-term power purchase agreement and the start-up of the 50 MW solar plant, which will together provide around 50% of our electricity requirements at highly competitive rates.
With the benefit of a strong balance sheet, we remain committed to investing in growth. Through greenfield exploration, the development of higher-grade orebodies and Touro, and operating a commercial scale E-LIX plant, we are confident that Atalaya will transform into a growth oriented and diversified multi-asset copper producer.”
Investor Presentation Reminder
Alberto Lavandeira (CEO) and César Sánchez (CFO) will be holding a live presentation relating to the Q3 and YTD 2022 results via the Investor Meet Company platform at 2:30pm GMT today.
To register, please visit the following link and click “Add to Meet” Atalaya via:
Management will also answer questions that have been submitted via the Investor Meet Company dashboard.
Q3 and YTD 2022 Operating Results Summary