Good morning. Good morning, ladies and gentlemen.

Many thanks for being here. We are here to review the first quarter financial results presentation that's in the screen and will be posted in our web page.

I have with me César Sánchez, the CFO, that will help me replying any questions that's related to the to to the details of the presentation. We had already submitted information about the first quarter.

We announced that, and as it was below our plans. It was affected by very heavy rainfalls during the late part of February of January and the whole of February, but we have made a lot of progress.

Since the end of the quarter, during the months of April and May, which have been quite dry, we have exceeded our plan, and we have recovered a good part of the shortfall from from Q1. The cost performance has been consistent with guidance even with lower production.

I will get into into more details a bit later. In relation to full-year guidance, also we will giving be giving a little bit more details further, but basically what we can say is that we feel comfortable that we can keep it relatively unchanged.

We had good results even having low production. We generated €48 million EBITDA.

It was impacted by lower production, it could have been much much higher, but we benefited from higher copper prices. That shows how leverage we are to copper prices, higher silver credits, and of course low treatment charges of our concentrates.

In the following pages, and I will speak a little bit more about the financial performance and and give you a little bit of an update of our growth projects. Looking at the typical graphs that we show, the plant performed well, mmm quite consistent, recovery well was okay, but the grade was lower.

The grade was lower, and and as a result of that, we we we produced less. Due to the good copper prices, at the end, revenues were slightly lower than than previous years, than previous quarters, but with a good generation of of of cash flow.

We had EBITDA of €48 million. We had very good silver credits, and we generated a cash flow of almost €30 million.

This cash flow was enough to cover our investments during the quarter and and to cover the investment in Lara resources, and we ended up the quarter with a fantastic balance sheet of almost €300 million in cash and a net cash of almost €270 million, and growing, by the way, which includes obviously the proceeds of our capital raise in late January just about a little bit less than €150 million. What about the cash costs?

They were consistence during Q1 with our full-year guidance. Cash costs of $2.52 and all-in sustaining costs of $3.20 are within our guidance, and you can see that the cash costs are actually lower than the full year of '24 and just slightly higher than '25 than '25 even in spite of of the lower production.

When you look at the details, you would see that the mining costs were higher due to lower production, but also due to the to the effects of of higher operating costs, mainly mainly diesel. In the case of processing, basically the difference is is due to the lower production.

In the case of other operating costs, which are basically G&A's, they included the pay that is the bonus that's paid normally in the during the first quarter, that's why it's slightly higher and of course affected by lower production. The good news came of course with the by-product credits.

By-product credits were negative, as they used to be in the last couple of years due to the silver credits, but due to our good production and good metal prices of silver, we had a pretty good negative credit. A big change, and we had flagged that last year, is that the TCs/RCs, the refining treatment charges and refining charges that are charged by smelters, were net negative including even including the considering the freights and other side costs.

This is due to the fact that we have been selling some of the concentrates at at the benchmark, which is basically zero or close to zero, but also a significant amount of lots of of production with negative three figures, negative treatment charges. The smelters pay us to get our concentrates.

This marks a a huge difference from previous year, we were able to keep our our cash costs quite quite under control even with this lower production and not favorable exchange rates. We believe this thing is going to be continuing, this this thing of the negative treatment charges during the years to come.

This is very important because we have this legacy offtake agreements coming from over 10 years coming to the an end, expiring. Mmm Most of them have already expired, and we are basically only have some remnants in this year and next year.

Then we believe we are going to be benefiting from the tightness in in the concentrate market. I say this is important because this is a kind of hidden asset in the Atalaya balance sheet with with the with the offtakes uncommitted both at Riotinto and at Touro.

This is something that in if needed it could be monetized because there's a huge demand of of copper concentrates in in right now and in the years to come. We normally benchmark our all-in sustaining costs with other companies, and we continue to be within our range, a very constant of course tripping up a little bit in the last quarter, but still very competitive with other companies.

Looking at the at the guidance, as I said before, Q1 was under under the plan, but we have already recovered part of that shortfall, and as a result of that, we thought that it would be prudent to to keep our guidance of between 50 and 54,000 tonnes of copper, but we are saying that we are going to be on the low end even having recovered a little bit of of our production. The costs, we believe we are going to be in the within the range of our guidance, but we are advising and and saying that of course this this events that are happening in the Middle East, this this conflicts, could have an impact in costs.

Of course this could have an effect in diesel and explosives. Diesel is evident due to the prices of oil and the the the amount of refining capacity in the Middle East.

It looks like from the latest news, although they change each week, that the things are softening there, and ships are starting to move within the the strait, but we are prudent. We know that the the effect of the on the all-in sustaining costs if the diesel prices, which are much higher than used to be last year, continue the the whole year, we could have an effect between 15 cents and 20 cents per pound due to diesel and explosives.

Mainly mainly diesel. Explosives is related to the price of gas, natural gas, which affects also ammonia, which is the the the base price for explosives, but the real effect is in in diesel.

We remain confident that this thing is going to be sorted out and the prices will go where used to be in the past. As I said, the the damage is limited because it's it is not affecting this high diesel and gas prices is not affecting so far in Spain the prices of electricity.

We have not seen any spike in electricity prices like we have seen in the past conflicts. We we are quite safe with our solar plant and with our hedging of of electricity prices, plus the low prices due to the high rains in Spain, we are quite confident that that we can we can keep our operating cost guidance.

In relation to the CapEx, we have not made any changes. Of course, some things like like the strip in San Dionisio or the ramp of Masa Valverde when we start could be affected by high diesel prices assuming this this this this this extra costs remain in the market, which which we don't we think it's going to be resolved eventually.

Looking ahead of what our growth projects, just to give you an update of what we normally look do during each quarter, at San Dionisio, we continue working. You can see the pictures how things are progressing.

The prestripping is advancing quite well, and we are moving well to to get to the higher-grade ore ore grade. In Masa Valverde, we now have all the permits.

We now have all the land. We are clearing the land around the portal.

We are building the explosive magazine, which is essential to be able to work three shifts a day, and we continue to to drill infill drilling that area of copper grades that where we are getting, as we told as we we we said in in previous releases, grades close to 2% copper with very good thickness. We continue there with two rigs infilling that area in preparation to to to start the ramp in the in this year.

Other working stream that we have mentioned in the past is that we have a good resource, a big resource of polymetallic material, material that has higher copper grades shown in red dots in the slide, a higher copper grades in material that has around 100 where we have around 130 million tonnes that is polymetallic, contains a lot of zinc and lead and silver, while in the Cerro Colorado pit, we have 180 million tonnes roughly, which is with lower grade, but much simpler, only copper. Of course we will need eventually to build a polymetallic circuit.

We are we continue with engineering and clearing some of the areas to to install this installation, which will cost around 80 to 90 million and will be will be starting in in '26 and and gone during 2027. It's a quite simple installation, basically we'll be installing some flotation circuits in of zinc flotation circuits plus the associated thickeners and filters to be able to recover some streams of of of lead and zinc.

We also continue drilling drilling areas of of other deposits like San Antonio and and doing exploration in the Pyrite Belt, and we are very focused also in looking at other opportunities in the Pyrite Belt, which is our natural growth option. As we always say, our our growth is going to come from Galicia.

I think it's important to mention that this this quarter, although we have seen always lots of progress, but this time we have seen this quarter we have seen a lot of progress in the public media by first by the the government announcing the campaigns to add economic value through the through mining in in in different projects, launching tenders for old licenses, and focusing in critical materials, a big focus in a positive way from the Xunta. The most important thing was that the Minister of Industry, María Jesús Lorenzana, shown in picture in the right, said in public that the that the old reports needed for the Touro project were finalized and positive, and that the the environmental impact statement, what we call the DIA, the Declaración de Impacto Ambiental, will be ready before summer.

It's not clear what before summer means, if it's before August of or before real summer in in end of June, but we are confident that we will be getting this as we had expected during the the second quarter, before the third quarter. In the meantime, we continue working and advancing.

We have our teams ready. We have all the engineering ongoing.

We have already launched tenders on key equipment, mining contractors, purchasing of land on top of the plant site, finalized the offices for field offices, finalized the assay lab, continue infill drilling in the areas around the pits, and basically what we want is to is to get this this project ongoing as fast as possible. We have shown this slide before.

This this Touro is going to be at least 30 million 30,000 tonnes of copper per year or more and with a modest capital intensity, and with operating costs which are expected to be around 50 cents lower than than Riotinto due to better grades, better recovery, better concentrate grades, and and low very low impurities. In two words, and before we get into the questions, Atalaya is really advancing, is very well positioned to to grow.

We continue to deliver our plans to get to 200,000 tonnes of copper, and not far away, in 3 years, 1,000 tonnes of copper equivalent considering the 50, 60 region for Riotinto, another 30,000 for for Touro, and another 20,000 20,000 of for copper equivalent through zinc concentrates. In addition to that, we have other opportunities like our exploration earning in Sweden, our exploration projects in the north part of of the Pyrite Belt, which is called Ossa Morena, where we have some copper-gold deposits, general exploration in the in the Pyrite Belt, and recently also acquired a small stake in a very nice and exciting project of copper in in Brazil, which is going through the final feasibility stage, and that we believe is going to be a mine in the in the near future.

Look, tried to go quite quite fast. We are ready with a very good balance sheet, and we are ready to deliver all this these projects.

With this, I will probably go into the questions session, and and try to to answer as many as possible, as usual.

Many thanks. Look, there are lots of questions that have been pre-submitted and probably more coming soon.

The first one is, "What's been done to reduce the risk of diesel prices increase?" Not much that we can do.

Our contractor takes care of the diesel purchase, asking for quotes for three or four suppliers in the region, trying to get better competitive prices. Unfortunately, there's not much that you can hedge over 1 month, or you can cover.

We are confident that the prices will be reducing, and one of the things we are doing is try to limit, if possible, any big movements in this time of this high prices period by reducing the transport distances in areas where there is some flexibility. "Have you look at the feasibility of electrifying haul trucks?

I know that large scale like Fortescue is seeing big $300-$400 million savings switching to electric Liebherr and XCMG haul trucks." Electrifying trucks is, unless you go with trolley assisted, is not something that's proven.

In the case of Fortescue, is quite different stage because it's long hauls, very horizontal. There are not many mines, if any, where have vertical distances that can electrify because it's a technology that's not available yet, unless you have a trolley assisted like they have in Sweden or in Zambia in other places with Hitachi trucks, but it's something that right now our mine cannot allow us to do that.

"If electrification of haul trucks is being studied, could you expand our solar battery energy storage?" As I said, it's not possible due to the technology right now, although we are looking at the possibility of doing some selective battery storage.

"Congratulations to timely acquisition of Lara. Were funds used from the recent raise, or was it something from existing cash?"

It was not a big amount of money, it was a very limited purchase that we could fund perfectly from our existing cash resources. We didn't need the recent raising.

This is something that we have been trying to look at companies with value all over the world, but basically, as I said several times, always concentrated in Latin America, where we have certain relations and language advantage, and that means Peru, Chile, Brazil, and at a lower extent, other countries, but mainly concentrated in those. We thought that this was a good opportunity.

Very serious shareholders, which we knew, and thought this was a good opportunity and was an investment purposes, maybe also for the future, I think it was a good acquisition, fair acquisition. "When Atalaya raised funds, the RNS specifically said it was for Touro and San Dionisio in Spain.

Lara purchase is pivot away from Spain. Does it impact the funding requirements for two Spanish projects mentioned?

Does Lara purchase conflict with the RNS fund raise message?" No.

Not really, because, as I said, Lara right now, they need funds for the feasibility study, we're talking about 2, 3 years, and in that time frame, we're not thinking having to provide any of more funds to Lara at all, and we'll see what we do. Also, when we made the raise, we had enough money to do Touro by itself, but we said we want to advance some early works, but as I said before, we have other things simultaneous to Touro.

In the polymetallic circuit, for example, we could wait until the end of the mine life and start the polymetallic circuit at the end of the mine life, but it makes more economic sense to do it ahead and to be able to blend the normal copper with the polymetallic. The same thing with developing Masa Valverde.

We have no rush to develop it. We can fill our mill with the existing Cerro Colorado pit, but obviously if you can blend with some higher grade while you have a large mill that has very good operating costs, it makes more economic sense.

The raising was basically to be able to advance other projects more than was not necessary, but it was good, and gives us also very good flexibility to fund Touro with loans now with the power that will allow us to negotiate with banks without requiring hedging, because this is something that we always been very careful of, and I think we have been right when people thought that the copper price was never going to go over $5 and here we are with higher prices, and it could go to any price. Next question is, "With recent continued price movement in copper, there's some chatter in bulletin boards that Atalaya could be a bid target.

With the exit of Cobas and Trafigura, what defense measures, if any, do you have towards a hostile bid?" The best defense is to have a good contact with the shareholders to show them that the future is still there, that there is a big upside with this project that we have in hand and with other projects, and that they should be trying to see a company, a stand-alone.

Of course we are a public company, and we could be subject to a bid, of course. I doubt that it would be hostile because obviously it's quite difficult to do that without having internal knowledge of the projects, but of course anything's possible.

The best defense, what we are doing, is keeping our main shareholders very well informed of what we are doing and what is the future so that they are not tempted to listen to bids that could be undervaluing the company. "Europe faces a strategic bottleneck.

It can mine rare earths, but it cannot refine them. Given Atalaya's land bank and site infrastructure, water, power, sciences, would it not be worthwhile exploring business or refining rare earths post mining of Riotinto?"

The land is there. We have lots of things to do before the end of the mine life.

We have ahead of us 10 to 15 years life at least. I think that's probably not a business that would add too much value.

I think, for example, just to give you an idea, within our land and, for example, very close to our tailings, we have the old gold tailings, which at today's value with gold and silver prices probably contain around $1 billion of recoverable gold. I would say that there is value in using this first ahead of doing anything else.

"Alex, any update on Atalaya potential improve terms, exploitation of technology share ownership?" We continue to watch closely E-LIX.

They are working with successfully removing zinc from copper concentrates and also silver. Still needs to finalize plans for a long-term financial let's say viability of the company, because we believe that the owner of E-LIX has a very stressed balance sheet.

Let's say we continue with conversations, but right now we don't have any longer-term plans. "Atalaya ore capacity, will this be free from offtake agreements?"

Yes, we don't have any offtake agreements after I think after next year we are done. "Mining.com Global Mining Power Rankings, Atalaya was officially named the small cap winner in the market '26 rankings, securing 8.2% of the votes.

Would you tell us more about this, the significance?" It's interesting because the winners of the large caps were important companies like Newmont and BHP and Rio Tinto with around 9% or 10% also of the votes.

We were the leaders in the small caps with around similar number of votes, it was very encouraging. I suppose this is a result of a good share performance, and people like what we are doing, because we have fulfilled in our targets, we have been growing from nothing, we have very good balance sheet, we're small, but yeah, people have voted in favor of us.

Next question is, "As of '26 MSCI model update, Atalaya Mining is categorized as AA leader in metals and mining, non-precious metals industry. Please could you tell us what about this significance?"

I'm not an expert in this, but this is an index from Morgan Stanley Sustainability Index. It's basically something that they gather information from all the places, and that you have the leader, the AAA, which is the best category, and then the leaders, which is AA.

We are in that upper category, which means that we are doing things better than others, and that's really what it means. We are very pleased on that because it shows that, based on all information of sustainability, we're very well perceived and we do things in the right way.

Next question is, "Touro is expected to add additional 30,000 tonnes per year, 12, 15 years life. Is this a cautionary statement?

What's the likelihood of more copper at Touro, longer mine life, and new discoveries nearby?" I think the likelihood is 100%.

Even I'm not telling any inside information. When you look at past report that we have published and they are in our web page, the reserves based on at $2.60 copper price were 100 million tonnes.

When you look at the same pits calculated at $3.20 copper price, they were 150 million tonnes. The mineralization remains open, very likely we would see much longer life at Touro.

I would bet that not less than 20 years life is what we'll see in Touro. We are not discovering the moon.

This is the same thing that happened at Riotinto, where we had a mine life of 12 years. We have basically been mining 11, and ahead of us at least we have another 10, 11 at the very least.

That's what we also expect in Touro, which I think it's at least a generation, which is very important. By the way, we have also control of the whole belt, we have to do more exploration and see if we can find some new discoveries nearby that can extend the mine life, we are quite confident on that.

For sure it will be much more than what we have. "How are you working to improve your sustainability credentials?"

Doing a lot of work, but maybe César, which is the expert and deals with the agencies, can tell you a little bit about that.

I guess that the natural answer is by doing things right. The reality is we engage with a tier-one advisor which basically help us to channel all the information with all the work that we do at Atalaya.

Just to be clear, we have not engaged with any of the sustainability rating agency to improve. It just the consequence of doing a good job for the last 2 years.

Thank you, César. Next question is, "Touro approaching the final approval, how should we see the recent 7.3% stake in Lara?

Is this a passive investment or a first step towards international asset development?" Let's say that right now we consider this as a investment, it's a good investment, open the possibility of doing something internationally.

We like the country. It's located in a place with good infrastructure, mining friendly, good people, copper only, clean.

It's something that we would be very happy to participate in the event that Lara wanted or we could do something with Lara. It could be a step, but right now we're using that as a good investment and we believe it's a good project and with offering value for the shareholders, which, by the way, has been confirmed by the movement in the share price.

"Can you clarify as best as possible before summer for Touro approval?" We're just repeating what we have heard in the radio and we've seen in the media.

Before summer in Spain could be before August, which is when everybody takes holidays, but actually before summer is before the 21 or 23 of June. We are confident that this could be obtained.

The environmental impact statement, declaration, could be obtained before the end of June during this quarter, as I said before. We are confident from our conversations.

Of course this does not depend on us, but we know it's coming. We believe it's going to be coming during this quarter.

"Is increase in operational costs because there has been less ore processed in Q1? Is this considered to be a one-off event, or because of heavy rain, or is there a need to create some sort of drainage at site?"

No, look, it's more lower production. Lower production the cost per tonne itself have not been affected too much.

Actually, at the plant, they have been even lower than previous quarter. The higher production per pound is due to lower production of copper, which means your costs, you divide it by less pounds of copper, and you have higher costs.

That's the main reason. The reason why this affects mainly mining is because if you cannot access areas that have better grades, you have to rely in lower grades, and with lower grades, you have lower production.

It's not possible to have drainage. Simply, we had in some areas that we could not work.

We had rains during this last week of January and the whole February where we received the same amount of water that we received the whole year. Basically every day it was raining, and some areas that we could not access.

This should be a one-off event. We had to change the mine plan a little bit, and we are recovering from that, but in theory, this is something that will be recovered.

Obviously, the ore has not disappeared. "Might threatened US sanctions against Spain affect Atalaya?"

I don't think so. I don't know what sanctions can come, but really Atalaya is a mining company producing in Spain, producing in Europe, and I don't think they would affect us at all.

Last question is, "What's the latest on E-LIX?" As I said before, E-LIX has been working During the first quarter, it didn't work too much.

Recently, has been working basically due to difficulty with funding because right now had been always funded with loans from Atalaya, and we decided that due to some risk perception, we could not continue funding with loans. Somehow they have started again, and they have been working for 1 month continuously removing zinc from copper concentrates, lower copper concentrates, which is encouraging and quite positive.

We don't have economic results yet, but operationally, it seems to be working well. That's the latest of E-LIX.

I think this was the last question.

Thanks very much for being here. Thanks for your continued support as shareholders.

It has been a difficult quarter from production point of view. Sometimes it's important to be a little bit lucky, and we had a good metal prices, and at the same time, we had a big shortage of copper concentrates in the market, which is likely going to continue, which have offset these difficulties of production and resulted in a very good quarter, as good as any other, which shows the potential of this company.

We look forward for a very good, bright '26 and in the years to come.