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    EMED   CY0106002112

ATALAYA MINING PLC

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Atalaya Mining Plc : - Unaudited Interim Condensed Consolidated Financial Statements for the period ended 30 June 2021

08/12/2021 | 10:07am EDT

Atalaya Mining Plc (AIM: ATYM; TSX: AYM), the European mining and development company, is pleased to announce its quarterly and six-monthly results for the period ended 30 June 2021 ('Q2 2021' and 'H1 2021' respectively) together with its unaudited interim condensed consolidated financial statements.

The Company increased EBITDA to EUR99.4 million in H1 2021 (H1 2020: EUR22.1 million) and cash flows from operating activities to EUR71.0 million (H1 2020: EUR23.0 million) as a result of robust operational performance at Proyecto Riotinto, combined with strong copper prices.

Total cash as at 30 June 2021 was EUR92.8 million up from EUR37.8 million as at 31 December 2020. Atalaya maintains a strong balance sheet with net cash of EUR37.8 million as at 30 June 2021 after drawing down facilities to pay Astor during Q1 2021.

Includes bank borrowings and Deferred Consideration at 31 December 2020.

Q2 2021 revenues amounted to EUR99.7 million (Q2 2020: EUR56.5 million). H1 2021 revenues of EUR197.1 million were higher than for the same period in the prior year (H1 2020: EUR117.7 million). Higher revenues were the result of higher realised copper prices and slightly larger volumes of concentrate sold.

Q2 2021 operating costs were EUR47.8 million (Q2 2020: EUR43.7 million). H1 2021 operating costs amounted to EUR97.7 million (H1 2020: EUR95.6 million) reflecting the higher production volumes and higher cash costs.

Q2 2021 EBITDA of EUR52.0 million (Q2 2020: EUR12.8 million). H1 2021 EBITDA of EUR99.4 million (H1 2020: EUR22.1 million). The increase in EBITDA was driven by higher revenues while operating costs remained similar compared with Q2 2020.

Q2 2021 cash costs of US$2.26/lb of payable copper, higher than Q2 2020 cash costs of US$1.87/lb, mainly due to a weaker US Dollar/Euro rate in Q2 2021 ($1.10 per euro in Q2 2020 versus $1.20 per euro in Q2 2021) and a one-off adjustment in June. This was to expense a proportion of year-to-date capitalised stripping costs to reflect a higher life-of-mine waste-to-ore ratio following the updated reserves and resources announced that month.

Q2 2021 AISC was US$2.52/lb of payable copper, higher than US$2.11/lb during Q2 2020. The increase in AISC was driven by the same impacts as those for cash costs. Reported AISC excludes one-off investments in the tailings dam during the period, which amounted to EUR4.0 million (Q2 2020: EUR3.0 million).

Inventories of concentrate at 30 June 2021 amounted to EUR11.8 million (EUR2.9 million at 31 December 2020).

Working capital surplus as at 30 June 2021 of EUR90.9 million, representing a EUR108.8 million increase from a EUR17.9 million deficit as at 31 December 2020. The increase was mainly due to the impact of the EUR53 million paid to Astor Management, A.G. ('Astor') in Q1 2021 which was funded by long term unsecured facilities and cash generated from operations.

Cash flow used for investing activities amounted to EUR6.9 million and EUR70.9 million for Q2 2021 and H1 2021 respectively including EUR53 million paid to Astor in Q1 2021 (Q2 2020 and H1 2020: EUR7.7 million and EUR13.3 million respectively).

Q2 2021 cash from financing activities was EUR1.9 million. For H1 2021, the cash generated from financing activities was EUR54.8 million including unsecured facilities used to fund the payment to Astor in Q1 2021 (H1 2020: EUR14.6 million).

Alberto Lavandeira, CEO commented: 'Atalaya has had another solid quarter and half year, driven by its robust operational performance and strong copper prices. Our team that delivered this financial performance also continues to focus on delivering new efficiencies to further increase shareholder value, including looking at new technologies to increase productivity and reducing our carbon footprint.'

Contact:

Tel: +34 959 59 28 50

Email: comunicacion@atalayamining.com

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2021 336 M 463 M 463 M
Net income 2021 112 M 154 M 154 M
Net cash 2021 80,0 M 110 M 110 M
P/E ratio 2021 4,88x
Yield 2021 -
Capitalization 539 M 743 M 742 M
EV / Sales 2021 1,37x
EV / Sales 2022 1,15x
Nbr of Employees 487
Free-Float 29,3%
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Number of Analysts 6
Last Close Price 390,00 GBX
Average target price 488,00 GBX
Spread / Average Target 25,1%
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Managers and Directors
Alberto Lavandeira Chief Executive Officer, MD & Executive Director
CÚsar Sßnchez Chief Financial Officer
Roger Owen Davey Independent Non-Executive Chairman
Julian Sanchez General Manager-Operations
Stephen Victor Scott Independent Non-Executive Director
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