Good morning, and welcome to the Atalaya Mining Q1 2026 financial results investor Presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged, and they can be submitted at any time using the Q&A tab situated on the right corner of your screen. Just simply type in your questions and press send. Before we begin, I would like to submit the following poll. I would now like to hand you over to CEO Alberto Lavandeira. Good morning to you. Good morning. Good morning, ladies and gentlemen. Many thanks for being here. We are here to review the first quarter financial results presentation that is on the screen and will be posted on our webpage. I have with me César Sánchez, the CFO, who will help me reply to any questions that is related to the details of the presentation. We had already submitted information about the first quarter. We announced that, and as you know, it was below our plans. It was affected by very heavy rainfalls during the late part of January and the whole of February. We have made a lot of progress, and 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 Q1. The cost performance has been consistent with guidance, even with lower production. I'll get into more details a little bit later. Also we will be giving a little bit more details further in relation to full-year guidance. 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 the EUR 14 million EBITDA. It was impacted by lower production, so it could have been much higher. We benefited from higher copper prices. That shows how leveraged we are to copper prices, higher silver credits, and of course, low treatment charges of our concentrates. In the following pages, I will speak a little bit more about the financial performance 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, quite consistent. Recovery was okay, but the grade was lower. The grade was lower, as a result of that, we produced less. Due to the good copper prices at the end, revenues were slightly lower than previous years and previous quarters, but with a good generation of cash flow. We had EBITDA of EUR 14 million. We had very good silver credits, we generated a cash flow of almost EUR 30 million. This cash flow was enough to cover our investments during the quarter and to cover the investment in Lara resources. We ended up the quarter with a fantastic balance sheet of almost EUR 300 million in cash and a net cash of almost EUR 270 million, and growing, by the way, which includes obviously the proceeds of our capital raise in late January, just about a little less than EUR 150 million. What about the cash costs? They were consistent during Q1 with our full-year guidance. Cash costs of EUR 252 and all-in sustaining cost of EUR 320 are within our guidance, and you can see that the cash costs are actually lower than the full year of 2024 and just slightly higher than 2025, even in spite of lower production. When you look at the details, you will see that the mining costs were higher due to lower production, but also due to the effects of higher operating costs, mainly diesel. In the case of processing, basically, the difference is due to lower production. In the case of other operating costs, which are basically G&A, they include the pay that is the bonus that's paid normally 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 rates. By-product rates were negative, as they used to be in the last couple of years due to the silver rates. Due to our good production and good metal prices of silver, we had a very good negative credit. A big change, and we have flagged that last year, is that the TCRC, the treatment charges and refining charges that are charged by smelters, were net negative, even including considering the freights and other site costs. This is due to the fact that we have been selling some of the concentrates at the benchmark, which is basically zero or close to zero. Also a significant amount of lots of production with negative three figures, negative treatment charges. The smelters pay us to get our concentrates. This marks a huge difference from previous year. We were able to keep our cash costs quite under control, even with this lower production and not favorable exchange rates. We believe this thing is going to be continuing, 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 an end, expiring. Most of them have already expired. We basically only have some remnants in this year and next year. We believe we are going to be benefiting from the tightness in the concentrate market. I say this is important because this is a kind of hidden asset in the Atalaya balance sheet. With the offtakes uncommitted, both at Riotinto and at Touro, this is something that, if needed, could be monetized because there's a huge demand of copper concentrates 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 and very constant. Of course, creeping up a little bit in the last quarter, but still very competitive with other companies. Looking at the guidance, as I said before, Q1 was under the plan, but we have already recovered part of that shortfall. As a result of that, we thought that it would be prudent to keep our guidance of between 50,000 and 54,000 tons of copper. We are saying that we are going to be in the low end, even having recovered a little bit of our production. The costs, we believe we are going to be within the range of our guidance. We are advising and saying that, of course, these events that are happening in the Middle East, these 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 amount of refining capacity in the Middle East. It looks like from the latest news, although they change each week, that things are softening there and ships are starting to move within the strait. We are prudent. We know that the effect on the all-in sustaining cost if the diesel prices, which are much higher than they used to be last year, continue the whole year, it could have an effect between EUR 0.15 and EUR 0.20 per pound due to diesel and explosives. Mainly diesel. Explosives is related to the price of natural gas, which affects also ammonia, which is the base price for explosives. The real effect is in diesel. We remain confident that this thing is going to be sorted out and the prices will go where it used to be in the past. As I said, the damage is limited because 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 are quite safe with our solar plant and with our hedging of electricity prices, plus the low prices due to the high rains in Spain. We are quite confident that we can keep our operating cost guidance. In relation to the CapEx, we have not made any changes. Of course, some things like the pre-stripping Andamixio or the ramp of Masa Valverde when we start could be affected by high diesel prices, assuming these extra costs remain in the market, which we think is going to be resolved eventually. Looking ahead of what our growth projects is to give you an update of what we normally do during each quarter. San Antonio, we continue working. You can see the pictures, how things are progressing. The pre-stripping is advancing quite well, and we are moving well to get to the high grade ore rate. 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. We continue to drill, infill drill in that area of copper grades where we are getting, as we said in previous releases, grades close to 2% copper with very good thickness. We continue there with two rigs infilling that area in preparation to start the ramp in this year. Also, other working streams 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, higher copper grades in material where we have around 130 million tons. That is polymetallic, contains a lot of zinc and lead and silver. While in the Cerro Colorado pit, we have 180 million tons roughly, which is with lower grade, but much simpler, only copper. We will need eventually to build a polymetallic circuit. We'll continue with engineering and currently clearing some of the areas to install this installation, which will cost around EUR 80 million-EUR 90 million and we'll be starting in 2026 and go on during 2027. It's a quite simple installation. Basically, we'll be installing some flotation circuits in addition of zinc flotation circuits, plus the associated thickeners and filters to be able to recover some streams of lead and zinc. We will also continue drilling areas of other deposits like San Antonio, and doing exploration in the Iberian Pyrite Belt. We are very focused also in looking at other opportunities in the Iberian Pyrite Belt, which is our natural growth option. As we always say, our growth is going to come from Galicia. I think it's important to mention that this quarter, although we have seen always lots of progress, but this time, this quarter we have seen a lot of progress in the public media first by the government announcing the campaigns to add economic value through mining in different projects, launching tenders for all licenses and focusing in critical materials, a big focus in a positive way from the EU. The most important thing was that the Minister of Industry, María Jesús Lorenzana, shown in picture on the right, said in public that all the reports needed for the total project were finalized and positive, and that the environment impact statement, what we call the EIA, the Declaration of Impact of Environmental, will be ready before summer. It's not clear what before summer means, if it's before August or before real summer in end of June. We are confident that we will be getting this as we had expected during the second quarter, so 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, mine contractors, purchasing of land on top of the plant site, finalize the offices for field offices, finalize the assay lab, continue infill drilling in the areas around the pits. Basically what we want is to get this project ongoing as fast as possible. We have shown this slide before. This total is going to be at least 30,000 tons of copper per year or more, and with a modest capital intensity and with operating costs, which are expected to be around EUR 0.50 lower than Riotinto due to better grades, better recovery, better concentrate grades and very low impurities. In two words, and before we get into the questions, Atalaya is really advancing, is very well positioned to grow. We continue to deliver our plans to get to 200,000 tons of copper, not far away, in three years, 1,000 tons of copper equivalent considering in the 50, 60 region for Riotinto, another 30,000 for Proyecto Touro, another 20,000 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 the Iberian Pyrite Belt, which is called Ossa Morena, where we have some copper and gold deposits, general exploration in the Iberian Pyrite Belt, recently also acquired a small stake in a very nice and exciting project of copper in Brazil, that we believe is going to be a mine in the near future. Look, I've tried to go quite fast. We are ready with the very good balance sheet, and we are ready to deliver all this project. With this, I will probably go into the questions session and try to answer as many as possible as usual. That's great. Alberto, thank you very much indeed for your presentation. Ladies and gentlemen, please do continue to submit your questions using the Q&A tab situated on the top right corner of your screen. While the company take a few moments to review those questions submitted today, I would like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can be accessed via investor dashboard. Alberto, if I may now hand it over to you to take us through the Q&A session, and I'll pick up from you at the end. Thank you. Many thanks. I will try to read. There are a lot of questions that have been pre-submitted and probably more coming soon. The first one is: What is being 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 from three or four suppliers in the region, trying to get better competitive prices. Unfortunately, there is not much that you can hedge over one month or you can cover. We are confident that the pricing will be reducing. One of the things we are doing is to 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 looked at the feasibility of electrifying haul trucks? I note the large scale, like Fortescue is seeing big EUR 300 million, EUR 400 million savings switching to electric loaders and XCMG haul trucks. Well, electrifying trucks is, unless you go with trolley-assisted, is not something that's proven. The case of Fortescue is at quite a different stage because it's long hauls, very horizontal. There are not many mines, if any, that 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 and other places with Hitachi trucks. It's something that right now our mine cannot allow us to do that. If electrification of haul trucks is being studied, could you spend our solar and battery energy storage? Well, 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. In relation to timely acquisition of Lara. Were funds used from the recent raise or was it something from existing cash? Well, it was not a big amount of money, so 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. 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 we thought that it was a good opportunity and for us 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 Antonio in Spain. Lara purchase is pivoted 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. Not really because, as I said, Lara right now they need funds for the feasibility study. We're talking about two or three years. In that timeframe, we are not thinking we're having to provide any more funds to Lara at all, and we'll see what we do. When we made the raise, we had enough money to do Touro itself, but we said we want to advance some early works. 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 existing Cerro Colorado open pit, but obviously you can blend at some high rate while you have a large mill that has very good operating costs. It makes more economic sense. The reason was basically to be able to advance other projects more than It 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've 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 the recent continued price movement in copper, there is some chatter in bulletin boards that Atalaya could be a bid target. With the exit of Kovas and Trofimova, what defense measures, if any, do you have towards a hostile bid? Well, the best defense is to have a good contract with the shareholders to show them that the future is still there, that there's 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 standalone. 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 the 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 on 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 earth but cannot refine them. Given Atalaya's land bank and site infrastructure, water power, sciences would it not be worthwhile exploring business or refine rare earth phosphate mining of Riotinto? Well, the land is there. We have lots of things to do before the end of the mine life. We have ahead of us 10-15 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 today, at today's value with gold and silver prices probably contain around $1 billion of recoverable gold. I would say that there's value in using this first ahead of doing anything else. E-LIX, any update on Atalaya potential improved terms, exploitation of technology, share ownership? Well, 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. Well, 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 March 2026 rankings, securing 8.2% of the votes. Will 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 Riotinto with around 9% or 10% or so of the votes. We were the leaders in the Small Caps with around similar number of votes. It's very encouraging. I suppose this is a result of a good share performance. People like what we are doing because we have fulfilled our targets. We have been growing from nothing. We have very good balance sheet. We are small, but people have voted in favor of us. Next question is as of 26 MSCI model update. Atalaya Mining is categorized as AAA leader in metals and mining, non-precious metals industry. Please could you tell us what all this is significant? I'm not an expert in this, but this is an index where Morgan Stanley Sustainability Index is 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 are very well perceived, and we do things in the right way. Next question is Touro expect to add additional 30,000 tons per year, 12-15 years life. Is this a cautionary statement? What's the likelihood of more copper on Proyecto Touro longer mine life and new discoveries nearby? I think the likelihood is 100%. Even I'm not telling any insider information. You look at past reports that we have published, and they are in our webpage, the reserves based on a EUR 260 copper price were 100 million tons. You look at the same pits calculated at EUR 320 copper price, they were 150 million tons. The mineralization remains open, very likely we will see a much longer life at Touro. I would bet that not less than 20 years life is what we see in Touro. We are not discovering them all. This is the same thing that happened at Riotinto, where we had a mine life of 12 years. We have basically been mining 11, 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, so 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? We're doing a lot of work, but maybe César, which is expert and deals with the agencies, can tell you a little bit about that. Well, I guess the natural answer is by doing things right. The reality is we engage with a tier 1 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's just the consequence of doing a good job for the last two years. Thank you, César. The 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 first step towards international asset development? Let's say that right now we consider this as a investment, simplest investment, a good investment, open to 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 will 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 are using that as a good investment, and we believe it's a good product 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 approvals? Well, we are just repeating what we have heard on 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 at environment 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 cost because there has been less ore processing in Q1? Is this considered to be a one event or because of heavy rain, or is there need to create some sort of drainage outside? No. Look, it's more lower production. The cost per ton itself have not been affected too much. Actually, on 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 cost is divided 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 on lower grades, and with lower grades, you have lower production. It's not possible to have drainage. Simply, we have 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 receive the whole year in a basic area. Every day it was raining in some areas we couldn't access. This should be a one-off event. We have to change the mine plan a little bit, and we are recovering from that. In theory, this is something that will be recovered. Obviously, the ore has not disappeared. Might threatened U.S. sanctions against Spain affect Atalaya? I don't think so. I don't know what sanctions can come. Atalaya is a mining company producing in Spain, producing in Europe, and I don't think it will 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, it has been working basically due to difficulty with funding, because right now had been always funded with loans from Atalaya. We decided that due to some risk perception, we could not continue funding with loans. Somehow they have started again. They've been working for one month continuously, removing zinc from copper concentrates, lower copper concentrates, which is encouraging and quite positive. We don't have economic results yet. Operationally, they seem to be working well. That's the latest of E-LIX. I think this was the last question. That's great. Thank you very much indeed for addressing all those questions as usual. Alberto, before I redirect investors to provide you with their feedback, which is of specific importance to yourself and the company, can I please just ask you for a few closing comments? Well, thanks very much for being here, and thanks for your continued support as shareholders. It has been a difficult quarter from a production point of view. Sometimes it's important to be a bit lucky, and we had good metal prices, and at the same time, we had a big shortage of copper concentrates in the market that's 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 bright 2026 and the years to come. That's great. Alberto, César, thank you once again for updating investors today. Could I please ask investors not to close this session as you'll now be automatically redirected to provide your feedback, which will help the company better understand your views and expectations. On behalf of the management team, Alberto, thank you for attending today's presentation, and good morning to you.