Spanish copper produced Atalaya Mining (LSE:ATYM) reported 13,967 tonnes of copper output at its Proyecto Riotinto operation for the third quarter of 2026, up from 12,123 tonnes a year earlier and ahead of the 13,493 tonnes mined in the second quarter.
The miner said the copper grade rose to 0.40%, from 0.38% a year earlier, while recovery improved sharply to 84.25% from 74.45%. Meanwhile, the average realised copper price climbed to US$6.44 per pound in the third quarter, up from US$6.14/lb in the second quarter, supporting cash generation.
Consolidated cash and cash equivalents reached €354.1m at 30 September, against €166.3m at the end of December, with borrowings of €11.9m leaving the company in a net cash position of €342.1m, up from €122m at the start of the year.
"We are pleased to have delivered another strong quarter of production, thanks to solid copper grades and recoveries," said chief executive Alberto Lavandeira, adding that strong copper prices had contributed to "a further strengthening of our balance sheet."
Atalaya continues to expect full-year production at the low end of its 50,000 to 54,000 tonne guidance range, alongside silver output of 0.9 to 1.1m ounces, first set out for 2026.
The company said it still expects full-year cash costs of US$2.60 to US$2.90 per pound and AISC of US$3.10 to US$3.40 per pound, despite volatility in energy and consumables markets linked to conflicts in the Middle East and Ukraine.
On 9 October, the European Commission designated Atalaya's Proyecto Touro development in Galicia as a Strategic Project under the EU's Critical Raw Materials Act, recognising its role in securing European copper supply through local entity Cobre San Rafael.
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Lavandeira said the designation "should help to facilitate the completion of the environmental permitting process" at Touro, where the company and Cobre San Rafael believe the environmental impact statement approval is nearing completion.
At the Riotinto district, stripping at the San Dionisio deposit totalled 3.1m tonnes in the quarter, below plan after delays in relocating a power line, while a completed drilling campaign at the nearby San Antonio polymetallic deposit will feed into an updated resource model.
In Sweden, drilling resumed on 22 September at the Skellefte Belt project, where Atalaya holds a 51% interest after completing its Stage 1 funding commitments, with the first two holes intersecting massive sulphides at expected depths and extending mineralisation identified during the previous winter campaign.
Final figures for the quarter will be published alongside Atalaya's Q3 2026 financial results.