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Atalaya Mining (ATYM) USD

At a glance: strengths & risks
✓Revenue growing (+73% y/y, Q3 2026)✓Profit growing (×5.7 y/y, Q3 2026)✓Margins improving (27%→49%, Q3 2026)✓Net cash balance sheet

Sector: Copper mining

Geography: Spain

COMM_ATYM

Price chart

8.335 GBPDay -2.11%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
8.335 GBP · -2.11%
Market cap
1.7 bn USD

Growth

Δ revenue y/y
72.8%
Δ EBITDA y/y
192.4%

Multiples

P/E (LTM)
9.3x
P/B (FY)
2.5x
P/E (ann.)
6.0x
EV/EBITDA (LTM)
5.0x
EV/EBITDA (ann.)
3.3x

Cash return

Dividend yield
1.2%
FCF yield (LTM)
10.5%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+18.7%
↓ details

Liquidity

Daily turnover (listing)
3.6 mln GBP

Shares: connector/market_inputs

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-09-30Q3 2026 (3M)OK215.7
y/y 72.8%
84.9
y/y 345.2%
18.7
y/y 14.1%
103.6
y/y 192.4%
72.3
y/y 466.0%
65.5-24.31219.1
y/y 36.7%
985.0
y/y 44.9%
30.3%-388.5Yahoo Finance
2026-06-30Q2 2026 (3M)OK170.7
y/y 20.9%
73.4
y/y 52.8%
17.2
y/y 16.8%
90.5
y/y 44.4%
64.4
y/y 90.5%
91.2-24.81162.7
y/y 32.5%
926.1
y/y 37.9%
28.5%-362.7Yahoo Finance
2026-03-31Q1 2026 (3M)OK136.4
y/y -1.1%
39.7
y/y -5.2%
16.2
y/y 19.2%
55.9
y/y 0.8%
33.2
y/y 3.2%
34.7-24.61072.2
y/y —
878.5
y/y 47.9%
16.9%-306.3Yahoo Finance
2025-12-31Q4 2025 (3M)OK141.4
y/y 70.4%
13.8
y/y 44.2%
9.0
y/y -20.4%
22.8
y/y 9.2%
16.9
y/y 6.2%
84.4-28.4930.2
y/y 32.5%
693.1
y/y 29.2%
14.1%-143.3Yahoo Finance
2025-09-30Q3 2025 (3M)OK124.8
y/y 30.6%
19.1
y/y 272.6%
16.4
y/y 20.3%
35.4
y/y 89.3%
12.8
y/y 379.0%
48.8-21.9892.0
y/y —
679.9
y/y —
7.6%-105.4Yahoo Finance
2025-06-30Q2 2025 (3M)OK141.2
y/y 41.8%
48.0
y/y 187.9%
14.7
y/y 23.8%
62.7
y/y 119.7%
33.8
y/y 107.1%
59.5-22.4877.2
y/y —
671.8
y/y 24.0%
21.3%-82.1Yahoo Finance
2025-03-31Q1 2025 (3M)PARTIAL138.0
y/y 82.1%
41.8
y/y 5886.3%
13.6
y/y 30.8%
55.5
y/y 399.2%
32.2
y/y 1365.3%
27.5-17.5—
y/y —
594.0
y/y 11.2%
22.8%≈ -36.5Link
2024-12-31Q4 2024 (3M)OK83.0
y/y -10.1%
9.6
y/y -74.9%
11.3
y/y -1.2%
20.9
y/y -57.8%
15.9
y/y -61.9%
11.8-0.4702.1
y/y -5.2%
536.5
y/y -3.2%
—-36.5Yahoo Finance
2024-09-30Q3 2024 (3M)PARTIAL95.5
y/y 3.7%
5.1
y/y —
13.6
y/y 40.1%
18.7
y/y —
2.7
y/y -78.6%
-17.2-17.2—
y/y —
—
y/y —
—≈ -60.0Link
2024-06-30Q2 2024 (3M)PARTIAL99.6
y/y 17.1%
16.7
y/y 157.8%
11.9
y/y 15.9%
28.5
y/y 70.9%
16.3
y/y 57.2%
34.6-17.9—
y/y —
541.8
y/y 3.4%
12.1%≈ -60.0Link
2024-03-31Q1 2024 (3M)PARTIAL75.8
y/y —
0.7
y/y —
10.4
y/y —
11.1
y/y —
2.2
y/y —
-2.1-19.3—
y/y —
534.3
y/y —
1.6%≈ -60.0Link
2023-12-31Q4 2023 (3M)OK92.3
y/y —
38.1
y/y —
11.5
y/y —
49.5
y/y —
41.8
y/y —
69.8-58.1741.0
y/y —
554.2
y/y —
7.8%-60.0Yahoo Finance
2023-09-30Q3 2023 (3M)PARTIAL92.1
y/y —
—
y/y —
9.7
y/y —
—
y/y —
12.5
y/y —
30.0-20.1691.6
y/y —
515.9
y/y —
9.6%-55.5Link
2023-06-30Q2 2023 (3M)PARTIAL85.0
y/y —
6.5
y/y —
10.2
y/y —
16.7
y/y —
10.4
y/y —
20.5-12.7—
y/y —
523.9
y/y —
——Link

Net debt structure (leases included, IFRS 16) 2026-09-30

Short-term debt (incl. ST leases)6
Long-term debt (incl. LT leases)7
− Cash & equivalents402
Net debt-388

Net debt / LTM EBITDA: -1.4x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

0501001502002502024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

-200%0%200%400%2024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

Cash flow (OCF + ICF; OCF − capex when ICF is unavailable) ($ mln)

-200204060802024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Net debt / cash ($ mln)

-400-300-200-10002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 1.68x of reported net profit.
year2022202320242025
cash flow / profit1.16x1.67x1.68x2.25x
accruals, % of assets-0.8%-3.8%-3.3%-13.0%
Last twelve months (to 2026-09-30): 1.48x of profit came back as operating cash flow.
net debt / EBITDA -0.8x
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodCopper production
kt		AISC (copper)
US$/lb payable		C1 cash cost (copper)
US$/lb payable		Silver production
Moz
Q3 2026-0913.97
+15.2%		——0.18
Q2 2026-0613.50
+2.5%		2.79
−0.7%		2.36
+6.8%		0.25
−28.6%
H1 2026-0623.43
−14.7%		2.97
+6.8%		2.43
+9.0%		0.45
−28.6%
Q1 2026-039.94
−30.5%		3.20
+16.8%		2.52
+12.0%		0.20
−28.6%
Q4 2025-1211.55
−4.4%		3.07
−6.4%		2.62
−6.1%		—
FY 2025-12—2.90
−11.0%		2.40
−17.8%		—
Q3 2025-0912.12
+1.9%		2.98
−12.1%		2.55
−15.3%		—
Q2 2025-0613.18
+13.7%		2.81
−12.2%		2.21
−23.3%		0.35
H1 2025-0627.47
+23.4%		2.78
−12.9%		2.23
−23.9%		0.63
Q1 2025-0314.30
+34.1%		2.74
−13.6%		2.25
−24.7%		0.28
Q4 2024-1212.08
−5.5%		3.28
+3.8%		2.79
−3.8%		—
FY 2024-12—3.26
+5.5%		2.92
+4.7%		—
Q3 2024-0911.90
−5.1%		3.39
+4.6%		3.01
+6.7%		—
Q2 2024-0611.58
−18.5%		3.20
+10.7%		2.88
+10.8%		—
H1 2024-0622.25
−15.6%		3.19
+6.3%		2.93
+7.3%		—
Q1 2024-0310.673.172.99—
Q4 2023-1212.783.162.90—
FY 2023-12—3.09
−8.3%		2.79
−11.7%		—
Q3 2023-0912.543.242.82—
Q2 2023-0614.212.892.60—
H1 2023-0626.3532.73—
FY 2022-12—3.373.16—

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://data.fca.org.uk/artefacts/NSM/RNS/48fd6e26-5e2e-43e8-b120-6aa43af08974.html; https://data.fca.org.uk/artefacts/NSM/RNS/ccb3c8d7-9c71-472f-9787-81774343fe70.html; https://wp-atalaya-mining-2022.s3.eu-west-2.amazonaws.com/media/2026/03/2026.03.19-ATYM_RNS-2025-Annual-Results-vF.pdf; https://wp-atalaya-mining-2022.s3.eu-west-2.amazonaws.com/media/2026/08/2026.08.11-ATYM_RNS-Q2-and-H1-2026-Financial-Results-vF.pdf; https://www.investegate.co.uk/announcement/rns/atalaya-mining--atym/2024-annual-general-meeting-statement/8280972; https://www.investegate.co.uk/announcement/rns/atalaya-mining--atym/2024-annual-results/8783535

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Annual production
51.14 kt
2025

Production, kt

46.23202451.142025

Production

YearProduction, ktper day, kt
202551.14
+10.6%		0.14
202446.230.13

Company reports: https://data.fca.org.uk/artefacts/NSM/RNS/48fd6e26-5e2e-43e8-b120-6aa43af08974.html; https://data.fca.org.uk/artefacts/NSM/RNS/ccb3c8d7-9c71-472f-9787-81774343fe70.html; https://wp-atalaya-mining-2022.s3.eu-west-2.amazonaws.com/media/2026/03/2026.03.19-ATYM_RNS-2025-Annual-Results-vF.pdf; https://wp-atalaya-mining-2022.s3.eu-west-2.amazonaws.com/media/2026/08/2026.08.11-ATYM_RNS-Q2-and-H1-2026-Financial-Results-vF.pdf; https://www.investegate.co.uk/announcement/rns/atalaya-mining--atym/2024-annual-general-meeting-statement/8280972; https://www.investegate.co.uk/announcement/rns/atalaya-mining--atym/2024-annual-results/8783535

Key-commodity price — Copper

Current 13 530spot vs LTM +2%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +18.7% ▲ +0.0 pp 1d

Main driver: Copper +3% vs LTM; revenue ×1.02 vs costs ×1.06; EBITDA 280→228; at 7.2× EV/EBITDA → +19%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Copper (rev)+95%13 529.6013 146.2711 429.37+3%-13%
US Diesel Index (cost) (input cost) (cost)-10%6.134.654.27+32%-8%
Electricity Spot (input cost) (cost)-5%78.8388.1464.95-11%-26%
Silver (rev)+3%48.7268.2045.64-29%-33%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue664
LTM EBITDA280
LTM cash costs (revenue − EBITDA)384
2 · Revenue projection
Revenue multiplier — spot×1.019 (+2%)
= Spot revenue677
Revenue multiplier — 3y price×0.866 (-13%)
= 3-year-price revenue575
3 · Costs projection
Cost multiplier — spot×1.060 (+6%)
= Spot cash costs408
Cost multiplier — 3y price×1.013 (+1%)
= 3-year-price cash costs389
4 · EBITDA projection (revenue − costs)
= Spot EBITDA269
= 3-year-price EBITDA186
Conservative EBITDA = min(spot, avg)228
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)7.2x
Target EV = EV/EBITDA × conservative EBITDA1 633
Net debt-388
Target market cap = EV − net debt2 043
Current market cap1 722

Upside = target market cap ÷ current − 1 = +18.7%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2024 Q48395-13.0%2131-32.7%
2025 Q113896+43.9%5525+124.2%
2025 Q2141112+25.9%5937+58.7%
2025 Q3125125-0.2%3346-27.9%
2025 Q4141138+2.1%2356-59.4%
2026 Q1136166-17.6%5866-11.8%
2026 Q2171163+4.8%9464+45.8%
2026 Q3216168+28.7%10670+51.2%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +55% vs -4% the year before — a +59.1 pp move. 3-year CAGR +13%.
revenue growth by year: 2023 -4% · 2024 -4% · 2025 +55%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 4.6x · target 75th pct (3y) 20.1x · LTM avg 8.2x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: Copper mining. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
KGHM Polska Miedzglobal14.15.4x5.4x
Sandfire ResourcesAustralia6.47.1x5.7x
Amerigo Resourcesglobal0.96.1x6.1x
Ero Copperglobal3.06.3x6.3x
Lundin Miningglobal17.77.0x7.0x
Antofagastaglobal41.67.2x7.2x
Hudbay Mineralsglobal8.57.3x7.3x
Taseko Minesglobal2.57.7x7.7x
Freeport-McMoRanglobal85.011.1x11.1x
First Quantum Mineralsglobal19.311.6x11.6x
Southern Copperglobal139.912.8x12.8x
Group median7.2x7.2x
Group average8.1x8.0x
This companyglobal1.75.0x5.0x

Group median 7.2x as traded, 7.2x adjusted; this company 5.0x — a 31% discount.

Group average 8.1x as traded, 8.0x adjusted; against the average this company is at a 38% discount.

At the adjusted group median the market cap would be +42% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 18.7x, Russia 4.0x, South Africa 5.7x, Kazakhstan 6.1x, India 19.3x, Indonesia 5.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-11-15; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-104.5885 GBPEx-dividend: 4.5885 GBP per sharePaidYahoo Finance (ex-div)
2026-07-025.4228 GBPEx-dividend: 5.4228 GBP per sharePaidYahoo Finance (ex-div)
2025-09-113.8 GBPEx-dividend: 3.8 GBP per sharePaidYahoo Finance (ex-div)
2025-07-032.3 GBPEx-dividend: 2.3 GBP per sharePaidYahoo Finance (ex-div)
2024-08-223.06 GBPEx-dividend: 3.06 GBP per sharePaidYahoo Finance (ex-div)
2024-07-113.1 GBPEx-dividend: 3.1 GBP per sharePaidYahoo Finance (ex-div)
2023-08-243.9 GBPEx-dividend: 3.9 GBP per sharePaidYahoo Finance (ex-div)
2023-07-062.98 GBPEx-dividend: 2.98 GBP per sharePaidYahoo Finance (ex-div)
2022-08-183.13 GBPEx-dividend: 3.13 GBP per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Atalaya Mining (ATYM) — from primary filings.

Frequently asked questions

What is Atalaya Mining (ATYM)'s P/E ratio?
Atalaya Mining (ATYM) trades at a P/E of 9.3x (price to trailing 12-month earnings).
What is Atalaya Mining (ATYM)'s EV/EBITDA?
Atalaya Mining (ATYM) trades at 5.0x EV/EBITDA.
What is Atalaya Mining (ATYM)'s P/B ratio?
Atalaya Mining (ATYM) trades at a P/B of 2.5x.
What is Atalaya Mining (ATYM)'s dividend yield?
Atalaya Mining (ATYM)'s trailing 12-month dividend yield is 1.2%.
What is Atalaya Mining (ATYM)'s return on equity (ROE)?
Atalaya Mining (ATYM)'s ROE is 30.3%.
What is Atalaya Mining (ATYM)'s market capitalization?
Atalaya Mining (ATYM)'s market cap is 1.7 bn USD.

See also: The Cheapest Metals & Mining Stocks (2026): Copper, Steel, Silver by Valuation · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map