Atalaya Mining PLC Announces 2022 Annual General Meeting Statement

NICOSIA, CYPRUS / ACCESSWIRE / June 22, 2022 / Atalaya Mining Plc (AIM:ATYM)(TSX:AYM) ("Atalaya" or "the Company") is hosting its 2022 Annual General Meeting ("AGM") today at 11.00 a.m. BST at the offices of Fieldfisher LLP, located at Riverbank House, 2 Swan Lane, London EC4R 3TT. At the AGM, Roger Davey, non-executive Chairman of the Company, will make the following statement:

"Dear Shareholder,

2021 was another year dominated by the Covid 19 pandemic with the Company maintaining, as its primary focus, the continued safety, protection, and well-being not only of our staff and contractors but also the community and our suppliers. Despite these external challenges, the operational and financial health of the Company was not overlooked, and the Company continued to build on its 2020 operational track record, culminating in a record annual production for 2021 of just over 56,100 tonnes of contained copper.

The average process plant feed grade of 0.41% copper and the process recovery rate of 86% were consistent with reserve estimates and budgeted figures. Cash Costs and All-in Sustaining Costs for 2021 of $2.18/lb and $2.48/lb respectively, were below the lower end of the revised 2021 cost guidance, mainly due to the combination of the U.S. dollar strengthening against the Euro and higher copper tonnes produced. With process plant optimisation initiatives expected to support copper production, output guidance has been set at 54,000 to 56,000 tonnes of contained copper for 2022.

The executive team was able to capitalise not only on the continued high level of operational performance but also the higher copper price scenario during 2021 with revenue increasing to €405.7 million from €253.8 million in 2020, and EBITDA for 2021 of €199.1 million, compared with €67.4 million in 2020. The resulting free cash flow generated enabled the Company to reward investors with an inaugural dividend pay-out of €47.3 million, equivalent to $0.395 per share, in December. Despite the previously announced payment of the deferred consideration to Astor, the Company finished the year with net cash of €60.1 million and in a robust position, based on consensus copper pricing, to maintain a future meaningful and sustainable dividend policy of 30% to 50% of Free Cash Flow.