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Incorporation and summary of business Atalaya Mining Plc was incorporated in Cyprus on 17 September 2004 as a private company with limited liability under the Companies Law, Cap. 113 and was converted to a public limited liability company on 26 January 2005. Its registered office was at 1 Lampousa Street, Nicosia, Cyprus. The Company was first listed on the Alternative Investment Market (AIM) of the London Stock Exchange in May 2005 Change of name and share consolidation (2015) Following the Company\u2019s Extraordinary General Meeting (EGM) on 13 October 2015, the change of name from EMED Mining Public Limited to Atalaya Mining Plc became effective on 21 October 2015. On the same day, the consolidation of ordinary shares came into effect, whereby all shareholders received one new ordinary share of nominal value Stg \u00a30.075 for every 30 existing ordinary shares of nominal value Stg \u00a30.0025. The Company\u2019s trading symbol became \u201cATYM\u201d. On 29 April 2024, the Company was admitted to trading on the Main Market of the London Stock Exchange.
Cross-border conversion (re-domiciliation) (2024-2025)
On 10 January 2025, the Company
successfully completed a cross-
border conversion, resulting in its
re-domiciliation from the Republic
of Cyprus to the Kingdom of Spain.
This process was carried out in
accordance with the Company\u2019s
strategic objectives to align
its corporate structure with its
operational base in Spain.
A cross-border conversion deed was
executed on 23 December 2024 and
subsequently filed with the Spanish
Commercial Registry on 27 December
2024. Under Spanish corporate law,
the re-domiciliation became legally
effective from the date of registration
with the Spanish Commercial
Registry, i.e., 27 December 2024.
However, for administrative and
procedural purposes, the final
formalities were completed on 9
January 2025, with the official public
announcement being made on 10
January 2025. Following this change:
\u25a1 Atalaya's corporate seat was
transferred from Cyprus to Spain,
and Atalaya became a Spanish
public limited company (Sociedad
An\u00f3nima) under the laws of the
Kingdom of Spain.
\u25a1 Atalaya's registered name changed
from Atalaya Mining Plc to Atalaya
Mining Copper, S.A.
\u25a1 Atalaya's registered address
changed from 1, Lampousas Street,
1095 Nicosia, Cyprus to Paseo de las
Delicias, 1, 3, 41001, Sevilla, Spain.
The Company\u2019s shares commenced
trading under \u201cAtalaya Mining
Copper, S.A.\u201d on 10 January 2025
at 8:00 am (London time) and the
nominal value of the Company\u2019s
shares were also adjusted from 7.5p to
\u20ac0.09 per share.
Principal activities
Atalaya is a European mining and
development company. The strategy
is to evaluate and prioritise metal
production opportunities in several
jurisdictions throughout the well-
known belts of base and precious
metal mineralisation in Spain,
elsewhere in Europe and Latin
America.
The Group has interests in four
mining projects: Proyecto Riotinto,
Proyecto Touro, Proyecto Masa
Valverde and Proyecto Ossa Morena.
In addition, the Group has an earn-
in agreement to acquire certain
investigation permits at Proyecto
Riotinto East.
The Group also has earn-in
agreements related to two
exploration projects in Sweden,
the Skellefte Belt Project and the
Rockliden Project, pursuant to
agreements entered into in 2024 with
Mineral Prospektering i Sverige AB.
Additional information about the
Company is available at www.
atalayamining.com.
Proyecto Riotinto
The Company owns and operates
through a wholly owned subsidiary,
\u201cProyecto Riotinto\u201d, an open-pit
copper mine located in the Iberian
Pyrite Belt, in the Andaluc\u00eda region
of Spain, approximately 65 km
northwest of Sevilla. A brownfield
expansion of this mine was
completed in 2019 and successfully
commissioned by Q1 2020.
Proyecto Touro
The Group initially acquired a 10%
stake in Cobre San Rafael, S.L. (\u201cCSR\u201d),
the owner of Proyecto Touro, as part
of an earn-in agreement, which
was designed to enable the Group
to acquire up to 80% of the copper
project. Proyecto Touro is located
in Galicia, northwest Spain, and is
currently in the permitting process.
In July 2017, the Group announced
that it had executed the option to
acquire 10% of the share capital of
CSR, a wholly owned subsidiary of
Explotaciones Gallegas S.L. This
acquisition was part of an earn-in
agreement, structured in four phases,
allowing the Group to progressively
increase its stake in CSR up to 80%:
\u25a1 Phase 1 \u2013 The Group paid \u20ac0.5
million to secure the exclusivity
agreement and committed to
funding up to a maximum of \u20ac5.0
million to support the permitting
and financing stages.
\u25a1 Phase 2 \u2013 Upon receipt of permits,
the Group is required to pay \u20ac2.0
million to acquire an additional 30%
interest in the project (cumulative
40%).
\u25a1 Phase 3 \u2013 Once development
capital is secured and construction
commences, the Group is required
to pay \u20ac5.0 million to acquire an
additional 30% interest in the
project (cumulative 70%).
\u25a1 Phase 4 \u2013 Upon declaration of
commercial production, the
Group purchases an additional
10% interest (cumulative 80%) in
exchange for a 0.75% Net Smelter
Return royalty, with a buyback
option.
The Agreement was structured
to ensure that each phase and
corresponding payment would only
occur once the project was de-risked,
permitted, and operational.
On 24 June 2024, Atalaya announced
that Proyecto Touro, via its local entity
Cobre San Rafael, was declared a
strategic industrial project by the
Council of the Xunta de Galicia (XdG).
Under legislation of the Autonomous
Community of Galicia, the status
of strategic industrial project (or
in Spanish, Proyecto Industrial
Estrat\u00e9gico (PIE)) acts to simplify the
administrative procedures associated
with the development of industrial
projects and intends to substantially
reduce permitting timelines.
This declaration highlights the
XdG's commitment to promoting
new investment that will benefit
the region and also support the
objectives of the European Union.
Copper is considered a strategic raw
material by the EU, and this project
has the potential to become a new
source of sustainable European
copper production.
The XdG is continuing its review
according to the simplified
procedures afforded to projects with
PIE status. The public information
period, which serves to inform
the surrounding communities
and organisations about the
proposed project, concluded on
31 January 2025. Cobre San Rafael
is currently focused on analysing
and responding to the feedback
submitted during the public
information period and assessing
the sectoral reports issued by the
various departments of the XdG.
Following the declaration of Proyecto
Touro as a strategic industrial project
in June 2024 and subsequent
progress in the permitting process,
the Group reassessed the probability
of completion of phases 2, 3 and 4
under the earn-in agreement. As
a result of that reassessment, an
intangible asset of \u20ac16.5 million was
recognised in 2024 in accordance
with the Group\u2019s policy on contingent
payments (Note 2.31), together
with the corresponding contingent
liabilities (Note 26).
In accordance with the Group\u2019s policy
on non-controlling interests (Note
2.3), 20% of this intangible asset
was attributed to non-controlling
interests.
During 2024, the Group also reversed
an impairment previously recognised
in 2019 in respect of Proyecto Touro
(Note 14).
As at 31 December 2025, the
permitting process continues
under the simplified administrative
framework granted by the strategic
industrial project status. The
Company has submitted the required
sectoral reports and is awaiting
the remaining responses from the
relevant authorities. The Company
continues to engage constructively
with the XdG in relation to the
expected timeline for completion of
the administrative procedures.
In parallel, engineering and
preparatory activities have progressed
during the year, supporting the
potential future development of
the project. Drilling programmes
have continued as planned, and the
Company remains engaged with
local stakeholders and continues to
operate its water treatment plant in
the area.
Proyecto Masa Valverde
On 21 October 2020, the Company
announced that it had entered into
a definitive purchase agreement
to acquire 100% of the shares of
Cambridge Mineria Espa\u00f1a, S.L. (since
renamed Atalaya Masa Valverde,
S.L.U.), a Spanish company which fully
owns the Masa Valverde polymetallic
project located in Huelva (Spain).
Under the terms of the agreement
Atalaya will make an aggregate
\u20ac1.4 million cash payment in two
instalments of approximately the
same amount. The first payment
is to be executed once the project
is permitted and second and final
payment when first production is
achieved from the concession.
In November 2023, the exploitation
permit for the Masa Valverde and
Majadales deposits was officially
granted. Following this milestone, in
January 2024, the Company made a
payment of \u20ac0.7 million as part of the
process associated with the granted
permits.
During 2025, infill and extensional
drilling continued at the Masa
Valverde deposit, with two rigs
active during the year and additional
geotechnical drilling completed.
Drilling has primarily focused on
stockwork-style mineralisation,
which is expected to be amenable
for processing at the existing Riotinto
facilities and supports the Company\u2019s
initial focus on the Masa Valverde
copper zones. Further infill drilling is
planned for 2026.
Masa Valverde has been granted
the two key permits required for
development, the AAU and the
exploitation permit. Development
of the access ramp is subject to final
Board approval.
Proyecto Ossa Morena
In December 2021, Atalaya announced
the acquisition of a 51% interest in Rio
Narcea Nickel, S.L., which owned nine
investigation permits. The acquisition
also provided a 100% interest in
three investigation permits that are
also located along the Ossa-Morena
Metallogenic Belt. In Q3 2022, Atalaya
increased its ownership interest in
POM to 99.9%, up from 51%, following
completion of a capital increase
that will fund exploration activities.
During 2022 Atalaya rejected eight
investigation permits.
Under the terms of the agreement,
Atalaya will pay a total of \u20ac2.5 million
in cash in three instalments and
grant a 1% net smelter return (NSR)
royalty over all acquired permits. The
first payment of \u20ac0.5 million was
made following execution of the
purchase agreement. The second
and third instalments of \u20ac1 million
each will become payable upon
receipt of the environmental impact
statement (EIS) and the final mining
permits for any project within the
acquired investigation permits. These
outstanding instalments are disclosed
as a non-current payable to the sellers
(Note 26).
During 2025, exploration activities
continued at the Alconchel-Pallares
copper-gold project. A step-out
drilling programme was underway
during the year, and three drill holes
were completed in the third quarter
of 2025. Drilling is expected to
commence at the Guijarro-Chaparral
gold-copper project in the coming
weeks.
Proyecto Riotinto East
In December 2020, Atalaya entered into a Memorandum
of Understanding with a local private Spanish company
to acquire a 100% beneficial interest in three investigation
permits (known as Pe\u00f1as Blancas, Cerro Negro and Herreros
investigation permits), which cover approximately 12,368
hectares and are located immediately east of Proyecto
Riotinto. After a short drilling campaign, the Los Herreros
investigation permit was rejected in June 2022. Proyecto
Riotinto East consists of the remaining two investigation
permits, Pe\u00f1as Blancas and Cerro Negro, totalling 10,016
hectares.
During 2025, exploration activities progressed across the East
Belt extension. Gravimetric ground surveys were completed
to better define future drill targets, and soil geochemistry
works were finalised at selected areas. As a result of these
programmes, several coincident gravity and geochemical
targets were outlined at Cerro Negro and Pe\u00f1as Blancas.
Drilling is expected to commence at the Cerro Negro and
Pe\u00f1as Blancas permits in the coming weeks.
Skellefte Belt Project and Rockliden Project
In November 2024, the Group entered into agreements
with Mineral Prospektering i Sverige AB in relation to the
Skellefte Belt Project and the Rockliden Project, both
situated in well-established volcanogenic massive sulphide
districts renowned for their mineral resource potential. In
2025, a total of \u20ac4.3 million (2024: \u20ac1.2 million) in funding
was provided to MPS in relation to preparatory work for the
planned winter drilling campaigns and to compensate for
certain past expenditures incurred by MPS (Note 15). As these
projects remain in the early exploration stage and are still
far from obtaining operating mining permits, these impacts
have been recorded directly in the comprehensive income
statement for the financial year.
Overview of assets by mining projects
The following table presents the allocation of assets across the Company's mining operations,
distinguishing between mining assets, which include exploration, development, and
production-related investments, and non-mining assets, covering infrastructure, equipment,
and other supporting assets.
Net book value Proyecto Proyecto Proyecto Masa Proyecto Proyecto Total
(\u20ac'000) Touro Ossa Morena Valverde Riotinto Riotinto East
Mining assets
36,432
2,101
8,685
474,522*
450
522,190
Non-mining assets
-
-
-
458
-
458
Total
36,432
2,101
8,685
474,980
450
522,648
* \u20ac22.1m related to E-LIX Project, see Note 13.
Composition of the Group
The name and shareholding of the entities included in the Group in these financial statements are:
Entity name
Business
%2
Country
Atalaya Mining Copper, S.A. (former Atalaya Mining Plc)
Holding
n/a
Spain
EMED Marketing Ltd.
Trade
100%
Cyprus
Atalaya Riotinto Minera, S.L.U.
Operating
100%
Spain
Recursos Cuenca Minera, S.L.3
Dormant
50%
Spain
Atalaya Minasderiotinto Project (UK), Ltd.
Holding
100%
United Kingdom
Eastern Mediterranean Exploration & Development, S.L.U.
Dormant
100%
Spain
Atalaya Touro (UK), Ltd.
Holding
100%
United Kingdom
Fundaci\u00f3n ARM
Trust
100%
Spain
Cobre San Rafael, S.L.1
Development
10%
Spain
Atalaya Servicios Mineros, S.L.U.
Holding
100%
Spain
Atalaya Masa Valverde, S.L.U.
Development
100%
Spain
Atalaya Financing Ltd.
Financing
100%
Cyprus
Atalaya Ossa Morena, S.L.
Development
99.9%
Spain
Iberian Polimetal S.L.
Development
100%
Spain
Notes
1. Cobre San Rafael, S.L. is the entity which holds the mining rights of the Proyecto Touro. The Group has control in the management
of Cobre San Rafael, S.L., including one of the two Directors, management of the financial books.
2. The effective proportion of shares held as at 31 December 2025 and 31 December 2024 remained unchanged.
3. Recursos Cuenca Minera is a joint venture with ARM, see Note 16.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "Atalaya Mining Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-402": { "value": "Atalaya Mining Plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "Cyprus", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "private company with limited liability", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "1 Lampousa Street, Nicosia, Cyprus", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "Following the Company\u2019s Extraordinary General Meeting (EGM) on 13 October 2015, the change of name from EMED Mining Public Limited to Atalaya Mining Plc became effective on 21 October 2015.", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-8": { "value": "Principal activities Atalaya is a European mining and development company. The strategy is to evaluate and prioritise metal production opportunities in several jurisdictions throughout the well- known belts of base and precious metal mineralisation in Spain, elsewhere in Europe and Latin America. The Group has interests in four mining projects: Proyecto Riotinto, Proyecto Touro, Proyecto Masa Valverde and Proyecto Ossa Morena. In addition, the Group has an earn- in agreement to acquire certain investigation permits at Proyecto Riotinto East. The Group also has earn-in agreements related to two exploration projects in Sweden, the Skellefte Belt Project and the Rockliden Project, pursuant to agreements entered into in 2024 with Mineral Prospektering i Sverige AB. Additional information about the Company is available at www. atalayamining.com. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-403": { "value": "
2. Summary of material accounting policies
The principal accounting policies
applied in the preparation of these
consolidated and Company financial
statements are set out below. These
policies have been consistently
applied to all the years presented,
unless otherwise stated.
2.1 Basis of preparation
(a) Overview
The consolidated financial statements
of Atalaya Mining Copper, S.A. (the
\"Parent Company\") and its subsidiaries
(collectively, the \"Group\") have been
formulated in accordance with the
International Financial Reporting
Standards adopted by the European
Union (\"EU-IFRS\") and other applicable
provisions of the financial reporting
regulatory framework, in particular
the Commercial Code and the Capital
Companies Act, in order to show
a true and fair view of the Group's
consolidated equity and consolidated
financial position as of 31 December
2025, and of the consolidated financial
performance, its consolidated cash
flows and changes in consolidated
equity for the year ended on that date.
EU-IFRS comprises the standards
issued by the International
Accounting Standards Board (IASB)
approved by the EU for application by
listed companies.
The definition of a Public-Interest
Entity (PIE) is set out in Article 2.13 of
Directive 2006/43/EC, as amended
by Article 1 of Directive 2014/56/EU,
which states that the following are
considered to be EIPs: (a) entities
governed by the law of a Member
State whose transferable securities
are admitted to trading on a
regulated market in any Member
State; b) credit institutions, as
defined in point (1) of Article 3(1) of
Directive 2013/36/EU; (c) insurance
undertakings within the meaning
of Article 2 (1) of Directive 91/674/
EEC; and (d) entities designated by
Member States as public-interest
entities. As the Parent Company
does not fall into any of the above
categories, it is not considered a PIE.
The Directors of the Parent Company
estimate that the consolidated annual
accounts for the financial year 2025,
which have been prepared on 18 of
March 2026, will be approved by the
General Meeting of Shareholders
without any modification.
The consolidated financial statements
are presented in euros (\u20ac), rounding
all amounts to the nearest thousand
(\u20ac'000), unless otherwise indicated.
The preparation of the consolidated
financial statements in accordance
with EU-IFRS requires the application
of relevant accounting estimates
and the making of judgements,
estimates and assumptions in the
process of applying the Group's
accounting policies. The aspects that
have involved a greater degree of
judgement, complexity or in which
the assumptions and estimates are
significant for the preparation of the
consolidated financial statements are
disclosed in Note 3.3.
Likewise, although the estimates
made by the Directors of the Parent
Company have been calculated based
on the best information available as
of December 31, 2025, it is possible
that events that may take place in the
future may require their modification
in the coming years. The effect on the
consolidated financial statements of
the modifications that, if any, arise
from the adjustments to be made
during the coming years would be
recognised prospectively.
(b) Going concern
These consolidated financial
statements have been prepared
on a going concern basis, which
assumes that the Group will continue
to operate and meet its financial
obligations in the normal course of
business.
The Directors have assessed the
Group\u2019s financial position, operational
performance, and external market
conditions for a period of at least 12
months from the date of approval
of these financial statements. This
assessment considered: Copper
price volatility and foreign exchange
fluctuations, given their direct
impact on revenue and profitability;
production levels and cost profile,
ensuring the Group maintains
operational efficiency and financial
resilience; capital expenditure and
ongoing development projects,
aligning with the Group\u2019s strategic
and operational needs; liquidity and
borrowing facilities, confirming the
Group\u2019s ability to meet financial
obligations as they fall due; energy
cost stability, supported by the
commissioning of a solar power plant
and a long-term PPA to mitigate
electricity price volatility, regulatory
and geopolitical risks, ensuring
compliance with evolving industry
regulations and addressing potential
global market disruptions; copper
head grade variability, with sensitivity
analyses conducted to evaluate the
impact of potential fluctuations in ore
quality.
Following a comprehensive review
of forecasts, financial resources, and
stress-tested downside scenarios,
the Directors have concluded that
there are no material uncertainties
that could reasonably be expected to
cast significant doubt on the Group\u2019s
ability to continue operating as a
going concern. Accordingly, the going
concern basis of accounting remains
appropriate for the preparation
of these consolidated financial
statements.
The Directors and management will
continue to monitor external factors,
including market conditions and
regulatory developments, to ensure
the Group remains well-positioned to
navigate potential challenges.
The Group has adopted all the new and revised EU-IFRSs which are relevant to its operations and are effective for accounting periods commencing on or after 1 January 2025. IAS 21 (Modification) \u2013 Absence of interchangeability The IASB has amended IAS 21 to introduce guidance for determining whether a currency is exchangeable into another currency and, where it is not, how to determine the appropriate spot exchange rate to apply. The amendments require an entity to assess exchangeability at the measurement date and, if a currency is deemed not to be exchangeable, to estimate a spot exchange rate that reflects the rate at which an orderly exchange transaction would take place between market participants under prevailing economic conditions. The adoption of these amendments has not had a material impact on the Group\u2019s financial statements or accounting policies, as the Group operates in jurisdictions where currencies are freely exchangeable and observable market exchange rates are available. 2.2 Changes in accounting policy and disclosures
Standards issued but not yet in force and not yet implemented by the Group
The Group will apply the following amendments adopted by the European Union from 1 January 2026.
IFRS 9 (Amendment) and IFRS 7 (Amendment)
\u2013 Classification and Measurement of Financial
Instruments
The main modifications include:
\u25a1 Clarification of the date of recognition and
derecognition of specific financial assets and
liabilities, with a new exception for certain liabilities
settled through electronic cash transfer systems.
\u25a1 Additional guidance on how to assess whether a
financial asset meets the criterion of only principal
and interest payments on the outstanding
principal amount (UPPI).
\u25a1 New disaggregation requirements for financial
instruments with contractual terms that may
alter cash flows, including ESG-linked financial
instruments.
\u25a1 Update of the reporting requirements for equity
instruments measured at fair value through other
comprehensive income (FVOCI).
While the amendments relating to the SPPI criterion
are primarily relevant to financial institutions,
the changes concerning recognition, ESG-linked
financial instruments and enhanced disclosure
requirements are applicable to all entities.
These amendments will enter into force from 1
January 2026 and will be allowed to be adopted
early. The amendments may introduce additional
disclosure requirements but are not expected to have
a significant impact on the Group's recognition and
valuation of financial instruments.
IFRS 9 (Amendment) and IFRS 7 (Amendment)
\u2013 Contracts relating to nature-dependent
electricity
These amendments address the accounting for
electricity supply contracts that depend on natural
conditions (for example, wind or solar energy),
enabling entities to reflect such contracts more
accurately in their financial statements. The key
changes include:
\u25a1 Clarification of the \u201cown use\u201d exemption for
electricity contracts.
\u25a1 The ability to apply hedge accounting to certain
contracts when they are designated as hedging
instruments.
\u25a1 New disaggregation requirements to improve
transparency regarding the financial impact of
such contracts.
These amendments will apply from 1 January 2026.
They may require additional disclosures, particularly
if the Group enters into renewable energy supply
contracts but are not expected to have a material
impact on the Group\u2019s recognition or measurement
principles.
IFRS Annual Improvements \u2013 Volume 11
The IASB\u2019s Annual Improvements process addresses
minor amendments to IFRS Standards in order
to eliminate inconsistencies and improve clarity.
Volume 11 includes amendments to the following
standards:
\u25a1 IFRS 1 \u2013 First-time Adoption of IFRS: improved
references and drafting.
\u25a1 IFRS 7 \u2013 Financial Instruments: Disclosures:
simplification of cash flow disclosure
requirements.
\u25a1 IFRS 9 \u2013 Financial Instruments: elimination of
an inconsistency between IFRS 9 and IFRS 15
relating to the initial measurement of trade
receivables, and clarification of how a lessee
accounts for the derecognition of a lease liability
in accordance with paragraph 23 of IFRS 9.
\u25a1 IFRS 10 \u2013 Consolidated Financial Statements:
improvements to structure and wording.
\u25a1 IAS 7 \u2013 Statement of Cash Flows: clarification
that, under the indirect method, the starting
point should be profit from operating activities
rather than profit or loss for the year.
These amendments will become effective on
1 January 2026. Their impact is expected to be
limited, as they primarily clarify existing guidance
rather than introduce significant changes.
Standards, Interpretations, and Amendments to Existing Standards Not Yet Endorsed by the European Union or Not Available for Early Adoption As at the date of preparation of these consolidated financial statements, the IASB and the IFRS Interpretations Committee have issued the following standards, amendments and interpretations that have not yet been adopted by the European Union and therefore cannot yet be applied by the Group. The Group has, however, assessed their potential impact on its consolidated financial statements once they become applicable.
IFRS 18 \u2013 Presentation and Disclosure in Financial
Statements
IFRS 18 is a recently issued standard that replaces IAS 1
Presentation of Financial Statements, while retaining many
of its underlying principles. However, it introduces significant
changes, including:
\u25a1 A structured format for the income statement, requiring
specific totals and subtotals and categorising items into
five sections: operating, investing, financing, income taxes
and discontinued operations.
\u25a1 Disclosure requirements for management-defined
performance measures presented in the financial
statements.
\u25a1 Enhanced aggregation and disaggregation principles
applicable to both the primary financial statements and
the notes.
Although IFRS 18 does not affect recognition or
measurement principles, it may change the presentation of
operating results.
This standard will become effective from 1 January 2027,
subject to adoption by the European Union, and will apply
to interim financial statements. Retrospective application is
required and early adoption is permitted.
Management\u2019s preliminary assessment indicates that IFRS
18 will affect the presentation and disclosures in the Group\u2019s
consolidated financial statements but will not impact the
recognition or measurement principles applied by the Group.
IFRS 19 \u2013 Non-Publicly Accountable Subsidiaries:
Disclosures
IFRS 19 is a new standard designed for subsidiaries
without public accountability whose parent prepares
consolidated financial statements in accordance
with IFRS. It reduces disclosure requirements for
such subsidiaries while maintaining IFRS recognition
and measurement principles.
This voluntary standard applies to subsidiaries
preparing consolidated or individual annual financial
statements, provided that local regulations permit
its use.
In the case of Spanish groups, its application
primarily relates to foreign subsidiaries that apply
IFRS in their individual financial statements.
Subsidiaries that currently apply IFRS for SMEs or
local GAAP in their statutory financial statements
would not need to prepare a separate set of
accounts for group reporting purposes if they adopt
IFRS 19.
IFRS 19 will become effective from 1 January 2027.
Early adoption is permitted, subject to approval by
the European Union.
This standard is not expected to have a material
impact on the Group\u2019s consolidated financial
statements, as its applicability depends on the status
of subsidiaries and local regulatory requirements.
IFRS 10 (Amendment) and IAS 28
(Amendment) \u2013 Sale or Contribution
of Assets between an Investor and its
Associate or Joint Venture
These amendments clarify the accounting
treatment of sales and contributions of
assets between an investor and its associate
or joint venture, depending on whether the
transferred non-cash assets constitute a
\u201cbusiness\u201d under IFRS 3. Where the assets
qualify as a business, the investor recognises
the full gain or loss on the transaction.
Otherwise, only the portion of the gain
or loss attributable to other investors is
recognised.
These amendments were originally intended
to apply prospectively from 1 January
2016. However, at the end of 2015, the IASB
deferred their effective date indefinitely,
pending a broader review of the accounting
for associates and joint ventures. As the
amendments remain deferred indefinitely
and have not been adopted by the European
Union, the Group has adopted the following
accounting policy in accordance with IAS
8: the sale or contribution of assets to an
associate or joint venture is accounted for by
recognising only the portion of the gain or
loss attributable to other investors.
2.3 Subsidiaries
Subsidiaries, including structured
entities, are those entities over which
the Parent Company, directly or
indirectly through its subsidiaries,
exercises control. The Parent
Company controls a subsidiary when,
through its involvement with the
entity, it is exposed, or has rights, to
variable returns and has the ability
to affect those returns through the
power it exercises over the entity. The
Parent Company has power when
it holds substantive rights that are
currently exercisable and provide the
ability to direct the relevant activities.
The Parent Company is exposed, or
has rights, to variable returns from its
involvement with a subsidiary when
the returns it obtains may vary as a
result of the economic performance
of the entity.
A structured entity is an entity
designed in such a way that voting
rights or similar rights are not the
dominant factor in determining who
controls the entity, for example where
potential voting rights relate solely
to administrative activities and those
activities are governed by contractual
arrangements.
Control is typically achieved through
ownership of more than 50% of the
voting rights, whether directly or
indirectly. However, control may also
be exercised over another entity even
when holding less than half of the
voting rights, as is the case of Cobre
San Rafael, S.L., as explained in Note 3.3.
The Group reassesses whether it
continues to control its subsidiaries
whenever facts and circumstances
indicate that one or more of the
elements of control may have
changed.
The income, expenses and cash flows
of subsidiaries are included in the
consolidated financial statements
from the date of acquisition,
being the date on which the
Group effectively obtains control.
Subsidiaries are excluded from
consolidation from the date on which
control is lost.
Transactions and balances between
Group companies, together with
any unrealised gains or losses, are
eliminated in the consolidation
process. However, unrealised losses
are considered as an indicator of
impairment of the assets transferred.
The accounting policies of
subsidiaries have been aligned with
those of the Group for transactions
and other events of a similar nature
occurring in similar circumstances.
The annual accounts or financial
statements of subsidiaries used in the
consolidation process are prepared
as at the same reporting date and for
the same reporting period as those of
the Parent Company.
Where a reduction in the Group\u2019s
interest in a subsidiary results in a
loss of control, the Group recognises
a gain or loss for the difference
between the consideration received,
plus the fair value of any retained
investment in the entity, plus the
carrying amount of non-controlling
interests, and the carrying amount
of the consolidated net assets. The
cumulative amount recognised in
other comprehensive income relating
to the subsidiary is reclassified in
full to profit or loss or to reserves,
depending on its nature. The
consolidated net assets include
goodwill, to the extent that the entity
disposed of constitutes a business.
If the entity disposed of constitutes
a business that formed part of a
cash-generating unit or a group
of cash-generating units to which
goodwill had been allocated, such
goodwill is allocated between the
portion disposed of and the portion
retained on the basis of their relative
fair values and recoverable amounts,
respectively.
Where the Group\u2019s ownership
interest in a subsidiary changes but
control is retained, the transaction
is accounted for as an equity
transaction. Accordingly, no new
acquisition cost arises on increases
in ownership and no gain or loss is
recognised on reductions. Instead, the
difference between the consideration
paid or received and the carrying
amount of non-controlling interests
is recognised directly in reserves
attributable to the shareholders of the
Parent Company, without prejudice
to the reclassification of consolidation
reserves and the reallocation of other
comprehensive income between
the Group and non-controlling
interests. Upon a reduction in the
Group\u2019s interest in a subsidiary, non-
controlling interests are recognised
at their proportionate share of the
consolidated net assets, including
goodwill.
The Group applies the acquisition
method to account for business
combinations. The consideration
transferred for the acquisition of
a subsidiary is the fair value of the
transferred assets, liabilities incurred
by the former owners of the acquiree,
and the equity interests issued by the
Group. The consideration transferred
includes the fair value of any asset or
liability resulting from a contingent
consideration arrangement.
Identifiable assets acquired, liabilities
and contingent liabilities assumed
in a business combination are
measured initially at fair value at
the acquisition date. The Group
recognised any non-controlling
interest in the acquiree on an
acquisition-by-acquisition basis,
either at fair value or at the non-
controlling interest\u2019s proportionate
share of the recognised amounts of
acquiree\u2019s identifiable net assets.
Non-controlling interests in the
results and equity of subsidiaries are
shown separately in the consolidated
statement of profit or loss, statement
of comprehensive income, statement
of changes in equity and statement
of financial position.
If there are contractual
arrangements that determine
the attribution of earnings, such
as a profit-sharing agreement or
the attribution specified by the
arrangement, the non-controlling
interest will be presented
accordingly. Otherwise, the relative
ownership interests in the entity
should be used if the parent\u2019s
ownership and the non-controlling
interest\u2019s ownership in the assets and
liabilities are proportional.
When contractual profit-sharing
arrangement changes over time,
the earnings allocation to the non-
controlling interest should be based
on its present entitlement.
(a) Acquisition-related costs are
expensed as incurred
If the business combination is
achieved in stages, the acquisition
date carrying value of the acquirer\u2019s
previously held equity interest in
the acquire is re-measured to fair
value at the acquisition date; any
gains or losses arising from such re-
measurement are recognised in profit
or loss.
Any contingent consideration to be
transferred by the Group is recognised
at fair value at the acquisition date.
Subsequent changes to the fair value
of the contingent consideration that
is deemed to be an asset or liability
is recognised in accordance with
IFRS 9 in profit or loss. Contingent
consideration that is classified as
equity is not re-measured, and its
subsequent settlement is accounted
for within equity.
Intercompany transactions,
balances, income and expenses
on transactions between Group
companies are eliminated. Gains and
losses resulting from intercompany
transactions that are recognised in
assets are also eliminated. Accounting
policies of subsidiaries have been
changed where necessary to ensure
consistency with the policies adopted
by the Group.
(b) Changes in ownership
interests in subsidiaries without
change of control
Transactions with non-controlling
interests that do not result in loss of
control are accounted for as equity
transactions \u2013 that is, as transactions
with the owners in their capacity as
owners. The difference between fair
value of any consideration paid and the
relevant share acquired of the carrying
value of net assets of the subsidiary is
recorded in equity. Gains or losses on
disposals to non-controlling interests
are also recorded in equity.
(c) Disposal of subsidiaries
When the Group ceases to have
control, any retained interest in the
entity is re-measured to its fair value
at the date when control is lost, with
the change in carrying amount
recognised in profit or loss. The fair
value is the initial carrying amount
for the purposes of subsequently
accounting for the retained interest as
an associate, joint venture or financial
asset. In addition, any amounts
previously recognised in other
comprehensive income in respect
of that entity are accounted for as if
the Group had directly disposed of
the related assets or liabilities. This
may mean that amounts previously
recognised in other comprehensive
income are reclassified to profit or loss.
(d) Associates and joint
ventures
An associate is an entity over which
the Group has significant influence.
Significant influence is the power
to participate in the financial and
operating policy decisions of the
investee (generally accompanying a
shareholding of between 20% and 50%
of the voting rights) but is not control
or joint control over those policies.
A joint venture is a type of joint
arrangement whereby the parties
that have joint control of the
arrangement have rights to the net
assets of the joint venture. Joint
control is the contractually agreed
sharing of control of an arrangement,
which exists only when decisions
about the relevant activities require
the unanimous consent of the parties
sharing control.
Investments in associates or joint
ventures are accounted for using the
equity method of accounting. Under
the equity method, the investment
is initially recognised at cost, and
the carrying amount is increased or
decreased to recognise the investor\u2019s
share of the profit or loss of the
investee after the date of acquisition.
The Group\u2019s investment in associates
or joint ventures includes goodwill
identified on acquisition.
If the ownership interest in an
associate or joint venture is reduced
but significant influence is retained,
only a proportionate share of the
amounts previously recognised in
other comprehensive income is
reclassified to profit or loss where
appropriate.
The Group\u2019s share of post-acquisition
profit or loss is recognised in the
income statement, and its share of
post-acquisition movements in other
comprehensive income is recognised
in other comprehensive income, with
a corresponding adjustment to the
carrying amount of the investment.
When the Group share of losses
in an associate or a joint venture
equals or exceeds its interest in the
associate or joint venture, including
any other unsecured receivables, the
Group does not recognise further
losses, unless it has incurred legal
or constructive obligations or made
payments on behalf of the associate
or the joint venture.
The Group determines at each
reporting date whether there is
any objective evidence that the
investment in the associate or the
joint venture is impaired. If this
is the case, the Group calculates
the amount of impairment as the
difference between the recoverable
amount of the associate or the joint
venture and its carrying value, and
recognises the amount adjacent to
\u201cshare of profit/(loss) of associates
or joint ventures\u201d in the income
statement.
Profits and losses resulting from
upstream and downstream
transactions between the Group
and its associate or joint venture
are recognised in the Group\u2019s
consolidated financial statements
only to the extent of unrelated
investors\u2019 interests in the associates
or the joint ventures. Unrealised
losses are eliminated unless the
transaction provides evidence of an
impairment of the asset transferred.
Accounting policies of associates have
been changed where necessary to
ensure consistency with the policies
adopted by the Group. Dilution gains
and losses arising in investments
in associates or joint ventures are
recognised in the income statement.
(e) Functional currency
Functional and presentation
currency items included in the
financial statements of each of
the Group\u2019s entities are measured
using the currency of the primary
economic environment in which
the entity operates (\u201cthe functional
currency\u201d). The financial statements
are presented in Euro which is
the Company\u2019s functional and
presentation currency.
Determination of functional currency
may involve certain judgements to
determine the primary economic
environment and the parent entity
reconsiders the functional currency
of its entities if there is a change
in events and conditions which
determined the primary economic
environment.
Foreign currency transactions
are translated into the functional
currency using the spot exchange
rates prevailing at the dates of the
transactions or valuation where items
are re-measured. Foreign exchange
gains and losses resulting from the
settlement of such transactions are
recognised in the income statement.
Monetary assets and liabilities
denominated in foreign currencies
are updated at year-end spot
exchange rates.
Non-monetary items that are
measured at historical cost in a
foreign currency are translated using
the exchange rates at the dates of
the initial transaction. Non-monetary
items measured at fair value in a
foreign currency are translated using
the exchange rates at the date when
the fair value was determined.
Gains or losses of monetary and non-
monetary items are recognised in
the income statement.
Balance sheet items are translated
at period-end exchange rates.
Exchange differences on translation
of the net assets of such entities
whose functional currency are not
the Euro are taken to equity and
recorded in a separate currency
translation reserve.
(f) Care and maintenance
expenditure
Care and maintenance expenditure
includes costs incurred to maintain
assets and infrastructure in an
operationally ready state during
periods of reduced or suspended
activity. These costs may relate to
preparatory works for potential
projects, ongoing maintenance
of assets not currently in active
production, or regulatory compliance
obligations.
Under IFRS, these expenditures
are classified below gross profit in
the statement of comprehensive
income because they are not directly
attributable to revenue-generating
operations. Instead, they represent
period costs incurred while assets are
not in active use, and therefore, are
recognised as an operating expense
rather than part of cost of sales.
2.4 Business
combinations
The Group applies the acquisition
method to account for business
combinations.
The acquisition date is the date on
which the Group obtains control of
the acquired business.
The consideration transferred
in a business combination is
determined at the acquisition
date as the aggregate of the fair
values of the assets transferred, the
liabilities incurred or assumed, the
equity instruments issued and any
contingent consideration dependent
on future events or the fulfilment of
certain conditions in exchange for
control of the acquired business.
The consideration transferred
excludes any payment that does
not form part of the exchange for
the acquired business. Acquisition
related costs are recognised as an
expense as incurred.
At the acquisition date, the Group
recognises the assets acquired and
liabilities assumed at their fair value.
The non-controlling interest in the
acquired business is recognised at
the amount corresponding to its
proportionate share of the fair value
of the net assets acquired. This
criterion is only applicable to non-
controlling interests that provide a
present ownership interest entitling
their holders to a proportionate
share of the entity\u2019s net assets in the
event of liquidation. Otherwise, non-
controlling interests are measured
at fair value or at the value based
on market conditions. The liabilities
assumed include contingent
liabilities to the extent that they
represent present obligations
arising from past events and their
fair value can be measured reliably.
In addition, the Group recognises
indemnification assets granted
by the seller at the same time and
using the same measurement
criteria as the indemnified item of
the acquired business, taking into
account, where applicable, the risk
of insolvency and any contractual
limitations on the indemnified
amount.
This criterion does not apply to non-
current assets or disposal groups
classified as held for sale, defined
benefit long-term employee benefit
liabilities, share-based payment
transactions, deferred tax assets and
liabilities, and intangible assets arising
from the reacquisition of previously
granted rights.
The assets and liabilities assumed
are classified and designated
for subsequent measurement
on the basis of the contractual
arrangements, economic conditions,
accounting policies and operating
policies and other conditions existing
at the acquisition date, except for
lease contracts in which the acquired
business is the lessor and insurance
contracts.
Any excess of the consideration
transferred, plus the amount
recognised for non-controlling
interests, over the net amount of
the assets acquired and liabilities
assumed is recognised as goodwill.
Where applicable, any shortfall,
after reassessing the amount of the
consideration transferred, the amount
recognised for non-controlling
interests and the identification and
measurement of the net assets
acquired, is recognised in a separate
line item in the consolidated income
statement.
Contingent consideration is classified
in accordance with the underlying
contractual terms as a financial asset
or liability, an equity instrument
or a provision. To the extent that
subsequent changes in the fair value
of a financial asset or liability do not
correspond to a measurement period
adjustment, they are recognised
in profit or loss. Contingent
consideration classified as equity is
not subsequently remeasured, and
its settlement is recognised in equity.
Contingent consideration classified
as a provision is subsequently
recognised at fair value with changes
recognised in profit or loss.
2.5 Non-controlling
interests
Non-controlling interests in
subsidiaries are recognised at the
acquisition date at their proportionate
share of the fair value of the
identifiable net assets.
Non-controlling interests are
presented in consolidated equity
separately from the equity
attributable to the shareholders
of the Parent. Non-controlling
interests in the consolidated results
for the year are likewise presented
separately in the consolidated
income statement.
The Group\u2019s interest and the
non-controlling interests in the
consolidated results for the year
and in the changes in equity of
subsidiaries, after taking into account
consolidation adjustments and
eliminations, are determined on the
basis of ownership interests at the
reporting date, without considering
the possible exercise or conversion
of potential voting rights and after
deducting the effect of dividends,
whether agreed or not, on cumulative
preference shares classified in equity.
However, the Group\u2019s interest and
the non-controlling interests are
determined taking into account the
possible exercise of potential voting
rights and other derivative financial
instruments that, in substance,
currently provide access to the
returns associated with ownership
interests in subsidiaries.
Profit or loss and each component
of other comprehensive income are
attributed to the equity attributable
to the shareholders of the Parent
and to non-controlling interests
in proportion to their ownership
interests, even if this results in a
deficit balance in non-controlling
interests. Agreements entered
into between the Group and non-
controlling interests are recognised as
a separate transaction.
The Group recognises put options
over interests in subsidiaries granted
to non-controlling interests at
the acquisition date of a business
combination as an anticipated
acquisition of those interests,
recognising a financial liability at the
present value of the best estimate
of the amount payable, which
forms part of the consideration
transferred. Put options over interests
in subsidiaries granted to non-
controlling interests subsequent
to the business combination are
recognised as a financial liability at
the present value of the best estimate
of the amount payable, with a
corresponding entry in reserves.
In subsequent periods, changes in the
financial liability are recognised as a
finance expense or finance income
in profit or loss. Any discretionary
dividends paid to non-controlling
interests up to the exercise date
of the options are recognised as a
distribution of profits. If the options
are ultimately not exercised, the
transaction is recognised as a sale
of interests to non-controlling
shareholders.
2.6 Associates and joint ventures which significant influence or joint control is obtained, respectively, until the date on which the Parent can no longer justify their existence. Investments in associates and joint ventures are initially recognised at cost, including any directly attributable acquisition costs and any contingent consideration asset or liability dependent on future events or the fulfilment of certain conditions. Any excess of the cost of the investment over the Group\u2019s share of the fair values of the identifiable net assets is recognised as goodwill, which is included in the carrying amount of the investment. Any shortfall, after reassessing the cost of the investment and the identification and measurement of the net assets of the associate or joint venture, is recognised as income in determining the investor\u2019s share of the profit or loss of the associate or joint venture in the year of acquisition. The accounting policies of associates and joint ventures have been aligned in terms of reporting date and measurement on the same basis as that applied to subsidiaries. The Group\u2019s share of the profits or losses of associates and joint ventures arising from the acquisition date is recognised as an increase or decrease in the carrying amount of the investments, with a corresponding entry in the line item Share of profit or loss of associates accounted for using the equity method in the consolidated income statement. Similarly, the Group\u2019s share of other comprehensive income of associates and joint ventures arising from the acquisition date is recognised as an increase or decrease in the carrying amount of the investments, with the corresponding entry recognised by nature in other comprehensive income. Dividend distributions are recognised as a reduction in the carrying amount of the investments. In determining the Group\u2019s share of profits or losses, including impairment losses recognised by associates or joint ventures, income and expenses arising from the acquisition method are taken into account. The Group\u2019s share of the profits or losses of associates and joint ventures and of changes in equity is determined on the basis of ownership interests at the reporting date, without considering the possible exercise or conversion of potential voting rights. However, the Group\u2019s share is determined taking into account the possible exercise of potential voting rights and other derivative financial instruments that, in substance, currently provide access to the returns associated with ownership interests in associates or joint ventures. Losses of associates and joint ventures attributable to the Group are limited to the amount of the net investment, except where the Group has incurred legal or constructive obligations or has made payments on behalf of the associates or joint ventures. For the purposes of recognising impairment losses in associates and joint ventures, the net investment is determined as the carrying amount resulting from the application of the equity method together with any other item that, in substance, forms part of the investment in the associates or joint ventures. Any excess of losses over the investment in equity instruments is allocated to the remaining components in reverse order of their priority in liquidation. Profits subsequently generated by those associates or joint ventures for which recognition of losses had been limited to the amount of the investment are recognised to the extent that they exceed previously unrecognised losses. The Group applies the measurement An associate is an entity over which the Parent, directly or indirectly through subsidiaries, exercises significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee (generally accompanied by an ownership interest of between 20% and 50% of the voting rights), without constituting control or joint control. In assessing whether significant influence exists, potential voting rights that are exercisable or convertible at the reporting date of each year are considered, including potential voting rights held by the Group or by another entity. Joint arrangements are those in which there is a contractual agreement to share control over an economic activity, such that decisions about the relevant activities require the unanimous consent of the Group and the other parties or operators. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Investments in associates and joint ventures are accounted for using the equity method from the date on
criteria for financial instruments to the
other components that form part of
the net investment and to which the
equity method is not applied, prior
to recognising the losses referred to
above. In applying those criteria, the
Group does not take into account
the recognition of losses arising from
the equity method in the carrying
amount of those items. As a result,
the measurement of those items
at fair value and, where applicable,
impairment, affects the recognition of
losses arising from the equity method
in prior periods and in the current year.
Unrealised gains and losses arising
from transactions between the Group
and associates or joint ventures are
recognised only to the extent of the
interests of other unrelated investors.
This criterion does not apply to the
recognition of unrealised losses that
provide evidence of impairment of
the asset transferred. However, gains
and losses arising from transactions
between the Group and associates
or joint ventures involving net
assets that constitute a business are
recognised in full.
Unrealised gains and losses on non-
monetary contributions of assets that
do not constitute a business by the
Group to associates or joint ventures
are recognised in accordance with the
substance of the transaction. In this
respect, where the assets transferred
are retained in the associate or
joint venture and the transaction
has commercial substance, only
the proportionate share of gains
or losses attributable to the other
parties is recognised. Otherwise,
no gain or loss is recognised on
the transaction. Deferred gains or
losses are recognised against the
carrying amount of the investment.
Unrealised losses are not eliminated
to the extent that they provide
evidence of impairment of the asset
transferred. Where, in addition to the
interest received, the Group receives
monetary or non-monetary assets,
the result of the transaction relating
to the latter is recognised.
In non-monetary contributions of
businesses by the Group to associates,
gains and losses are recognised in full.
On the reduction of an interest in an
associate or joint venture resulting
in the loss of significant influence or
joint control, respectively, the Group
recognises a gain or loss equal to the
difference between the consideration
received, plus the fair value of any
retained investment, and the carrying
amount of the interest. The other
comprehensive income relating
to the associate or joint venture is
reclassified in full to profit or loss or
reserves as if the associate or joint
venture had directly disposed of the
related assets or liabilities.
On the reduction of an interest in an
associate that does not result in the
loss of significant influence, or where
the Group loses joint control of a
joint venture but retains significant
influence, the Group recognises a
gain or loss equal to the difference
between the consideration
received and the proportionate
share of the carrying amount of
the interest disposed of. The other
comprehensive income relating
to the proportionate share of the
associate disposed of is reclassified
to profit or loss or reserves as if the
associate had directly disposed
of the related assets or liabilities.
If the transaction results in a loss,
the Group assesses the retained
investment for impairment.
On the additional acquisition of
interests in an associate, including
obtaining joint control, the Group
applies the criteria established
for the initial acquisition of
investments in associates at the date
significant influence is obtained,
to the proportionate share of the
investment acquired.
After application of the equity
method, the Group assesses whether
there is objective evidence of
impairment of the net investment in
the associate or joint venture.
Impairment is determined by
comparing the carrying amount of the
net investment in the associate or joint
venture with its recoverable amount,
being the higher of value in use and
fair value less costs of disposal. In this
regard, value in use is determined by
reference to the Group\u2019s share of the
present value of the estimated cash
flows from ordinary activities and
the amounts that may arise from the
ultimate disposal of the associate or
joint venture.
The recoverable amount of the
investment in an associate or
joint venture is assessed for each
associate or joint venture individually,
unless it does not constitute a cash
generating unit.
Impairment losses are not allocated
to goodwill or to other assets implicit
in the investment in associates
or joint ventures arising from the
application of the acquisition method.
In subsequent periods, reversals
of impairment of investments are
recognised in profit or loss to the
extent that there is an increase in
the recoverable amount. Impairment
losses are presented separately from
the Group\u2019s share of the results of
associates and joint ventures.
2.7 Joint ventures
A joint operation is a joint
arrangement whereby the
parties that have joint control
of the arrangement have rights
to the assets and obligations
for the liabilities relating to the
arrangement.
In joint operations, the Group
recognises in the consolidated
financial statements its assets,
including its share of jointly
controlled assets; its liabilities,
including its share of liabilities
incurred jointly with the other
operators; the revenue from the
sale of its share of the output
arising from the joint operation;
its share of the revenue from the
sale of the output arising from the
joint operation; and its expenses,
including its share of any jointly
incurred expenses.
The acquisition by the Group of an
initial and subsequent interest in
a joint operation that constitutes a
business is recognised by applying
the criteria developed for business
combinations to the extent of the
percentage interest held in the
individual assets and liabilities.
However, on the subsequent
acquisition of an additional interest
in a joint operation, the previously
held interest in the individual assets
and liabilities is not remeasured,
provided that the Group retains joint
control.
In transactions involving the sale or
contribution of assets by the Group
to joint operations, gains or losses
are recognised only to the extent of
the interests of the other operators,
unless the losses provide evidence
of a loss or impairment of the assets
transferred, in which case they are
recognised in full.
In transactions involving purchases
by the Group from joint operations,
gains or losses are recognised only
when the acquired assets are sold to
third parties, unless the losses provide
evidence of a loss or impairment
of the assets acquired, in which
case the Group recognises in full its
proportionate share of the losses.
The consolidated financial
statements are presented in
thousands of euros, rounded to
the nearest thousand, which is the
functional and presentation currency
of the Parent.
Foreign currency transactions
are translated into the functional
currency using the spot exchange
rates between the functional currency
and the foreign currency at the
dates of the transactions. The spot
exchange rate is the rate used in
transactions with immediate delivery.
Monetary assets and liabilities
denominated in foreign currency are
translated into euros at the closing
rate at the reporting date, whereas
non-monetary items measured at
historical cost are translated using
the exchange rates at the date of
the transaction. For these purposes,
advances to suppliers and from
customers are treated as non-
monetary items and are therefore
translated at the exchange rate
prevailing on the date of payment or
receipt. The subsequent recognition
of inventories received or revenue
from sales, in respect of the advance,
is measured at the original exchange
rate and not at the rate prevailing at
the transaction date. Finally, non-
monetary assets measured at fair
value are translated into euros using
the exchange rate at the date on
which the fair value was determined.
In presenting the consolidated
statement of cash flows, cash
flows arising from foreign currency
transactions are translated into euros
using the exchange rates at the dates
on which the cash flows occurred.
The effect of exchange rate changes
on cash and cash equivalents
denominated in foreign currency is
presented separately in the statement
of cash flows as \u201cEffect of exchange
rate differences on cash\u201d.
Exchange differences arising on
the settlement of foreign currency
transactions and on the translation
into euros of monetary assets and
liabilities denominated in foreign
currency are recognised in profit or
loss. However, exchange differences
arising on monetary items that
form part of the net investment in
foreign operations are recognised
as translation differences in other
comprehensive income.
Exchange gains or losses relating to
monetary financial assets or liabilities
denominated in foreign currency are
also recognised in profit or loss.
2.8 Foreign currency transactions and balances
Monetary financial assets
denominated in foreign currency
classified at fair value through
other comprehensive income
are considered to be measured
at amortised cost in the foreign
currency and, accordingly, exchange
differences arising from changes
in amortised cost are recognised
in profit or loss, with the remaining
change in fair value recognised
in accordance with section 2.13
(financial instruments).
The Group presents the effect of
translating deferred tax assets and
liabilities denominated in foreign
currency together with deferred
income tax in profit or loss.
Exchange gains or losses on non-
monetary financial assets and
liabilities and on monetary financial
assets and liabilities measured
at fair value through profit or
loss are recognised together
with the change in fair value in
other comprehensive income or
in profit or loss. The remaining
change in fair value is recognised
in accordance with section 2.13
(financial instruments). However,
the exchange component of equity
instruments denominated in foreign
currency and measured at fair value
through other comprehensive
income that are designated as
hedged items in fair value hedges
of that component is recognised in
other comprehensive income.
The translation into euros
of foreign operations whose
functional currency is not that
of a hyperinflationary economy
is performed using the following
criteria:
\u25a1 Assets and liabilities, including
goodwill and adjustments to net
assets arising on acquisition of the
operations, including comparative
balances, are translated at the
closing rate at the date of each
balance sheet.
\u25a1 Income and expenses, including
comparative balances, are
translated at the exchange rates
prevailing on the date of each
transaction.
\u25a1 The resulting exchange
differences arising from the
application of the above
criteria are recognised as
translation differences in other
comprehensive income.
The same criteria apply to the
translation of the financial
statements of entities accounted for
using the equity method, with the
translation differences corresponding
to the Group\u2019s interest recognised in
other comprehensive income.
In presenting the consolidated
statement of cash flows, the cash
flows, including comparative
balances, of foreign subsidiaries
and joint ventures are translated
into euros using the exchange rates
prevailing at the dates on which the
cash flows occurred.
Translation differences recognised
in other comprehensive income
are reclassified to profit or loss, as
an adjustment to the gain or loss
on disposal, in accordance with the
criteria set out in the sections on
subsidiaries and associates.
2.9 Property, plant and equipment
The cost of property, plant and
equipment constructed by the
Group is determined using the same
principles as for acquired assets,
and additionally incorporates the
criteria applied in determining the
cost of inventories. Revenue from the
sale of items produced during the
commissioning period of property,
plant and equipment and the
related costs are recognised in the
consolidated income statement.
The cost of property, plant and
equipment includes an estimate of
dismantling and removal costs and
site restoration costs, where these
constitute obligations incurred as
a consequence of their use and for
purposes other than the production
of inventories.
Spare parts intended to be
installed in facilities, equipment
and machinery as replacements
for similar items are measured in
accordance with the principles
described above. Spare parts with a
storage cycle of less than one year
are recorded as inventories. Spare
parts with a storage cycle exceeding
one year and which relate exclusively
to specific assets are recognised
and depreciated together with
those assets. In other cases, they are
recognised as \u201cOther property, plant
and equipment\u201d and depreciated,
where identifiable, in line with the
depreciation pattern of the asset
being replaced. In general, such
spare parts are depreciated from
the date they are incorporated into
the asset, taking into account the
weighted technological or economic
useful life of the assets to which
they may be attached and their own
technical obsolescence.
Subsequent costs are included in
the carrying amount of the asset
or recognised as a separate asset,
as appropriate, only when it is
probable that future economic
benefits associated with the item
will flow to the Group and the cost of
the item can be measured reliably.
The carrying amount of replaced
components is derecognised. Where
the cost of replaced elements has
not been depreciated separately and
it is impracticable to determine their
carrying amount, the replacement
cost is used as an indication of the
cost of those elements at the time
of acquisition or construction. All
other repairs and maintenance are
charged to the consolidated income
statement in the period in which
they are incurred.
Depreciation of property, plant and
equipment is calculated by allocating
the depreciable amount of the asset
systematically over its estimated
useful life or the remaining life
of mine (LOM), field or lease. The
depreciable amount represents the
acquisition cost less residual value.
The Group determines depreciation
expense separately for each
component, whether physical or
non-physical, including costs related
to major overhauls of property, plant
and equipment that are significant
in relation to the total cost of the
asset and have a useful life different
from the remainder of the asset.
Depreciation commences when the
asset is available for use.
The principal categories of
property, plant and equipment
are depreciated either on a units
of production (UOP) basis or on a
straight-line basis over their useful
lives as follows:
Land and buildings
UOP
Deferred mining costs
UOP
Plant and equipment
UOP
Other assets: Furniture/fixtures/ 5 \u2013 10
office equipment/Motor vehicles years
Right of use assets (IFRS 16)
UOP
Property, plant and equipment is
recognised at historical cost less
accumulated depreciation and,
where applicable, accumulated
impairment losses.
When property, plant and equipment
is acquired through a non-monetary
exchange, the asset is measured
at fair value unless the exchange
transaction lacks commercial
substance or the fair value of neither
the asset received nor the asset
given up can be measured reliably.
An exchange transaction is considered
to have commercial substance when
the configuration of the cash flows of
the asset received differs from that
of the asset transferred, or when the
entity-specific value of the portion of
the Group\u2019s operations is affected by
the transaction changes as a result of
the exchange, and such difference is
significant relative to the fair value of
the assets exchanged.
If the exchange lacks commercial
substance or fair value cannot be
measured reliably, the asset received
is measured at the carrying amount
of the asset given up, adjusted
for any monetary consideration
transferred, and subject to a ceiling
equal to the fair value of the asset
received, where available.
The Group reviews the residual value,
useful life and depreciation method
of property, plant and equipment
at each reporting date. Changes to
the originally established criteria are
recognised as changes in accounting
estimates.
In particular, the Group considers
the impact of health, safety and
environmental legislation in assessing
expected useful lives and estimated
residual values. The Group also
considers climate-related matters,
including physical and transition
risks. Specifically, the Group assesses
whether climate-related legislation
and regulation could affect useful
lives or residual values, for example
by prohibiting or restricting the use
of fossil fuel-powered machinery or
imposing additional energy efficiency
requirements on buildings and offices.
The Group assesses impairment
losses and reversals of impairment
losses of property, plant and
equipment in accordance with
the criteria set out in Note 2.12
Impairment of non-financial assets.
Property, plant and equipment is
derecognised upon disposal or when
no future economic benefits are
expected from its use or disposal.
The disposal date is the date on
which the buyer obtains control
of the asset in accordance with
the accounting policy for Revenue
from contracts with customers.
The consideration received and any
subsequent changes thereto are
determined in accordance with that
revenue policy. Gains and losses on
disposal are recognised within \u201cOther
income\u201d in the consolidated income
statement.
a) Mining rights
Ore Reserves and Mineral Resources
that can be reliably measured
are recognised at fair value at the
acquisition date of the business in
accordance with Note 2.4 Business
combinations. Mining rights whose
fair value cannot be measured
reliably are not recognised.
Exploitable mining rights are
depreciated using the UOP method
over commercially recoverable
Ore Reserves and, in certain
circumstances, over additional
Mineral Resources. Mineral Resources
are included in depreciation
calculations when there is a high
degree of confidence that they will
be economically extracted.
b) Deferred mining costs:
stripping costs
These primarily comprise certain
capitalised costs relating to stripping
activities in both the pre-production
and production phases, as described
below.
Stripping costs incurred during the
development phase of a mine (or
pit) prior to the commencement of
production are capitalised as part of
the cost of constructing the mine (or
pit) and subsequently depreciated
over the life of mine on a UOP basis.
Production stripping costs that relate
to improving access to an identifiable
component of the ore body, and that
provide future economic benefits
through improved access to ore to
be mined in future periods (stripping
activity asset), are capitalised within
deferred mining costs provided that
all of the following conditions are met:
i. it is probable that the future
economic benefit associated
with the stripping activity will be
realised;
ii. the component of the ore body
for which access has been
improved can be identified; and
iii. the costs relating to the stripping
activity associated with improved
access can be measured reliably.
If all criteria are not met, production
stripping costs are expensed as
incurred.
The stripping activity asset is
initially measured at cost, being
the accumulation of costs directly
incurred to perform the stripping
activity that improves access to
the identified ore component,
together with an allocation of directly
attributable overheads in accordance
with the principles used to determine
the cost of inventories.
c) Exploration expenditure
In accordance with the Group\u2019s
accounting policy, exploration
expenditure is not capitalised until
management determines that the
project has entered the development
phase and that construction of the
related mining or infrastructure
asset will commence. This does not
refer to real estate property, but
to the development of a mining
asset or associated infrastructure in
accordance with IAS 16 and IFRS 6.
Capitalisation only occurs once a high
degree of confidence exists in the
technical and economic viability of the
project and it is considered probable
that future economic benefits will flow
to the Group.
The development decision is taken
based on the economic prospects of
the project, including future metal
prices, Ore Reserves and Mineral
Resources, and estimated operating
and capital costs.
Subsequent recovery of the resulting
carrying amount depends on the
successful development or sale of
the undeveloped project. If a project
is determined to be non-viable, all
irrecoverable costs associated with the
project, net of any related impairment
provisions, are recognised in the
consolidated income statement.
d) Assets under construction
All subsequent expenditure incurred
in the construction, installation
or completion of infrastructure
facilities, including processing
plants and other works necessary
for mining operations, is capitalised
under \u201cAssets under construction\u201d.
Costs incurred in testing assets
to determine whether they are
functioning as intended are
capitalised.
In accordance with IAS 16, revenue
from the sale of any products
produced during the testing phase
is recognised as revenue in the
consolidated income statement,
and the related production costs are
recognised in accordance with IAS
2 Inventories. Such revenue is not
offset against the cost of assets under
construction.
Development expenditure, including
investment in intangible assets, is
capitalised when the following criteria
are met:
\u25a1 The costs are directly attributable
to the preparation of the asset.
\u25a1 The technical and commercial
feasibility of the project has been
demonstrated, and it is probable
that the expenditure will generate
future economic benefits, based
on an economic evaluation of the
project that considers market
conditions, resource estimates,
expected operating and capital costs
and management\u2019s strategic intent.
Costs incurred before technical and
commercial feasibility has been
demonstrated, or those relating
to general research activities, are
expensed as incurred.
Assets under construction are
transferred to the appropriate asset
categories when they are substantially
completed and ready for their
intended productive use. Depreciation
commences at that date.
e) Borrowing costs
The Group capitalises borrowing
costs that are directly attributable
to the acquisition, construction or
production of qualifying assets as part
of the cost of those assets. Qualifying
assets are those that necessarily take
a substantial period of time to get
ready for their intended use or sale.
To the extent that funds are borrowed
specifically for the purpose of
obtaining a qualifying asset, the
amount of borrowing costs eligible
for capitalisation is determined
based on the actual borrowing costs
incurred during the period, less any
investment income earned on the
temporary investment of those funds.
Borrowings obtained specifically for a
qualifying asset are treated as general
borrowings once substantially all the
activities necessary to prepare the
asset for its intended use or sale have
been completed.
The amount of borrowing costs
capitalised in respect of general
borrowings is determined by
applying a weighted average
capitalisation rate to the expenditure
on qualifying assets, without
exceeding the total borrowing costs
incurred during the period.
Capitalisation of borrowing costs
commences when expenditure for
the asset is incurred, borrowing costs
are incurred and activities necessary
to prepare the asset (or part thereof)
for its intended use or sale are in
progress. Capitalisation ceases
when substantially all the activities
necessary to prepare the asset (or
part thereof) for its intended use or
sale have been completed.
Capitalisation of borrowing costs is
suspended during extended periods
in which development activities are
interrupted, unless such temporary
delay is necessary to bring the asset
into a condition suitable for its
intended use or sale.
The Group has lease contracts for various items of laboratory equipment, motor vehicles, land and buildings used in its operations. Leases of laboratory equipment and motor vehicles generally have lease terms of four years, while land and buildings generally have lease terms over the life of the mine. The Group\u2019s obligations under its lease contracts are secured by the lessor\u2019s title to the leased assets. In general, the Group is restricted from assigning and subleasing the leased assets. At inception of a contract, the Group assesses whether a contract is, or contains, a lease. That is, whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low value assets. At the commencement date, the Group recognises a right of use asset and a lease liability. The right of use asset comprises the amount of the lease liability, any lease payments made at or before the 2.10 Leases
commencement date less any lease
incentives received, any initial direct
costs incurred and an estimate of
dismantling or restoration costs to be
incurred, as set out in the accounting
policy on provisions.
The Group measures the lease
liability at the present value of the
lease payments that are unpaid at
the commencement date. The lease
payments are discounted using the
appropriate incremental borrowing
rate, unless the interest rate implicit in
the lease can be reliably determined.
Outstanding lease payments
comprise fixed payments, less
any incentives receivable, variable
payments that depend on an index
or rate, initially measured using the
index or rate at the commencement
date, amounts expected to be payable
under residual value guarantees, the
exercise price of a purchase option
if exercise is reasonably certain and
payments of penalties for terminating
the lease, if the lease term reflects the
exercise of the termination option.
The Group measures right of use
assets at cost, less accumulated
depreciation and accumulated
impairment losses, adjusted for any
remeasurement of the lease liability.
\u25a1 If the contract transfers ownership
of the asset to the Group at the end
of the lease term or the right of use
asset includes the exercise price
of a purchase option, depreciation
is charged in accordance with
the criteria set out for property,
plant and equipment from the
commencement date to the
end of the useful life of the asset.
Otherwise, the Group depreciates
the right of use asset from the
commencement date to the earlier
of the end of the useful life of the
right of use asset or the end of the
lease term.
\u25a1 The Group applies the impairment
criteria for non-current assets set
out in section 2.12 to right of use
assets.
\u25a1 The lease liability is increased by
the finance cost accrued, reduced
by lease payments made and
remeasured to reflect any lease
modifications or revisions to in
substance fixed payments.
\u25a1 Variable lease payments
not included in the initial
measurement of the lease liability
are recognised in profit or loss in
the period in which the events
or conditions that trigger those
payments occur.
\u25a1 Remeasurements of the lease
liability are recognised as an
adjustment to the right of use
asset, until it is reduced to zero and
thereafter in profit or loss.
\u25a1 The Group remeasures the lease
liability by discounting the revised
lease payments using a revised
discount rate if there is a change in
the lease term or a change in the
assessment of whether a purchase
option will be exercised.
\u25a1 The Group remeasures the lease
liability if there is a change in the
amounts expected to be payable
under a residual value guarantee
or a change in the index or rate
used to determine lease payments,
including a change to reflect
revisions to market rents once such
revisions take effect.
The Group accounts for the full
or partial derecognition of a lease
liability in accordance with the criteria
applicable to the derecognition of
financial liabilities.
A reassessment after the
commencement date is made only
if one of the following conditions
applies:
a) There is a change in the
contractual terms, other than
a renewal or extension of the
agreement.
b) A renewal option is exercised, or
an extension is granted, unless
the term of the renewal or
extension was initially included in
the lease term.
c) There is a change in the
assessment of whether fulfilment
depends on a specified asset.
d) There is a substantial change in
the asset.
The Group accounts for a lease
modification as a separate lease if the
scope of the lease increases by adding
one or more rights of use, and the
consideration for the lease increases
by an amount commensurate
with the stand alone price for the
increase in scope and any appropriate
adjustments to that stand alone price
to reflect the particular circumstances
of the contract.
If the modification does not result
in a separate lease, at the effective
date of the modification the Group
allocates the consideration to the
modified contract as described
above, redetermines the lease term
and remeasures the lease liability
by discounting the revised lease
payments using a revised discount
rate. The Group decreases the carrying
amount of the right of use asset to
reflect the partial or full termination
of the lease in modifications that
decrease the scope of the lease and
recognises any gain or loss in profit
or loss. For all other modifications,
the Group makes a corresponding
adjustment to the carrying amount of
the right of use asset.
Short-term leases and leases of low
value assets
The Group applies the short-term
lease recognition exemption to its
short-term leases of machinery and
equipment, that is, leases with a
lease term of 12 months or less from
the commencement date and that
do not contain a purchase option.
It also applies the low value asset
recognition exemption to leases of
office equipment that are considered
to be of low value, that is, below
\u20ac5,000. Lease payments on short-term
leases and leases of low value assets
are recognised as an expense on a
straight-line basis over the lease term.
2.11 Intangible assets
a) Permits
Permits represent legal rights,
licences and authorisations required
to advance mining projects from
the pre-development stage
to production. Costs directly
attributable to obtaining these
permits are capitalised as intangible
assets, provided that they meet the
recognition criteria set out in IAS
38 \u2013 Intangible Assets. These costs
generally include application fees,
environmental and engineering
studies, legal fees and other
necessary expenditure incurred to
obtain the permits.
No amortisation is recognised in
respect of these intangible assets
until the associated project enters
the commercial production phase.
Once the required permits have
been obtained and production
commences, the capitalised permit
costs are amortised using the units
of production (UOP) method, based
on the commercially recoverable
Ore Reserves of the related mining
project.
If at any time it is determined that
a permit will not be utilised due to
project suspension or regulatory
changes, the capitalised costs
are immediately impaired and
recognised as an expense in the
consolidated income statement.
The Group periodically assesses the
status of each project. If a subsequent
evaluation determines that the
circumstances that gave rise to the
impairment have ceased to exist or
have been reasonably mitigated,
the Group reverses the previously
recognised impairment loss.
b) Other intangible assets,
including computer software
Intangible assets are presented
in the consolidated statement
of financial position at cost less
accumulated amortisation and
accumulated impairment losses.
The cost of intangible assets
acquired in a business combination
is their fair value at the acquisition
date, provided that they meet the
recognition criteria set out in IFRS 3.
The Group assesses, for each
acquired intangible asset, whether
its useful life is finite or indefinite.
An intangible asset is considered to
have an indefinite useful life when
there is no foreseeable limit to the
period over which it is expected to
generate net cash inflows.
Amortisation of intangible assets with finite useful lives is calculated by allocating
the depreciable amount systematically over their estimated useful lives as follows:
Administrative concessions
UOP
Mining rights
UOP
Development costs Straight-line, over the estimated useful life
of the project, not exceeding 5 years
Licences and trademarks
Straight-line, 2 to 10 years
Computer software
Straight-line at an annual rate of 15%
Other intangible assets
Straight-line, 3 to 10 years
For this purpose, the depreciable
amount represents the acquisition
cost or deemed cost less residual
value.
Intangible assets with indefinite
useful lives are not amortised but
are tested annually for impairment,
or more frequently if indicators of
impairment exist.
The Group reviews the residual value,
useful life and amortisation method
of intangible assets at each reporting
date. Changes to the originally
established estimates are accounted
for as changes in accounting
estimates.
The Group assesses and recognises
impairment losses and reversals of
impairment losses on intangible assets
in accordance with the criteria set out
in Note 2.12.
An intangible asset is derecognised
upon disposal or when no future
economic benefits are expected from
its use or disposal. The disposal date is
the date on which the buyer obtains
control of the asset in accordance with
the accounting policy for Revenue
from contracts with customers. The
consideration received on disposal and
any subsequent adjustments thereto
are determined in accordance with
that policy.
c) Contingent liabilities in the acquisition of intangible assets
The Group has adopted the
approach set out in IFRIC 1 for
contingent payments related to
the acquisition of assets. When
acquiring intangible assets subject
to contingent payments dependent
on future events, such as in the case
of the Touro, Masa Valverde and
Ossa Morena projects (see Note 1),
the Group assesses whether such
payments are directly attributable to
the cost of the acquired asset.
If the analysis concludes that the
payment is linked to the acquisition
cost, the Group recognises an
intangible asset reflecting the fair
value of the rights acquired and a
corresponding liability based on the
best estimate of the expected future
payment, including any anticipated
undetermined costs.
If the contingent payment is not
directly related to the acquisition
cost of the asset, it is recognised as
an expense in the period in which it
is incurred.
Subsequent changes in the
estimated liability resulting from
revisions to assumptions, project
viability or economic factors are
recognised as an adjustment to the
carrying amount of the intangible
asset. If, at a later stage, uncertainty
arises regarding continuation of the
project leading to a reassessment
of the probability of making the
contingent payment, the Group
adjusts the liability accordingly and
recognises the change against the
carrying amount of the asset.
Where intangible assets include
non-controlling interests, the Group
allocates the corresponding portion
of the asset to non-controlling
shareholders, ensuring that valuation
adjustments to contingent liabilities
are appropriately reflected. This
policy is applied consistently across
all projects to ensure compliance
with IFRS and alignment with
industry practice.
2.12 Impairment of non-financial assets
Assets that have an indefinite
useful life (for example, goodwill
or intangible assets not yet
available for use) are not subject to
amortisation and are tested annually
for impairment. Assets that are
subject to amortisation are reviewed
for impairment whenever events or
changes in circumstances indicate
that the carrying amount may not
be recoverable.
An impairment loss is recognised
in profit or loss when the carrying
amount of an asset exceeds
its recoverable amount. The
recoverable amount of an asset is
the higher of its fair value less costs
of disposal and its value in use.
Value in use is determined based
on the expected future cash flows
to be derived from the use of the
asset, expectations about possible
variations in the amount or timing
of those cash flows, the time value
of money, the price for bearing
the uncertainty inherent in the
asset and other factors that market
participants would consider in
assessing the future cash flows
related to the asset. The Group
assesses whether climate related
risks, including physical risks
and transition risks, could have a
significant impact on the value in use of assets. The recoverable amount is determined for an individual asset unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs. When testing a CGU for impairment, the Group identifies the common assets related to it. If a portion of the common assets can be allocated to the CGU on a reasonable and consistent basis, the Group compares the carrying amount of the CGU, including the allocated common assets, with its recoverable amount and recognises any impairment loss at the CGU level. If the Group cannot allocate a portion of the common assets to the CGU on a reasonable and consistent basis, it compares the carrying amount of the CGU, excluding the common assets, with its recoverable amount and recognises any impairment loss at the CGU level. The Group then identifies the smallest group of CGUs to which the carrying
amount of the common assets can
be allocated on a reasonable and
consistent basis and compares the
carrying amount of that group of
CGUs, including the common assets,
with its recoverable amount and
recognises any impairment loss at
the level of that group of CGUs.
Impairment losses relating to a CGU
are allocated first to reduce, where
applicable, the carrying amount of
any goodwill allocated to the CGU
and then to the other assets of the
CGU on a pro rata basis according to
the carrying amount of each asset,
subject to the limit that the carrying
amount of each asset is not reduced
below the highest of its fair value
less costs of disposal, its value in use
and zero.
At each reporting date, the Group
assesses whether there is any
indication that an impairment loss
recognised in prior periods may no
longer exist or may have decreased.
Impairment losses relating to
goodwill are not reversible.
Impairment losses for other assets
are reversed only if there has been
a change in the estimates used to
determine the asset\u2019s recoverable
amount.
A reversal of an impairment loss is
recognised in profit or loss. However,
the increased carrying amount of
an asset attributable to a reversal
of an impairment loss shall not
exceed the carrying amount that
would have been determined, net
of amortisation, had no impairment
loss been recognised.
The reversal of an impairment loss
for a CGU is allocated to the assets
of the CGU, except for goodwill, on
a pro rata basis according to the
carrying amount of those assets,
subject to the limit that the carrying
amount of each asset does not
exceed the lower of its recoverable
amount and the carrying amount
that would have been determined,
net of amortisation, had no
impairment loss been recognised.
a) Recognition and classification of financial instruments Financial instruments are classified on initial recognition as a financial asset, a financial liability or an equity instrument, in accordance with the substance of the contractual arrangement and the definitions of a financial asset, financial liability or equity instrument set out in IAS 32 Financial Instruments: Presentation. Financial instruments are recognised when the Group becomes a party to the contractual provisions of the instrument. For measurement purposes, the Group classifies financial instruments into the following categories: \u25a1 Financial assets and liabilities at fair value through profit or loss, distinguishing those designated on initial recognition from those held for trading or mandatorily measured at fair value through profit or loss. \u25a1 Financial assets and liabilities measured at amortised cost. \u25a1 Financial assets measured at fair value through other comprehensive income, distinguishing equity instruments designated as such from other financial assets. 2.13 Financial instruments
The Group classifies financial assets,
other than those designated at fair
value through profit or loss and
equity instruments designated at fair
value through other comprehensive
income, based on the business
model and the characteristics of the
contractual cash flows. Financial
liabilities are classified as measured
at amortised cost, except for those
designated at fair value through profit
or loss and those held for trading.
A financial asset or liability is classified
as held for trading if:
\u25a1 It is acquired or incurred principally
for the purpose of selling or
repurchasing it in the near term.
\u25a1 On initial recognition it is part of
a portfolio of identified financial
instruments that are managed
together and for which there is
evidence of a recent actual pattern
of short-term profit taking.
\u25a1 It is a derivative, except for a
derivative designated as a hedging
instrument that meets the
conditions for hedge effectiveness
and a derivative that is a financial
guarantee contract.
\u25a1 It is an obligation to deliver
financial assets borrowed that are
not owned.
A financial asset is classified at
amortised cost if it is held within a
business model whose objective is
to hold financial assets in order to
collect contractual cash flows and
the contractual terms of the financial
asset give rise, on specified dates, to
cash flows that are solely payments
of principal and interest on the
principal amount outstanding (SPPI).
Contractual cash flows that are
SPPI are consistent with a basic
lending arrangement. In a basic
lending arrangement, interest
typically consists of consideration
for the time value of money and
credit risk. However, in such an
arrangement, interest may also
include consideration for other risks,
such as liquidity risk, and costs, such
as administrative costs associated
with holding the financial asset
for a particular period. In addition,
interest may include a profit margin
consistent with a basic lending
arrangement.
A financial asset is classified at fair
value through other comprehensive
income if it is held within a business
model whose objective is achieved
both by collecting contractual cash
flows and by selling financial assets
and the contractual terms of the
financial asset give rise, on specified
dates, to cash flows that are SPPI.
The Group has designated its
investments in listed equity
instruments as financial assets
measured at fair value through other
comprehensive income.
All other financial assets are
classified at fair value through profit
or loss.
Financial assets and liabilities arising
from contingent consideration in a
business combination are classified
as financial assets and liabilities at
fair value through profit or loss.
Other financial liabilities, except
for financial guarantee contracts,
loan commitments at below market
interest rates and financial liabilities
arising from a transfer of financial
assets that does not qualify for
derecognition or that is accounted
for using the continuing involvement
approach, are classified as financial
liabilities at amortised cost.
A financial asset and a financial
liability are offset only when the
Group has a currently enforceable
legal right to set off the recognised
amounts and intends either to
settle on a net basis or to realise
the asset and settle the liability
simultaneously. The legal right must
not be contingent on a future event
and must be legally enforceable in
the normal course of business, in the
event of insolvency or in the event of
judicially declared liquidation and in
the event of default.
The Group reclassifies financial
assets when it changes its business
model for managing those
assets. Financial liabilities are not
reclassified.
b) Financial assets and liabilities
at amortised cost
Financial assets and liabilities
at amortised cost are initially
recognised at fair value, plus or
minus transaction costs incurred,
and are subsequently measured at
amortised cost using the effective
interest method.
c) Financial assets and liabilities
at fair value through other
comprehensive income
Financial assets at fair value through
other comprehensive income are
initially recognised at fair value plus
directly attributable transaction costs.
Subsequent to initial recognition,
financial assets in this category
are measured at fair value, with
gains or losses recognised in other
comprehensive income, except for
foreign exchange gains and losses
as described in section 2.8 and
expected credit losses. Amounts
recognised in other comprehensive
income are reclassified to profit or
loss on derecognition of the financial
assets. However, interest calculated
using the effective interest method is
recognised in profit or loss.
As indicated above, the Group
has designated certain equity
instruments as measured at fair
value through other comprehensive
income. Subsequent to initial
recognition, these equity
instruments are measured at fair
value, with gains or losses recognised
in other comprehensive income.
Amounts recognised in other
comprehensive income are not
reclassified to profit or loss, although
they may be transferred to reserves
on derecognition of the instruments.
Dividends are recognised as set out
in section h) of this note.
d) Financial assets and liabilities
at fair value through profit or loss
Financial assets and liabilities at fair
value through profit or loss are initially
recognised at fair value. Directly
attributable transaction costs are
recognised in profit or loss as incurred.
Subsequent to initial recognition,
they are measured at fair value, with
changes recognised in profit or loss.
Changes in fair value include the
interest and dividend components.
Fair value is not reduced by
transaction costs that may be
incurred on sale or other disposal.
However, for financial liabilities
designated at fair value through
profit or loss, changes in fair value
attributable to the entity\u2019s own
credit risk are recognised in other
comprehensive income. Amounts
recognised in other comprehensive
income are not subsequently
reclassified to the consolidated
income statement.
In accordance with IFRS 9, where
the Group holds a hybrid contract
containing a non-derivative host that
is a financial asset within the scope
of IFRS 9, the hybrid instrument
is assessed in its entirety for
classification purposes. Embedded
derivatives are not separated from
the host contract in such cases.
Where the contractual cash flows
of the hybrid instrument do not
represent solely payments of principal
and interest on the principal amount
outstanding, the instrument is
classified and measured at fair value
through profit or loss.
Convertible instruments held by
the Group are assessed under this
framework. Where the conversion
feature results in cash flows that do
not meet the solely payments of
principal and interest criterion, the
instrument is measured at fair value
through profit or loss .
e) Financial assets measured
at cost
Investments in equity instruments for
which there is insufficient information
to measure fair value, or where there
is a wide range of possible fair value
measurements, and derivatives
linked to such investments that
must be settled by delivery of those
investments, are measured at cost.
However, if at any time the Group is
able to obtain a reliable measurement
of fair value, the asset or contract is
measured at fair value, with gains or
losses recognised in profit or loss or
in other comprehensive income if the
instrument is designated at fair value
through other comprehensive income.
f) Derecognition and
modification of financial assets
Financial assets are derecognised
when the rights to receive cash
flows from the financial assets have
expired or have been transferred
and the Group has transferred
substantially all the risks and
rewards of ownership.
In transactions in which a financial
asset is derecognised in its entirety,
any financial assets obtained
or financial liabilities incurred,
including liabilities relating to
servicing arrangements, are
recognised at fair value.
Derecognition of a financial
asset in its entirety results in
the recognition in profit or loss
of the difference between its
carrying amount and the sum of
the consideration received, net
of transaction costs, including
any assets obtained or liabilities
assumed and any cumulative
gain or loss previously recognised
in other comprehensive income,
except for equity instruments
designated at fair value through
other comprehensive income.
If the Group modifies the
contractual cash flows of a
financial asset without resulting in
derecognition, the carrying amount
is recalculated as the present
value of the modified cash flows
discounted at the original effective
interest rate or the original credit
adjusted effective interest rate, with
any difference recognised in profit
or loss. Fees and costs charged
by the Group adjust the carrying
amount of the financial asset and
are amortised over the remaining
term of the modified financial asset.
g) Impairment of financial
assets
The Group recognises in profit or
loss a loss allowance for expected
credit losses on financial assets
measured at amortised cost
and at fair value through other
comprehensive income.
For financial assets measured at fair
value through other comprehensive
income, the expected credit loss is
recognised in other comprehensive
income and does not reduce the
carrying amount of the assets.
Expected credit losses are based
on the difference between the
contractual cash flows due in
accordance with the contract and
all the cash flows that the Group
expects to receive, discounted at
an approximation of the original
effective interest rate. Expected
cash flows include cash flows from
the sale of collateral or other credit
enhancements that are integral to
the contractual terms.
The Group\u2019s trade receivables
mainly arise from sales of copper
concentrate to large international
commodity trading companies.
Based on historical experience
and the creditworthiness of
counterparties, expected credit
losses are considered immaterial.
For receivables (other than trade
receivables measured at fair value
through profit or loss), the Group
applies the simplified approach
permitted by IFRS 9, which requires
lifetime expected credit losses to be
recognised from initial recognition
of the receivables.
At each reporting date, the Group
measures the loss allowance at an
amount equal to 12-month expected
credit losses for financial assets for
which credit risk has not increased
significantly since initial recognition
or where the Group determines that
the credit risk of a financial asset
has not increased significantly.
The Group considers a financial
asset to be in default when
contractual payments are 90 days
past due. However, in certain cases,
the Group may also consider a
financial asset to be in default when
internal or external information
indicates that it is unlikely that the
Group will receive the outstanding
contractual amounts in full before
taking into account any credit
enhancements held.
The Group considers cash and cash
equivalents to have low credit risk
based on the credit ratings of the
financial institutions with which the
cash or deposits are held.
A financial asset is written off when
there is no reasonable expectation
of recovering the contractual cash
flows, which generally occurs when
collection is more than one year
past due and there is no enforceable
collateral.
h) Interest and dividends
Interest income is recognised using
the effective interest method, which
is the rate that exactly discounts
estimated future cash receipts
through the expected life of the
financial instrument to the carrying
amount of the instrument, based on
its contractual terms and without
considering expected credit losses.
Dividend income from investments
in equity instruments is recognised
in profit or loss when the Group\u2019s
right to receive payment is
established, it is probable that the
economic benefits will flow to the
Group and the amount can be
measured reliably.
Dividends on equity instruments
classified at fair value through
other comprehensive income are
recognised in profit or loss unless
they clearly represent a recovery of
part of the cost of the investment,
in which case they are recognised in
other comprehensive income.
The Group derecognises a financial liability, or part of it, when the obligation specified in the liability is discharged or is legally released, either by a judicial process or by the creditor. An exchange of debt instruments between the Group and a counterparty, or substantial modifications of the terms of an existing financial liability, is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability where the terms are substantially different. The Group considers the terms to be substantially different if the present value of the cash flows under the new terms, including any fees paid net of any fees received, discounted using the original effective interest rate, differs by at least 10% from the present value of the remaining cash flows of the original financial liability. For this purpose, only fees paid or received between the borrower and the lender are considered, including fees paid or received by either party on behalf of the other. If the exchange is accounted for as an extinguishment of the original financial liability, any costs or fees are recognised in profit or loss as part of the gain or loss on extinguishment. Otherwise, the modified cash flows are discounted using the original effective interest rate, with any difference from the previous carrying amount recognised in profit or loss. Fees and costs adjust the carrying amount of the financial liability and are amortised using the amortised cost method over the remaining term of the modified liability. i) Derecognition and modification of financial liabilities The Group recognises in profit or loss the difference between the carrying amount of a financial liability, or part of it, extinguished or transferred to a third-party and the consideration paid, including any non-cash assets transferred or liabilities assumed.
2.14 Contracts for the purchase or sale of non-financial assets
The Group enters into forward
contracts for the purchase or sale
of inventories in accordance with
its production requirements and
others for trading purposes. At
inception and on an ongoing basis,
the Group assesses whether such
contracts should be recognised as
derivative financial instruments. For
this purpose, the Group maintains
separate records of contracts that
meet the conditions not to be
classified as derivative financial
instruments and those that must be
considered as held for trading.
The Group treats as own use
contracts those contracts for the
purchase or sale of a non-financial
item that were entered into and
continue to be held for the purpose
of receipt or delivery in accordance
with the entity\u2019s expected purchase,
sale or usage requirements.
Transaction costs relating to
contracts classified as own use
contracts are recognised in
accordance with the general criteria
applicable to costs related to
purchase and sale transactions.
The Group enters into contracts
relating to nature dependent
electricity. Contracts relating to
nature dependent electricity are
contracts that expose the entity
to variability in the underlying
volume of electricity because the
source of its generation depends on
uncontrollable natural conditions
(for example, weather conditions).
Contracts relating to nature
dependent electricity include both
contracts for the purchase or sale
of such electricity and financial
instruments based on that electricity.
Certain contracts relating to nature
dependent electricity require the
Group to purchase and take delivery
of electricity as it is generated. Such
contractual features expose the
Group to the risk of being required
to purchase electricity during a
supply period in which it cannot
use that electricity. In practice,
the Group may also be unable to
avoid selling unused electricity
because the design and operation
of the electricity market in which
the electricity is traded under the
contract require unused electricity to
be sold within a specified period.
In applying the above requirements,
such sales are not necessarily
inconsistent with holding a contract
in accordance with the Group\u2019s
expected usage requirements. The
Group is considered to have entered
into and to hold such a contract
in accordance with its expected
electricity usage requirements if it
has been, and is expected to be, a net
purchaser of electricity over the term
of the contract. The Group is a net
purchaser of electricity if it purchases
sufficient electricity to offset sales
of unused electricity in the same
market in which those sales occur.
In determining whether it is a
net purchaser of electricity, the
Group considers reasonable and
supportable information that is
available without undue cost or
effort regarding its past, current and
expected electricity transactions over
a reasonable period. In determining
what constitutes a reasonable period,
the Group considers the variability
in the volume of electricity expected
to be generated due to the seasonal
cycle of natural conditions and
the variability in its own electricity
demand due to its operating cycle.
For the purpose of determining
whether the Group has been a net
purchaser, the reasonable period
does not exceed 12 months.
2.15 Inventories
The Group\u2019s inventories comprise
copper concentrates, ore stockpiles
and metal in circuit, materials and
supplies and spare parts. Inventory
is physically measured or estimated
and is stated at the lower of cost and
net realisable value.
Cost of purchase includes the
amount invoiced by the supplier
after deducting any discounts,
rebates or similar items, as well as
interest incorporated in the nominal
amount of payables and any
additional costs incurred until the
goods are in their location for sale,
other costs directly attributable to
the acquisition and non-recoverable
indirect taxes.
Cost of production comprises the
purchase cost of raw materials
and other consumables and
costs directly related to the
units produced, together with a
systematic allocation of variable and
fixed production overheads incurred
in the process of conversion,
including depreciation. Fixed
production overheads are allocated
based on normal production
capacity or actual production,
whichever is higher. Identifiable
conversion costs for each metal are
specifically allocated.
The cost of raw materials and other
supplies and the cost of production
are assigned to the individual items
of inventory using the FIFO method.
The Group uses the same cost
formula for all inventories having a
similar nature and use within the
Group.
The cost of inventories is written
down to profit or loss where their
cost exceeds their net realisable
value. For this purpose, net
realisable value is defined as follows:
\u25a1 Raw materials and other supplies:
replacement cost. However, no
write down is made where the
finished products into which the
raw materials and other supplies
will be incorporated are expected
to be sold at or above their cost of
production.
\u25a1 Finished goods: estimated selling
price less the costs necessary to
make the sale.
\u25a1 Work in progress: estimated
selling price of the related
finished goods less the estimated
costs to complete production
and the costs necessary to make
the sale. Where the time value of
money is material, these future
prices and completion costs are
discounted.
A previously recognised write down
is reversed through profit or loss if
the circumstances that caused the
write down no longer exist or where
there is clear evidence of an increase
in net realisable value as a result of a
change in economic circumstances.
The reversal of a write down is
limited to the lower of the cost and
the revised net realisable value of
the inventories.
2.16 Cash and cash
equivalents
Cash and cash equivalents include
cash on hand and demand deposits
with credit institutions. This
category also includes other short-
term highly liquid investments that
are readily convertible into known
amounts of cash and are subject to
an insignificant risk of changes in
value. For this purpose, investments
with maturities of less than three
months from the date of acquisition
are included.
2.17 Share capital and
dividend distribution
The Parent recognises share capital
increases and reductions in equity
when the shares have been issued
and subscribed.
Ordinary shares are classified as
equity. The difference between
the fair value of the consideration
received by the Parent and the
nominal value of the share capital
issued is recognised in the share
premium account.
Incremental costs directly
attributable to the issue of new
ordinary shares are recognised in
equity as a deduction, net of tax,
from the proceeds in the share
premium account.
Dividends of a discretionary nature,
whether paid in cash or in kind, are
recognised as a reduction in equity
when they are approved by the
General Meeting of Shareholders.
2.18 Provisions
Provisions are recognised when
the Group has a present obligation,
whether legal or constructive, as a
result of a past event; it is probable
that an outflow of resources
embodying future economic
benefits will be required to settle the
obligation; and a reliable estimate
can be made of the amount of the
obligation.
The amounts recognised in the
consolidated statement of financial
position represent the best
estimate at the reporting date of
the expenditure required to settle
the present obligation, taking into
account the risks and uncertainties
surrounding the provision and,
where material, the financial effect
of discounting, provided that the
amounts to be paid in each period
can be reliably determined. The
discount rate is determined on a pre
tax basis, taking into account the
time value of money and the specific
risks not reflected in the future cash
flows relating to the provision at each
reporting date.
Individual obligations are measured
at the most likely individual outcome.
Where the obligation involves a
large population of homogeneous
items, it is measured by weighting
all possible outcomes by their
associated probabilities. Where there
is a continuous range of possible
outcomes and each point in that
range is as likely as any other, the
obligation is measured at the mid
point of the range.
The unwinding of the discount on
provisions is recognised as a finance
cost in profit or loss.
Provisions do not include tax effects
or expected gains from the disposal
or abandonment of assets.
Reimbursement rights receivable
from third parties to settle the
provision are recognised as a
separate asset when recovery is
virtually certain. The related income
from reimbursement is recognised
in profit or loss as a reduction of the
expense relating to the provision,
limited to the amount of the
provision.
Provisions are reversed through
profit or loss when it is no longer
probable that an outflow of
resources will be required to settle
the obligation. The reversal is
recognised in the same line item
in which the related expense was
originally recorded and any excess is
recognised in other income.
Provision for dismantling,
restoration and similar obligations
The Group recognises the present
value of the estimated costs of
legal or constructive obligations
to restore operating sites in the
period in which the obligation arises.
These restoration activities include
the dismantling and removal of
structures, rehabilitation of mines
and tailings dams, decommissioning
of operating facilities, closure of
plants and waste sites, and the
restoration, remediation and
revegetation of affected areas.
The obligation generally arises when
the asset is installed or the land or
environment at the production site
is disturbed. When the provision is
initially recognised, the present value
of the estimated restoration cost is
capitalised as part of the cost of the
related mining assets to the extent
that the obligation has been incurred
before production of the related ore
commences.
Changes in the provision arising from
revisions to the estimated amount,
timing of cash flows or discount rate
increase or decrease the cost of the
asset, limited to its carrying amount,
with any excess recognised in profit
or loss. The Group assesses whether
an increase in the carrying amount
of property, plant and equipment
is an indication of impairment. For
closed sites, changes in estimated
costs are recognised immediately
in the consolidated income
statement. Similarly, the unwinding
of the discount on the provision is
recognised as a finance cost in profit
or loss.
Changes in the amount of the
provision arising after the end of the
useful life of the asset are recognised
in profit or loss as they occur.
The Group reviews its mine
rehabilitation provision annually,
which involves the use of significant
estimates, including estimates of
the scope and cost of rehabilitation
activities, technological changes,
regulatory changes and changes
in discount rates. The Group also
considers the impact of climate
related matters, such as changes
in environmental regulations and
other relevant laws, when estimating
the rehabilitation provision. These
factors may result in future required
outflows differing from the amounts
provided. The amounts recognised
in the consolidated statement of
financial position represent the best
estimate at the reporting date.
2.19 Income tax
Income tax expense or income
comprises both current tax and
deferred tax.
Current tax is the amount payable
or recoverable in respect of the
consolidated taxable profit or loss for
the year. Current income tax assets
or liabilities are measured at the
amounts expected to be paid to or
recovered from the tax authorities,
using tax laws and rates that have
been enacted or substantively
enacted at the reporting date.
Deferred tax liabilities are the
amounts of income tax payable in
future periods in respect of taxable
temporary differences, while deferred
tax assets are the amounts of income
tax recoverable in future periods
arising from deductible temporary
differences, unused tax losses or
unused tax credits. A temporary
difference is the difference between
the carrying amount of an asset or
liability and its tax base.
Income tax is recognised in profit
or loss unless it arises from a
transaction or economic event
recognised, in the same or a different
period, directly in equity or from a
business combination.
The Group recognises deferred tax
liabilities in all cases except where:
\u25a1 They arise from the initial
recognition of goodwill or from
the initial recognition of an asset
or liability in a transaction that is
not a business combination and,
at the time of the transaction,
affects neither accounting profit
nor taxable profit and does not
give rise to equal taxable and
deductible temporary differences.
\u25a1 They relate to temporary
differences associated with
investments in subsidiaries,
associates and joint ventures over
which the Group is able to control
the timing of the reversal and it
is probable that the temporary
difference will not reverse in the
foreseeable future.
The Group recognises deferred tax
assets provided that:
\u25a1 It is probable that sufficient future
taxable profits will be available
against which they can be utilised
or where tax legislation provides for
the future conversion of deferred
tax assets into a receivable from
the tax authorities. However,
deferred tax assets arising from
the initial recognition of assets or
liabilities in a transaction that is
not a business combination and,
at the time of the transaction,
affects neither accounting profit
nor taxable profit and does not
give rise to equal taxable and
deductible temporary differences
are not recognised.
\u25a1 They relate to temporary
differences associated with
investments in subsidiaries,
associates and joint ventures, to
the extent that the temporary
differences are expected to reverse
in the foreseeable future and
sufficient future taxable profits are
expected to be available against
which the temporary differences
can be utilised.
Where, in a transaction that is not
a business combination, a deferred
tax asset and a deferred tax liability
of the same amount arise on initial
recognition but the deferred tax asset
cannot be recognised because it is
not probable that sufficient future
taxable profits will be available or
different tax rates apply, the difference
is recognised in profit or loss.
The Group considers that sufficient
taxable profits will be available
to recover deferred tax assets
where there are sufficient taxable
temporary differences relating to
the same tax authority and the same
taxable entity, the reversal of which
is expected in the same tax period
as the reversal of the deductible
temporary differences or in periods
in which a tax loss arising from a
deductible temporary difference can
be carried back or forward.
In determining future taxable profits,
the Group takes into account tax
planning opportunities, provided
that it intends to adopt them or it is
probable that it will adopt them.
Deferred tax assets and liabilities
are measured using the tax rates
expected to apply in the periods
in which the assets are realised or
the liabilities are settled, based on
tax laws and rates that have been
enacted or substantively enacted,
and taking into account the tax
consequences that would follow
from the manner in which the Group
expects to recover the assets or settle
the liabilities.
At each reporting date, the Group
reviews the carrying amount of
deferred tax assets and reduces that
amount to the extent that it is no
longer probable that sufficient future
taxable profits will be available to
allow the benefit of all or part of those
deferred tax assets to be utilised.
Deferred tax assets that do not
meet the above conditions are not
recognised in the consolidated
statement of financial position.
At the reporting date, the Group
reassesses whether the conditions for
recognising previously unrecognised
deferred tax assets are met.
Management periodically evaluates
the positions taken in tax returns
with respect to situations in which
applicable tax regulations are subject
to interpretation. Where it concludes
that it is not probable that the tax
authority will accept an uncertain tax
treatment or a group of uncertain
tax treatments, it reflects the effect
of the uncertainty in determining
taxable profit or loss, tax bases,
unused tax losses, unused tax credits
or tax rates. The Group measures the
effect of the uncertainty in income
tax using either the expected value
method, where there is a wide range
of possible outcomes, or the most
likely amount method, where the
outcome is binary or concentrated
on a single value. Where the tax
asset or liability determined under
these criteria exceeds the amount
presented in the tax returns, it is
presented as current or non-current
in the consolidated statement of
financial position based on the
expected timing of recovery or
settlement and includes, where
applicable, the corresponding late
payment interest accrued in the
consolidated income statement.
The Group accounts for changes in
facts and circumstances relating
to tax uncertainties as changes in
estimates.
The Group offsets current income tax
assets and liabilities only when it has
a legally enforceable right to offset
the amounts with the tax authorities
and intends either to settle on a net
basis or to realise the assets and
settle the liabilities simultaneously.
The Group offsets deferred tax assets
and liabilities only when it has a
legally enforceable right to offset
current tax assets and liabilities with
the tax authorities and the deferred
tax assets and liabilities relate to
income taxes levied by the same tax
authority on the same taxable entity,
or on different taxable entities that
intend either to settle current tax
assets and liabilities on a net basis
or to realise the assets and settle
the liabilities simultaneously in each
future period in which significant
amounts of deferred tax assets or
liabilities are expected to be settled
or recovered.
Deferred tax assets and liabilities
are presented in the consolidated
statement of financial position as
non-current assets or non-current
liabilities, irrespective of the expected
timing of their realisation or
settlement.
2.20 Share-based employee payments
The Group operates a long-term
incentive plan (LTIP 2020) under
which share options have been
granted to employees of the Group.
LTIP 2020 \u2013 background
Up to and including 2024, options
granted under the LTIP 2020 could
only be settled through the issuance
of equity instruments of the Parent
Company. Accordingly, these awards
were accounted for as equity-settled
share-based payments in accordance
with IFRS 2.
The Group\u2019s compensation plan
establishes the following vesting
conditions: (i) the beneficiary must be
an employee providing services to the
Group; and (ii) the beneficiary must
remain in continuous employment
for a period of three years. Specific
arrangements may exist with senior
management and members of the
Board of Directors under which their
options remain outstanding for a
longer period (see Note 24).
Equity instruments granted in
exchange for services rendered
by employees of the Group are
measured by reference to the fair
value of the equity instruments
granted using the Black-Scholes
valuation model.
When the awards are accounted
for as equity-settled share-
based payments, the fair value is
determined at the grant date and
recognised over the vesting period
without subsequent remeasurement.
Market conditions and other non-
vesting conditions, such as non-
transferability, exercise restrictions
and expected behavioural patterns,
are considered in measuring the fair
value of the instrument. Other vesting
conditions are considered by adjusting
the number of equity instruments
included in the measurement of
the transaction amount, so that
the amount recognised for services
received is ultimately based on the
number of equity instruments that
eventually vest.
Accordingly, the Group recognises
the amount for services received
over the vesting period based on
the best estimate of the number of
instruments expected to vest and
revises that estimate to reflect the
number of instruments expected to
vest.
Once the services received and the
corresponding increase in equity
have been recognised, no further
adjustments are made to equity after
the vesting date, without prejudice to
any reclassifications within equity.
If the Group withholds equity
instruments to settle the employee\u2019s
income tax liability with the tax
authorities, the plan is treated in its
entirety as equity-settled, except
for the portion of the instruments
withheld that exceeds the fair value of
the tax obligation.
Under current Spanish tax legislation,
share-based employee payments are
deductible for income tax purposes
based on the intrinsic value of the
share options at the date they are
exercised, giving rise to a deductible
temporary difference equal to the
difference between the amount that
the tax authorities will allow as a
deduction in the future and the nil
carrying amount of the share-based
payments. At the reporting date,
the Group estimates the future tax
deduction based on the share price
at that date. The amount of the tax
deduction is recognised as current or
deferred income tax in profit or loss,
with any excess recognised in equity.
Changes introduced during
2025
During 2025 several changes were
introduced in the Group\u2019s share-
based compensation arrangements.
In May 2025 the Board of Directors
approved an amendment to the LTIP
2020 introducing Rule 6.2.2A, which
allows the Board, at its discretion, to
settle the exercise of options granted
to non-C-Suite employees in cash
instead of issuing equity instruments.
Following this amendment, the Board
approved a number of authorisations
allowing the settlement of option
exercises in cash for non-C-Suite
employees:
\u25a1 On 23 June 2025 the Board
authorised cash settlement
of option exercises up to an
aggregate amount of \u20ac500,000.
\u25a1 On 11 August 2025 the authorised
amount was increased to \u20ac1
million.
\u25a1 On 9 September 2025 the Board
approved an additional \u20ac2 million,
increasing the total authorised
amount for cash settlement to \u20ac3
million.
The amount of \u20ac3 million represents
a maximum aggregate limit
approved by the Board and does
not constitute a recurring or annual
amount.
During 2025, option exercises by
non-C-Suite employees were settled
in cash, resulting in total payments
of \u20ac2.5 million.
In addition, during 2025 the Group
granted share awards to members
of the C-Suite. These awards are
settled through the issuance of
equity instruments and their vesting
is subject to the achievement
of market and non-market
performance conditions.
Furthermore, the Group introduced a
deferred cash incentive arrangement
for non-C-Suite employees under
which participants are granted units
that are economically linked to the
Company\u2019s share price but that are
settled exclusively in cash.
Accounting treatment
Equity-settled share-based
payments
Employee payments settled through
the issue of equity instruments are
accounted for as follows:
- If the equity instruments granted
vest immediately at the grant
date, the services received are
recognised in profit or loss with a
corresponding increase in equity.
- If the equity instruments granted
vest when employees complete
a specified period of service, the
services received are recognised
over the vesting period with a
corresponding entry in equity.
Cash-settled share-based
payments
Where share-based payment
arrangements are settled in cash, a
liability is recognised for the services
received.
The liability is measured at fair value
at each reporting date and at the
date of settlement, with changes
in fair value recognised in profit
or loss. Accordingly, unlike equity-
settled share-based payments, the
liability recognised for cash-settled
arrangements is remeasured after
the grant date until the awards are
settled.
Arrangements with
discretionary cash settlement
Share-based payment transactions
in which the terms of the
arrangement provide the Group
with the option to settle in cash or
by issuing equity instruments are
accounted for as cash-settled if the
Group has incurred a liability to
settle in cash or as equity-settled if
no such liability has been incurred.
Where the Group has the choice
of settlement in cash or by issuing
equity instruments, it has a present
obligation to settle in cash only
if the choice to settle in equity
instruments lacks commercial
substance or there is a past practice
or stated policy of settling in cash or
the Group generally settles in cash
whenever the employee requests it.
Management assessed the pattern
of settlements observed during 2025
together with the authorisations
granted by the Board in relation to
cash settlements.
Based on this assessment, the Group
concluded that sufficient evidence
of a past practice of cash settlement
arose on 9 September 2025, when
the Board approved the increase of
the authorised cash settlement limit
to \u20ac3 million.
Accordingly, from that date the
Group recognises a liability for
share-based payments expected to
be settled in cash, as management
concluded that a present obligation
to settle such awards in cash had
arisen based on the established
settlement practice.
The liability is measured at fair value
at each reporting date and at the
date of settlement, with changes in
fair value recognised in profit or loss.
The remaining portion of the LTIP
2020 relating to members of the
C-Suite continues to be accounted
for as equity-settled, as the Group
retains the practical ability to settle
those awards through the issuance
of equity instruments.
Deferred Cash Incentive Plan
During 2025 the Group introduced a
deferred cash incentive arrangement
under which participants are
granted units that are referable to
ordinary shares of the Company but
that are settled exclusively in cash.
Each unit entitles the participant,
upon vesting and exercise, to receive
a cash amount equal to the excess
of the market price of a share over a
predetermined exercise price.
These awards are accounted
for as cash-settled share-based
payments in accordance with IFRS
2. The liability arising from these
arrangements is measured at fair
value at each reporting date, with
changes in fair value recognised in
profit or loss.
2.21 Classification of assets and liabilities
as current and non-current
The Group presents assets and liabilities in the consolidated statement of
financial position based on a current or non-current classification. For these
purposes:
(a) An asset is classified as
current when:
\u25a1 It is expected to be realised, or is
intended to be sold or consumed,
in the Group\u2019s normal operating
cycle.
\u25a1 It is held primarily for trading
purposes.
\u25a1 It is expected to be realised within 12
months after the reporting date; or
\u25a1 It is cash or a cash equivalent,
unless it cannot be exchanged or
used to settle a liability for at least
12 months after the reporting date.
(b) A liability is classified as
current when:
\u25a1 It is expected to be settled in the
Group\u2019s normal operating cycle.
\u25a1 It is held primarily for trading
purposes.
\u25a1 It is due to be settled within 12
months after the reporting date.
\u25a1 The Group does not have, at the
reporting date, a right to defer
settlement of the liability for at
least 12 months after the reporting
date.
All other assets and liabilities are
classified as non-current.
2.22 Revenue recognition from contracts with customers
a) Revenue from contracts with
customers
The Group is primarily engaged in
the production and sale of copper
concentrate and, in certain cases,
provides loading and shipping
services. Revenue from contracts
with customers is recognised when
control of the goods or services
is transferred to the customer
at an amount that reflects the
consideration to which the Group
expects to be entitled in exchange
for those goods or services. The
Group considers that it acts as
principal in its contracts with
customers because it controls the
goods or services before transferring
them to the customer.
b) Sales of copper concentrate
(metal concentrate)
In most sales of copper concentrate
(metal concentrate), each purchase
order constitutes a separate short-
term contract. In transactions not
executed under CIF Incoterms,
the sole performance obligation
is the delivery of the concentrate.
However, a portion of the Group\u2019s
metal concentrate sales are executed
under CIF Incoterms, under which
the Group is also responsible for
providing freight services. In such
cases, the freight services represent
a separate performance obligation
(see section (c) below).
Most of the Group\u2019s metal
concentrate sales allow for price
adjustments based on the market
price at the end of the relevant
quotation period (QP) specified in
the contract. These are referred to
as provisional pricing arrangements,
under which the sales price of the
metal concentrate is based on
prevailing spot prices at a specified
future date after shipment of the
goods to the customer. Adjustments
to the sales price arise as a result of
fluctuations in quoted market prices
until the end of the QP. The period
between provisional invoicing and the
end of the QP may range from one to
three months.
Revenue is recognised when control
transfers to the customer, which
occurs at the point in time when
the metal concentrate is physically
transferred to a vessel, train, conveyor
or other delivery mechanism.
Revenue is measured at the amount
the Group expects to receive,
corresponding to the estimated
price at the end of the QP, that is,
the forward price, and a receivable
is recognised to the extent that an
unconditional right to consideration
arises at that time. For arrangements
subject to CIF shipping terms, a
portion of the transaction price is
allocated to the separate freight
services provided (see section (c)
below).
Under provisional pricing
arrangements, as the receivables are
exposed to commodity price risk,
they do not meet the definition of
SPPI and are therefore measured at
fair value through profit or loss from
initial recognition until settlement.
Changes in fair value, estimated by
reference to quoted forward market
prices for copper and taking into
account adjustments for interest
rate and credit risk, are recognised in
the consolidated income statement
separately from revenue from
contracts with customers, within the
line item \u201cFair value gain/(loss) relating
to provisional pricing arrangements
within sales\u201d.
Final settlement is based on quantities
adjusted as necessary following
customer inspection of the product, as
well as applicable commodity prices.
IFRS 15 requires variable consideration
to be recognised only to the extent
that it is highly probable that a
significant reversal in the amount of
cumulative revenue will not occur. As
adjustments relating to final assay
results based on the quantity and
quality of concentrate sold are not
significant, they do not constrain
revenue recognition.
c) Freight services
As noted above, a portion of the
Group\u2019s metal concentrate sales are
made under CIF Incoterms, whereby
the Group is responsible for providing
freight services (as principal) after the
date on which control of the metal
concentrate is transferred to the
customer. The Group therefore has a
separate performance obligation for
freight services, which are provided
solely to facilitate the sale of the
products it produces.
Revenue from freight services is
recognised over time as the service
is provided. Accordingly, at the
reporting date, a portion of the
revenue, together with the associated
insurance costs, is deferred.
Other Incoterms commonly used by
the Group include:
\u25a1 FOB, where the Group has no
responsibility for freight or
insurance once the goods have
passed the port of loading.
\u25a1 Ex Works, where control of the
goods passes to the customer
when the product is made
available at the Group\u2019s premises.
\u25a1 CIP, where control of the goods
passes to the customer when the
product is delivered to the agreed
destination.
In arrangements under these
Incoterms, the sole performance
obligation is the delivery of the
product.
d) Sales of services
The Group provides accounting
services, management, technical
support, administrative and other
services to other companies.
Revenue is recognised over the
period in which the services are
rendered.
Contract assets and contract
liabilities
Revenue recognised is presented as
a contract asset to the extent that
the amount is not yet billable and
as a receivable where there is an
unconditional right to consideration.
If consideration received from the
customer exceeds the revenue
recognised, a contract liability is
recognised.
The Group does not have any
contract assets, as all rights to
consideration are unconditional.
The Group occasionally recognises
contract liabilities in relation to
certain metal concentrate sales
made under CIF Incoterms, where a
portion of the cash is received from
the customer before the freight
services are provided.
2.23 Care and
maintenance expenses
Care and maintenance expenses
include costs incurred to maintain
assets and infrastructure in an
appropriate operational condition
during periods of reduced or
suspended activity. These costs
may relate to preparatory work
for potential projects, ongoing
maintenance of assets that are not
currently in active production or
regulatory compliance obligations.
In accordance with IFRS as adopted by
the European Union, these expenses
are presented below \u201cGross profit\u201d in
the consolidated income statement
because they are not directly
attributable to revenue generating
operations. Instead, they represent
period costs incurred while assets are
not in active use and are therefore
recognised as an operating expense
rather than as part of cost of sales.
2.24 Segment reporting
An operating segment is a component
of the Group that engages in business
activities from which it may earn
revenues and incur expenses, whose
operating results are regularly
reviewed by the Group\u2019s chief
operating decision maker, identified
as the CEO, in order to allocate
resources to the segment and assess
its performance and for which discrete
financial information is available.
The Group has a single business
segment, being mining operations,
exploration and mineral development.
2.25 Earnings per share
The Group presents basic and
diluted earnings per share data for
its ordinary shares. Basic earnings
per share are calculated by dividing
the profit or loss attributable to
ordinary shareholders of the Parent
by the weighted average number of
ordinary shares outstanding during
the year. Diluted earnings per share
are determined by adjusting the
profit or loss attributable to ordinary
shareholders and the weighted
average number of ordinary shares
outstanding for the effects of all
dilutive potential ordinary shares,
which comprise instruments
convertible into ordinary shares and
share options granted to employees.
2.26 Climate
related matters
The Group considers climate
related matters in its estimates and
assumptions, where relevant. This
assessment includes a wide range of
potential impacts on the Group arising
from both physical and transition
risks. Although the Group believes
that its business model and products
will remain viable following the
transition to a low carbon economy,
climate related matters increase the
uncertainty in the estimates and
assumptions underlying several
items in the consolidated financial
statements. While climate related risks
may not currently have a significant
impact on measurement, the Group is
closely monitoring relevant changes
and developments, such as new
climate related legislation. The areas
and considerations most directly
affected by climate related matters are
as follows:
\u25a1 Useful life of property, plant and
equipment. In reviewing residual
values and the expected useful
lives of assets, the Group considers
climate related matters, such as
climate related legislation and
regulations that may restrict the
use of assets or require significant
investment. Based on the
assessment performed of climate
related matters, there has been no
impact on the Group.
\u25a1 Impairment of non-financial assets.
Value in use may be affected
in various ways, particularly by
transition risk, climate related
legislation and regulations and
changes in demand for the Group\u2019s
products. Based on the assessment
performed of climate related
matters, there has been no impact
on the Group.
\u25a1 In determining the fair value of
assets and liabilities, the impact of
potential climate related matters,
including legislation, that may
affect them has been considered.
Based on the assessment
performed of climate related
matters, there has been no impact
on the Group.
\u25a1 Restoration provision. The impact
of climate related legislation and
regulations is considered when
estimating the timing and future
costs of rehabilitating the Group\u2019s
facilities. Based on the assessment
performed of climate related
matters, there has been no impact
on the Group.
2.27 Amendment of the
consolidated financial
statements after issue
The Board of Directors and the
shareholders do not have the right
to amend the consolidated financial
statements after they have been
issued.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-405": { "value": "2.1 Basis of preparation (a) Overview The consolidated financial statements of Atalaya Mining Copper, S.A. (the \"Parent Company\") and its subsidiaries (collectively, the \"Group\") have been formulated in accordance with the International Financial Reporting Standards adopted by the European Union (\"EU-IFRS\") and other applicable provisions of the financial reporting regulatory framework, in particular the Commercial Code and the Capital Companies Act, in order to show a true and fair view of the Group's consolidated equity and consolidated financial position as of 31 December 2025, and of the consolidated financial performance, its consolidated cash flows and changes in consolidated equity for the year ended on that date. EU-IFRS comprises the standards issued by the International Accounting Standards Board (IASB) approved by the EU for application by listed companies. The definition of a Public-Interest Entity (PIE) is set out in Article 2.13 of Directive 2006/43/EC, as amended by Article 1 of Directive 2014/56/EU, which states that the following are considered to be EIPs: (a) entities governed by the law of a Member State whose transferable securities are admitted to trading on a regulated market in any Member State; b) credit institutions, as defined in point (1) of Article 3(1) of Directive 2013/36/EU; (c) insurance undertakings within the meaning of Article 2 (1) of Directive 91/674/ EEC; and (d) entities designated by Member States as public-interest entities. As the Parent Company does not fall into any of the above categories, it is not considered a PIE. The Directors of the Parent Company estimate that the consolidated annual accounts for the financial year 2025, which have been prepared on 18 of March 2026, will be approved by the General Meeting of Shareholders without any modification. The consolidated financial statements are presented in euros (\u20ac), rounding all amounts to the nearest thousand (\u20ac'000), unless otherwise indicated. The preparation of the consolidated financial statements in accordance with EU-IFRS requires the application of relevant accounting estimates and the making of judgements, estimates and assumptions in the process of applying the Group's accounting policies. The aspects that have involved a greater degree of judgement, complexity or in which the assumptions and estimates are significant for the preparation of the consolidated financial statements are disclosed in Note 3.3. Likewise, although the estimates made by the Directors of the Parent Company have been calculated based on the best information available as of December 31, 2025, it is possible that events that may take place in the future may require their modification in the coming years. The effect on the consolidated financial statements of the modifications that, if any, arise from the adjustments to be made during the coming years would be recognised prospectively. (b) Going concern These consolidated financial statements have been prepared on a going concern basis, which assumes that the Group will continue to operate and meet its financial obligations in the normal course of business. The Directors have assessed the Group\u2019s financial position, operational performance, and external market conditions for a period of at least 12 months from the date of approval of these financial statements. This assessment considered: Copper price volatility and foreign exchange fluctuations, given their direct impact on revenue and profitability; production levels and cost profile, ensuring the Group maintains operational efficiency and financial resilience; capital expenditure and ongoing development projects, aligning with the Group\u2019s strategic and operational needs; liquidity and borrowing facilities, confirming the Group\u2019s ability to meet financial obligations as they fall due; energy cost stability, supported by the commissioning of a solar power plant and a long-term PPA to mitigate electricity price volatility, regulatory and geopolitical risks, ensuring compliance with evolving industry regulations and addressing potential global market disruptions; copper head grade variability, with sensitivity analyses conducted to evaluate the impact of potential fluctuations in ore quality. Following a comprehensive review of forecasts, financial resources, and stress-tested downside scenarios, the Directors have concluded that there are no material uncertainties that could reasonably be expected to cast significant doubt on the Group\u2019s ability to continue operating as a going concern. Accordingly, the going concern basis of accounting remains appropriate for the preparation of these consolidated financial statements. The Directors and management will continue to monitor external factors, including market conditions and regulatory developments, to ensure the Group remains well-positioned to navigate potential challenges. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-457": { "value": "The consolidated financial statements of Atalaya Mining Copper, S.A. (the \"Parent Company\") and its subsidiaries (collectively, the \"Group\") have been formulated in accordance with the International Financial Reporting Standards adopted by the European Union (\"EU-IFRS\") and other applicable provisions of the financial reporting regulatory framework, in particular the Commercial Code and the Capital Companies Act, in order to show a true and fair view of the Group's consolidated equity and consolidated financial position as of 31 December 2025, and of the consolidated financial performance, its consolidated cash flows and changes in consolidated equity for the year ended on that date. EU-IFRS comprises the standards issued by the International Accounting Standards Board (IASB) approved by the EU for application by listed companies. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-458": { "value": "The consolidated financial statements are presented in euros (\u20ac), rounding all amounts to the nearest thousand (\u20ac'000), unless otherwise indicated. (e) Functional currency Functional and presentation currency items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u201cthe functional currency\u201d). The financial statements are presented in Euro which is the Company\u2019s functional and presentation currency. Determination of functional currency may involve certain judgements to determine the primary economic environment and the parent entity reconsiders the functional currency of its entities if there is a change in events and conditions which determined the primary economic environment. Foreign currency transactions are translated into the functional currency using the spot exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions are recognised in the income statement. Monetary assets and liabilities denominated in foreign currencies are updated at year-end spot exchange rates. Non-monetary items that are measured at historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Gains or losses of monetary and non- monetary items are recognised in the income statement. Balance sheet items are translated at period-end exchange rates. Exchange differences on translation of the net assets of such entities whose functional currency are not the Euro are taken to equity and recorded in a separate currency translation reserve. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-459": { "value": "(b) Going concern These consolidated financial statements have been prepared on a going concern basis, which assumes that the Group will continue to operate and meet its financial obligations in the normal course of business. The Directors have assessed the Group\u2019s financial position, operational performance, and external market conditions for a period of at least 12 months from the date of approval of these financial statements. This assessment considered: Copper price volatility and foreign exchange fluctuations, given their direct impact on revenue and profitability; production levels and cost profile, ensuring the Group maintains operational efficiency and financial resilience; capital expenditure and ongoing development projects, aligning with the Group\u2019s strategic and operational needs; liquidity and borrowing facilities, confirming the Group\u2019s ability to meet financial obligations as they fall due; energy cost stability, supported by the commissioning of a solar power plant and a long-term PPA to mitigate electricity price volatility, regulatory and geopolitical risks, ensuring compliance with evolving industry regulations and addressing potential global market disruptions; copper head grade variability, with sensitivity analyses conducted to evaluate the impact of potential fluctuations in ore quality. Following a comprehensive review of forecasts, financial resources, and stress-tested downside scenarios, the Directors have concluded that there are no material uncertainties that could reasonably be expected to cast significant doubt on the Group\u2019s ability to continue operating as a going concern. Accordingly, the going concern basis of accounting remains appropriate for the preparation of these consolidated financial statements. The Directors and management will continue to monitor external factors, including market conditions and regulatory developments, to ensure the Group remains well-positioned to navigate potential challenges. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-406": { "value": "
The Group has adopted all the new and revised EU-IFRSs which are relevant to
its operations and are effective for accounting periods commencing on or after 1
January 2025.
IAS 21 (Modification) \u2013 Absence of interchangeability
The IASB has amended IAS 21 to introduce guidance for determining whether
a currency is exchangeable into another currency and, where it is not, how
to determine the appropriate spot exchange rate to apply. The amendments
require an entity to assess exchangeability at the measurement date and, if a
currency is deemed not to be exchangeable, to estimate a spot exchange rate
that reflects the rate at which an orderly exchange transaction would take place
between market participants under prevailing economic conditions.
The adoption of these amendments has not had a material impact on the
Group\u2019s financial statements or accounting policies, as the Group operates in
jurisdictions where currencies are freely exchangeable and observable market
exchange rates are available.
2.2 Changes in accounting policy and disclosures
Standards issued but not yet in force and not yet implemented by the Group The Group will apply the following amendments adopted by the European Union from 1 January 2026. IFRS 9 (Amendment) and IFRS 7 (Amendment) \u2013 Classification and Measurement of Financial Instruments The main modifications include: \u25a1 Clarification of the date of recognition and derecognition of specific financial assets and liabilities, with a new exception for certain liabilities settled through electronic cash transfer systems. \u25a1 Additional guidance on how to assess whether a financial asset meets the criterion of only principal and interest payments on the outstanding principal amount (UPPI). \u25a1 New disaggregation requirements for financial instruments with contractual terms that may alter cash flows, including ESG-linked financial instruments. \u25a1 Update of the reporting requirements for equity instruments measured at fair value through other comprehensive income (FVOCI). While the amendments relating to the SPPI criterion are primarily relevant to financial institutions, the changes concerning recognition, ESG-linked financial instruments and enhanced disclosure requirements are applicable to all entities. These amendments will enter into force from 1 January 2026 and will be allowed to be adopted early. The amendments may introduce additional disclosure requirements but are not expected to have a significant impact on the Group's recognition and valuation of financial instruments. IFRS 9 (Amendment) and IFRS 7 (Amendment) \u2013 Contracts relating to nature-dependent electricity These amendments address the accounting for electricity supply contracts that depend on natural conditions (for example, wind or solar energy), enabling entities to reflect such contracts more accurately in their financial statements. The key changes include: \u25a1 Clarification of the \u201cown use\u201d exemption for electricity contracts. \u25a1 The ability to apply hedge accounting to certain contracts when they are designated as hedging instruments. \u25a1 New disaggregation requirements to improve transparency regarding the financial impact of such contracts. These amendments will apply from 1 January 2026. They may require additional disclosures, particularly if the Group enters into renewable energy supply contracts but are not expected to have a material impact on the Group\u2019s recognition or measurement principles. IFRS Annual Improvements \u2013 Volume 11 The IASB\u2019s Annual Improvements process addresses minor amendments to IFRS Standards in order to eliminate inconsistencies and improve clarity. Volume 11 includes amendments to the following standards: \u25a1 IFRS 1 \u2013 First-time Adoption of IFRS: improved references and drafting. \u25a1 IFRS 7 \u2013 Financial Instruments: Disclosures: simplification of cash flow disclosure requirements. \u25a1 IFRS 9 \u2013 Financial Instruments: elimination of an inconsistency between IFRS 9 and IFRS 15 relating to the initial measurement of trade receivables, and clarification of how a lessee accounts for the derecognition of a lease liability in accordance with paragraph 23 of IFRS 9. \u25a1 IFRS 10 \u2013 Consolidated Financial Statements: improvements to structure and wording. \u25a1 IAS 7 \u2013 Statement of Cash Flows: clarification that, under the indirect method, the starting point should be profit from operating activities rather than profit or loss for the year. These amendments will become effective on 1 January 2026. Their impact is expected to be limited, as they primarily clarify existing guidance rather than introduce significant changes.
Standards, Interpretations, and Amendments to Existing Standards Not Yet Endorsed by the European Union or Not Available for Early Adoption
As at the date of preparation of these consolidated financial statements, the IASB and the IFRS Interpretations Committee have issued the following standards,
amendments and interpretations that have not yet been adopted by the European Union and therefore cannot yet be applied by the Group. The Group has,
however, assessed their potential impact on its consolidated financial statements once they become applicable.
IFRS 18 \u2013 Presentation and Disclosure in Financial Statements IFRS 18 is a recently issued standard that replaces IAS 1 Presentation of Financial Statements, while retaining many of its underlying principles. However, it introduces significant changes, including: \u25a1 A structured format for the income statement, requiring specific totals and subtotals and categorising items into five sections: operating, investing, financing, income taxes and discontinued operations. \u25a1 Disclosure requirements for management-defined performance measures presented in the financial statements. \u25a1 Enhanced aggregation and disaggregation principles applicable to both the primary financial statements and the notes. Although IFRS 18 does not affect recognition or measurement principles, it may change the presentation of operating results. This standard will become effective from 1 January 2027, subject to adoption by the European Union, and will apply to interim financial statements. Retrospective application is required and early adoption is permitted. Management\u2019s preliminary assessment indicates that IFRS 18 will affect the presentation and disclosures in the Group\u2019s consolidated financial statements but will not impact the recognition or measurement principles applied by the Group. IFRS 19 \u2013 Non-Publicly Accountable Subsidiaries: Disclosures IFRS 19 is a new standard designed for subsidiaries without public accountability whose parent prepares consolidated financial statements in accordance with IFRS. It reduces disclosure requirements for such subsidiaries while maintaining IFRS recognition and measurement principles. This voluntary standard applies to subsidiaries preparing consolidated or individual annual financial statements, provided that local regulations permit its use. In the case of Spanish groups, its application primarily relates to foreign subsidiaries that apply IFRS in their individual financial statements. Subsidiaries that currently apply IFRS for SMEs or local GAAP in their statutory financial statements would not need to prepare a separate set of accounts for group reporting purposes if they adopt IFRS 19. IFRS 19 will become effective from 1 January 2027. Early adoption is permitted, subject to approval by the European Union. This standard is not expected to have a material impact on the Group\u2019s consolidated financial statements, as its applicability depends on the status of subsidiaries and local regulatory requirements. IFRS 10 (Amendment) and IAS 28 (Amendment) \u2013 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture These amendments clarify the accounting treatment of sales and contributions of assets between an investor and its associate or joint venture, depending on whether the transferred non-cash assets constitute a \u201cbusiness\u201d under IFRS 3. Where the assets qualify as a business, the investor recognises the full gain or loss on the transaction. Otherwise, only the portion of the gain or loss attributable to other investors is recognised. These amendments were originally intended to apply prospectively from 1 January 2016. However, at the end of 2015, the IASB deferred their effective date indefinitely, pending a broader review of the accounting for associates and joint ventures. As the amendments remain deferred indefinitely and have not been adopted by the European Union, the Group has adopted the following accounting policy in accordance with IAS 8: the sale or contribution of assets to an associate or joint venture is accounted for by recognising only the portion of the gain or loss attributable to other investors. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-460": { "value": "The Group has adopted all the new and revised EU-IFRSs which are relevant to its operations and are effective for accounting periods commencing on or after 1 January 2025. IAS 21 (Modification) \u2013 Absence of interchangeability The IASB has amended IAS 21 to introduce guidance for determining whether a currency is exchangeable into another currency and, where it is not, how to determine the appropriate spot exchange rate to apply. The amendments require an entity to assess exchangeability at the measurement date and, if a currency is deemed not to be exchangeable, to estimate a spot exchange rate that reflects the rate at which an orderly exchange transaction would take place between market participants under prevailing economic conditions. The adoption of these amendments has not had a material impact on the Group\u2019s financial statements or accounting policies, as the Group operates in jurisdictions where currencies are freely exchangeable and observable market exchange rates are available. 2.2 Changes in accounting policy and disclosures Standards issued but not yet in force and not yet implemented by the Group The Group will apply the following amendments adopted by the European Union from 1 January 2026. IFRS 9 (Amendment) and IFRS 7 (Amendment) \u2013 Classification and Measurement of Financial Instruments The main modifications include: \u25a1 Clarification of the date of recognition and derecognition of specific financial assets and liabilities, with a new exception for certain liabilities settled through electronic cash transfer systems. \u25a1 Additional guidance on how to assess whether a financial asset meets the criterion of only principal and interest payments on the outstanding principal amount (UPPI). \u25a1 New disaggregation requirements for financial instruments with contractual terms that may alter cash flows, including ESG-linked financial instruments. \u25a1 Update of the reporting requirements for equity instruments measured at fair value through other comprehensive income (FVOCI). While the amendments relating to the SPPI criterion are primarily relevant to financial institutions, the changes concerning recognition, ESG-linked financial instruments and enhanced disclosure requirements are applicable to all entities. These amendments will enter into force from 1 January 2026 and will be allowed to be adopted early. The amendments may introduce additional disclosure requirements but are not expected to have a significant impact on the Group's recognition and valuation of financial instruments. IFRS 9 (Amendment) and IFRS 7 (Amendment) \u2013 Contracts relating to nature-dependent electricity These amendments address the accounting for electricity supply contracts that depend on natural conditions (for example, wind or solar energy), enabling entities to reflect such contracts more accurately in their financial statements. The key changes include: \u25a1 Clarification of the \u201cown use\u201d exemption for electricity contracts. \u25a1 The ability to apply hedge accounting to certain contracts when they are designated as hedging instruments. \u25a1 New disaggregation requirements to improve transparency regarding the financial impact of such contracts. These amendments will apply from 1 January 2026. They may require additional disclosures, particularly if the Group enters into renewable energy supply contracts but are not expected to have a material impact on the Group\u2019s recognition or measurement principles. IFRS Annual Improvements \u2013 Volume 11 The IASB\u2019s Annual Improvements process addresses minor amendments to IFRS Standards in order to eliminate inconsistencies and improve clarity. Volume 11 includes amendments to the following standards: \u25a1 IFRS 1 \u2013 First-time Adoption of IFRS: improved references and drafting. \u25a1 IFRS 7 \u2013 Financial Instruments: Disclosures: simplification of cash flow disclosure requirements. \u25a1 IFRS 9 \u2013 Financial Instruments: elimination of an inconsistency between IFRS 9 and IFRS 15 relating to the initial measurement of trade receivables, and clarification of how a lessee accounts for the derecognition of a lease liability in accordance with paragraph 23 of IFRS 9. \u25a1 IFRS 10 \u2013 Consolidated Financial Statements: improvements to structure and wording. \u25a1 IAS 7 \u2013 Statement of Cash Flows: clarification that, under the indirect method, the starting point should be profit from operating activities rather than profit or loss for the year. These amendments will become effective on 1 January 2026. Their impact is expected to be limited, as they primarily clarify existing guidance rather than introduce significant changes. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-461": { "value": "Standards, Interpretations, and Amendments to Existing Standards Not Yet Endorsed by the European Union or Not Available for Early Adoption As at the date of preparation of these consolidated financial statements, the IASB and the IFRS Interpretations Committee have issued the following standards, amendments and interpretations that have not yet been adopted by the European Union and therefore cannot yet be applied by the Group. The Group has, however, assessed their potential impact on its consolidated financial statements once they become applicable. IFRS 18 \u2013 Presentation and Disclosure in Financial Statements IFRS 18 is a recently issued standard that replaces IAS 1 Presentation of Financial Statements, while retaining many of its underlying principles. However, it introduces significant changes, including: \u25a1 A structured format for the income statement, requiring specific totals and subtotals and categorising items into five sections: operating, investing, financing, income taxes and discontinued operations. \u25a1 Disclosure requirements for management-defined performance measures presented in the financial statements. \u25a1 Enhanced aggregation and disaggregation principles applicable to both the primary financial statements and the notes. Although IFRS 18 does not affect recognition or measurement principles, it may change the presentation of operating results. This standard will become effective from 1 January 2027, subject to adoption by the European Union, and will apply to interim financial statements. Retrospective application is required and early adoption is permitted. Management\u2019s preliminary assessment indicates that IFRS 18 will affect the presentation and disclosures in the Group\u2019s consolidated financial statements but will not impact the recognition or measurement principles applied by the Group. IFRS 19 \u2013 Non-Publicly Accountable Subsidiaries: Disclosures IFRS 19 is a new standard designed for subsidiaries without public accountability whose parent prepares consolidated financial statements in accordance with IFRS. It reduces disclosure requirements for such subsidiaries while maintaining IFRS recognition and measurement principles. This voluntary standard applies to subsidiaries preparing consolidated or individual annual financial statements, provided that local regulations permit its use. In the case of Spanish groups, its application primarily relates to foreign subsidiaries that apply IFRS in their individual financial statements. Subsidiaries that currently apply IFRS for SMEs or local GAAP in their statutory financial statements would not need to prepare a separate set of accounts for group reporting purposes if they adopt IFRS 19. IFRS 19 will become effective from 1 January 2027. Early adoption is permitted, subject to approval by the European Union. This standard is not expected to have a material impact on the Group\u2019s consolidated financial statements, as its applicability depends on the status of subsidiaries and local regulatory requirements. IFRS 10 (Amendment) and IAS 28 (Amendment) \u2013 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture These amendments clarify the accounting treatment of sales and contributions of assets between an investor and its associate or joint venture, depending on whether the transferred non-cash assets constitute a \u201cbusiness\u201d under IFRS 3. Where the assets qualify as a business, the investor recognises the full gain or loss on the transaction. Otherwise, only the portion of the gain or loss attributable to other investors is recognised. These amendments were originally intended to apply prospectively from 1 January 2016. However, at the end of 2015, the IASB deferred their effective date indefinitely, pending a broader review of the accounting for associates and joint ventures. As the amendments remain deferred indefinitely and have not been adopted by the European Union, the Group has adopted the following accounting policy in accordance with IAS 8: the sale or contribution of assets to an associate or joint venture is accounted for by recognising only the portion of the gain or loss attributable to other investors. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-462": { "value": "2.3 Subsidiaries Subsidiaries, including structured entities, are those entities over which the Parent Company, directly or indirectly through its subsidiaries, exercises control. The Parent Company controls a subsidiary when, through its involvement with the entity, it is exposed, or has rights, to variable returns and has the ability to affect those returns through the power it exercises over the entity. The Parent Company has power when it holds substantive rights that are currently exercisable and provide the ability to direct the relevant activities. The Parent Company is exposed, or has rights, to variable returns from its involvement with a subsidiary when the returns it obtains may vary as a result of the economic performance of the entity. A structured entity is an entity designed in such a way that voting rights or similar rights are not the dominant factor in determining who controls the entity, for example where potential voting rights relate solely to administrative activities and those activities are governed by contractual arrangements. Control is typically achieved through ownership of more than 50% of the voting rights, whether directly or indirectly. However, control may also be exercised over another entity even when holding less than half of the voting rights, as is the case of Cobre San Rafael, S.L., as explained in Note 3.3. The Group reassesses whether it continues to control its subsidiaries whenever facts and circumstances indicate that one or more of the elements of control may have changed. The income, expenses and cash flows of subsidiaries are included in the consolidated financial statements from the date of acquisition, being the date on which the Group effectively obtains control. Subsidiaries are excluded from consolidation from the date on which control is lost. Transactions and balances between Group companies, together with any unrealised gains or losses, are eliminated in the consolidation process. However, unrealised losses are considered as an indicator of impairment of the assets transferred. The accounting policies of subsidiaries have been aligned with those of the Group for transactions and other events of a similar nature occurring in similar circumstances. The annual accounts or financial statements of subsidiaries used in the consolidation process are prepared as at the same reporting date and for the same reporting period as those of the Parent Company. Where a reduction in the Group\u2019s interest in a subsidiary results in a loss of control, the Group recognises a gain or loss for the difference between the consideration received, plus the fair value of any retained investment in the entity, plus the carrying amount of non-controlling interests, and the carrying amount of the consolidated net assets. The cumulative amount recognised in other comprehensive income relating to the subsidiary is reclassified in full to profit or loss or to reserves, depending on its nature. The consolidated net assets include goodwill, to the extent that the entity disposed of constitutes a business. If the entity disposed of constitutes a business that formed part of a cash-generating unit or a group of cash-generating units to which goodwill had been allocated, such goodwill is allocated between the portion disposed of and the portion retained on the basis of their relative fair values and recoverable amounts, respectively. Where the Group\u2019s ownership interest in a subsidiary changes but control is retained, the transaction is accounted for as an equity transaction. Accordingly, no new acquisition cost arises on increases in ownership and no gain or loss is recognised on reductions. Instead, the difference between the consideration paid or received and the carrying amount of non-controlling interests is recognised directly in reserves attributable to the shareholders of the Parent Company, without prejudice to the reclassification of consolidation reserves and the reallocation of other comprehensive income between the Group and non-controlling interests. Upon a reduction in the Group\u2019s interest in a subsidiary, non- controlling interests are recognised at their proportionate share of the consolidated net assets, including goodwill. The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the transferred assets, liabilities incurred by the former owners of the acquiree, and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired, liabilities and contingent liabilities assumed in a business combination are measured initially at fair value at the acquisition date. The Group recognised any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non- controlling interest\u2019s proportionate share of the recognised amounts of acquiree\u2019s identifiable net assets. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss, statement of comprehensive income, statement of changes in equity and statement of financial position. If there are contractual arrangements that determine the attribution of earnings, such as a profit-sharing agreement or the attribution specified by the arrangement, the non-controlling interest will be presented accordingly. Otherwise, the relative ownership interests in the entity should be used if the parent\u2019s ownership and the non-controlling interest\u2019s ownership in the assets and liabilities are proportional. When contractual profit-sharing arrangement changes over time, the earnings allocation to the non- controlling interest should be based on its present entitlement. (a) Acquisition-related costs are expensed as incurred If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquire is re-measured to fair value at the acquisition date; any gains or losses arising from such re- measurement are recognised in profit or loss. Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in accordance with IFRS 9 in profit or loss. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for within equity. Intercompany transactions, balances, income and expenses on transactions between Group companies are eliminated. Gains and losses resulting from intercompany transactions that are recognised in assets are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. (b) Changes in ownership interests in subsidiaries without change of control Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions \u2013 that is, as transactions with the owners in their capacity as owners. The difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity. (c) Disposal of subsidiaries When the Group ceases to have control, any retained interest in the entity is re-measured to its fair value at the date when control is lost, with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-407": { "value": "2.3 Subsidiaries Subsidiaries, including structured entities, are those entities over which the Parent Company, directly or indirectly through its subsidiaries, exercises control. The Parent Company controls a subsidiary when, through its involvement with the entity, it is exposed, or has rights, to variable returns and has the ability to affect those returns through the power it exercises over the entity. The Parent Company has power when it holds substantive rights that are currently exercisable and provide the ability to direct the relevant activities. The Parent Company is exposed, or has rights, to variable returns from its involvement with a subsidiary when the returns it obtains may vary as a result of the economic performance of the entity. A structured entity is an entity designed in such a way that voting rights or similar rights are not the dominant factor in determining who controls the entity, for example where potential voting rights relate solely to administrative activities and those activities are governed by contractual arrangements. Control is typically achieved through ownership of more than 50% of the voting rights, whether directly or indirectly. However, control may also be exercised over another entity even when holding less than half of the voting rights, as is the case of Cobre San Rafael, S.L., as explained in Note 3.3. The Group reassesses whether it continues to control its subsidiaries whenever facts and circumstances indicate that one or more of the elements of control may have changed. The income, expenses and cash flows of subsidiaries are included in the consolidated financial statements from the date of acquisition, being the date on which the Group effectively obtains control. Subsidiaries are excluded from consolidation from the date on which control is lost. Transactions and balances between Group companies, together with any unrealised gains or losses, are eliminated in the consolidation process. However, unrealised losses are considered as an indicator of impairment of the assets transferred. The accounting policies of subsidiaries have been aligned with those of the Group for transactions and other events of a similar nature occurring in similar circumstances. The annual accounts or financial statements of subsidiaries used in the consolidation process are prepared as at the same reporting date and for the same reporting period as those of the Parent Company. Where a reduction in the Group\u2019s interest in a subsidiary results in a loss of control, the Group recognises a gain or loss for the difference between the consideration received, plus the fair value of any retained investment in the entity, plus the carrying amount of non-controlling interests, and the carrying amount of the consolidated net assets. The cumulative amount recognised in other comprehensive income relating to the subsidiary is reclassified in full to profit or loss or to reserves, depending on its nature. The consolidated net assets include goodwill, to the extent that the entity disposed of constitutes a business. If the entity disposed of constitutes a business that formed part of a cash-generating unit or a group of cash-generating units to which goodwill had been allocated, such goodwill is allocated between the portion disposed of and the portion retained on the basis of their relative fair values and recoverable amounts, respectively. Where the Group\u2019s ownership interest in a subsidiary changes but control is retained, the transaction is accounted for as an equity transaction. Accordingly, no new acquisition cost arises on increases in ownership and no gain or loss is recognised on reductions. Instead, the difference between the consideration paid or received and the carrying amount of non-controlling interests is recognised directly in reserves attributable to the shareholders of the Parent Company, without prejudice to the reclassification of consolidation reserves and the reallocation of other comprehensive income between the Group and non-controlling interests. Upon a reduction in the Group\u2019s interest in a subsidiary, non- controlling interests are recognised at their proportionate share of the consolidated net assets, including goodwill. The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the transferred assets, liabilities incurred by the former owners of the acquiree, and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired, liabilities and contingent liabilities assumed in a business combination are measured initially at fair value at the acquisition date. The Group recognised any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non- controlling interest\u2019s proportionate share of the recognised amounts of acquiree\u2019s identifiable net assets. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss, statement of comprehensive income, statement of changes in equity and statement of financial position. If there are contractual arrangements that determine the attribution of earnings, such as a profit-sharing agreement or the attribution specified by the arrangement, the non-controlling interest will be presented accordingly. Otherwise, the relative ownership interests in the entity should be used if the parent\u2019s ownership and the non-controlling interest\u2019s ownership in the assets and liabilities are proportional. When contractual profit-sharing arrangement changes over time, the earnings allocation to the non- controlling interest should be based on its present entitlement. (a) Acquisition-related costs are expensed as incurred If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquire is re-measured to fair value at the acquisition date; any gains or losses arising from such re- measurement are recognised in profit or loss. Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in accordance with IFRS 9 in profit or loss. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for within equity. Intercompany transactions, balances, income and expenses on transactions between Group companies are eliminated. Gains and losses resulting from intercompany transactions that are recognised in assets are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. (b) Changes in ownership interests in subsidiaries without change of control Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions \u2013 that is, as transactions with the owners in their capacity as owners. The difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity. (c) Disposal of subsidiaries When the Group ceases to have control, any retained interest in the entity is re-measured to its fair value at the date when control is lost, with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss. (d) Associates and joint ventures An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee (generally accompanying a shareholding of between 20% and 50% of the voting rights) but is not control or joint control over those policies. A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. Investments in associates or joint ventures are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor\u2019s share of the profit or loss of the investee after the date of acquisition. The Group\u2019s investment in associates or joint ventures includes goodwill identified on acquisition. If the ownership interest in an associate or joint venture is reduced but significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income is reclassified to profit or loss where appropriate. The Group\u2019s share of post-acquisition profit or loss is recognised in the income statement, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income, with a corresponding adjustment to the carrying amount of the investment. When the Group share of losses in an associate or a joint venture equals or exceeds its interest in the associate or joint venture, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate or the joint venture. The Group determines at each reporting date whether there is any objective evidence that the investment in the associate or the joint venture is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or the joint venture and its carrying value, and recognises the amount adjacent to \u201cshare of profit/(loss) of associates or joint ventures\u201d in the income statement. Profits and losses resulting from upstream and downstream transactions between the Group and its associate or joint venture are recognised in the Group\u2019s consolidated financial statements only to the extent of unrelated investors\u2019 interests in the associates or the joint ventures. Unrealised losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group. Dilution gains and losses arising in investments in associates or joint ventures are recognised in the income statement. (e) Functional currency Functional and presentation currency items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u201cthe functional currency\u201d). The financial statements are presented in Euro which is the Company\u2019s functional and presentation currency. Determination of functional currency may involve certain judgements to determine the primary economic environment and the parent entity reconsiders the functional currency of its entities if there is a change in events and conditions which determined the primary economic environment. Foreign currency transactions are translated into the functional currency using the spot exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions are recognised in the income statement. Monetary assets and liabilities denominated in foreign currencies are updated at year-end spot exchange rates. Non-monetary items that are measured at historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Gains or losses of monetary and non- monetary items are recognised in the income statement. Balance sheet items are translated at period-end exchange rates. Exchange differences on translation of the net assets of such entities whose functional currency are not the Euro are taken to equity and recorded in a separate currency translation reserve. (f) Care and maintenance expenditure Care and maintenance expenditure includes costs incurred to maintain assets and infrastructure in an operationally ready state during periods of reduced or suspended activity. These costs may relate to preparatory works for potential projects, ongoing maintenance of assets not currently in active production, or regulatory compliance obligations. Under IFRS, these expenditures are classified below gross profit in the statement of comprehensive income because they are not directly attributable to revenue-generating operations. Instead, they represent period costs incurred while assets are not in active use, and therefore, are recognised as an operating expense rather than part of cost of sales. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-503": { "value": "(a) Acquisition-related costs are expensed as incurred If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquire is re-measured to fair value at the acquisition date; any gains or losses arising from such re- measurement are recognised in profit or loss. Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in accordance with IFRS 9 in profit or loss. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for within equity. Intercompany transactions, balances, income and expenses on transactions between Group companies are eliminated. Gains and losses resulting from intercompany transactions that are recognised in assets are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. 2.4 Business combinations The Group applies the acquisition method to account for business combinations. The acquisition date is the date on which the Group obtains control of the acquired business. The consideration transferred in a business combination is determined at the acquisition date as the aggregate of the fair values of the assets transferred, the liabilities incurred or assumed, the equity instruments issued and any contingent consideration dependent on future events or the fulfilment of certain conditions in exchange for control of the acquired business. The consideration transferred excludes any payment that does not form part of the exchange for the acquired business. Acquisition related costs are recognised as an expense as incurred. At the acquisition date, the Group recognises the assets acquired and liabilities assumed at their fair value. The non-controlling interest in the acquired business is recognised at the amount corresponding to its proportionate share of the fair value of the net assets acquired. This criterion is only applicable to non- controlling interests that provide a present ownership interest entitling their holders to a proportionate share of the entity\u2019s net assets in the event of liquidation. Otherwise, non- controlling interests are measured at fair value or at the value based on market conditions. The liabilities assumed include contingent liabilities to the extent that they represent present obligations arising from past events and their fair value can be measured reliably. In addition, the Group recognises indemnification assets granted by the seller at the same time and using the same measurement criteria as the indemnified item of the acquired business, taking into account, where applicable, the risk of insolvency and any contractual limitations on the indemnified amount. This criterion does not apply to non- current assets or disposal groups classified as held for sale, defined benefit long-term employee benefit liabilities, share-based payment transactions, deferred tax assets and liabilities, and intangible assets arising from the reacquisition of previously granted rights. The assets and liabilities assumed are classified and designated for subsequent measurement on the basis of the contractual arrangements, economic conditions, accounting policies and operating policies and other conditions existing at the acquisition date, except for lease contracts in which the acquired business is the lessor and insurance contracts. Any excess of the consideration transferred, plus the amount recognised for non-controlling interests, over the net amount of the assets acquired and liabilities assumed is recognised as goodwill. Where applicable, any shortfall, after reassessing the amount of the consideration transferred, the amount recognised for non-controlling interests and the identification and measurement of the net assets acquired, is recognised in a separate line item in the consolidated income statement. Contingent consideration is classified in accordance with the underlying contractual terms as a financial asset or liability, an equity instrument or a provision. To the extent that subsequent changes in the fair value of a financial asset or liability do not correspond to a measurement period adjustment, they are recognised in profit or loss. Contingent consideration classified as equity is not subsequently remeasured, and its settlement is recognised in equity. Contingent consideration classified as a provision is subsequently recognised at fair value with changes recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-516": { "value": "(d) Associates and joint ventures An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee (generally accompanying a shareholding of between 20% and 50% of the voting rights) but is not control or joint control over those policies. A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. Investments in associates or joint ventures are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor\u2019s share of the profit or loss of the investee after the date of acquisition. The Group\u2019s investment in associates or joint ventures includes goodwill identified on acquisition. If the ownership interest in an associate or joint venture is reduced but significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income is reclassified to profit or loss where appropriate. The Group\u2019s share of post-acquisition profit or loss is recognised in the income statement, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income, with a corresponding adjustment to the carrying amount of the investment. When the Group share of losses in an associate or a joint venture equals or exceeds its interest in the associate or joint venture, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate or the joint venture. The Group determines at each reporting date whether there is any objective evidence that the investment in the associate or the joint venture is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or the joint venture and its carrying value, and recognises the amount adjacent to \u201cshare of profit/(loss) of associates or joint ventures\u201d in the income statement. Profits and losses resulting from upstream and downstream transactions between the Group and its associate or joint venture are recognised in the Group\u2019s consolidated financial statements only to the extent of unrelated investors\u2019 interests in the associates or the joint ventures. Unrealised losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group. Dilution gains and losses arising in investments in associates or joint ventures are recognised in the income statement. 2.6 Associates and joint ventures which significant influence or joint control is obtained, respectively, until the date on which the Parent can no longer justify their existence. Investments in associates and joint ventures are initially recognised at cost, including any directly attributable acquisition costs and any contingent consideration asset or liability dependent on future events or the fulfilment of certain conditions. Any excess of the cost of the investment over the Group\u2019s share of the fair values of the identifiable net assets is recognised as goodwill, which is included in the carrying amount of the investment. Any shortfall, after reassessing the cost of the investment and the identification and measurement of the net assets of the associate or joint venture, is recognised as income in determining the investor\u2019s share of the profit or loss of the associate or joint venture in the year of acquisition. The accounting policies of associates and joint ventures have been aligned in terms of reporting date and measurement on the same basis as that applied to subsidiaries. The Group\u2019s share of the profits or losses of associates and joint ventures arising from the acquisition date is recognised as an increase or decrease in the carrying amount of the investments, with a corresponding entry in the line item Share of profit or loss of associates accounted for using the equity method in the consolidated income statement. Similarly, the Group\u2019s share of other comprehensive income of associates and joint ventures arising from the acquisition date is recognised as an increase or decrease in the carrying amount of the investments, with the corresponding entry recognised by nature in other comprehensive income. Dividend distributions are recognised as a reduction in the carrying amount of the investments. In determining the Group\u2019s share of profits or losses, including impairment losses recognised by associates or joint ventures, income and expenses arising from the acquisition method are taken into account. The Group\u2019s share of the profits or losses of associates and joint ventures and of changes in equity is determined on the basis of ownership interests at the reporting date, without considering the possible exercise or conversion of potential voting rights. However, the Group\u2019s share is determined taking into account the possible exercise of potential voting rights and other derivative financial instruments that, in substance, currently provide access to the returns associated with ownership interests in associates or joint ventures. Losses of associates and joint ventures attributable to the Group are limited to the amount of the net investment, except where the Group has incurred legal or constructive obligations or has made payments on behalf of the associates or joint ventures. For the purposes of recognising impairment losses in associates and joint ventures, the net investment is determined as the carrying amount resulting from the application of the equity method together with any other item that, in substance, forms part of the investment in the associates or joint ventures. Any excess of losses over the investment in equity instruments is allocated to the remaining components in reverse order of their priority in liquidation. Profits subsequently generated by those associates or joint ventures for which recognition of losses had been limited to the amount of the investment are recognised to the extent that they exceed previously unrecognised losses. The Group applies the measurement An associate is an entity over which the Parent, directly or indirectly through subsidiaries, exercises significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee (generally accompanied by an ownership interest of between 20% and 50% of the voting rights), without constituting control or joint control. In assessing whether significant influence exists, potential voting rights that are exercisable or convertible at the reporting date of each year are considered, including potential voting rights held by the Group or by another entity. Joint arrangements are those in which there is a contractual agreement to share control over an economic activity, such that decisions about the relevant activities require the unanimous consent of the Group and the other parties or operators. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Investments in associates and joint ventures are accounted for using the equity method from the date on criteria for financial instruments to the other components that form part of the net investment and to which the equity method is not applied, prior to recognising the losses referred to above. In applying those criteria, the Group does not take into account the recognition of losses arising from the equity method in the carrying amount of those items. As a result, the measurement of those items at fair value and, where applicable, impairment, affects the recognition of losses arising from the equity method in prior periods and in the current year. Unrealised gains and losses arising from transactions between the Group and associates or joint ventures are recognised only to the extent of the interests of other unrelated investors. This criterion does not apply to the recognition of unrealised losses that provide evidence of impairment of the asset transferred. However, gains and losses arising from transactions between the Group and associates or joint ventures involving net assets that constitute a business are recognised in full. Unrealised gains and losses on non- monetary contributions of assets that do not constitute a business by the Group to associates or joint ventures are recognised in accordance with the substance of the transaction. In this respect, where the assets transferred are retained in the associate or joint venture and the transaction has commercial substance, only the proportionate share of gains or losses attributable to the other parties is recognised. Otherwise, no gain or loss is recognised on the transaction. Deferred gains or losses are recognised against the carrying amount of the investment. Unrealised losses are not eliminated to the extent that they provide evidence of impairment of the asset transferred. Where, in addition to the interest received, the Group receives monetary or non-monetary assets, the result of the transaction relating to the latter is recognised. In non-monetary contributions of businesses by the Group to associates, gains and losses are recognised in full. On the reduction of an interest in an associate or joint venture resulting in the loss of significant influence or joint control, respectively, the Group recognises a gain or loss equal to the difference between the consideration received, plus the fair value of any retained investment, and the carrying amount of the interest. The other comprehensive income relating to the associate or joint venture is reclassified in full to profit or loss or reserves as if the associate or joint venture had directly disposed of the related assets or liabilities. On the reduction of an interest in an associate that does not result in the loss of significant influence, or where the Group loses joint control of a joint venture but retains significant influence, the Group recognises a gain or loss equal to the difference between the consideration received and the proportionate share of the carrying amount of the interest disposed of. The other comprehensive income relating to the proportionate share of the associate disposed of is reclassified to profit or loss or reserves as if the associate had directly disposed of the related assets or liabilities. If the transaction results in a loss, the Group assesses the retained investment for impairment. On the additional acquisition of interests in an associate, including obtaining joint control, the Group applies the criteria established for the initial acquisition of investments in associates at the date significant influence is obtained, to the proportionate share of the investment acquired. After application of the equity method, the Group assesses whether there is objective evidence of impairment of the net investment in the associate or joint venture. Impairment is determined by comparing the carrying amount of the net investment in the associate or joint venture with its recoverable amount, being the higher of value in use and fair value less costs of disposal. In this regard, value in use is determined by reference to the Group\u2019s share of the present value of the estimated cash flows from ordinary activities and the amounts that may arise from the ultimate disposal of the associate or joint venture. The recoverable amount of the investment in an associate or joint venture is assessed for each associate or joint venture individually, unless it does not constitute a cash generating unit. Impairment losses are not allocated to goodwill or to other assets implicit in the investment in associates or joint ventures arising from the application of the acquisition method. In subsequent periods, reversals of impairment of investments are recognised in profit or loss to the extent that there is an increase in the recoverable amount. Impairment losses are presented separately from the Group\u2019s share of the results of associates and joint ventures. 2.7 Joint ventures A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities relating to the arrangement. In joint operations, the Group recognises in the consolidated financial statements its assets, including its share of jointly controlled assets; its liabilities, including its share of liabilities incurred jointly with the other operators; the revenue from the sale of its share of the output arising from the joint operation; its share of the revenue from the sale of the output arising from the joint operation; and its expenses, including its share of any jointly incurred expenses. The acquisition by the Group of an initial and subsequent interest in a joint operation that constitutes a business is recognised by applying the criteria developed for business combinations to the extent of the percentage interest held in the individual assets and liabilities. However, on the subsequent acquisition of an additional interest in a joint operation, the previously held interest in the individual assets and liabilities is not remeasured, provided that the Group retains joint control. In transactions involving the sale or contribution of assets by the Group to joint operations, gains or losses are recognised only to the extent of the interests of the other operators, unless the losses provide evidence of a loss or impairment of the assets transferred, in which case they are recognised in full. In transactions involving purchases by the Group from joint operations, gains or losses are recognised only when the acquired assets are sold to third parties, unless the losses provide evidence of a loss or impairment of the assets acquired, in which case the Group recognises in full its proportionate share of the losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-504": { "value": "(d) Associates and joint ventures An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee (generally accompanying a shareholding of between 20% and 50% of the voting rights) but is not control or joint control over those policies. A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. Investments in associates or joint ventures are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor\u2019s share of the profit or loss of the investee after the date of acquisition. The Group\u2019s investment in associates or joint ventures includes goodwill identified on acquisition. If the ownership interest in an associate or joint venture is reduced but significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income is reclassified to profit or loss where appropriate. The Group\u2019s share of post-acquisition profit or loss is recognised in the income statement, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income, with a corresponding adjustment to the carrying amount of the investment. When the Group share of losses in an associate or a joint venture equals or exceeds its interest in the associate or joint venture, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate or the joint venture. The Group determines at each reporting date whether there is any objective evidence that the investment in the associate or the joint venture is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or the joint venture and its carrying value, and recognises the amount adjacent to \u201cshare of profit/(loss) of associates or joint ventures\u201d in the income statement. Profits and losses resulting from upstream and downstream transactions between the Group and its associate or joint venture are recognised in the Group\u2019s consolidated financial statements only to the extent of unrelated investors\u2019 interests in the associates or the joint ventures. Unrealised losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group. Dilution gains and losses arising in investments in associates or joint ventures are recognised in the income statement. 2.6 Associates and joint ventures which significant influence or joint control is obtained, respectively, until the date on which the Parent can no longer justify their existence. Investments in associates and joint ventures are initially recognised at cost, including any directly attributable acquisition costs and any contingent consideration asset or liability dependent on future events or the fulfilment of certain conditions. Any excess of the cost of the investment over the Group\u2019s share of the fair values of the identifiable net assets is recognised as goodwill, which is included in the carrying amount of the investment. Any shortfall, after reassessing the cost of the investment and the identification and measurement of the net assets of the associate or joint venture, is recognised as income in determining the investor\u2019s share of the profit or loss of the associate or joint venture in the year of acquisition. The accounting policies of associates and joint ventures have been aligned in terms of reporting date and measurement on the same basis as that applied to subsidiaries. The Group\u2019s share of the profits or losses of associates and joint ventures arising from the acquisition date is recognised as an increase or decrease in the carrying amount of the investments, with a corresponding entry in the line item Share of profit or loss of associates accounted for using the equity method in the consolidated income statement. Similarly, the Group\u2019s share of other comprehensive income of associates and joint ventures arising from the acquisition date is recognised as an increase or decrease in the carrying amount of the investments, with the corresponding entry recognised by nature in other comprehensive income. Dividend distributions are recognised as a reduction in the carrying amount of the investments. In determining the Group\u2019s share of profits or losses, including impairment losses recognised by associates or joint ventures, income and expenses arising from the acquisition method are taken into account. The Group\u2019s share of the profits or losses of associates and joint ventures and of changes in equity is determined on the basis of ownership interests at the reporting date, without considering the possible exercise or conversion of potential voting rights. However, the Group\u2019s share is determined taking into account the possible exercise of potential voting rights and other derivative financial instruments that, in substance, currently provide access to the returns associated with ownership interests in associates or joint ventures. Losses of associates and joint ventures attributable to the Group are limited to the amount of the net investment, except where the Group has incurred legal or constructive obligations or has made payments on behalf of the associates or joint ventures. For the purposes of recognising impairment losses in associates and joint ventures, the net investment is determined as the carrying amount resulting from the application of the equity method together with any other item that, in substance, forms part of the investment in the associates or joint ventures. Any excess of losses over the investment in equity instruments is allocated to the remaining components in reverse order of their priority in liquidation. Profits subsequently generated by those associates or joint ventures for which recognition of losses had been limited to the amount of the investment are recognised to the extent that they exceed previously unrecognised losses. The Group applies the measurement An associate is an entity over which the Parent, directly or indirectly through subsidiaries, exercises significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee (generally accompanied by an ownership interest of between 20% and 50% of the voting rights), without constituting control or joint control. In assessing whether significant influence exists, potential voting rights that are exercisable or convertible at the reporting date of each year are considered, including potential voting rights held by the Group or by another entity. Joint arrangements are those in which there is a contractual agreement to share control over an economic activity, such that decisions about the relevant activities require the unanimous consent of the Group and the other parties or operators. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Investments in associates and joint ventures are accounted for using the equity method from the date on criteria for financial instruments to the other components that form part of the net investment and to which the equity method is not applied, prior to recognising the losses referred to above. In applying those criteria, the Group does not take into account the recognition of losses arising from the equity method in the carrying amount of those items. As a result, the measurement of those items at fair value and, where applicable, impairment, affects the recognition of losses arising from the equity method in prior periods and in the current year. Unrealised gains and losses arising from transactions between the Group and associates or joint ventures are recognised only to the extent of the interests of other unrelated investors. This criterion does not apply to the recognition of unrealised losses that provide evidence of impairment of the asset transferred. However, gains and losses arising from transactions between the Group and associates or joint ventures involving net assets that constitute a business are recognised in full. Unrealised gains and losses on non- monetary contributions of assets that do not constitute a business by the Group to associates or joint ventures are recognised in accordance with the substance of the transaction. In this respect, where the assets transferred are retained in the associate or joint venture and the transaction has commercial substance, only the proportionate share of gains or losses attributable to the other parties is recognised. Otherwise, no gain or loss is recognised on the transaction. Deferred gains or losses are recognised against the carrying amount of the investment. Unrealised losses are not eliminated to the extent that they provide evidence of impairment of the asset transferred. Where, in addition to the interest received, the Group receives monetary or non-monetary assets, the result of the transaction relating to the latter is recognised. In non-monetary contributions of businesses by the Group to associates, gains and losses are recognised in full. On the reduction of an interest in an associate or joint venture resulting in the loss of significant influence or joint control, respectively, the Group recognises a gain or loss equal to the difference between the consideration received, plus the fair value of any retained investment, and the carrying amount of the interest. The other comprehensive income relating to the associate or joint venture is reclassified in full to profit or loss or reserves as if the associate or joint venture had directly disposed of the related assets or liabilities. On the reduction of an interest in an associate that does not result in the loss of significant influence, or where the Group loses joint control of a joint venture but retains significant influence, the Group recognises a gain or loss equal to the difference between the consideration received and the proportionate share of the carrying amount of the interest disposed of. The other comprehensive income relating to the proportionate share of the associate disposed of is reclassified to profit or loss or reserves as if the associate had directly disposed of the related assets or liabilities. If the transaction results in a loss, the Group assesses the retained investment for impairment. On the additional acquisition of interests in an associate, including obtaining joint control, the Group applies the criteria established for the initial acquisition of investments in associates at the date significant influence is obtained, to the proportionate share of the investment acquired. After application of the equity method, the Group assesses whether there is objective evidence of impairment of the net investment in the associate or joint venture. Impairment is determined by comparing the carrying amount of the net investment in the associate or joint venture with its recoverable amount, being the higher of value in use and fair value less costs of disposal. In this regard, value in use is determined by reference to the Group\u2019s share of the present value of the estimated cash flows from ordinary activities and the amounts that may arise from the ultimate disposal of the associate or joint venture. The recoverable amount of the investment in an associate or joint venture is assessed for each associate or joint venture individually, unless it does not constitute a cash generating unit. Impairment losses are not allocated to goodwill or to other assets implicit in the investment in associates or joint ventures arising from the application of the acquisition method. In subsequent periods, reversals of impairment of investments are recognised in profit or loss to the extent that there is an increase in the recoverable amount. Impairment losses are presented separately from the Group\u2019s share of the results of associates and joint ventures. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-463": { "value": "(d) Associates and joint ventures An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee (generally accompanying a shareholding of between 20% and 50% of the voting rights) but is not control or joint control over those policies. A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. Investments in associates or joint ventures are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor\u2019s share of the profit or loss of the investee after the date of acquisition. The Group\u2019s investment in associates or joint ventures includes goodwill identified on acquisition. If the ownership interest in an associate or joint venture is reduced but significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income is reclassified to profit or loss where appropriate. The Group\u2019s share of post-acquisition profit or loss is recognised in the income statement, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income, with a corresponding adjustment to the carrying amount of the investment. When the Group share of losses in an associate or a joint venture equals or exceeds its interest in the associate or joint venture, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate or the joint venture. The Group determines at each reporting date whether there is any objective evidence that the investment in the associate or the joint venture is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate or the joint venture and its carrying value, and recognises the amount adjacent to \u201cshare of profit/(loss) of associates or joint ventures\u201d in the income statement. Profits and losses resulting from upstream and downstream transactions between the Group and its associate or joint venture are recognised in the Group\u2019s consolidated financial statements only to the extent of unrelated investors\u2019 interests in the associates or the joint ventures. Unrealised losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group. Dilution gains and losses arising in investments in associates or joint ventures are recognised in the income statement.
2.6 Associates and joint ventures
which significant influence or joint
control is obtained, respectively, until
the date on which the Parent can no
longer justify their existence.
Investments in associates and joint
ventures are initially recognised
at cost, including any directly
attributable acquisition costs and any
contingent consideration asset or
liability dependent on future events
or the fulfilment of certain conditions.
Any excess of the cost of the
investment over the Group\u2019s share
of the fair values of the identifiable
net assets is recognised as goodwill,
which is included in the carrying
amount of the investment. Any
shortfall, after reassessing the cost of
the investment and the identification
and measurement of the net assets
of the associate or joint venture, is
recognised as income in determining
the investor\u2019s share of the profit or
loss of the associate or joint venture in
the year of acquisition.
The accounting policies of associates
and joint ventures have been aligned
in terms of reporting date and
measurement on the same basis as
that applied to subsidiaries.
The Group\u2019s share of the profits
or losses of associates and joint
ventures arising from the acquisition
date is recognised as an increase or
decrease in the carrying amount of
the investments, with a corresponding
entry in the line item Share of profit
or loss of associates accounted for
using the equity method in the
consolidated income statement.
Similarly, the Group\u2019s share of other
comprehensive income of associates
and joint ventures arising from the
acquisition date is recognised as an
increase or decrease in the carrying
amount of the investments, with
the corresponding entry recognised
by nature in other comprehensive
income. Dividend distributions are
recognised as a reduction in the
carrying amount of the investments.
In determining the Group\u2019s share of
profits or losses, including impairment
losses recognised by associates or joint
ventures, income and expenses arising
from the acquisition method are taken
into account.
The Group\u2019s share of the profits
or losses of associates and joint
ventures and of changes in equity is
determined on the basis of ownership
interests at the reporting date,
without considering the possible
exercise or conversion of potential
voting rights. However, the Group\u2019s
share is determined taking into
account the possible exercise of
potential voting rights and other
derivative financial instruments
that, in substance, currently provide
access to the returns associated with
ownership interests in associates or
joint ventures.
Losses of associates and joint ventures
attributable to the Group are limited
to the amount of the net investment,
except where the Group has incurred
legal or constructive obligations or
has made payments on behalf of the
associates or joint ventures. For the
purposes of recognising impairment
losses in associates and joint ventures,
the net investment is determined
as the carrying amount resulting
from the application of the equity
method together with any other item
that, in substance, forms part of the
investment in the associates or joint
ventures. Any excess of losses over
the investment in equity instruments
is allocated to the remaining
components in reverse order of
their priority in liquidation. Profits
subsequently generated by those
associates or joint ventures for which
recognition of losses had been limited
to the amount of the investment are
recognised to the extent that they
exceed previously unrecognised losses.
The Group applies the measurement
An associate is an entity over which
the Parent, directly or indirectly
through subsidiaries, exercises
significant influence. Significant
influence is the power to participate
in the financial and operating
policy decisions of the investee
(generally accompanied by an
ownership interest of between
20% and 50% of the voting rights),
without constituting control or
joint control. In assessing whether
significant influence exists, potential
voting rights that are exercisable or
convertible at the reporting date of
each year are considered, including
potential voting rights held by the
Group or by another entity.
Joint arrangements are those
in which there is a contractual
agreement to share control over an
economic activity, such that decisions
about the relevant activities require
the unanimous consent of the Group
and the other parties or operators. A
joint venture is a joint arrangement
whereby the parties that have
joint control of the arrangement
have rights to the net assets of the
arrangement.
Investments in associates and joint
ventures are accounted for using
the equity method from the date on
criteria for financial instruments to the other components that form part of the net investment and to which the equity method is not applied, prior to recognising the losses referred to above. In applying those criteria, the Group does not take into account the recognition of losses arising from the equity method in the carrying amount of those items. As a result, the measurement of those items at fair value and, where applicable, impairment, affects the recognition of losses arising from the equity method in prior periods and in the current year. Unrealised gains and losses arising from transactions between the Group and associates or joint ventures are recognised only to the extent of the interests of other unrelated investors. This criterion does not apply to the recognition of unrealised losses that provide evidence of impairment of the asset transferred. However, gains and losses arising from transactions between the Group and associates or joint ventures involving net assets that constitute a business are recognised in full. Unrealised gains and losses on non- monetary contributions of assets that do not constitute a business by the Group to associates or joint ventures are recognised in accordance with the substance of the transaction. In this respect, where the assets transferred are retained in the associate or joint venture and the transaction has commercial substance, only the proportionate share of gains or losses attributable to the other parties is recognised. Otherwise, no gain or loss is recognised on the transaction. Deferred gains or losses are recognised against the carrying amount of the investment. Unrealised losses are not eliminated to the extent that they provide evidence of impairment of the asset transferred. Where, in addition to the interest received, the Group receives monetary or non-monetary assets, the result of the transaction relating to the latter is recognised. In non-monetary contributions of businesses by the Group to associates, gains and losses are recognised in full. On the reduction of an interest in an associate or joint venture resulting in the loss of significant influence or joint control, respectively, the Group recognises a gain or loss equal to the difference between the consideration received, plus the fair value of any retained investment, and the carrying amount of the interest. The other comprehensive income relating to the associate or joint venture is reclassified in full to profit or loss or reserves as if the associate or joint venture had directly disposed of the related assets or liabilities. On the reduction of an interest in an associate that does not result in the loss of significant influence, or where the Group loses joint control of a joint venture but retains significant influence, the Group recognises a gain or loss equal to the difference between the consideration received and the proportionate share of the carrying amount of the interest disposed of. The other comprehensive income relating to the proportionate share of the associate disposed of is reclassified to profit or loss or reserves as if the associate had directly disposed of the related assets or liabilities. If the transaction results in a loss, the Group assesses the retained investment for impairment. On the additional acquisition of interests in an associate, including obtaining joint control, the Group applies the criteria established for the initial acquisition of investments in associates at the date significant influence is obtained, to the proportionate share of the investment acquired. After application of the equity method, the Group assesses whether there is objective evidence of impairment of the net investment in the associate or joint venture. Impairment is determined by comparing the carrying amount of the net investment in the associate or joint venture with its recoverable amount, being the higher of value in use and fair value less costs of disposal. In this regard, value in use is determined by reference to the Group\u2019s share of the present value of the estimated cash flows from ordinary activities and the amounts that may arise from the ultimate disposal of the associate or joint venture. The recoverable amount of the investment in an associate or joint venture is assessed for each associate or joint venture individually, unless it does not constitute a cash generating unit. Impairment losses are not allocated to goodwill or to other assets implicit in the investment in associates or joint ventures arising from the application of the acquisition method. In subsequent periods, reversals of impairment of investments are recognised in profit or loss to the extent that there is an increase in the recoverable amount. Impairment losses are presented separately from the Group\u2019s share of the results of associates and joint ventures. 2.7 Joint ventures A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities relating to the arrangement. In joint operations, the Group recognises in the consolidated financial statements its assets, including its share of jointly controlled assets; its liabilities, including its share of liabilities incurred jointly with the other operators; the revenue from the sale of its share of the output arising from the joint operation; its share of the revenue from the sale of the output arising from the joint operation; and its expenses, including its share of any jointly incurred expenses. The acquisition by the Group of an initial and subsequent interest in a joint operation that constitutes a business is recognised by applying the criteria developed for business combinations to the extent of the percentage interest held in the individual assets and liabilities. However, on the subsequent acquisition of an additional interest in a joint operation, the previously held interest in the individual assets and liabilities is not remeasured, provided that the Group retains joint control. In transactions involving the sale or contribution of assets by the Group to joint operations, gains or losses are recognised only to the extent of the interests of the other operators, unless the losses provide evidence of a loss or impairment of the assets transferred, in which case they are recognised in full. In transactions involving purchases by the Group from joint operations, gains or losses are recognised only when the acquired assets are sold to third parties, unless the losses provide evidence of a loss or impairment of the assets acquired, in which case the Group recognises in full its proportionate share of the losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-505": { "value": "Foreign currency transactions are translated into the functional currency using the spot exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions are recognised in the income statement. Monetary assets and liabilities denominated in foreign currencies are updated at year-end spot exchange rates. Non-monetary items that are measured at historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The consolidated financial statements are presented in thousands of euros, rounded to the nearest thousand, which is the functional and presentation currency of the Parent. Foreign currency transactions are translated into the functional currency using the spot exchange rates between the functional currency and the foreign currency at the dates of the transactions. The spot exchange rate is the rate used in transactions with immediate delivery. Monetary assets and liabilities denominated in foreign currency are translated into euros at the closing rate at the reporting date, whereas non-monetary items measured at historical cost are translated using the exchange rates at the date of the transaction. For these purposes, advances to suppliers and from customers are treated as non- monetary items and are therefore translated at the exchange rate prevailing on the date of payment or receipt. The subsequent recognition of inventories received or revenue from sales, in respect of the advance, is measured at the original exchange rate and not at the rate prevailing at the transaction date. Finally, non- monetary assets measured at fair value are translated into euros using the exchange rate at the date on which the fair value was determined. In presenting the consolidated statement of cash flows, cash flows arising from foreign currency transactions are translated into euros using the exchange rates at the dates on which the cash flows occurred. The effect of exchange rate changes on cash and cash equivalents denominated in foreign currency is presented separately in the statement of cash flows as \u201cEffect of exchange rate differences on cash\u201d. Exchange differences arising on the settlement of foreign currency transactions and on the translation into euros of monetary assets and liabilities denominated in foreign currency are recognised in profit or loss. However, exchange differences arising on monetary items that form part of the net investment in foreign operations are recognised as translation differences in other comprehensive income. Exchange gains or losses relating to monetary financial assets or liabilities denominated in foreign currency are also recognised in profit or loss. 2.8 Foreign currency transactions and balances Monetary financial assets denominated in foreign currency classified at fair value through other comprehensive income are considered to be measured at amortised cost in the foreign currency and, accordingly, exchange differences arising from changes in amortised cost are recognised in profit or loss, with the remaining change in fair value recognised in accordance with section 2.13 (financial instruments). The Group presents the effect of translating deferred tax assets and liabilities denominated in foreign currency together with deferred income tax in profit or loss. Exchange gains or losses on non- monetary financial assets and liabilities and on monetary financial assets and liabilities measured at fair value through profit or loss are recognised together with the change in fair value in other comprehensive income or in profit or loss. The remaining change in fair value is recognised in accordance with section 2.13 (financial instruments). However, the exchange component of equity instruments denominated in foreign currency and measured at fair value through other comprehensive income that are designated as hedged items in fair value hedges of that component is recognised in other comprehensive income. The translation into euros of foreign operations whose functional currency is not that of a hyperinflationary economy is performed using the following criteria: \u25a1 Assets and liabilities, including goodwill and adjustments to net assets arising on acquisition of the operations, including comparative balances, are translated at the closing rate at the date of each balance sheet. \u25a1 Income and expenses, including comparative balances, are translated at the exchange rates prevailing on the date of each transaction. \u25a1 The resulting exchange differences arising from the application of the above criteria are recognised as translation differences in other comprehensive income. The same criteria apply to the translation of the financial statements of entities accounted for using the equity method, with the translation differences corresponding to the Group\u2019s interest recognised in other comprehensive income. In presenting the consolidated statement of cash flows, the cash flows, including comparative balances, of foreign subsidiaries and joint ventures are translated into euros using the exchange rates prevailing at the dates on which the cash flows occurred. Translation differences recognised in other comprehensive income are reclassified to profit or loss, as an adjustment to the gain or loss on disposal, in accordance with the criteria set out in the sections on subsidiaries and associates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-464": { "value": "(f) Care and maintenance expenditure Care and maintenance expenditure includes costs incurred to maintain assets and infrastructure in an operationally ready state during periods of reduced or suspended activity. These costs may relate to preparatory works for potential projects, ongoing maintenance of assets not currently in active production, or regulatory compliance obligations. Under IFRS, these expenditures are classified below gross profit in the statement of comprehensive income because they are not directly attributable to revenue-generating operations. Instead, they represent period costs incurred while assets are not in active use, and therefore, are recognised as an operating expense rather than part of cost of sales. 2.23 Care and maintenance expenses Care and maintenance expenses include costs incurred to maintain assets and infrastructure in an appropriate operational condition during periods of reduced or suspended activity. These costs may relate to preparatory work for potential projects, ongoing maintenance of assets that are not currently in active production or regulatory compliance obligations. In accordance with IFRS as adopted by the European Union, these expenses are presented below \u201cGross profit\u201d in the consolidated income statement because they are not directly attributable to revenue generating operations. Instead, they represent period costs incurred while assets are not in active use and are therefore recognised as an operating expense rather than as part of cost of sales. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-465": { "value": "2.4 Business combinations The Group applies the acquisition method to account for business combinations. The acquisition date is the date on which the Group obtains control of the acquired business. The consideration transferred in a business combination is determined at the acquisition date as the aggregate of the fair values of the assets transferred, the liabilities incurred or assumed, the equity instruments issued and any contingent consideration dependent on future events or the fulfilment of certain conditions in exchange for control of the acquired business. The consideration transferred excludes any payment that does not form part of the exchange for the acquired business. Acquisition related costs are recognised as an expense as incurred. At the acquisition date, the Group recognises the assets acquired and liabilities assumed at their fair value. The non-controlling interest in the acquired business is recognised at the amount corresponding to its proportionate share of the fair value of the net assets acquired. This criterion is only applicable to non- controlling interests that provide a present ownership interest entitling their holders to a proportionate share of the entity\u2019s net assets in the event of liquidation. Otherwise, non- controlling interests are measured at fair value or at the value based on market conditions. The liabilities assumed include contingent liabilities to the extent that they represent present obligations arising from past events and their fair value can be measured reliably. In addition, the Group recognises indemnification assets granted by the seller at the same time and using the same measurement criteria as the indemnified item of the acquired business, taking into account, where applicable, the risk of insolvency and any contractual limitations on the indemnified amount. This criterion does not apply to non- current assets or disposal groups classified as held for sale, defined benefit long-term employee benefit liabilities, share-based payment transactions, deferred tax assets and liabilities, and intangible assets arising from the reacquisition of previously granted rights. The assets and liabilities assumed are classified and designated for subsequent measurement on the basis of the contractual arrangements, economic conditions, accounting policies and operating policies and other conditions existing at the acquisition date, except for lease contracts in which the acquired business is the lessor and insurance contracts. Any excess of the consideration transferred, plus the amount recognised for non-controlling interests, over the net amount of the assets acquired and liabilities assumed is recognised as goodwill. Where applicable, any shortfall, after reassessing the amount of the consideration transferred, the amount recognised for non-controlling interests and the identification and measurement of the net assets acquired, is recognised in a separate line item in the consolidated income statement. Contingent consideration is classified in accordance with the underlying contractual terms as a financial asset or liability, an equity instrument or a provision. To the extent that subsequent changes in the fair value of a financial asset or liability do not correspond to a measurement period adjustment, they are recognised in profit or loss. Contingent consideration classified as equity is not subsequently remeasured, and its settlement is recognised in equity. Contingent consideration classified as a provision is subsequently recognised at fair value with changes recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-408": { "value": "2.5 Non-controlling interests Non-controlling interests in subsidiaries are recognised at the acquisition date at their proportionate share of the fair value of the identifiable net assets. Non-controlling interests are presented in consolidated equity separately from the equity attributable to the shareholders of the Parent. Non-controlling interests in the consolidated results for the year are likewise presented separately in the consolidated income statement. The Group\u2019s interest and the non-controlling interests in the consolidated results for the year and in the changes in equity of subsidiaries, after taking into account consolidation adjustments and eliminations, are determined on the basis of ownership interests at the reporting date, without considering the possible exercise or conversion of potential voting rights and after deducting the effect of dividends, whether agreed or not, on cumulative preference shares classified in equity. However, the Group\u2019s interest and the non-controlling interests are determined taking into account the possible exercise of potential voting rights and other derivative financial instruments that, in substance, currently provide access to the returns associated with ownership interests in subsidiaries. Profit or loss and each component of other comprehensive income are attributed to the equity attributable to the shareholders of the Parent and to non-controlling interests in proportion to their ownership interests, even if this results in a deficit balance in non-controlling interests. Agreements entered into between the Group and non- controlling interests are recognised as a separate transaction. The Group recognises put options over interests in subsidiaries granted to non-controlling interests at the acquisition date of a business combination as an anticipated acquisition of those interests, recognising a financial liability at the present value of the best estimate of the amount payable, which forms part of the consideration transferred. Put options over interests in subsidiaries granted to non- controlling interests subsequent to the business combination are recognised as a financial liability at the present value of the best estimate of the amount payable, with a corresponding entry in reserves. In subsequent periods, changes in the financial liability are recognised as a finance expense or finance income in profit or loss. Any discretionary dividends paid to non-controlling interests up to the exercise date of the options are recognised as a distribution of profits. If the options are ultimately not exercised, the transaction is recognised as a sale of interests to non-controlling shareholders. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-466": { "value": "2.9 Property, plant and equipment The cost of property, plant and equipment constructed by the Group is determined using the same principles as for acquired assets, and additionally incorporates the criteria applied in determining the cost of inventories. Revenue from the sale of items produced during the commissioning period of property, plant and equipment and the related costs are recognised in the consolidated income statement. The cost of property, plant and equipment includes an estimate of dismantling and removal costs and site restoration costs, where these constitute obligations incurred as a consequence of their use and for purposes other than the production of inventories. Spare parts intended to be installed in facilities, equipment and machinery as replacements for similar items are measured in accordance with the principles described above. Spare parts with a storage cycle of less than one year are recorded as inventories. Spare parts with a storage cycle exceeding one year and which relate exclusively to specific assets are recognised and depreciated together with those assets. In other cases, they are recognised as \u201cOther property, plant and equipment\u201d and depreciated, where identifiable, in line with the depreciation pattern of the asset being replaced. In general, such spare parts are depreciated from the date they are incorporated into the asset, taking into account the weighted technological or economic useful life of the assets to which they may be attached and their own technical obsolescence. Subsequent costs are included in the carrying amount of the asset or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of replaced components is derecognised. Where the cost of replaced elements has not been depreciated separately and it is impracticable to determine their carrying amount, the replacement cost is used as an indication of the cost of those elements at the time of acquisition or construction. All other repairs and maintenance are charged to the consolidated income statement in the period in which they are incurred. Depreciation of property, plant and equipment is calculated by allocating the depreciable amount of the asset systematically over its estimated useful life or the remaining life of mine (LOM), field or lease. The depreciable amount represents the acquisition cost less residual value. The Group determines depreciation expense separately for each component, whether physical or non-physical, including costs related to major overhauls of property, plant and equipment that are significant in relation to the total cost of the asset and have a useful life different from the remainder of the asset. Depreciation commences when the asset is available for use. The principal categories of property, plant and equipment are depreciated either on a units of production (UOP) basis or on a straight-line basis over their useful lives as follows:
Land and buildings
UOP
Deferred mining costs
UOP
Plant and equipment
UOP
Other assets: Furniture/fixtures/ 5 \u2013 10
office equipment/Motor vehicles years
Right of use assets (IFRS 16)
UOP
Property, plant and equipment is recognised at historical cost less accumulated depreciation and, where applicable, accumulated impairment losses. When property, plant and equipment is acquired through a non-monetary exchange, the asset is measured at fair value unless the exchange transaction lacks commercial substance or the fair value of neither the asset received nor the asset given up can be measured reliably. An exchange transaction is considered to have commercial substance when the configuration of the cash flows of the asset received differs from that of the asset transferred, or when the entity-specific value of the portion of the Group\u2019s operations is affected by the transaction changes as a result of the exchange, and such difference is significant relative to the fair value of the assets exchanged. If the exchange lacks commercial substance or fair value cannot be measured reliably, the asset received is measured at the carrying amount of the asset given up, adjusted for any monetary consideration transferred, and subject to a ceiling equal to the fair value of the asset received, where available. The Group reviews the residual value, useful life and depreciation method of property, plant and equipment at each reporting date. Changes to the originally established criteria are recognised as changes in accounting estimates. In particular, the Group considers the impact of health, safety and environmental legislation in assessing expected useful lives and estimated residual values. The Group also considers climate-related matters, including physical and transition risks. Specifically, the Group assesses whether climate-related legislation and regulation could affect useful lives or residual values, for example by prohibiting or restricting the use of fossil fuel-powered machinery or imposing additional energy efficiency requirements on buildings and offices. The Group assesses impairment losses and reversals of impairment losses of property, plant and equipment in accordance with the criteria set out in Note 2.12 Impairment of non-financial assets. Property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. The disposal date is the date on which the buyer obtains control of the asset in accordance with the accounting policy for Revenue from contracts with customers. The consideration received and any subsequent changes thereto are determined in accordance with that revenue policy. Gains and losses on disposal are recognised within \u201cOther income\u201d in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-409": { "value": "2.9 Property, plant and equipment The cost of property, plant and equipment constructed by the Group is determined using the same principles as for acquired assets, and additionally incorporates the criteria applied in determining the cost of inventories. Revenue from the sale of items produced during the commissioning period of property, plant and equipment and the related costs are recognised in the consolidated income statement. The cost of property, plant and equipment includes an estimate of dismantling and removal costs and site restoration costs, where these constitute obligations incurred as a consequence of their use and for purposes other than the production of inventories. Spare parts intended to be installed in facilities, equipment and machinery as replacements for similar items are measured in accordance with the principles described above. Spare parts with a storage cycle of less than one year are recorded as inventories. Spare parts with a storage cycle exceeding one year and which relate exclusively to specific assets are recognised and depreciated together with those assets. In other cases, they are recognised as \u201cOther property, plant and equipment\u201d and depreciated, where identifiable, in line with the depreciation pattern of the asset being replaced. In general, such spare parts are depreciated from the date they are incorporated into the asset, taking into account the weighted technological or economic useful life of the assets to which they may be attached and their own technical obsolescence. Subsequent costs are included in the carrying amount of the asset or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of replaced components is derecognised. Where the cost of replaced elements has not been depreciated separately and it is impracticable to determine their carrying amount, the replacement cost is used as an indication of the cost of those elements at the time of acquisition or construction. All other repairs and maintenance are charged to the consolidated income statement in the period in which they are incurred. Depreciation of property, plant and equipment is calculated by allocating the depreciable amount of the asset systematically over its estimated useful life or the remaining life of mine (LOM), field or lease. The depreciable amount represents the acquisition cost less residual value. The Group determines depreciation expense separately for each component, whether physical or non-physical, including costs related to major overhauls of property, plant and equipment that are significant in relation to the total cost of the asset and have a useful life different from the remainder of the asset. Depreciation commences when the asset is available for use. The principal categories of property, plant and equipment are depreciated either on a units of production (UOP) basis or on a straight-line basis over their useful lives as follows:
Land and buildings
UOP
Deferred mining costs
UOP
Plant and equipment
UOP
Other assets: Furniture/fixtures/ 5 \u2013 10
office equipment/Motor vehicles years
Right of use assets (IFRS 16)
UOP
Property, plant and equipment is recognised at historical cost less accumulated depreciation and, where applicable, accumulated impairment losses. When property, plant and equipment is acquired through a non-monetary exchange, the asset is measured at fair value unless the exchange transaction lacks commercial substance or the fair value of neither the asset received nor the asset given up can be measured reliably. An exchange transaction is considered to have commercial substance when the configuration of the cash flows of the asset received differs from that of the asset transferred, or when the entity-specific value of the portion of the Group\u2019s operations is affected by the transaction changes as a result of the exchange, and such difference is significant relative to the fair value of the assets exchanged. If the exchange lacks commercial substance or fair value cannot be measured reliably, the asset received is measured at the carrying amount of the asset given up, adjusted for any monetary consideration transferred, and subject to a ceiling equal to the fair value of the asset received, where available. The Group reviews the residual value, useful life and depreciation method of property, plant and equipment at each reporting date. Changes to the originally established criteria are recognised as changes in accounting estimates. In particular, the Group considers the impact of health, safety and environmental legislation in assessing expected useful lives and estimated residual values. The Group also considers climate-related matters, including physical and transition risks. Specifically, the Group assesses whether climate-related legislation and regulation could affect useful lives or residual values, for example by prohibiting or restricting the use of fossil fuel-powered machinery or imposing additional energy efficiency requirements on buildings and offices. The Group assesses impairment losses and reversals of impairment losses of property, plant and equipment in accordance with the criteria set out in Note 2.12 Impairment of non-financial assets. Property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. The disposal date is the date on which the buyer obtains control of the asset in accordance with the accounting policy for Revenue from contracts with customers. The consideration received and any subsequent changes thereto are determined in accordance with that revenue policy. Gains and losses on disposal are recognised within \u201cOther income\u201d in the consolidated income statement. a) Mining rights Ore Reserves and Mineral Resources that can be reliably measured are recognised at fair value at the acquisition date of the business in accordance with Note 2.4 Business combinations. Mining rights whose fair value cannot be measured reliably are not recognised. Exploitable mining rights are depreciated using the UOP method over commercially recoverable Ore Reserves and, in certain circumstances, over additional Mineral Resources. Mineral Resources are included in depreciation calculations when there is a high degree of confidence that they will be economically extracted. b) Deferred mining costs: stripping costs These primarily comprise certain capitalised costs relating to stripping activities in both the pre-production and production phases, as described below. Stripping costs incurred during the development phase of a mine (or pit) prior to the commencement of production are capitalised as part of the cost of constructing the mine (or pit) and subsequently depreciated over the life of mine on a UOP basis. Production stripping costs that relate to improving access to an identifiable component of the ore body, and that provide future economic benefits through improved access to ore to be mined in future periods (stripping activity asset), are capitalised within deferred mining costs provided that all of the following conditions are met: i. it is probable that the future economic benefit associated with the stripping activity will be realised; ii. the component of the ore body for which access has been improved can be identified; and iii. the costs relating to the stripping activity associated with improved access can be measured reliably. If all criteria are not met, production stripping costs are expensed as incurred. The stripping activity asset is initially measured at cost, being the accumulation of costs directly incurred to perform the stripping activity that improves access to the identified ore component, together with an allocation of directly attributable overheads in accordance with the principles used to determine the cost of inventories. c) Exploration expenditure In accordance with the Group\u2019s accounting policy, exploration expenditure is not capitalised until management determines that the project has entered the development phase and that construction of the related mining or infrastructure asset will commence. This does not refer to real estate property, but to the development of a mining asset or associated infrastructure in accordance with IAS 16 and IFRS 6. Capitalisation only occurs once a high degree of confidence exists in the technical and economic viability of the project and it is considered probable that future economic benefits will flow to the Group. The development decision is taken based on the economic prospects of the project, including future metal prices, Ore Reserves and Mineral Resources, and estimated operating and capital costs. Subsequent recovery of the resulting carrying amount depends on the successful development or sale of the undeveloped project. If a project is determined to be non-viable, all irrecoverable costs associated with the project, net of any related impairment provisions, are recognised in the consolidated income statement. d) Assets under construction All subsequent expenditure incurred in the construction, installation or completion of infrastructure facilities, including processing plants and other works necessary for mining operations, is capitalised under \u201cAssets under construction\u201d. Costs incurred in testing assets to determine whether they are functioning as intended are capitalised. In accordance with IAS 16, revenue from the sale of any products produced during the testing phase is recognised as revenue in the consolidated income statement, and the related production costs are recognised in accordance with IAS 2 Inventories. Such revenue is not offset against the cost of assets under construction. Development expenditure, including investment in intangible assets, is capitalised when the following criteria are met: \u25a1 The costs are directly attributable to the preparation of the asset. \u25a1 The technical and commercial feasibility of the project has been demonstrated, and it is probable that the expenditure will generate future economic benefits, based on an economic evaluation of the project that considers market conditions, resource estimates, expected operating and capital costs and management\u2019s strategic intent. Costs incurred before technical and commercial feasibility has been demonstrated, or those relating to general research activities, are expensed as incurred. Assets under construction are transferred to the appropriate asset categories when they are substantially completed and ready for their intended productive use. Depreciation commences at that date. e) Borrowing costs The Group capitalises borrowing costs that are directly attributable to the acquisition, construction or production of qualifying assets as part of the cost of those assets. Qualifying assets are those that necessarily take a substantial period of time to get ready for their intended use or sale. To the extent that funds are borrowed specifically for the purpose of obtaining a qualifying asset, the amount of borrowing costs eligible for capitalisation is determined based on the actual borrowing costs incurred during the period, less any investment income earned on the temporary investment of those funds. Borrowings obtained specifically for a qualifying asset are treated as general borrowings once substantially all the activities necessary to prepare the asset for its intended use or sale have been completed. The amount of borrowing costs capitalised in respect of general borrowings is determined by applying a weighted average capitalisation rate to the expenditure on qualifying assets, without exceeding the total borrowing costs incurred during the period. Capitalisation of borrowing costs commences when expenditure for the asset is incurred, borrowing costs are incurred and activities necessary to prepare the asset (or part thereof) for its intended use or sale are in progress. Capitalisation ceases when substantially all the activities necessary to prepare the asset (or part thereof) for its intended use or sale have been completed. Capitalisation of borrowing costs is suspended during extended periods in which development activities are interrupted, unless such temporary delay is necessary to bring the asset into a condition suitable for its intended use or sale. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-467": { "value": "b) Deferred mining costs: stripping costs These primarily comprise certain capitalised costs relating to stripping activities in both the pre-production and production phases, as described below. Stripping costs incurred during the development phase of a mine (or pit) prior to the commencement of production are capitalised as part of the cost of constructing the mine (or pit) and subsequently depreciated over the life of mine on a UOP basis. Production stripping costs that relate to improving access to an identifiable component of the ore body, and that provide future economic benefits through improved access to ore to be mined in future periods (stripping activity asset), are capitalised within deferred mining costs provided that all of the following conditions are met: i. it is probable that the future economic benefit associated with the stripping activity will be realised; ii. the component of the ore body for which access has been improved can be identified; and iii. the costs relating to the stripping activity associated with improved access can be measured reliably. If all criteria are not met, production stripping costs are expensed as incurred. The stripping activity asset is initially measured at cost, being the accumulation of costs directly incurred to perform the stripping activity that improves access to the identified ore component, together with an allocation of directly attributable overheads in accordance with the principles used to determine the cost of inventories. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForStrippingCostsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-468": { "value": "c) Exploration expenditure In accordance with the Group\u2019s accounting policy, exploration expenditure is not capitalised until management determines that the project has entered the development phase and that construction of the related mining or infrastructure asset will commence. This does not refer to real estate property, but to the development of a mining asset or associated infrastructure in accordance with IAS 16 and IFRS 6. Capitalisation only occurs once a high degree of confidence exists in the technical and economic viability of the project and it is considered probable that future economic benefits will flow to the Group. The development decision is taken based on the economic prospects of the project, including future metal prices, Ore Reserves and Mineral Resources, and estimated operating and capital costs. Subsequent recovery of the resulting carrying amount depends on the successful development or sale of the undeveloped project. If a project is determined to be non-viable, all irrecoverable costs associated with the project, net of any related impairment provisions, are recognised in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-469": { "value": "d) Assets under construction All subsequent expenditure incurred in the construction, installation or completion of infrastructure facilities, including processing plants and other works necessary for mining operations, is capitalised under \u201cAssets under construction\u201d. Costs incurred in testing assets to determine whether they are functioning as intended are capitalised. In accordance with IAS 16, revenue from the sale of any products produced during the testing phase is recognised as revenue in the consolidated income statement, and the related production costs are recognised in accordance with IAS 2 Inventories. Such revenue is not offset against the cost of assets under construction. Development expenditure, including investment in intangible assets, is capitalised when the following criteria are met: \u25a1 The costs are directly attributable to the preparation of the asset. \u25a1 The technical and commercial feasibility of the project has been demonstrated, and it is probable that the expenditure will generate future economic benefits, based on an economic evaluation of the project that considers market conditions, resource estimates, expected operating and capital costs and management\u2019s strategic intent. Costs incurred before technical and commercial feasibility has been demonstrated, or those relating to general research activities, are expensed as incurred. Assets under construction are transferred to the appropriate asset categories when they are substantially completed and ready for their intended productive use. Depreciation commences at that date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-470": { "value": "e) Borrowing costs The Group capitalises borrowing costs that are directly attributable to the acquisition, construction or production of qualifying assets as part of the cost of those assets. Qualifying assets are those that necessarily take a substantial period of time to get ready for their intended use or sale. To the extent that funds are borrowed specifically for the purpose of obtaining a qualifying asset, the amount of borrowing costs eligible for capitalisation is determined based on the actual borrowing costs incurred during the period, less any investment income earned on the temporary investment of those funds. Borrowings obtained specifically for a qualifying asset are treated as general borrowings once substantially all the activities necessary to prepare the asset for its intended use or sale have been completed. The amount of borrowing costs capitalised in respect of general borrowings is determined by applying a weighted average capitalisation rate to the expenditure on qualifying assets, without exceeding the total borrowing costs incurred during the period. Capitalisation of borrowing costs commences when expenditure for the asset is incurred, borrowing costs are incurred and activities necessary to prepare the asset (or part thereof) for its intended use or sale are in progress. Capitalisation ceases when substantially all the activities necessary to prepare the asset (or part thereof) for its intended use or sale have been completed. Capitalisation of borrowing costs is suspended during extended periods in which development activities are interrupted, unless such temporary delay is necessary to bring the asset into a condition suitable for its intended use or sale. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-410": { "value": "The Group has lease contracts for various items of laboratory equipment, motor vehicles, land and buildings used in its operations. Leases of laboratory equipment and motor vehicles generally have lease terms of four years, while land and buildings generally have lease terms over the life of the mine. The Group\u2019s obligations under its lease contracts are secured by the lessor\u2019s title to the leased assets. In general, the Group is restricted from assigning and subleasing the leased assets. At inception of a contract, the Group assesses whether a contract is, or contains, a lease. That is, whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low value assets. At the commencement date, the Group recognises a right of use asset and a lease liability. The right of use asset comprises the amount of the lease liability, any lease payments made at or before the 2.10 Leases commencement date less any lease incentives received, any initial direct costs incurred and an estimate of dismantling or restoration costs to be incurred, as set out in the accounting policy on provisions. The Group measures the lease liability at the present value of the lease payments that are unpaid at the commencement date. The lease payments are discounted using the appropriate incremental borrowing rate, unless the interest rate implicit in the lease can be reliably determined. Outstanding lease payments comprise fixed payments, less any incentives receivable, variable payments that depend on an index or rate, initially measured using the index or rate at the commencement date, amounts expected to be payable under residual value guarantees, the exercise price of a purchase option if exercise is reasonably certain and payments of penalties for terminating the lease, if the lease term reflects the exercise of the termination option. The Group measures right of use assets at cost, less accumulated depreciation and accumulated impairment losses, adjusted for any remeasurement of the lease liability. \u25a1 If the contract transfers ownership of the asset to the Group at the end of the lease term or the right of use asset includes the exercise price of a purchase option, depreciation is charged in accordance with the criteria set out for property, plant and equipment from the commencement date to the end of the useful life of the asset. Otherwise, the Group depreciates the right of use asset from the commencement date to the earlier of the end of the useful life of the right of use asset or the end of the lease term. \u25a1 The Group applies the impairment criteria for non-current assets set out in section 2.12 to right of use assets. \u25a1 The lease liability is increased by the finance cost accrued, reduced by lease payments made and remeasured to reflect any lease modifications or revisions to in substance fixed payments. \u25a1 Variable lease payments not included in the initial measurement of the lease liability are recognised in profit or loss in the period in which the events or conditions that trigger those payments occur. \u25a1 Remeasurements of the lease liability are recognised as an adjustment to the right of use asset, until it is reduced to zero and thereafter in profit or loss. \u25a1 The Group remeasures the lease liability by discounting the revised lease payments using a revised discount rate if there is a change in the lease term or a change in the assessment of whether a purchase option will be exercised. \u25a1 The Group remeasures the lease liability if there is a change in the amounts expected to be payable under a residual value guarantee or a change in the index or rate used to determine lease payments, including a change to reflect revisions to market rents once such revisions take effect. The Group accounts for the full or partial derecognition of a lease liability in accordance with the criteria applicable to the derecognition of financial liabilities. A reassessment after the commencement date is made only if one of the following conditions applies: a) There is a change in the contractual terms, other than a renewal or extension of the agreement. b) A renewal option is exercised, or an extension is granted, unless the term of the renewal or extension was initially included in the lease term. c) There is a change in the assessment of whether fulfilment depends on a specified asset. d) There is a substantial change in the asset. The Group accounts for a lease modification as a separate lease if the scope of the lease increases by adding one or more rights of use, and the consideration for the lease increases by an amount commensurate with the stand alone price for the increase in scope and any appropriate adjustments to that stand alone price to reflect the particular circumstances of the contract. If the modification does not result in a separate lease, at the effective date of the modification the Group allocates the consideration to the modified contract as described above, redetermines the lease term and remeasures the lease liability by discounting the revised lease payments using a revised discount rate. The Group decreases the carrying amount of the right of use asset to reflect the partial or full termination of the lease in modifications that decrease the scope of the lease and recognises any gain or loss in profit or loss. For all other modifications, the Group makes a corresponding adjustment to the carrying amount of the right of use asset. Short-term leases and leases of low value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment, that is, leases with a lease term of 12 months or less from the commencement date and that do not contain a purchase option. It also applies the low value asset recognition exemption to leases of office equipment that are considered to be of low value, that is, below \u20ac5,000. Lease payments on short-term leases and leases of low value assets are recognised as an expense on a straight-line basis over the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-471": { "value": "2.11 Intangible assets a) Permits Permits represent legal rights, licences and authorisations required to advance mining projects from the pre-development stage to production. Costs directly attributable to obtaining these permits are capitalised as intangible assets, provided that they meet the recognition criteria set out in IAS 38 \u2013 Intangible Assets. These costs generally include application fees, environmental and engineering studies, legal fees and other necessary expenditure incurred to obtain the permits. No amortisation is recognised in respect of these intangible assets until the associated project enters the commercial production phase. Once the required permits have been obtained and production commences, the capitalised permit costs are amortised using the units of production (UOP) method, based on the commercially recoverable Ore Reserves of the related mining project. If at any time it is determined that a permit will not be utilised due to project suspension or regulatory changes, the capitalised costs are immediately impaired and recognised as an expense in the consolidated income statement. The Group periodically assesses the status of each project. If a subsequent evaluation determines that the circumstances that gave rise to the impairment have ceased to exist or have been reasonably mitigated, the Group reverses the previously recognised impairment loss. b) Other intangible assets, including computer software Intangible assets are presented in the consolidated statement of financial position at cost less accumulated amortisation and accumulated impairment losses. The cost of intangible assets acquired in a business combination is their fair value at the acquisition date, provided that they meet the recognition criteria set out in IFRS 3. The Group assesses, for each acquired intangible asset, whether its useful life is finite or indefinite. An intangible asset is considered to have an indefinite useful life when there is no foreseeable limit to the period over which it is expected to generate net cash inflows. Amortisation of intangible assets with finite useful lives is calculated by allocating the depreciable amount systematically over their estimated useful lives as follows:
Administrative concessions
UOP
Mining rights
UOP
Development costs Straight-line, over the estimated useful life
of the project, not exceeding 5 years
Licences and trademarks
Straight-line, 2 to 10 years
Computer software
Straight-line at an annual rate of 15%
Other intangible assets
Straight-line, 3 to 10 years
For this purpose, the depreciable amount represents the acquisition cost or deemed cost less residual value. Intangible assets with indefinite useful lives are not amortised but are tested annually for impairment, or more frequently if indicators of impairment exist. The Group reviews the residual value, useful life and amortisation method of intangible assets at each reporting date. Changes to the originally established estimates are accounted for as changes in accounting estimates. The Group assesses and recognises impairment losses and reversals of impairment losses on intangible assets in accordance with the criteria set out in Note 2.12. An intangible asset is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. The disposal date is the date on which the buyer obtains control of the asset in accordance with the accounting policy for Revenue from contracts with customers. The consideration received on disposal and any subsequent adjustments thereto are determined in accordance with that policy. c) Contingent liabilities in the acquisition of intangible assets The Group has adopted the approach set out in IFRIC 1 for contingent payments related to the acquisition of assets. When acquiring intangible assets subject to contingent payments dependent on future events, such as in the case of the Touro, Masa Valverde and Ossa Morena projects (see Note 1), the Group assesses whether such payments are directly attributable to the cost of the acquired asset. If the analysis concludes that the payment is linked to the acquisition cost, the Group recognises an intangible asset reflecting the fair value of the rights acquired and a corresponding liability based on the best estimate of the expected future payment, including any anticipated undetermined costs. If the contingent payment is not directly related to the acquisition cost of the asset, it is recognised as an expense in the period in which it is incurred. Subsequent changes in the estimated liability resulting from revisions to assumptions, project viability or economic factors are recognised as an adjustment to the carrying amount of the intangible asset. If, at a later stage, uncertainty arises regarding continuation of the project leading to a reassessment of the probability of making the contingent payment, the Group adjusts the liability accordingly and recognises the change against the carrying amount of the asset. Where intangible assets include non-controlling interests, the Group allocates the corresponding portion of the asset to non-controlling shareholders, ensuring that valuation adjustments to contingent liabilities are appropriately reflected. This policy is applied consistently across all projects to ensure compliance with IFRS and alignment with industry practice. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-411": { "value": "2.11 Intangible assets a) Permits Permits represent legal rights, licences and authorisations required to advance mining projects from the pre-development stage to production. Costs directly attributable to obtaining these permits are capitalised as intangible assets, provided that they meet the recognition criteria set out in IAS 38 \u2013 Intangible Assets. These costs generally include application fees, environmental and engineering studies, legal fees and other necessary expenditure incurred to obtain the permits. No amortisation is recognised in respect of these intangible assets until the associated project enters the commercial production phase. Once the required permits have been obtained and production commences, the capitalised permit costs are amortised using the units of production (UOP) method, based on the commercially recoverable Ore Reserves of the related mining project. If at any time it is determined that a permit will not be utilised due to project suspension or regulatory changes, the capitalised costs are immediately impaired and recognised as an expense in the consolidated income statement. The Group periodically assesses the status of each project. If a subsequent evaluation determines that the circumstances that gave rise to the impairment have ceased to exist or have been reasonably mitigated, the Group reverses the previously recognised impairment loss. b) Other intangible assets, including computer software Intangible assets are presented in the consolidated statement of financial position at cost less accumulated amortisation and accumulated impairment losses. The cost of intangible assets acquired in a business combination is their fair value at the acquisition date, provided that they meet the recognition criteria set out in IFRS 3. The Group assesses, for each acquired intangible asset, whether its useful life is finite or indefinite. An intangible asset is considered to have an indefinite useful life when there is no foreseeable limit to the period over which it is expected to generate net cash inflows. Amortisation of intangible assets with finite useful lives is calculated by allocating the depreciable amount systematically over their estimated useful lives as follows:
Administrative concessions
UOP
Mining rights
UOP
Development costs Straight-line, over the estimated useful life
of the project, not exceeding 5 years
Licences and trademarks
Straight-line, 2 to 10 years
Computer software
Straight-line at an annual rate of 15%
Other intangible assets
Straight-line, 3 to 10 years
For this purpose, the depreciable amount represents the acquisition cost or deemed cost less residual value. Intangible assets with indefinite useful lives are not amortised but are tested annually for impairment, or more frequently if indicators of impairment exist. The Group reviews the residual value, useful life and amortisation method of intangible assets at each reporting date. Changes to the originally established estimates are accounted for as changes in accounting estimates. The Group assesses and recognises impairment losses and reversals of impairment losses on intangible assets in accordance with the criteria set out in Note 2.12. An intangible asset is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. The disposal date is the date on which the buyer obtains control of the asset in accordance with the accounting policy for Revenue from contracts with customers. The consideration received on disposal and any subsequent adjustments thereto are determined in accordance with that policy. c) Contingent liabilities in the acquisition of intangible assets The Group has adopted the approach set out in IFRIC 1 for contingent payments related to the acquisition of assets. When acquiring intangible assets subject to contingent payments dependent on future events, such as in the case of the Touro, Masa Valverde and Ossa Morena projects (see Note 1), the Group assesses whether such payments are directly attributable to the cost of the acquired asset. If the analysis concludes that the payment is linked to the acquisition cost, the Group recognises an intangible asset reflecting the fair value of the rights acquired and a corresponding liability based on the best estimate of the expected future payment, including any anticipated undetermined costs. If the contingent payment is not directly related to the acquisition cost of the asset, it is recognised as an expense in the period in which it is incurred. Subsequent changes in the estimated liability resulting from revisions to assumptions, project viability or economic factors are recognised as an adjustment to the carrying amount of the intangible asset. If, at a later stage, uncertainty arises regarding continuation of the project leading to a reassessment of the probability of making the contingent payment, the Group adjusts the liability accordingly and recognises the change against the carrying amount of the asset. Where intangible assets include non-controlling interests, the Group allocates the corresponding portion of the asset to non-controlling shareholders, ensuring that valuation adjustments to contingent liabilities are appropriately reflected. This policy is applied consistently across all projects to ensure compliance with IFRS and alignment with industry practice. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-506": { "value": "c) Contingent liabilities in the acquisition of intangible assets The Group has adopted the approach set out in IFRIC 1 for contingent payments related to the acquisition of assets. When acquiring intangible assets subject to contingent payments dependent on future events, such as in the case of the Touro, Masa Valverde and Ossa Morena projects (see Note 1), the Group assesses whether such payments are directly attributable to the cost of the acquired asset. If the analysis concludes that the payment is linked to the acquisition cost, the Group recognises an intangible asset reflecting the fair value of the rights acquired and a corresponding liability based on the best estimate of the expected future payment, including any anticipated undetermined costs. If the contingent payment is not directly related to the acquisition cost of the asset, it is recognised as an expense in the period in which it is incurred. Subsequent changes in the estimated liability resulting from revisions to assumptions, project viability or economic factors are recognised as an adjustment to the carrying amount of the intangible asset. If, at a later stage, uncertainty arises regarding continuation of the project leading to a reassessment of the probability of making the contingent payment, the Group adjusts the liability accordingly and recognises the change against the carrying amount of the asset. Where intangible assets include non-controlling interests, the Group allocates the corresponding portion of the asset to non-controlling shareholders, ensuring that valuation adjustments to contingent liabilities are appropriately reflected. This policy is applied consistently across all projects to ensure compliance with IFRS and alignment with industry practice. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-517": { "value": "2.12 Impairment of non-financial assets Assets that have an indefinite useful life (for example, goodwill or intangible assets not yet available for use) are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised in profit or loss when the carrying amount of an asset exceeds its recoverable amount. The recoverable amount of an asset is the higher of its fair value less costs of disposal and its value in use. Value in use is determined based on the expected future cash flows to be derived from the use of the asset, expectations about possible variations in the amount or timing of those cash flows, the time value of money, the price for bearing the uncertainty inherent in the asset and other factors that market participants would consider in assessing the future cash flows related to the asset. The Group assesses whether climate related risks, including physical risks and transition risks, could have a significant impact on the value in use of assets. The recoverable amount is determined for an individual asset unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs. When testing a CGU for impairment, the Group identifies the common assets related to it. If a portion of the common assets can be allocated to the CGU on a reasonable and consistent basis, the Group compares the carrying amount of the CGU, including the allocated common assets, with its recoverable amount and recognises any impairment loss at the CGU level. If the Group cannot allocate a portion of the common assets to the CGU on a reasonable and consistent basis, it compares the carrying amount of the CGU, excluding the common assets, with its recoverable amount and recognises any impairment loss at the CGU level. The Group then identifies the smallest group of CGUs to which the carrying amount of the common assets can be allocated on a reasonable and consistent basis and compares the carrying amount of that group of CGUs, including the common assets, with its recoverable amount and recognises any impairment loss at the level of that group of CGUs. Impairment losses relating to a CGU are allocated first to reduce, where applicable, the carrying amount of any goodwill allocated to the CGU and then to the other assets of the CGU on a pro rata basis according to the carrying amount of each asset, subject to the limit that the carrying amount of each asset is not reduced below the highest of its fair value less costs of disposal, its value in use and zero. At each reporting date, the Group assesses whether there is any indication that an impairment loss recognised in prior periods may no longer exist or may have decreased. Impairment losses relating to goodwill are not reversible. Impairment losses for other assets are reversed only if there has been a change in the estimates used to determine the asset\u2019s recoverable amount. A reversal of an impairment loss is recognised in profit or loss. However, the increased carrying amount of an asset attributable to a reversal of an impairment loss shall not exceed the carrying amount that would have been determined, net of amortisation, had no impairment loss been recognised. The reversal of an impairment loss for a CGU is allocated to the assets of the CGU, except for goodwill, on a pro rata basis according to the carrying amount of those assets, subject to the limit that the carrying amount of each asset does not exceed the lower of its recoverable amount and the carrying amount that would have been determined, net of amortisation, had no impairment loss been recognised. g) Impairment of financial assets The Group recognises in profit or loss a loss allowance for expected credit losses on financial assets measured at amortised cost and at fair value through other comprehensive income. For financial assets measured at fair value through other comprehensive income, the expected credit loss is recognised in other comprehensive income and does not reduce the carrying amount of the assets. Expected credit losses are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. Expected cash flows include cash flows from the sale of collateral or other credit enhancements that are integral to the contractual terms. The Group\u2019s trade receivables mainly arise from sales of copper concentrate to large international commodity trading companies. Based on historical experience and the creditworthiness of counterparties, expected credit losses are considered immaterial. For receivables (other than trade receivables measured at fair value through profit or loss), the Group applies the simplified approach permitted by IFRS 9, which requires lifetime expected credit losses to be recognised from initial recognition of the receivables. At each reporting date, the Group measures the loss allowance at an amount equal to 12-month expected credit losses for financial assets for which credit risk has not increased significantly since initial recognition or where the Group determines that the credit risk of a financial asset has not increased significantly. The Group considers a financial asset to be in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that it is unlikely that the Group will receive the outstanding contractual amounts in full before taking into account any credit enhancements held. The Group considers cash and cash equivalents to have low credit risk based on the credit ratings of the financial institutions with which the cash or deposits are held. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows, which generally occurs when collection is more than one year past due and there is no enforceable collateral. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-412": { "value": "2.12 Impairment of non-financial assets Assets that have an indefinite useful life (for example, goodwill or intangible assets not yet available for use) are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised in profit or loss when the carrying amount of an asset exceeds its recoverable amount. The recoverable amount of an asset is the higher of its fair value less costs of disposal and its value in use. Value in use is determined based on the expected future cash flows to be derived from the use of the asset, expectations about possible variations in the amount or timing of those cash flows, the time value of money, the price for bearing the uncertainty inherent in the asset and other factors that market participants would consider in assessing the future cash flows related to the asset. The Group assesses whether climate related risks, including physical risks and transition risks, could have a
significant impact on the value in
use of assets.
The recoverable amount is
determined for an individual asset
unless the asset does not generate
cash inflows that are largely
independent of those from other
assets or groups of assets. In such
cases, the recoverable amount is
determined for the Cash Generating
Unit (CGU) to which the asset
belongs.
When testing a CGU for impairment,
the Group identifies the common
assets related to it. If a portion of the
common assets can be allocated
to the CGU on a reasonable
and consistent basis, the Group
compares the carrying amount of
the CGU, including the allocated
common assets, with its recoverable
amount and recognises any
impairment loss at the CGU level. If
the Group cannot allocate a portion
of the common assets to the CGU on
a reasonable and consistent basis,
it compares the carrying amount
of the CGU, excluding the common
assets, with its recoverable amount
and recognises any impairment
loss at the CGU level. The Group
then identifies the smallest group
of CGUs to which the carrying
amount of the common assets can be allocated on a reasonable and consistent basis and compares the carrying amount of that group of CGUs, including the common assets, with its recoverable amount and recognises any impairment loss at the level of that group of CGUs. Impairment losses relating to a CGU are allocated first to reduce, where applicable, the carrying amount of any goodwill allocated to the CGU and then to the other assets of the CGU on a pro rata basis according to the carrying amount of each asset, subject to the limit that the carrying amount of each asset is not reduced below the highest of its fair value less costs of disposal, its value in use and zero. At each reporting date, the Group assesses whether there is any indication that an impairment loss recognised in prior periods may no longer exist or may have decreased. Impairment losses relating to goodwill are not reversible. Impairment losses for other assets are reversed only if there has been a change in the estimates used to determine the asset\u2019s recoverable amount. A reversal of an impairment loss is recognised in profit or loss. However, the increased carrying amount of an asset attributable to a reversal of an impairment loss shall not exceed the carrying amount that would have been determined, net of amortisation, had no impairment loss been recognised. The reversal of an impairment loss for a CGU is allocated to the assets of the CGU, except for goodwill, on a pro rata basis according to the carrying amount of those assets, subject to the limit that the carrying amount of each asset does not exceed the lower of its recoverable amount and the carrying amount that would have been determined, net of amortisation, had no impairment loss been recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-472": { "value": "
a) Recognition and classification
of financial instruments
Financial instruments are classified
on initial recognition as a financial
asset, a financial liability or an equity
instrument, in accordance with
the substance of the contractual
arrangement and the definitions of
a financial asset, financial liability or
equity instrument set out in IAS 32
Financial Instruments: Presentation.
Financial instruments are recognised
when the Group becomes a party
to the contractual provisions of the
instrument.
For measurement purposes, the
Group classifies financial instruments
into the following categories:
\u25a1 Financial assets and liabilities at
fair value through profit or loss,
distinguishing those designated
on initial recognition from those
held for trading or mandatorily
measured at fair value through
profit or loss.
\u25a1 Financial assets and liabilities
measured at amortised cost.
\u25a1 Financial assets measured at fair
value through other comprehensive
income, distinguishing equity
instruments designated as such
from other financial assets.
The Group classifies financial assets, other than those designated at fair value through profit or loss and equity instruments designated at fair value through other comprehensive income, based on the business model and the characteristics of the contractual cash flows. Financial liabilities are classified as measured at amortised cost, except for those designated at fair value through profit or loss and those held for trading. A financial asset or liability is classified as held for trading if: \u25a1 It is acquired or incurred principally for the purpose of selling or repurchasing it in the near term. \u25a1 On initial recognition it is part of a portfolio of identified financial instruments that are managed together and for which there is evidence of a recent actual pattern of short-term profit taking. \u25a1 It is a derivative, except for a derivative designated as a hedging instrument that meets the conditions for hedge effectiveness and a derivative that is a financial guarantee contract. \u25a1 It is an obligation to deliver financial assets borrowed that are not owned. A financial asset is classified at amortised cost if it is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding (SPPI). Contractual cash flows that are SPPI are consistent with a basic lending arrangement. In a basic lending arrangement, interest typically consists of consideration for the time value of money and credit risk. However, in such an arrangement, interest may also include consideration for other risks, such as liquidity risk, and costs, such as administrative costs associated with holding the financial asset for a particular period. In addition, interest may include a profit margin consistent with a basic lending arrangement. A financial asset is classified at fair value through other comprehensive income if it is held within a business model whose objective is achieved both by collecting contractual cash flows and by selling financial assets and the contractual terms of the financial asset give rise, on specified dates, to cash flows that are SPPI. The Group has designated its investments in listed equity instruments as financial assets measured at fair value through other comprehensive income. All other financial assets are classified at fair value through profit or loss. Financial assets and liabilities arising from contingent consideration in a business combination are classified as financial assets and liabilities at fair value through profit or loss. Other financial liabilities, except for financial guarantee contracts, loan commitments at below market interest rates and financial liabilities arising from a transfer of financial assets that does not qualify for derecognition or that is accounted for using the continuing involvement approach, are classified as financial liabilities at amortised cost. A financial asset and a financial liability are offset only when the Group has a currently enforceable legal right to set off the recognised amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. The legal right must not be contingent on a future event and must be legally enforceable in the normal course of business, in the event of insolvency or in the event of judicially declared liquidation and in the event of default. The Group reclassifies financial assets when it changes its business model for managing those assets. Financial liabilities are not reclassified. b) Financial assets and liabilities at amortised cost Financial assets and liabilities at amortised cost are initially recognised at fair value, plus or minus transaction costs incurred, and are subsequently measured at amortised cost using the effective interest method. c) Financial assets and liabilities at fair value through other comprehensive income Financial assets at fair value through other comprehensive income are initially recognised at fair value plus directly attributable transaction costs. Subsequent to initial recognition, financial assets in this category are measured at fair value, with gains or losses recognised in other comprehensive income, except for foreign exchange gains and losses as described in section 2.8 and expected credit losses. Amounts recognised in other comprehensive income are reclassified to profit or loss on derecognition of the financial assets. However, interest calculated using the effective interest method is recognised in profit or loss. As indicated above, the Group has designated certain equity instruments as measured at fair value through other comprehensive income. Subsequent to initial recognition, these equity instruments are measured at fair value, with gains or losses recognised in other comprehensive income. Amounts recognised in other comprehensive income are not reclassified to profit or loss, although they may be transferred to reserves on derecognition of the instruments. Dividends are recognised as set out in section h) of this note. d) Financial assets and liabilities at fair value through profit or loss Financial assets and liabilities at fair value through profit or loss are initially recognised at fair value. Directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, they are measured at fair value, with changes recognised in profit or loss. Changes in fair value include the interest and dividend components. Fair value is not reduced by transaction costs that may be incurred on sale or other disposal. However, for financial liabilities designated at fair value through profit or loss, changes in fair value attributable to the entity\u2019s own credit risk are recognised in other comprehensive income. Amounts recognised in other comprehensive income are not subsequently reclassified to the consolidated income statement. In accordance with IFRS 9, where the Group holds a hybrid contract containing a non-derivative host that is a financial asset within the scope of IFRS 9, the hybrid instrument is assessed in its entirety for classification purposes. Embedded derivatives are not separated from the host contract in such cases. Where the contractual cash flows of the hybrid instrument do not represent solely payments of principal and interest on the principal amount outstanding, the instrument is classified and measured at fair value through profit or loss. Convertible instruments held by the Group are assessed under this framework. Where the conversion feature results in cash flows that do not meet the solely payments of principal and interest criterion, the instrument is measured at fair value through profit or loss . e) Financial assets measured at cost Investments in equity instruments for which there is insufficient information to measure fair value, or where there is a wide range of possible fair value measurements, and derivatives linked to such investments that must be settled by delivery of those investments, are measured at cost. However, if at any time the Group is able to obtain a reliable measurement of fair value, the asset or contract is measured at fair value, with gains or losses recognised in profit or loss or in other comprehensive income if the instrument is designated at fair value through other comprehensive income. f) Derecognition and modification of financial assets Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. In transactions in which a financial asset is derecognised in its entirety, any financial assets obtained or financial liabilities incurred, including liabilities relating to servicing arrangements, are recognised at fair value. Derecognition of a financial asset in its entirety results in the recognition in profit or loss of the difference between its carrying amount and the sum of the consideration received, net of transaction costs, including any assets obtained or liabilities assumed and any cumulative gain or loss previously recognised in other comprehensive income, except for equity instruments designated at fair value through other comprehensive income. If the Group modifies the contractual cash flows of a financial asset without resulting in derecognition, the carrying amount is recalculated as the present value of the modified cash flows discounted at the original effective interest rate or the original credit adjusted effective interest rate, with any difference recognised in profit or loss. Fees and costs charged by the Group adjust the carrying amount of the financial asset and are amortised over the remaining term of the modified financial asset. g) Impairment of financial assets The Group recognises in profit or loss a loss allowance for expected credit losses on financial assets measured at amortised cost and at fair value through other comprehensive income. For financial assets measured at fair value through other comprehensive income, the expected credit loss is recognised in other comprehensive income and does not reduce the carrying amount of the assets. Expected credit losses are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. Expected cash flows include cash flows from the sale of collateral or other credit enhancements that are integral to the contractual terms. The Group\u2019s trade receivables mainly arise from sales of copper concentrate to large international commodity trading companies. Based on historical experience and the creditworthiness of counterparties, expected credit losses are considered immaterial. For receivables (other than trade receivables measured at fair value through profit or loss), the Group applies the simplified approach permitted by IFRS 9, which requires lifetime expected credit losses to be recognised from initial recognition of the receivables. At each reporting date, the Group measures the loss allowance at an amount equal to 12-month expected credit losses for financial assets for which credit risk has not increased significantly since initial recognition or where the Group determines that the credit risk of a financial asset has not increased significantly. The Group considers a financial asset to be in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that it is unlikely that the Group will receive the outstanding contractual amounts in full before taking into account any credit enhancements held. The Group considers cash and cash equivalents to have low credit risk based on the credit ratings of the financial institutions with which the cash or deposits are held. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows, which generally occurs when collection is more than one year past due and there is no enforceable collateral. 2.21 Classification of assets and liabilities as current and non-current The Group presents assets and liabilities in the consolidated statement of financial position based on a current or non-current classification. For these purposes: (a) An asset is classified as current when: \u25a1 It is expected to be realised, or is intended to be sold or consumed, in the Group\u2019s normal operating cycle. \u25a1 It is held primarily for trading purposes. \u25a1 It is expected to be realised within 12 months after the reporting date; or \u25a1 It is cash or a cash equivalent, unless it cannot be exchanged or used to settle a liability for at least 12 months after the reporting date. (b) A liability is classified as current when: \u25a1 It is expected to be settled in the Group\u2019s normal operating cycle. \u25a1 It is held primarily for trading purposes. \u25a1 It is due to be settled within 12 months after the reporting date. \u25a1 The Group does not have, at the reporting date, a right to defer settlement of the liability for at least 12 months after the reporting date. All other assets and liabilities are classified as non-current. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-507": { "value": "a) Recognition and classification of financial instruments Financial instruments are classified on initial recognition as a financial asset, a financial liability or an equity instrument, in accordance with the substance of the contractual arrangement and the definitions of a financial asset, financial liability or equity instrument set out in IAS 32 Financial Instruments: Presentation. Financial instruments are recognised when the Group becomes a party to the contractual provisions of the instrument. For measurement purposes, the Group classifies financial instruments into the following categories: \u25a1 Financial assets and liabilities at fair value through profit or loss, distinguishing those designated on initial recognition from those held for trading or mandatorily measured at fair value through profit or loss. \u25a1 Financial assets and liabilities measured at amortised cost. \u25a1 Financial assets measured at fair value through other comprehensive income, distinguishing equity instruments designated as such from other financial assets. The Group classifies financial assets, other than those designated at fair value through profit or loss and equity instruments designated at fair value through other comprehensive income, based on the business model and the characteristics of the contractual cash flows. Financial liabilities are classified as measured at amortised cost, except for those designated at fair value through profit or loss and those held for trading. A financial asset or liability is classified as held for trading if: \u25a1 It is acquired or incurred principally for the purpose of selling or repurchasing it in the near term. \u25a1 On initial recognition it is part of a portfolio of identified financial instruments that are managed together and for which there is evidence of a recent actual pattern of short-term profit taking. \u25a1 It is a derivative, except for a derivative designated as a hedging instrument that meets the conditions for hedge effectiveness and a derivative that is a financial guarantee contract. \u25a1 It is an obligation to deliver financial assets borrowed that are not owned. A financial asset is classified at amortised cost if it is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding (SPPI). Contractual cash flows that are SPPI are consistent with a basic lending arrangement. In a basic lending arrangement, interest typically consists of consideration for the time value of money and credit risk. However, in such an arrangement, interest may also include consideration for other risks, such as liquidity risk, and costs, such as administrative costs associated with holding the financial asset for a particular period. In addition, interest may include a profit margin consistent with a basic lending arrangement. A financial asset is classified at fair value through other comprehensive income if it is held within a business model whose objective is achieved both by collecting contractual cash flows and by selling financial assets and the contractual terms of the financial asset give rise, on specified dates, to cash flows that are SPPI. The Group has designated its investments in listed equity instruments as financial assets measured at fair value through other comprehensive income. All other financial assets are classified at fair value through profit or loss. Financial assets and liabilities arising from contingent consideration in a business combination are classified as financial assets and liabilities at fair value through profit or loss. Other financial liabilities, except for financial guarantee contracts, loan commitments at below market interest rates and financial liabilities arising from a transfer of financial assets that does not qualify for derecognition or that is accounted for using the continuing involvement approach, are classified as financial liabilities at amortised cost. A financial asset and a financial liability are offset only when the Group has a currently enforceable legal right to set off the recognised amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. The legal right must not be contingent on a future event and must be legally enforceable in the normal course of business, in the event of insolvency or in the event of judicially declared liquidation and in the event of default. The Group reclassifies financial assets when it changes its business model for managing those assets. Financial liabilities are not reclassified. b) Financial assets and liabilities at amortised cost Financial assets and liabilities at amortised cost are initially recognised at fair value, plus or minus transaction costs incurred, and are subsequently measured at amortised cost using the effective interest method. c) Financial assets and liabilities at fair value through other comprehensive income Financial assets at fair value through other comprehensive income are initially recognised at fair value plus directly attributable transaction costs. Subsequent to initial recognition, financial assets in this category are measured at fair value, with gains or losses recognised in other comprehensive income, except for foreign exchange gains and losses as described in section 2.8 and expected credit losses. Amounts recognised in other comprehensive income are reclassified to profit or loss on derecognition of the financial assets. However, interest calculated using the effective interest method is recognised in profit or loss. As indicated above, the Group has designated certain equity instruments as measured at fair value through other comprehensive income. Subsequent to initial recognition, these equity instruments are measured at fair value, with gains or losses recognised in other comprehensive income. Amounts recognised in other comprehensive income are not reclassified to profit or loss, although they may be transferred to reserves on derecognition of the instruments. Dividends are recognised as set out in section h) of this note. d) Financial assets and liabilities at fair value through profit or loss Financial assets and liabilities at fair value through profit or loss are initially recognised at fair value. Directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, they are measured at fair value, with changes recognised in profit or loss. Changes in fair value include the interest and dividend components. Fair value is not reduced by transaction costs that may be incurred on sale or other disposal. However, for financial liabilities designated at fair value through profit or loss, changes in fair value attributable to the entity\u2019s own credit risk are recognised in other comprehensive income. Amounts recognised in other comprehensive income are not subsequently reclassified to the consolidated income statement. In accordance with IFRS 9, where the Group holds a hybrid contract containing a non-derivative host that is a financial asset within the scope of IFRS 9, the hybrid instrument is assessed in its entirety for classification purposes. Embedded derivatives are not separated from the host contract in such cases. Where the contractual cash flows of the hybrid instrument do not represent solely payments of principal and interest on the principal amount outstanding, the instrument is classified and measured at fair value through profit or loss. Convertible instruments held by the Group are assessed under this framework. Where the conversion feature results in cash flows that do not meet the solely payments of principal and interest criterion, the instrument is measured at fair value through profit or loss The Group derecognises a financial liability, or part of it, when the obligation specified in the liability is discharged or is legally released, either by a judicial process or by the creditor. An exchange of debt instruments between the Group and a counterparty, or substantial modifications of the terms of an existing financial liability, is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability where the terms are substantially different. The Group considers the terms to be substantially different if the present value of the cash flows under the new terms, including any fees paid net of any fees received, discounted using the original effective interest rate, differs by at least 10% from the present value of the remaining cash flows of the original financial liability. For this purpose, only fees paid or received between the borrower and the lender are considered, including fees paid or received by either party on behalf of the other. If the exchange is accounted for as an extinguishment of the original financial liability, any costs or fees are recognised in profit or loss as part of the gain or loss on extinguishment. Otherwise, the modified cash flows are discounted using the original effective interest rate, with any difference from the previous carrying amount recognised in profit or loss. Fees and costs adjust the carrying amount of the financial liability and are amortised using the amortised cost method over the remaining term of the modified liability. i) Derecognition and modification of financial liabilities The Group recognises in profit or loss the difference between the carrying amount of a financial liability, or part of it, extinguished or transferred to a third-party and the consideration paid, including any non-cash assets transferred or liabilities assumed. 2.21 Classification of assets and liabilities as current and non-current The Group presents assets and liabilities in the consolidated statement of financial position based on a current or non-current classification. For these purposes: (a) An asset is classified as current when: \u25a1 It is expected to be realised, or is intended to be sold or consumed, in the Group\u2019s normal operating cycle. \u25a1 It is held primarily for trading purposes. \u25a1 It is expected to be realised within 12 months after the reporting date; or \u25a1 It is cash or a cash equivalent, unless it cannot be exchanged or used to settle a liability for at least 12 months after the reporting date. (b) A liability is classified as current when: \u25a1 It is expected to be settled in the Group\u2019s normal operating cycle. \u25a1 It is held primarily for trading purposes. \u25a1 It is due to be settled within 12 months after the reporting date. \u25a1 The Group does not have, at the reporting date, a right to defer settlement of the liability for at least 12 months after the reporting date. All other assets and liabilities are classified as non-current. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-413": { "value": "a) Recognition and classification of financial instruments Financial instruments are classified on initial recognition as a financial asset, a financial liability or an equity instrument, in accordance with the substance of the contractual arrangement and the definitions of a financial asset, financial liability or equity instrument set out in IAS 32 Financial Instruments: Presentation. Financial instruments are recognised when the Group becomes a party to the contractual provisions of the instrument. For measurement purposes, the Group classifies financial instruments into the following categories: \u25a1 Financial assets and liabilities at fair value through profit or loss, distinguishing those designated on initial recognition from those held for trading or mandatorily measured at fair value through profit or loss. \u25a1 Financial assets and liabilities measured at amortised cost. \u25a1 Financial assets measured at fair value through other comprehensive income, distinguishing equity instruments designated as such from other financial assets. 2.13 Financial instruments The Group classifies financial assets, other than those designated at fair value through profit or loss and equity instruments designated at fair value through other comprehensive income, based on the business model and the characteristics of the contractual cash flows. Financial liabilities are classified as measured at amortised cost, except for those designated at fair value through profit or loss and those held for trading. A financial asset or liability is classified as held for trading if: \u25a1 It is acquired or incurred principally for the purpose of selling or repurchasing it in the near term. \u25a1 On initial recognition it is part of a portfolio of identified financial instruments that are managed together and for which there is evidence of a recent actual pattern of short-term profit taking. \u25a1 It is a derivative, except for a derivative designated as a hedging instrument that meets the conditions for hedge effectiveness and a derivative that is a financial guarantee contract. \u25a1 It is an obligation to deliver financial assets borrowed that are not owned. A financial asset is classified at amortised cost if it is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding (SPPI). Contractual cash flows that are SPPI are consistent with a basic lending arrangement. In a basic lending arrangement, interest typically consists of consideration for the time value of money and credit risk. However, in such an arrangement, interest may also include consideration for other risks, such as liquidity risk, and costs, such as administrative costs associated with holding the financial asset for a particular period. In addition, interest may include a profit margin consistent with a basic lending arrangement. A financial asset is classified at fair value through other comprehensive income if it is held within a business model whose objective is achieved both by collecting contractual cash flows and by selling financial assets and the contractual terms of the financial asset give rise, on specified dates, to cash flows that are SPPI. The Group has designated its investments in listed equity instruments as financial assets measured at fair value through other comprehensive income. All other financial assets are classified at fair value through profit or loss. Financial assets and liabilities arising from contingent consideration in a business combination are classified as financial assets and liabilities at fair value through profit or loss. Other financial liabilities, except for financial guarantee contracts, loan commitments at below market interest rates and financial liabilities arising from a transfer of financial assets that does not qualify for derecognition or that is accounted for using the continuing involvement approach, are classified as financial liabilities at amortised cost. A financial asset and a financial liability are offset only when the Group has a currently enforceable legal right to set off the recognised amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. The legal right must not be contingent on a future event and must be legally enforceable in the normal course of business, in the event of insolvency or in the event of judicially declared liquidation and in the event of default. The Group reclassifies financial assets when it changes its business model for managing those assets. Financial liabilities are not reclassified. b) Financial assets and liabilities at amortised cost Financial assets and liabilities at amortised cost are initially recognised at fair value, plus or minus transaction costs incurred, and are subsequently measured at amortised cost using the effective interest method. c) Financial assets and liabilities at fair value through other comprehensive income Financial assets at fair value through other comprehensive income are initially recognised at fair value plus directly attributable transaction costs. Subsequent to initial recognition, financial assets in this category are measured at fair value, with gains or losses recognised in other comprehensive income, except for foreign exchange gains and losses as described in section 2.8 and expected credit losses. Amounts recognised in other comprehensive income are reclassified to profit or loss on derecognition of the financial assets. However, interest calculated using the effective interest method is recognised in profit or loss. As indicated above, the Group has designated certain equity instruments as measured at fair value through other comprehensive income. Subsequent to initial recognition, these equity instruments are measured at fair value, with gains or losses recognised in other comprehensive income. Amounts recognised in other comprehensive income are not reclassified to profit or loss, although they may be transferred to reserves on derecognition of the instruments. Dividends are recognised as set out in section h) of this note. d) Financial assets and liabilities at fair value through profit or loss Financial assets and liabilities at fair value through profit or loss are initially recognised at fair value. Directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, they are measured at fair value, with changes recognised in profit or loss. Changes in fair value include the interest and dividend components. Fair value is not reduced by transaction costs that may be incurred on sale or other disposal. However, for financial liabilities designated at fair value through profit or loss, changes in fair value attributable to the entity\u2019s own credit risk are recognised in other comprehensive income. Amounts recognised in other comprehensive income are not subsequently reclassified to the consolidated income statement. In accordance with IFRS 9, where the Group holds a hybrid contract containing a non-derivative host that is a financial asset within the scope of IFRS 9, the hybrid instrument is assessed in its entirety for classification purposes. Embedded derivatives are not separated from the host contract in such cases. Where the contractual cash flows of the hybrid instrument do not represent solely payments of principal and interest on the principal amount outstanding, the instrument is classified and measured at fair value through profit or loss. Convertible instruments held by the Group are assessed under this framework. Where the conversion feature results in cash flows that do not meet the solely payments of principal and interest criterion, the instrument is measured at fair value through profit or loss . e) Financial assets measured at cost Investments in equity instruments for which there is insufficient information to measure fair value, or where there is a wide range of possible fair value measurements, and derivatives linked to such investments that must be settled by delivery of those investments, are measured at cost. However, if at any time the Group is able to obtain a reliable measurement of fair value, the asset or contract is measured at fair value, with gains or losses recognised in profit or loss or in other comprehensive income if the instrument is designated at fair value through other comprehensive income. f) Derecognition and modification of financial assets Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. In transactions in which a financial asset is derecognised in its entirety, any financial assets obtained or financial liabilities incurred, including liabilities relating to servicing arrangements, are recognised at fair value. Derecognition of a financial asset in its entirety results in the recognition in profit or loss of the difference between its carrying amount and the sum of the consideration received, net of transaction costs, including any assets obtained or liabilities assumed and any cumulative gain or loss previously recognised in other comprehensive income, except for equity instruments designated at fair value through other comprehensive income. If the Group modifies the contractual cash flows of a financial asset without resulting in derecognition, the carrying amount is recalculated as the present value of the modified cash flows discounted at the original effective interest rate or the original credit adjusted effective interest rate, with any difference recognised in profit or loss. Fees and costs charged by the Group adjust the carrying amount of the financial asset and are amortised over the remaining term of the modified financial asset. g) Impairment of financial assets The Group recognises in profit or loss a loss allowance for expected credit losses on financial assets measured at amortised cost and at fair value through other comprehensive income. For financial assets measured at fair value through other comprehensive income, the expected credit loss is recognised in other comprehensive income and does not reduce the carrying amount of the assets. Expected credit losses are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. Expected cash flows include cash flows from the sale of collateral or other credit enhancements that are integral to the contractual terms. The Group\u2019s trade receivables mainly arise from sales of copper concentrate to large international commodity trading companies. Based on historical experience and the creditworthiness of counterparties, expected credit losses are considered immaterial. For receivables (other than trade receivables measured at fair value through profit or loss), the Group applies the simplified approach permitted by IFRS 9, which requires lifetime expected credit losses to be recognised from initial recognition of the receivables. At each reporting date, the Group measures the loss allowance at an amount equal to 12-month expected credit losses for financial assets for which credit risk has not increased significantly since initial recognition or where the Group determines that the credit risk of a financial asset has not increased significantly. The Group considers a financial asset to be in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that it is unlikely that the Group will receive the outstanding contractual amounts in full before taking into account any credit enhancements held. The Group considers cash and cash equivalents to have low credit risk based on the credit ratings of the financial institutions with which the cash or deposits are held. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows, which generally occurs when collection is more than one year past due and there is no enforceable collateral. h) Interest and dividends Interest income is recognised using the effective interest method, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument to the carrying amount of the instrument, based on its contractual terms and without considering expected credit losses. Dividend income from investments in equity instruments is recognised in profit or loss when the Group\u2019s right to receive payment is established, it is probable that the economic benefits will flow to the Group and the amount can be measured reliably. Dividends on equity instruments classified at fair value through other comprehensive income are recognised in profit or loss unless they clearly represent a recovery of part of the cost of the investment, in which case they are recognised in other comprehensive income.
The Group derecognises a financial
liability, or part of it, when the
obligation specified in the liability
is discharged or is legally released,
either by a judicial process or by the
creditor.
An exchange of debt instruments
between the Group and a
counterparty, or substantial
modifications of the terms of
an existing financial liability, is
accounted for as an extinguishment
of the original financial liability and
the recognition of a new financial
liability where the terms are
substantially different.
The Group considers the terms to be
substantially different if the present
value of the cash flows under the
new terms, including any fees paid
net of any fees received, discounted
using the original effective interest
rate, differs by at least 10% from the
present value of the remaining cash
flows of the original financial liability.
For this purpose, only fees paid or
received between the borrower and
the lender are considered, including
fees paid or received by either party
on behalf of the other.
If the exchange is accounted for as
an extinguishment of the original
financial liability, any costs or fees are
recognised in profit or loss as part of
the gain or loss on extinguishment.
Otherwise, the modified cash flows
are discounted using the original
effective interest rate, with any
difference from the previous carrying
amount recognised in profit or loss.
Fees and costs adjust the carrying
amount of the financial liability and
are amortised using the amortised
cost method over the remaining
term of the modified liability.
i) Derecognition and modification of financial liabilities
The Group recognises in profit or loss
the difference between the carrying
amount of a financial liability, or part
of it, extinguished or transferred to
a third-party and the consideration
paid, including any non-cash assets
transferred or liabilities assumed.
2.21 Classification of assets and liabilities as current and non-current The Group presents assets and liabilities in the consolidated statement of financial position based on a current or non-current classification. For these purposes: (a) An asset is classified as current when: \u25a1 It is expected to be realised, or is intended to be sold or consumed, in the Group\u2019s normal operating cycle. \u25a1 It is held primarily for trading purposes. \u25a1 It is expected to be realised within 12 months after the reporting date; or \u25a1 It is cash or a cash equivalent, unless it cannot be exchanged or used to settle a liability for at least 12 months after the reporting date. (b) A liability is classified as current when: \u25a1 It is expected to be settled in the Group\u2019s normal operating cycle. \u25a1 It is held primarily for trading purposes. \u25a1 It is due to be settled within 12 months after the reporting date. \u25a1 The Group does not have, at the reporting date, a right to defer settlement of the liability for at least 12 months after the reporting date. All other assets and liabilities are classified as non-current. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-518": { "value": "c) Financial assets and liabilities at fair value through other comprehensive income Financial assets at fair value through other comprehensive income are initially recognised at fair value plus directly attributable transaction costs. Subsequent to initial recognition, financial assets in this category are measured at fair value, with gains or losses recognised in other comprehensive income, except for foreign exchange gains and losses as described in section 2.8 and expected credit losses. Amounts recognised in other comprehensive income are reclassified to profit or loss on derecognition of the financial assets. However, interest calculated using the effective interest method is recognised in profit or loss. As indicated above, the Group has designated certain equity instruments as measured at fair value through other comprehensive income. Subsequent to initial recognition, these equity instruments are measured at fair value, with gains or losses recognised in other comprehensive income. Amounts recognised in other comprehensive income are not reclassified to profit or loss, although they may be transferred to reserves on derecognition of the instruments. Dividends are recognised as set out in section h) of this note. d) Financial assets and liabilities at fair value through profit or loss Financial assets and liabilities at fair value through profit or loss are initially recognised at fair value. Directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, they are measured at fair value, with changes recognised in profit or loss. Changes in fair value include the interest and dividend components. Fair value is not reduced by transaction costs that may be incurred on sale or other disposal. However, for financial liabilities designated at fair value through profit or loss, changes in fair value attributable to the entity\u2019s own credit risk are recognised in other comprehensive income. Amounts recognised in other comprehensive income are not subsequently reclassified to the consolidated income statement. In accordance with IFRS 9, where the Group holds a hybrid contract containing a non-derivative host that is a financial asset within the scope of IFRS 9, the hybrid instrument is assessed in its entirety for classification purposes. Embedded derivatives are not separated from the host contract in such cases. Where the contractual cash flows of the hybrid instrument do not represent solely payments of principal and interest on the principal amount outstanding, the instrument is classified and measured at fair value through profit or loss. Convertible instruments held by the Group are assessed under this framework. Where the conversion feature results in cash flows that do not meet the solely payments of principal and interest criterion, the instrument is measured at fair value through profit or loss . e) Financial assets measured at cost Investments in equity instruments for which there is insufficient information to measure fair value, or where there is a wide range of possible fair value measurements, and derivatives linked to such investments that must be settled by delivery of those investments, are measured at cost. However, if at any time the Group is able to obtain a reliable measurement of fair value, the asset or contract is measured at fair value, with gains or losses recognised in profit or loss or in other comprehensive income if the instrument is designated at fair value through other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-526": { "value": "d) Financial assets and liabilities at fair value through profit or loss Financial assets and liabilities at fair value through profit or loss are initially recognised at fair value. Directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, they are measured at fair value, with changes recognised in profit or loss. Changes in fair value include the interest and dividend components. Fair value is not reduced by transaction costs that may be incurred on sale or other disposal. However, for financial liabilities designated at fair value through profit or loss, changes in fair value attributable to the entity\u2019s own credit risk are recognised in other comprehensive income. Amounts recognised in other comprehensive income are not subsequently reclassified to the consolidated income statement. In accordance with IFRS 9, where the Group holds a hybrid contract containing a non-derivative host that is a financial asset within the scope of IFRS 9, the hybrid instrument is assessed in its entirety for classification purposes. Embedded derivatives are not separated from the host contract in such cases. Where the contractual cash flows of the hybrid instrument do not represent solely payments of principal and interest on the principal amount outstanding, the instrument is classified and measured at fair value through profit or loss. Convertible instruments held by the Group are assessed under this framework. Where the conversion feature results in cash flows that do not meet the solely payments of principal and interest criterion, the instrument is measured at fair value through profit or loss . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-519": { "value": "f) Derecognition and modification of financial assets Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. In transactions in which a financial asset is derecognised in its entirety, any financial assets obtained or financial liabilities incurred, including liabilities relating to servicing arrangements, are recognised at fair value. Derecognition of a financial asset in its entirety results in the recognition in profit or loss of the difference between its carrying amount and the sum of the consideration received, net of transaction costs, including any assets obtained or liabilities assumed and any cumulative gain or loss previously recognised in other comprehensive income, except for equity instruments designated at fair value through other comprehensive income. If the Group modifies the contractual cash flows of a financial asset without resulting in derecognition, the carrying amount is recalculated as the present value of the modified cash flows discounted at the original effective interest rate or the original credit adjusted effective interest rate, with any difference recognised in profit or loss. Fees and costs charged by the Group adjust the carrying amount of the financial asset and are amortised over the remaining term of the modified financial asset. The Group derecognises a financial liability, or part of it, when the obligation specified in the liability is discharged or is legally released, either by a judicial process or by the creditor. An exchange of debt instruments between the Group and a counterparty, or substantial modifications of the terms of an existing financial liability, is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability where the terms are substantially different. The Group considers the terms to be substantially different if the present value of the cash flows under the new terms, including any fees paid net of any fees received, discounted using the original effective interest rate, differs by at least 10% from the present value of the remaining cash flows of the original financial liability. For this purpose, only fees paid or received between the borrower and the lender are considered, including fees paid or received by either party on behalf of the other. If the exchange is accounted for as an extinguishment of the original financial liability, any costs or fees are recognised in profit or loss as part of the gain or loss on extinguishment. Otherwise, the modified cash flows are discounted using the original effective interest rate, with any difference from the previous carrying amount recognised in profit or loss. Fees and costs adjust the carrying amount of the financial liability and are amortised using the amortised cost method over the remaining term of the modified liability. i) Derecognition and modification of financial liabilities The Group recognises in profit or loss the difference between the carrying amount of a financial liability, or part of it, extinguished or transferred to a third-party and the consideration paid, including any non-cash assets transferred or liabilities assumed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-508": { "value": "g) Impairment of financial assets The Group recognises in profit or loss a loss allowance for expected credit losses on financial assets measured at amortised cost and at fair value through other comprehensive income. For financial assets measured at fair value through other comprehensive income, the expected credit loss is recognised in other comprehensive income and does not reduce the carrying amount of the assets. Expected credit losses are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. Expected cash flows include cash flows from the sale of collateral or other credit enhancements that are integral to the contractual terms. The Group\u2019s trade receivables mainly arise from sales of copper concentrate to large international commodity trading companies. Based on historical experience and the creditworthiness of counterparties, expected credit losses are considered immaterial. For receivables (other than trade receivables measured at fair value through profit or loss), the Group applies the simplified approach permitted by IFRS 9, which requires lifetime expected credit losses to be recognised from initial recognition of the receivables. At each reporting date, the Group measures the loss allowance at an amount equal to 12-month expected credit losses for financial assets for which credit risk has not increased significantly since initial recognition or where the Group determines that the credit risk of a financial asset has not increased significantly. The Group considers a financial asset to be in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that it is unlikely that the Group will receive the outstanding contractual amounts in full before taking into account any credit enhancements held. The Group considers cash and cash equivalents to have low credit risk based on the credit ratings of the financial institutions with which the cash or deposits are held. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows, which generally occurs when collection is more than one year past due and there is no enforceable collateral. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-520": { "value": "h) Interest and dividends Interest income is recognised using the effective interest method, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument to the carrying amount of the instrument, based on its contractual terms and without considering expected credit losses. Dividend income from investments in equity instruments is recognised in profit or loss when the Group\u2019s right to receive payment is established, it is probable that the economic benefits will flow to the Group and the amount can be measured reliably. Dividends on equity instruments classified at fair value through other comprehensive income are recognised in profit or loss unless they clearly represent a recovery of part of the cost of the investment, in which case they are recognised in other comprehensive income. 2.17 Share capital and dividend distribution The Parent recognises share capital increases and reductions in equity when the shares have been issued and subscribed. Ordinary shares are classified as equity. The difference between the fair value of the consideration received by the Parent and the nominal value of the share capital issued is recognised in the share premium account. Incremental costs directly attributable to the issue of new ordinary shares are recognised in equity as a deduction, net of tax, from the proceeds in the share premium account. Dividends of a discretionary nature, whether paid in cash or in kind, are recognised as a reduction in equity when they are approved by the General Meeting of Shareholders. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-473": { "value": "h) Interest and dividends Interest income is recognised using the effective interest method, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument to the carrying amount of the instrument, based on its contractual terms and without considering expected credit losses. Dividend income from investments in equity instruments is recognised in profit or loss when the Group\u2019s right to receive payment is established, it is probable that the economic benefits will flow to the Group and the amount can be measured reliably. Dividends on equity instruments classified at fair value through other comprehensive income are recognised in profit or loss unless they clearly represent a recovery of part of the cost of the investment, in which case they are recognised in other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-509": { "value": "Interest income is recognised using the effective interest method, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument to the carrying amount of the instrument, based on its contractual terms and without considering expected credit losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-414": { "value": "2.14 Contracts for the purchase or sale of non-financial assets The Group enters into forward contracts for the purchase or sale of inventories in accordance with its production requirements and others for trading purposes. At inception and on an ongoing basis, the Group assesses whether such contracts should be recognised as derivative financial instruments. For this purpose, the Group maintains separate records of contracts that meet the conditions not to be classified as derivative financial instruments and those that must be considered as held for trading. The Group treats as own use contracts those contracts for the purchase or sale of a non-financial item that were entered into and continue to be held for the purpose of receipt or delivery in accordance with the entity\u2019s expected purchase, sale or usage requirements. Transaction costs relating to contracts classified as own use contracts are recognised in accordance with the general criteria applicable to costs related to purchase and sale transactions. The Group enters into contracts relating to nature dependent electricity. Contracts relating to nature dependent electricity are contracts that expose the entity to variability in the underlying volume of electricity because the source of its generation depends on uncontrollable natural conditions (for example, weather conditions). Contracts relating to nature dependent electricity include both contracts for the purchase or sale of such electricity and financial instruments based on that electricity. Certain contracts relating to nature dependent electricity require the Group to purchase and take delivery of electricity as it is generated. Such contractual features expose the Group to the risk of being required to purchase electricity during a supply period in which it cannot use that electricity. In practice, the Group may also be unable to avoid selling unused electricity because the design and operation of the electricity market in which the electricity is traded under the contract require unused electricity to be sold within a specified period. In applying the above requirements, such sales are not necessarily inconsistent with holding a contract in accordance with the Group\u2019s expected usage requirements. The Group is considered to have entered into and to hold such a contract in accordance with its expected electricity usage requirements if it has been, and is expected to be, a net purchaser of electricity over the term of the contract. The Group is a net purchaser of electricity if it purchases sufficient electricity to offset sales of unused electricity in the same market in which those sales occur. In determining whether it is a net purchaser of electricity, the Group considers reasonable and supportable information that is available without undue cost or effort regarding its past, current and expected electricity transactions over a reasonable period. In determining what constitutes a reasonable period, the Group considers the variability in the volume of electricity expected to be generated due to the seasonal cycle of natural conditions and the variability in its own electricity demand due to its operating cycle. For the purpose of determining whether the Group has been a net purchaser, the reasonable period does not exceed 12 months. ", "dimensions": { "concept": "atalayaminingplc:DescriptionOfAccountingPolicyForContractsForThePurchaseOrSaleOfNonFinancialAssets", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-415": { "value": "2.15 Inventories The Group\u2019s inventories comprise copper concentrates, ore stockpiles and metal in circuit, materials and supplies and spare parts. Inventory is physically measured or estimated and is stated at the lower of cost and net realisable value. Cost of purchase includes the amount invoiced by the supplier after deducting any discounts, rebates or similar items, as well as interest incorporated in the nominal amount of payables and any additional costs incurred until the goods are in their location for sale, other costs directly attributable to the acquisition and non-recoverable indirect taxes. Cost of production comprises the purchase cost of raw materials and other consumables and costs directly related to the units produced, together with a systematic allocation of variable and fixed production overheads incurred in the process of conversion, including depreciation. Fixed production overheads are allocated based on normal production capacity or actual production, whichever is higher. Identifiable conversion costs for each metal are specifically allocated. The cost of raw materials and other supplies and the cost of production are assigned to the individual items of inventory using the FIFO method. The Group uses the same cost formula for all inventories having a similar nature and use within the Group. The cost of inventories is written down to profit or loss where their cost exceeds their net realisable value. For this purpose, net realisable value is defined as follows: \u25a1 Raw materials and other supplies: replacement cost. However, no write down is made where the finished products into which the raw materials and other supplies will be incorporated are expected to be sold at or above their cost of production. \u25a1 Finished goods: estimated selling price less the costs necessary to make the sale. \u25a1 Work in progress: estimated selling price of the related finished goods less the estimated costs to complete production and the costs necessary to make the sale. Where the time value of money is material, these future prices and completion costs are discounted. A previously recognised write down is reversed through profit or loss if the circumstances that caused the write down no longer exist or where there is clear evidence of an increase in net realisable value as a result of a change in economic circumstances. The reversal of a write down is limited to the lower of the cost and the revised net realisable value of the inventories. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-416": { "value": "2.16 Cash and cash equivalents Cash and cash equivalents include cash on hand and demand deposits with credit institutions. This category also includes other short- term highly liquid investments that are readily convertible into known amounts of cash and are subject to an insignificant risk of changes in value. For this purpose, investments with maturities of less than three months from the date of acquisition are included. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-417": { "value": "2.17 Share capital and dividend distribution The Parent recognises share capital increases and reductions in equity when the shares have been issued and subscribed. Ordinary shares are classified as equity. The difference between the fair value of the consideration received by the Parent and the nominal value of the share capital issued is recognised in the share premium account. Incremental costs directly attributable to the issue of new ordinary shares are recognised in equity as a deduction, net of tax, from the proceeds in the share premium account. Dividends of a discretionary nature, whether paid in cash or in kind, are recognised as a reduction in equity when they are approved by the General Meeting of Shareholders. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-418": { "value": "2.18 Provisions Provisions are recognised when the Group has a present obligation, whether legal or constructive, as a result of a past event; it is probable that an outflow of resources embodying future economic benefits will be required to settle the obligation; and a reliable estimate can be made of the amount of the obligation. The amounts recognised in the consolidated statement of financial position represent the best estimate at the reporting date of the expenditure required to settle the present obligation, taking into account the risks and uncertainties surrounding the provision and, where material, the financial effect of discounting, provided that the amounts to be paid in each period can be reliably determined. The discount rate is determined on a pre tax basis, taking into account the time value of money and the specific risks not reflected in the future cash flows relating to the provision at each reporting date. Individual obligations are measured at the most likely individual outcome. Where the obligation involves a large population of homogeneous items, it is measured by weighting all possible outcomes by their associated probabilities. Where there is a continuous range of possible outcomes and each point in that range is as likely as any other, the obligation is measured at the mid point of the range. The unwinding of the discount on provisions is recognised as a finance cost in profit or loss. Provisions do not include tax effects or expected gains from the disposal or abandonment of assets. Reimbursement rights receivable from third parties to settle the provision are recognised as a separate asset when recovery is virtually certain. The related income from reimbursement is recognised in profit or loss as a reduction of the expense relating to the provision, limited to the amount of the provision. Provisions are reversed through profit or loss when it is no longer probable that an outflow of resources will be required to settle the obligation. The reversal is recognised in the same line item in which the related expense was originally recorded and any excess is recognised in other income. Provision for dismantling, restoration and similar obligations The Group recognises the present value of the estimated costs of legal or constructive obligations to restore operating sites in the period in which the obligation arises. These restoration activities include the dismantling and removal of structures, rehabilitation of mines and tailings dams, decommissioning of operating facilities, closure of plants and waste sites, and the restoration, remediation and revegetation of affected areas. The obligation generally arises when the asset is installed or the land or environment at the production site is disturbed. When the provision is initially recognised, the present value of the estimated restoration cost is capitalised as part of the cost of the related mining assets to the extent that the obligation has been incurred before production of the related ore commences. Changes in the provision arising from revisions to the estimated amount, timing of cash flows or discount rate increase or decrease the cost of the asset, limited to its carrying amount, with any excess recognised in profit or loss. The Group assesses whether an increase in the carrying amount of property, plant and equipment is an indication of impairment. For closed sites, changes in estimated costs are recognised immediately in the consolidated income statement. Similarly, the unwinding of the discount on the provision is recognised as a finance cost in profit or loss. Changes in the amount of the provision arising after the end of the useful life of the asset are recognised in profit or loss as they occur. The Group reviews its mine rehabilitation provision annually, which involves the use of significant estimates, including estimates of the scope and cost of rehabilitation activities, technological changes, regulatory changes and changes in discount rates. The Group also considers the impact of climate related matters, such as changes in environmental regulations and other relevant laws, when estimating the rehabilitation provision. These factors may result in future required outflows differing from the amounts provided. The amounts recognised in the consolidated statement of financial position represent the best estimate at the reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-474": { "value": "Provision for dismantling, restoration and similar obligations The Group recognises the present value of the estimated costs of legal or constructive obligations to restore operating sites in the period in which the obligation arises. These restoration activities include the dismantling and removal of structures, rehabilitation of mines and tailings dams, decommissioning of operating facilities, closure of plants and waste sites, and the restoration, remediation and revegetation of affected areas. The obligation generally arises when the asset is installed or the land or environment at the production site is disturbed. When the provision is initially recognised, the present value of the estimated restoration cost is capitalised as part of the cost of the related mining assets to the extent that the obligation has been incurred before production of the related ore commences. Changes in the provision arising from revisions to the estimated amount, timing of cash flows or discount rate increase or decrease the cost of the asset, limited to its carrying amount, with any excess recognised in profit or loss. The Group assesses whether an increase in the carrying amount of property, plant and equipment is an indication of impairment. For closed sites, changes in estimated costs are recognised immediately in the consolidated income statement. Similarly, the unwinding of the discount on the provision is recognised as a finance cost in profit or loss. Changes in the amount of the provision arising after the end of the useful life of the asset are recognised in profit or loss as they occur. The Group reviews its mine rehabilitation provision annually, which involves the use of significant estimates, including estimates of the scope and cost of rehabilitation activities, technological changes, regulatory changes and changes in discount rates. The Group also considers the impact of climate related matters, such as changes in environmental regulations and other relevant laws, when estimating the rehabilitation provision. These factors may result in future required outflows differing from the amounts provided. The amounts recognised in the consolidated statement of financial position represent the best estimate at the reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-475": { "value": "2.19 Income tax Income tax expense or income comprises both current tax and deferred tax. Current tax is the amount payable or recoverable in respect of the consolidated taxable profit or loss for the year. Current income tax assets or liabilities are measured at the amounts expected to be paid to or recovered from the tax authorities, using tax laws and rates that have been enacted or substantively enacted at the reporting date. Deferred tax liabilities are the amounts of income tax payable in future periods in respect of taxable temporary differences, while deferred tax assets are the amounts of income tax recoverable in future periods arising from deductible temporary differences, unused tax losses or unused tax credits. A temporary difference is the difference between the carrying amount of an asset or liability and its tax base. Income tax is recognised in profit or loss unless it arises from a transaction or economic event recognised, in the same or a different period, directly in equity or from a business combination. The Group recognises deferred tax liabilities in all cases except where: \u25a1 They arise from the initial recognition of goodwill or from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit and does not give rise to equal taxable and deductible temporary differences. \u25a1 They relate to temporary differences associated with investments in subsidiaries, associates and joint ventures over which the Group is able to control the timing of the reversal and it is probable that the temporary difference will not reverse in the foreseeable future. The Group recognises deferred tax assets provided that: \u25a1 It is probable that sufficient future taxable profits will be available against which they can be utilised or where tax legislation provides for the future conversion of deferred tax assets into a receivable from the tax authorities. However, deferred tax assets arising from the initial recognition of assets or liabilities in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit and does not give rise to equal taxable and deductible temporary differences are not recognised. \u25a1 They relate to temporary differences associated with investments in subsidiaries, associates and joint ventures, to the extent that the temporary differences are expected to reverse in the foreseeable future and sufficient future taxable profits are expected to be available against which the temporary differences can be utilised. Where, in a transaction that is not a business combination, a deferred tax asset and a deferred tax liability of the same amount arise on initial recognition but the deferred tax asset cannot be recognised because it is not probable that sufficient future taxable profits will be available or different tax rates apply, the difference is recognised in profit or loss. The Group considers that sufficient taxable profits will be available to recover deferred tax assets where there are sufficient taxable temporary differences relating to the same tax authority and the same taxable entity, the reversal of which is expected in the same tax period as the reversal of the deductible temporary differences or in periods in which a tax loss arising from a deductible temporary difference can be carried back or forward. In determining future taxable profits, the Group takes into account tax planning opportunities, provided that it intends to adopt them or it is probable that it will adopt them. Deferred tax assets and liabilities are measured using the tax rates expected to apply in the periods in which the assets are realised or the liabilities are settled, based on tax laws and rates that have been enacted or substantively enacted, and taking into account the tax consequences that would follow from the manner in which the Group expects to recover the assets or settle the liabilities. At each reporting date, the Group reviews the carrying amount of deferred tax assets and reduces that amount to the extent that it is no longer probable that sufficient future taxable profits will be available to allow the benefit of all or part of those deferred tax assets to be utilised. Deferred tax assets that do not meet the above conditions are not recognised in the consolidated statement of financial position. At the reporting date, the Group reassesses whether the conditions for recognising previously unrecognised deferred tax assets are met. Management periodically evaluates the positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation. Where it concludes that it is not probable that the tax authority will accept an uncertain tax treatment or a group of uncertain tax treatments, it reflects the effect of the uncertainty in determining taxable profit or loss, tax bases, unused tax losses, unused tax credits or tax rates. The Group measures the effect of the uncertainty in income tax using either the expected value method, where there is a wide range of possible outcomes, or the most likely amount method, where the outcome is binary or concentrated on a single value. Where the tax asset or liability determined under these criteria exceeds the amount presented in the tax returns, it is presented as current or non-current in the consolidated statement of financial position based on the expected timing of recovery or settlement and includes, where applicable, the corresponding late payment interest accrued in the consolidated income statement. The Group accounts for changes in facts and circumstances relating to tax uncertainties as changes in estimates. The Group offsets current income tax assets and liabilities only when it has a legally enforceable right to offset the amounts with the tax authorities and intends either to settle on a net basis or to realise the assets and settle the liabilities simultaneously. The Group offsets deferred tax assets and liabilities only when it has a legally enforceable right to offset current tax assets and liabilities with the tax authorities and the deferred tax assets and liabilities relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable entities that intend either to settle current tax assets and liabilities on a net basis or to realise the assets and settle the liabilities simultaneously in each future period in which significant amounts of deferred tax assets or liabilities are expected to be settled or recovered. Deferred tax assets and liabilities are presented in the consolidated statement of financial position as non-current assets or non-current liabilities, irrespective of the expected timing of their realisation or settlement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-419": { "value": "2.19 Income tax Income tax expense or income comprises both current tax and deferred tax. Current tax is the amount payable or recoverable in respect of the consolidated taxable profit or loss for the year. Current income tax assets or liabilities are measured at the amounts expected to be paid to or recovered from the tax authorities, using tax laws and rates that have been enacted or substantively enacted at the reporting date. Deferred tax liabilities are the amounts of income tax payable in future periods in respect of taxable temporary differences, while deferred tax assets are the amounts of income tax recoverable in future periods arising from deductible temporary differences, unused tax losses or unused tax credits. A temporary difference is the difference between the carrying amount of an asset or liability and its tax base. Income tax is recognised in profit or loss unless it arises from a transaction or economic event recognised, in the same or a different period, directly in equity or from a business combination. The Group recognises deferred tax liabilities in all cases except where: \u25a1 They arise from the initial recognition of goodwill or from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit and does not give rise to equal taxable and deductible temporary differences. \u25a1 They relate to temporary differences associated with investments in subsidiaries, associates and joint ventures over which the Group is able to control the timing of the reversal and it is probable that the temporary difference will not reverse in the foreseeable future. The Group recognises deferred tax assets provided that: \u25a1 It is probable that sufficient future taxable profits will be available against which they can be utilised or where tax legislation provides for the future conversion of deferred tax assets into a receivable from the tax authorities. However, deferred tax assets arising from the initial recognition of assets or liabilities in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit and does not give rise to equal taxable and deductible temporary differences are not recognised. \u25a1 They relate to temporary differences associated with investments in subsidiaries, associates and joint ventures, to the extent that the temporary differences are expected to reverse in the foreseeable future and sufficient future taxable profits are expected to be available against which the temporary differences can be utilised. Where, in a transaction that is not a business combination, a deferred tax asset and a deferred tax liability of the same amount arise on initial recognition but the deferred tax asset cannot be recognised because it is not probable that sufficient future taxable profits will be available or different tax rates apply, the difference is recognised in profit or loss. The Group considers that sufficient taxable profits will be available to recover deferred tax assets where there are sufficient taxable temporary differences relating to the same tax authority and the same taxable entity, the reversal of which is expected in the same tax period as the reversal of the deductible temporary differences or in periods in which a tax loss arising from a deductible temporary difference can be carried back or forward. In determining future taxable profits, the Group takes into account tax planning opportunities, provided that it intends to adopt them or it is probable that it will adopt them. Deferred tax assets and liabilities are measured using the tax rates expected to apply in the periods in which the assets are realised or the liabilities are settled, based on tax laws and rates that have been enacted or substantively enacted, and taking into account the tax consequences that would follow from the manner in which the Group expects to recover the assets or settle the liabilities. At each reporting date, the Group reviews the carrying amount of deferred tax assets and reduces that amount to the extent that it is no longer probable that sufficient future taxable profits will be available to allow the benefit of all or part of those deferred tax assets to be utilised. Deferred tax assets that do not meet the above conditions are not recognised in the consolidated statement of financial position. At the reporting date, the Group reassesses whether the conditions for recognising previously unrecognised deferred tax assets are met. Management periodically evaluates the positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation. Where it concludes that it is not probable that the tax authority will accept an uncertain tax treatment or a group of uncertain tax treatments, it reflects the effect of the uncertainty in determining taxable profit or loss, tax bases, unused tax losses, unused tax credits or tax rates. The Group measures the effect of the uncertainty in income tax using either the expected value method, where there is a wide range of possible outcomes, or the most likely amount method, where the outcome is binary or concentrated on a single value. Where the tax asset or liability determined under these criteria exceeds the amount presented in the tax returns, it is presented as current or non-current in the consolidated statement of financial position based on the expected timing of recovery or settlement and includes, where applicable, the corresponding late payment interest accrued in the consolidated income statement. The Group accounts for changes in facts and circumstances relating to tax uncertainties as changes in estimates. The Group offsets current income tax assets and liabilities only when it has a legally enforceable right to offset the amounts with the tax authorities and intends either to settle on a net basis or to realise the assets and settle the liabilities simultaneously. The Group offsets deferred tax assets and liabilities only when it has a legally enforceable right to offset current tax assets and liabilities with the tax authorities and the deferred tax assets and liabilities relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable entities that intend either to settle current tax assets and liabilities on a net basis or to realise the assets and settle the liabilities simultaneously in each future period in which significant amounts of deferred tax assets or liabilities are expected to be settled or recovered. Deferred tax assets and liabilities are presented in the consolidated statement of financial position as non-current assets or non-current liabilities, irrespective of the expected timing of their realisation or settlement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-420": { "value": "2.20 Share-based employee payments The Group operates a long-term incentive plan (LTIP 2020) under which share options have been granted to employees of the Group. LTIP 2020 \u2013 background Up to and including 2024, options granted under the LTIP 2020 could only be settled through the issuance of equity instruments of the Parent Company. Accordingly, these awards were accounted for as equity-settled share-based payments in accordance with IFRS 2. The Group\u2019s compensation plan establishes the following vesting conditions: (i) the beneficiary must be an employee providing services to the Group; and (ii) the beneficiary must remain in continuous employment for a period of three years. Specific arrangements may exist with senior management and members of the Board of Directors under which their options remain outstanding for a longer period (see Note 24). Equity instruments granted in exchange for services rendered by employees of the Group are measured by reference to the fair value of the equity instruments granted using the Black-Scholes valuation model. When the awards are accounted for as equity-settled share- based payments, the fair value is determined at the grant date and recognised over the vesting period without subsequent remeasurement. Market conditions and other non- vesting conditions, such as non- transferability, exercise restrictions and expected behavioural patterns, are considered in measuring the fair value of the instrument. Other vesting conditions are considered by adjusting the number of equity instruments included in the measurement of the transaction amount, so that the amount recognised for services received is ultimately based on the number of equity instruments that eventually vest. Accordingly, the Group recognises the amount for services received over the vesting period based on the best estimate of the number of instruments expected to vest and revises that estimate to reflect the number of instruments expected to vest. Once the services received and the corresponding increase in equity have been recognised, no further adjustments are made to equity after the vesting date, without prejudice to any reclassifications within equity. If the Group withholds equity instruments to settle the employee\u2019s income tax liability with the tax authorities, the plan is treated in its entirety as equity-settled, except for the portion of the instruments withheld that exceeds the fair value of the tax obligation. Under current Spanish tax legislation, share-based employee payments are deductible for income tax purposes based on the intrinsic value of the share options at the date they are exercised, giving rise to a deductible temporary difference equal to the difference between the amount that the tax authorities will allow as a deduction in the future and the nil carrying amount of the share-based payments. At the reporting date, the Group estimates the future tax deduction based on the share price at that date. The amount of the tax deduction is recognised as current or deferred income tax in profit or loss, with any excess recognised in equity. Changes introduced during 2025 During 2025 several changes were introduced in the Group\u2019s share- based compensation arrangements. In May 2025 the Board of Directors approved an amendment to the LTIP 2020 introducing Rule 6.2.2A, which allows the Board, at its discretion, to settle the exercise of options granted to non-C-Suite employees in cash instead of issuing equity instruments. Following this amendment, the Board approved a number of authorisations allowing the settlement of option exercises in cash for non-C-Suite employees: \u25a1 On 23 June 2025 the Board authorised cash settlement of option exercises up to an aggregate amount of \u20ac500,000. \u25a1 On 11 August 2025 the authorised amount was increased to \u20ac1 million. \u25a1 On 9 September 2025 the Board approved an additional \u20ac2 million, increasing the total authorised amount for cash settlement to \u20ac3 million. The amount of \u20ac3 million represents a maximum aggregate limit approved by the Board and does not constitute a recurring or annual amount. During 2025, option exercises by non-C-Suite employees were settled in cash, resulting in total payments of \u20ac2.5 million. In addition, during 2025 the Group granted share awards to members of the C-Suite. These awards are settled through the issuance of equity instruments and their vesting is subject to the achievement of market and non-market performance conditions. Furthermore, the Group introduced a deferred cash incentive arrangement for non-C-Suite employees under which participants are granted units that are economically linked to the Company\u2019s share price but that are settled exclusively in cash. Accounting treatment Equity-settled share-based payments Employee payments settled through the issue of equity instruments are accounted for as follows: - If the equity instruments granted vest immediately at the grant date, the services received are recognised in profit or loss with a corresponding increase in equity. - If the equity instruments granted vest when employees complete a specified period of service, the services received are recognised over the vesting period with a corresponding entry in equity. Cash-settled share-based payments Where share-based payment arrangements are settled in cash, a liability is recognised for the services received. The liability is measured at fair value at each reporting date and at the date of settlement, with changes in fair value recognised in profit or loss. Accordingly, unlike equity- settled share-based payments, the liability recognised for cash-settled arrangements is remeasured after the grant date until the awards are settled. Arrangements with discretionary cash settlement Share-based payment transactions in which the terms of the arrangement provide the Group with the option to settle in cash or by issuing equity instruments are accounted for as cash-settled if the Group has incurred a liability to settle in cash or as equity-settled if no such liability has been incurred. Where the Group has the choice of settlement in cash or by issuing equity instruments, it has a present obligation to settle in cash only if the choice to settle in equity instruments lacks commercial substance or there is a past practice or stated policy of settling in cash or the Group generally settles in cash whenever the employee requests it. Management assessed the pattern of settlements observed during 2025 together with the authorisations granted by the Board in relation to cash settlements. Based on this assessment, the Group concluded that sufficient evidence of a past practice of cash settlement arose on 9 September 2025, when the Board approved the increase of the authorised cash settlement limit to \u20ac3 million. Accordingly, from that date the Group recognises a liability for share-based payments expected to be settled in cash, as management concluded that a present obligation to settle such awards in cash had arisen based on the established settlement practice. The liability is measured at fair value at each reporting date and at the date of settlement, with changes in fair value recognised in profit or loss. The remaining portion of the LTIP 2020 relating to members of the C-Suite continues to be accounted for as equity-settled, as the Group retains the practical ability to settle those awards through the issuance of equity instruments. Deferred Cash Incentive Plan During 2025 the Group introduced a deferred cash incentive arrangement under which participants are granted units that are referable to ordinary shares of the Company but that are settled exclusively in cash. Each unit entitles the participant, upon vesting and exercise, to receive a cash amount equal to the excess of the market price of a share over a predetermined exercise price. These awards are accounted for as cash-settled share-based payments in accordance with IFRS 2. The liability arising from these arrangements is measured at fair value at each reporting date, with changes in fair value recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-421": { "value": "2.22 Revenue recognition from contracts with customers a) Revenue from contracts with customers The Group is primarily engaged in the production and sale of copper concentrate and, in certain cases, provides loading and shipping services. Revenue from contracts with customers is recognised when control of the goods or services is transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group considers that it acts as principal in its contracts with customers because it controls the goods or services before transferring them to the customer. b) Sales of copper concentrate (metal concentrate) In most sales of copper concentrate (metal concentrate), each purchase order constitutes a separate short- term contract. In transactions not executed under CIF Incoterms, the sole performance obligation is the delivery of the concentrate. However, a portion of the Group\u2019s metal concentrate sales are executed under CIF Incoterms, under which the Group is also responsible for providing freight services. In such cases, the freight services represent a separate performance obligation (see section (c) below). Most of the Group\u2019s metal concentrate sales allow for price adjustments based on the market price at the end of the relevant quotation period (QP) specified in the contract. These are referred to as provisional pricing arrangements, under which the sales price of the metal concentrate is based on prevailing spot prices at a specified future date after shipment of the goods to the customer. Adjustments to the sales price arise as a result of fluctuations in quoted market prices until the end of the QP. The period between provisional invoicing and the end of the QP may range from one to three months. Revenue is recognised when control transfers to the customer, which occurs at the point in time when the metal concentrate is physically transferred to a vessel, train, conveyor or other delivery mechanism. Revenue is measured at the amount the Group expects to receive, corresponding to the estimated price at the end of the QP, that is, the forward price, and a receivable is recognised to the extent that an unconditional right to consideration arises at that time. For arrangements subject to CIF shipping terms, a portion of the transaction price is allocated to the separate freight services provided (see section (c) below). Under provisional pricing arrangements, as the receivables are exposed to commodity price risk, they do not meet the definition of SPPI and are therefore measured at fair value through profit or loss from initial recognition until settlement. Changes in fair value, estimated by reference to quoted forward market prices for copper and taking into account adjustments for interest rate and credit risk, are recognised in the consolidated income statement separately from revenue from contracts with customers, within the line item \u201cFair value gain/(loss) relating to provisional pricing arrangements within sales\u201d. Final settlement is based on quantities adjusted as necessary following customer inspection of the product, as well as applicable commodity prices. IFRS 15 requires variable consideration to be recognised only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue will not occur. As adjustments relating to final assay results based on the quantity and quality of concentrate sold are not significant, they do not constrain revenue recognition. c) Freight services As noted above, a portion of the Group\u2019s metal concentrate sales are made under CIF Incoterms, whereby the Group is responsible for providing freight services (as principal) after the date on which control of the metal concentrate is transferred to the customer. The Group therefore has a separate performance obligation for freight services, which are provided solely to facilitate the sale of the products it produces. Revenue from freight services is recognised over time as the service is provided. Accordingly, at the reporting date, a portion of the revenue, together with the associated insurance costs, is deferred. Other Incoterms commonly used by the Group include: \u25a1 FOB, where the Group has no responsibility for freight or insurance once the goods have passed the port of loading. \u25a1 Ex Works, where control of the goods passes to the customer when the product is made available at the Group\u2019s premises. \u25a1 CIP, where control of the goods passes to the customer when the product is delivered to the agreed destination. In arrangements under these Incoterms, the sole performance obligation is the delivery of the product. d) Sales of services The Group provides accounting services, management, technical support, administrative and other services to other companies. Revenue is recognised over the period in which the services are rendered. Contract assets and contract liabilities Revenue recognised is presented as a contract asset to the extent that the amount is not yet billable and as a receivable where there is an unconditional right to consideration. If consideration received from the customer exceeds the revenue recognised, a contract liability is recognised. The Group does not have any contract assets, as all rights to consideration are unconditional. The Group occasionally recognises contract liabilities in relation to certain metal concentrate sales made under CIF Incoterms, where a portion of the cash is received from the customer before the freight services are provided. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-422": { "value": "2.24 Segment reporting An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the Group\u2019s chief operating decision maker, identified as the CEO, in order to allocate resources to the segment and assess its performance and for which discrete financial information is available. The Group has a single business segment, being mining operations, exploration and mineral development. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-423": { "value": "2.25 Earnings per share The Group presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share are calculated by dividing the profit or loss attributable to ordinary shareholders of the Parent by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share are determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares, which comprise instruments convertible into ordinary shares and share options granted to employees. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-424": { "value": "2.26 Climate related matters The Group considers climate related matters in its estimates and assumptions, where relevant. This assessment includes a wide range of potential impacts on the Group arising from both physical and transition risks. Although the Group believes that its business model and products will remain viable following the transition to a low carbon economy, climate related matters increase the uncertainty in the estimates and assumptions underlying several items in the consolidated financial statements. While climate related risks may not currently have a significant impact on measurement, the Group is closely monitoring relevant changes and developments, such as new climate related legislation. The areas and considerations most directly affected by climate related matters are as follows: \u25a1 Useful life of property, plant and equipment. In reviewing residual values and the expected useful lives of assets, the Group considers climate related matters, such as climate related legislation and regulations that may restrict the use of assets or require significant investment. Based on the assessment performed of climate related matters, there has been no impact on the Group. \u25a1 Impairment of non-financial assets. Value in use may be affected in various ways, particularly by transition risk, climate related legislation and regulations and changes in demand for the Group\u2019s products. Based on the assessment performed of climate related matters, there has been no impact on the Group. \u25a1 In determining the fair value of assets and liabilities, the impact of potential climate related matters, including legislation, that may affect them has been considered. Based on the assessment performed of climate related matters, there has been no impact on the Group. \u25a1 Restoration provision. The impact of climate related legislation and regulations is considered when estimating the timing and future costs of rehabilitating the Group\u2019s facilities. Based on the assessment performed of climate related matters, there has been no impact on the Group. ", "dimensions": { "concept": "atalayaminingplc:DescriptionOfAccountingPolicyForClimateRelatedMatters", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-425": { "value": "2.27 Amendment of the consolidated financial statements after issue The Board of Directors and the shareholders do not have the right to amend the consolidated financial statements after they have been issued.", "dimensions": { "concept": "atalayaminingplc:DescriptionOfAccountingPolicyForAmendmentOfTheFinancialStatementsAfterIssue", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-476": { "value": "(a) Liquidity risk Liquidity risk is the risk that arises when the maturity of assets and liabilities does not match. An unmatched position potentially enhances profitability but can also increase the risk of losses. The Group has procedures with the object of minimising such losses such as maintaining sufficient cash to meet liabilities when due. Cash flow forecasting is performed in the operating entities of the Group and aggregated by Group finance. Group finance monitors rolling forecasts of the Group\u2019s liquidity requirements to ensure it has sufficient cash to meet operational needs. The following tables detail the Group\u2019s remaining contractual maturity for its financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The table includes principal cash flows associated with both principal and interests.
Carrying Contractual Less than 3 Between Between Between Over
(Euro 000\u2019s) amounts cash flows months 3-12 months 1-2 years 2-5 years 5 years
31 Dec 2025
Lease liability
4,473
4,793
-
654
-
2,615
1,524
Other financial liabilities
44,346
44,346
1,266
37,374
5,706
-
-
Non-current payables
12,506
13,850
-
-
-
11,850
2,000
Trade and other payables
99,552
99,552
48,065
51,432
55
-
-
160,877
162,541
49,331
89,460
5,761
14,465
3,524
31 Dec 2024
Lease liability
3,801
4,323
-
519
519
1,556
1,729
Other financial liabilities
17,787
18,983
1,519
6,015
5,670
5,779
-
Non-current payables
12,492
13,750
-
-
750
11,000
2,000
Trade and other payables
90,090
90,255
52,929
37,266
60
-
-
124,170
127,311
54,448
43,800
6,999
18,335
3,729
Financial instruments by category
(Euro 000\u2019s)
2025
2024
Financial assets
Financial assets at amortised cost
192,178
132,096
Financial assets at FV through in OCI
62
-
Financial assets at FV
9,725
-
through profit or loss
201,965
132,096
Financial liabilities
Financial liabilities at amortised cost
159,004
121,665
The carrying amounts of financial assets recognised in the consolidated statement of financial position represent the Group\u2019s maximum exposure to credit risk at the reporting date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-426": { "value": "
3. Financial Risk Management and Critical accounting
estimates and judgements
3.1 Financial risk factors
The Group manages its exposure
to key financial risks in accordance
with its financial risk management
policy. The objective of the policy is
to support the delivery of the Group\u2019s
financial targets while protecting
future financial security. The main
risks that could adversely affect the
Group\u2019s financial assets, liabilities
or future cash flows are market
risks comprising: commodity price
risk, interest rate risk and foreign
currency risk; liquidity risk and credit
risk; operational risk, compliance
risk and litigation risk. Management
reviews and agrees policies for
managing each of these risks that are
summarised below.
The Group\u2019s senior management
oversees the management of
financial risks. The Group\u2019s senior
management is supported by the AC
that advises on financial risks and the
appropriate financial risk governance
framework for the Group. The AC
provides assurance to the Group\u2019s
senior management that the Group\u2019s
financial risk-taking activities are
governed by appropriate policies and
procedures and that financial risks are
identified, measured and managed in
accordance with the Group\u2019s policies
and risk objectives. Currently, the
Group does not apply any form of
hedge accounting.
(a) Liquidity risk
Liquidity risk is the risk that arises
when the maturity of assets and
liabilities does not match. An
unmatched position potentially
enhances profitability but can
also increase the risk of losses. The
Group has procedures with the
object of minimising such losses
such as maintaining sufficient cash
to meet liabilities when due. Cash
flow forecasting is performed in the
operating entities of the Group and
aggregated by Group finance. Group
finance monitors rolling forecasts of
the Group\u2019s liquidity requirements to
ensure it has sufficient cash to meet
operational needs.
The following tables detail the Group\u2019s
remaining contractual maturity for
its financial liabilities. The tables
have been drawn up based on the
undiscounted cash flows of financial
liabilities based on the earliest date on
which the Group can be required to
pay. The table includes principal cash
flows associated with both principal
and interests.
Carrying Contractual Less than 3 Between Between Between Over
(Euro 000\u2019s) amounts cash flows months 3-12 months 1-2 years 2-5 years 5 years
31 Dec 2025
Lease liability
4,473
4,793
-
654
-
2,615
1,524
Other financial liabilities
44,346
44,346
1,266
37,374
5,706
-
-
Non-current payables
12,506
13,850
-
-
-
11,850
2,000
Trade and other payables
99,552
99,552
48,065
51,432
55
-
-
160,877
162,541
49,331
89,460
5,761
14,465
3,524
31 Dec 2024
Lease liability
3,801
4,323
-
519
519
1,556
1,729
Other financial liabilities
17,787
18,983
1,519
6,015
5,670
5,779
-
Non-current payables
12,492
13,750
-
-
750
11,000
2,000
Trade and other payables
90,090
90,255
52,929
37,266
60
-
-
124,170
127,311
54,448
43,800
6,999
18,335
3,729
Financial instruments by category
(Euro 000\u2019s)
2025
2024
Financial assets
Financial assets at amortised cost
192,178
132,096
Financial assets at FV through in OCI
62
-
Financial assets at FV
9,725
-
through profit or loss
201,965
132,096
Financial liabilities
Financial liabilities at amortised cost
159,004
121,665
The carrying amounts of financial assets recognised
in the consolidated statement of financial position
represent the Group\u2019s maximum exposure to credit
risk at the reporting date.
(b) Currency risk
Currency risk is the risk that the value of financial
instruments will fluctuate due to changes in
foreign exchange rates.
Currency risk arises when future commercial
transactions and recognised assets and liabilities
are denominated in a currency that is not the
Group\u2019s measurement currency. The Group is
exposed to foreign exchange risk arising from
various currency exposures primarily with respect
to the US Dollar and the British Pound. The
Group\u2019s management monitors the exchange
rate fluctuations on a continuous basis and acts
accordingly.
The table below presents the Group\u2019s balances
denominated in foreign currencies as at
31 December 2025 and 31 December 2024,
categorised by currency and nature of balance:
(Euro 000\u2019s)
2025
2024
USD
Cash and cash equivalents
61,262
15,513
Trade and other receivables
21,254
10,769
82,516
26,282
GBP
Cash and cash equivalents
142
70
CHF
Trade and other receivables
161
-
Foreign currency sensitivity
The following table demonstrates the sensitivity
to a reasonably possible change in the foreign
exchange rate, with all other variables held
constant, of the Group\u2019s profit before tax due to
changes in the carrying value of monetary assets
and liabilities at reporting date:
(Euro 000\u2019s)
(+5%)
(-5%)
Effect on profit before tax for the year
18,890
(18,890)
ended 31 Dec 2025 increase/(decrease)
Effect on profit before tax for the year
20,364
(20,364)
ended 31 Dec 2024 increase/(decrease)
Effect on equity for the year ended
15,490
(15,490)
31 Dec 2025 increase/(decrease)
Effect on equity for the year ended
16,698
(16,698)
31 Dec 2024 increase/(decrease)
Commodity price risk
Commodity price is the risk that the Group\u2019s future
earnings will be adversely impacted by changes
in the market prices of commodities, primarily
copper. Management is aware of this impact on its
primary revenue stream but knows that there is
little it can do to influence the price earned apart
from a hedging scheme.
Commodity price hedging is governed by the
Group\u2019s policy which allows to limit the exposure
to prices. The Group may decide to hedge part of
its production during the year although during
2025 Atalaya maintained full exposure to the
copper price.
Commodity price sensitivity
The table below summarises the
impact on profit before tax for changes
in commodity prices on the fair value
of derivative financial instruments
and trade receivables that are subject
to provisional pricing. The impact on
equity is the same as the impact on
profit before income tax, as these
derivative financial instruments have
not been designated as hedges under
IFRS 9. Instead, they are classified as
held-for-trading and are therefore fair
valued through profit or loss.
The derivative financial instruments
referenced in this sensitivity analysis
are economic derivatives rather than
hedge derivatives. These instruments
arise from the Group\u2019s provisional
pricing arrangements, whereby
copper concentrate sales are initially
recorded at provisional prices and are
subsequently adjusted based on market
prices at the end of the quotational
period (QP), as per the terms of offtake
agreements. As a result, the fair value
of trade receivables fluctuates with
commodity price movements, creating
an embedded derivative that is
accounted for separately.
This derivative is not designated as
a hedge and is classified as held-
for-trading, meaning its fair value
fluctuations are recognised in profit or
loss. Since this pricing adjustment is
directly linked to revenue, the impact
on profit before tax (PBT) and equity is
the same.
The analysis is based on the
assumption that copper prices move
by $0.05/lb, with all other variables
held constant. Reasonably possible
movements in commodity prices were
determined based on a review of the
last two years\u2019 historical prices.
Increase/(decrease) in copper prices Increase $0.05/lb Decrease $0.05/lb
(Euro 000\u2019s) (2024: $0.05) (2024: $0.05)
Effect on profit before tax for the year
7,060
(7,060)
ended 31 Dec 2025 increase/(decrease)
Effect on profit before tax for the year
5,012
(5,012)
ended 31 Dec 2024 increase/(decrease)
Effect on equity for the year ended
5,789
(5,789)
31 Dec 2025 increase/(decrease)
Effect on equity for the year ended
4,110
(4,110)
31 Dec 2024 increase/(decrease)
A $0.05/lb movement in copper prices was determined as a reasonably
possible change based on historical volatility over the past two years.
(c) Credit risk
The Group applies the expected
credit loss (ECL) model under IFRS
9 to financial assets measured at
amortised cost, including loans and
trade and other receivables. ECLs are
measured as the probability-weighted
present value of all cash shortfalls
over the expected life of the financial
instrument. The measurement of
ECL incorporates historical loss
experience, counterparty-specific
factors and forward-looking
information where relevant.
For trade receivables and similar
short-term receivables, the Group
applies the simplified approach
permitted by IFRS 9 and recognises
lifetime ECLs from initial recognition.
For other financial assets measured
at amortised cost, the Group assesses
at each reporting date whether credit
risk has increased significantly since
initial recognition. Where credit risk
has not increased significantly, a loss
allowance based on 12-month ECLs is
recognised.
A financial asset is considered to have
experienced a significant increase in
credit risk when there is a material
deterioration in the creditworthiness
of the counterparty or where
contractual payments are more than
30 days past due.
A financial asset is considered
credit-impaired when contractual
payments are more than 90 days past
due or when there is other objective
evidence of impairment.
Forward-looking information is
incorporated into the determination
of ECLs where relevant, including
consideration of macroeconomic
conditions and counterparty-specific
developments.
There were no significant changes in
estimation techniques or significant
assumptions applied in measuring
ECLs during the year.
Credit risk arises when a failure
by counterparties to discharge
their obligations could reduce the
amount of future cash inflows from
financial assets on hand at the
reporting date. The Group has no
significant concentration of credit
risk. The Group has policies in place
to ensure that sales of products and
services are made to customers
with an appropriate credit history
and monitors on a continuous basis
the ageing profile of its receivables.
The Group has policies to limit the
amount of credit exposure to any
financial institution.
Credit risk exposure by stage
Stage 1 Stage 2 Stage 3
(Euro 000\u2019s) (12-months ECL) (Lifetime ECL) (Credit)
31 December 2025
Cash and cash equivalents
166,306
\u2013
\u2013
Loans (impaired)
20
\u2013
(2,726)
Trade and other financial
24,689
\u2013
(21,418)
receivables (impaired)
Other financial assets
1,163
\u2013
\u2013
192,178
-
(24,144)
31 December 2024
Cash and cash equivalents
52,878
-
-
Loans
2,627
-
-
Trade and other
financial receivables
70,115
-
-
Other financial assets
1,124
-
-
The credit risk exposure presented above includes only financial assets measured at amortised cost that are within the scope of the expected credit loss model under IFRS 9. The prepayment granted to Lain Technologies S.A. which represents an advance payment for services to be received in the future, has been considered in the credit risk analysis. As the recoverability of this prepayment depends on the counterparty\u2019s ability to perform the contracted services, management has included it in the assessment of credit risk in accordance with IFRS 9. The Group\u2019s exposure to credit risk arises primarily from cash balances held with financial institutions and from receivables from copper concentrate customers. Cash balances are held with major international financial institutions with high credit ratings. Trade receivables primarily relate to a limited number of internationally recognised smelting and refining counterparties. Management considers the credit risk associated with these counterparties to be low. The Group does not hold collateral as security in respect of its financial assets.
Except as detailed in the following table, the carrying amount of financial
assets recorded in the financial statements, which is net of impairment losses,
represents the maximum credit exposure without taking account of the value
of any collateral obtained:
(Euro 000\u2019s)
31 Dec 2025
31 Dec 2024
Unrestricted cash and cash equivalents at Group level
146,505
43,184
Unrestricted cash and cash equivalents at Operation level
19,801
9,694
Consolidated cash and cash equivalents
166,306
52,878
Net cash position
121,960
35,091
Working capital surplus
93,822
44,728
There are no collaterals held in respect of these financial instruments and
there are no financial assets that are past due or impaired as at 31 December
2025 and 2024.
The table below presents the Group\u2019s financial assets exposed to credit risk as
at 31 December 2025 and 31 December 2024, classified by type of asset.
(Euro 000\u2019s)
2025
2024
Non-current financial assets
Non-current loans
9,834
2,768
Non-current deposits
902
611
10,736
3,379
Current financial assets
Current loans
20
5,352
Current receivables
21,668
11,458
21,688
16,810
Total
32,424
20,189
Interest rate risk
Interest rate risk is the risk that the
value of financial instruments will
fluctuate due to changes in market
interest rates. Borrowings issued at
variable rates expose the Group to
cash flow interest rate risk. Borrowings
issued at fixed rates expose the
Group to fair value interest rate risk.
The Group\u2019s management monitors
the interest rate fluctuations on a
continuous basis and acts accordingly.
At the reporting date the interest rate
profile of interest bearing financial
instruments was:
(Euro 000\u2019s)
2025
2024
Variable rate instruments
Financial assets
166,306
52,878
An increase of 100 basis points in
interest rates at 31 December 2025
would have increased/(decreased)
equity and profit or loss by the
amounts shown below. This analysis
assumes that all other variables, in
particular foreign currency rates,
remain constant. For a decrease of
100 basis points there would be an
equal and opposite impact on the
profit and other equity.
(Euro 000\u2019s)
2025
2024
Variable rate instruments
Equity
1,663
529
Profit or loss
1,663
529
(d) Operational risk
Operational risk is the risk that
derives from the deficiencies
relating to the Group\u2019s information
technology and control systems
as well as the risk of human error
and natural disasters. The Group\u2019s
systems are evaluated, maintained
and upgraded continuously
(e) Compliance risk
Compliance risk is the risk of
financial loss, including fines
and other penalties, which arises
from non compliance with laws
and regulations. The Group has
systems in place to mitigate this
risk, including seeking advice from
external legal and regulatory advisors
in each jurisdiction.
(f) Litigation risk
Litigation risk is the risk of financial
loss, interruption of the Group\u2019s
operations or any other undesirable
situation that arises from the
possibility of non execution or
violation of legal contracts and
consequentially of lawsuits. The risk
is restricted through the contracts
used by the Group to execute its
operations.
3.3 Capital risk management The Group considers its capital structure to consist of share capital, share premium and share options reserve. The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. The Group is not subject to any externally imposed capital requirements. In order to maintain or adjust the capital structure, the Group issues new shares. The Group manages its capital to ensure that it will be able to continue as a going concern while maximising the return to shareholders through the optimisation of the debt and equity balance. The AC reviews the capital structure on a continuing basis. The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern and to maintain an optimal capital structure so as to maximise shareholder value. In order to maintain or achieve an optimal capital structure, the Group may adjust the amount of dividend payment, return capital to shareholders, issue new shares, buy back issued shares, obtain new borrowings or sell assets to reduce borrowings. The Group monitors capital on the basis of the gearing ratio. The gearing ratio is calculated as net debt divided by total capital. Net debt is calculated as provisions plus deferred consideration plus trade and other payables less cash and cash equivalents.
(Euro 000\u2019s)
31 Dec 2025
31 Dec 2024
Total liabilities less cash
33,526
104,433
Total equity (excluding NCI)
589,870
516,384
Total capital
623,396
620,187
Gearing ratio
5.38%
16.82%
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-510": { "value": "Foreign currency sensitivity The following table demonstrates the sensitivity to a reasonably possible change in the foreign exchange rate, with all other variables held constant, of the Group\u2019s profit before tax due to changes in the carrying value of monetary assets and liabilities at reporting date:
(Euro 000\u2019s)
(+5%)
(-5%)
Effect on profit before tax for the year
18,890
(18,890)
ended 31 Dec 2025 increase/(decrease)
Effect on profit before tax for the year
20,364
(20,364)
ended 31 Dec 2024 increase/(decrease)
Effect on equity for the year ended
15,490
(15,490)
31 Dec 2025 increase/(decrease)
Effect on equity for the year ended
16,698
(16,698)
31 Dec 2024 increase/(decrease)
Commodity price sensitivity The table below summarises the impact on profit before tax for changes in commodity prices on the fair value of derivative financial instruments and trade receivables that are subject to provisional pricing. The impact on equity is the same as the impact on profit before income tax, as these derivative financial instruments have not been designated as hedges under IFRS 9. Instead, they are classified as held-for-trading and are therefore fair valued through profit or loss. The derivative financial instruments referenced in this sensitivity analysis are economic derivatives rather than hedge derivatives. These instruments arise from the Group\u2019s provisional pricing arrangements, whereby copper concentrate sales are initially recorded at provisional prices and are subsequently adjusted based on market prices at the end of the quotational period (QP), as per the terms of offtake agreements. As a result, the fair value of trade receivables fluctuates with commodity price movements, creating an embedded derivative that is accounted for separately. This derivative is not designated as a hedge and is classified as held- for-trading, meaning its fair value fluctuations are recognised in profit or loss. Since this pricing adjustment is directly linked to revenue, the impact on profit before tax (PBT) and equity is the same. The analysis is based on the assumption that copper prices move by $0.05/lb, with all other variables held constant. Reasonably possible movements in commodity prices were determined based on a review of the last two years\u2019 historical prices.
Increase/(decrease) in copper prices Increase $0.05/lb Decrease $0.05/lb
(Euro 000\u2019s) (2024: $0.05) (2024: $0.05)
Effect on profit before tax for the year
7,060
(7,060)
ended 31 Dec 2025 increase/(decrease)
Effect on profit before tax for the year
5,012
(5,012)
ended 31 Dec 2024 increase/(decrease)
Effect on equity for the year ended
5,789
(5,789)
31 Dec 2025 increase/(decrease)
Effect on equity for the year ended
4,110
(4,110)
31 Dec 2024 increase/(decrease)
A $0.05/lb movement in copper prices was determined as a reasonably possible change based on historical volatility over the past two years. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-477": { "value": "(b) Currency risk Currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates. Currency risk arises when future commercial transactions and recognised assets and liabilities are denominated in a currency that is not the Group\u2019s measurement currency. The Group is exposed to foreign exchange risk arising from various currency exposures primarily with respect to the US Dollar and the British Pound. The Group\u2019s management monitors the exchange rate fluctuations on a continuous basis and acts accordingly. The table below presents the Group\u2019s balances denominated in foreign currencies as at 31 December 2025 and 31 December 2024, categorised by currency and nature of balance:
(Euro 000\u2019s)
2025
2024
USD
Cash and cash equivalents
61,262
15,513
Trade and other receivables
21,254
10,769
82,516
26,282
GBP
Cash and cash equivalents
142
70
CHF
Trade and other receivables
161
-
Foreign currency sensitivity The following table demonstrates the sensitivity to a reasonably possible change in the foreign exchange rate, with all other variables held constant, of the Group\u2019s profit before tax due to changes in the carrying value of monetary assets and liabilities at reporting date:
(Euro 000\u2019s)
(+5%)
(-5%)
Effect on profit before tax for the year
18,890
(18,890)
ended 31 Dec 2025 increase/(decrease)
Effect on profit before tax for the year
20,364
(20,364)
ended 31 Dec 2024 increase/(decrease)
Effect on equity for the year ended
15,490
(15,490)
31 Dec 2025 increase/(decrease)
Effect on equity for the year ended
16,698
(16,698)
31 Dec 2024 increase/(decrease)
Commodity price risk Commodity price is the risk that the Group\u2019s future earnings will be adversely impacted by changes in the market prices of commodities, primarily copper. Management is aware of this impact on its primary revenue stream but knows that there is little it can do to influence the price earned apart from a hedging scheme. Commodity price hedging is governed by the Group\u2019s policy which allows to limit the exposure to prices. The Group may decide to hedge part of its production during the year although during 2025 Atalaya maintained full exposure to the copper price. Commodity price sensitivity The table below summarises the impact on profit before tax for changes in commodity prices on the fair value of derivative financial instruments and trade receivables that are subject to provisional pricing. The impact on equity is the same as the impact on profit before income tax, as these derivative financial instruments have not been designated as hedges under IFRS 9. Instead, they are classified as held-for-trading and are therefore fair valued through profit or loss. The derivative financial instruments referenced in this sensitivity analysis are economic derivatives rather than hedge derivatives. These instruments arise from the Group\u2019s provisional pricing arrangements, whereby copper concentrate sales are initially recorded at provisional prices and are subsequently adjusted based on market prices at the end of the quotational period (QP), as per the terms of offtake agreements. As a result, the fair value of trade receivables fluctuates with commodity price movements, creating an embedded derivative that is accounted for separately. This derivative is not designated as a hedge and is classified as held- for-trading, meaning its fair value fluctuations are recognised in profit or loss. Since this pricing adjustment is directly linked to revenue, the impact on profit before tax (PBT) and equity is the same. The analysis is based on the assumption that copper prices move by $0.05/lb, with all other variables held constant. Reasonably possible movements in commodity prices were determined based on a review of the last two years\u2019 historical prices.
Increase/(decrease) in copper prices Increase $0.05/lb Decrease $0.05/lb
(Euro 000\u2019s) (2024: $0.05) (2024: $0.05)
Effect on profit before tax for the year
7,060
(7,060)
ended 31 Dec 2025 increase/(decrease)
Effect on profit before tax for the year
5,012
(5,012)
ended 31 Dec 2024 increase/(decrease)
Effect on equity for the year ended
5,789
(5,789)
31 Dec 2025 increase/(decrease)
Effect on equity for the year ended
4,110
(4,110)
31 Dec 2024 increase/(decrease)
A $0.05/lb movement in copper prices was determined as a reasonably possible change based on historical volatility over the past two years. Interest rate risk Interest rate risk is the risk that the value of financial instruments will fluctuate due to changes in market interest rates. Borrowings issued at variable rates expose the Group to cash flow interest rate risk. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. The Group\u2019s management monitors the interest rate fluctuations on a continuous basis and acts accordingly. At the reporting date the interest rate profile of interest bearing financial instruments was:
(Euro 000\u2019s)
2025
2024
Variable rate instruments
Financial assets
166,306
52,878
An increase of 100 basis points in interest rates at 31 December 2025 would have increased/(decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. For a decrease of 100 basis points there would be an equal and opposite impact on the profit and other equity.
(Euro 000\u2019s)
2025
2024
Variable rate instruments
Equity
1,663
529
Profit or loss
1,663
529
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-478": { "value": "(c) Credit risk The Group applies the expected credit loss (ECL) model under IFRS 9 to financial assets measured at amortised cost, including loans and trade and other receivables. ECLs are measured as the probability-weighted present value of all cash shortfalls over the expected life of the financial instrument. The measurement of ECL incorporates historical loss experience, counterparty-specific factors and forward-looking information where relevant. For trade receivables and similar short-term receivables, the Group applies the simplified approach permitted by IFRS 9 and recognises lifetime ECLs from initial recognition. For other financial assets measured at amortised cost, the Group assesses at each reporting date whether credit risk has increased significantly since initial recognition. Where credit risk has not increased significantly, a loss allowance based on 12-month ECLs is recognised. A financial asset is considered to have experienced a significant increase in credit risk when there is a material deterioration in the creditworthiness of the counterparty or where contractual payments are more than 30 days past due. A financial asset is considered credit-impaired when contractual payments are more than 90 days past due or when there is other objective evidence of impairment. Forward-looking information is incorporated into the determination of ECLs where relevant, including consideration of macroeconomic conditions and counterparty-specific developments. There were no significant changes in estimation techniques or significant assumptions applied in measuring ECLs during the year. Credit risk arises when a failure by counterparties to discharge their obligations could reduce the amount of future cash inflows from financial assets on hand at the reporting date. The Group has no significant concentration of credit risk. The Group has policies in place to ensure that sales of products and services are made to customers with an appropriate credit history and monitors on a continuous basis the ageing profile of its receivables. The Group has policies to limit the amount of credit exposure to any financial institution.
Credit risk exposure by stage
Stage 1 Stage 2 Stage 3
(Euro 000\u2019s) (12-months ECL) (Lifetime ECL) (Credit)
31 December 2025
Cash and cash equivalents
166,306
\u2013
\u2013
Loans (impaired)
20
\u2013
(2,726)
Trade and other financial
24,689
\u2013
(21,418)
receivables (impaired)
Other financial assets
1,163
\u2013
\u2013
192,178
-
(24,144)
31 December 2024
Cash and cash equivalents
52,878
-
-
Loans
2,627
-
-
Trade and other
financial receivables
70,115
-
-
Other financial assets
1,124
-
-
The credit risk exposure presented
above includes only financial assets
measured at amortised cost that are
within the scope of the expected
credit loss model under IFRS 9.
The prepayment granted to Lain
Technologies S.A. which represents
an advance payment for services
to be received in the future, has
been considered in the credit risk
analysis. As the recoverability of
this prepayment depends on the
counterparty\u2019s ability to perform the
contracted services, management
has included it in the assessment of
credit risk in accordance with IFRS 9.
The Group\u2019s exposure to credit risk
arises primarily from cash balances
held with financial institutions
and from receivables from copper
concentrate customers.
Cash balances are held with major
international financial institutions
with high credit ratings. Trade
receivables primarily relate to a limited
number of internationally recognised
smelting and refining counterparties.
Management considers the credit risk
associated with these counterparties
to be low. The Group does not hold
collateral as security in respect of its
financial assets.
Except as detailed in the following table, the carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the maximum credit exposure without taking account of the value of any collateral obtained:
(Euro 000\u2019s)
31 Dec 2025
31 Dec 2024
Unrestricted cash and cash equivalents at Group level
146,505
43,184
Unrestricted cash and cash equivalents at Operation level
19,801
9,694
Consolidated cash and cash equivalents
166,306
52,878
Net cash position
121,960
35,091
Working capital surplus
93,822
44,728
There are no collaterals held in respect of these financial instruments and there are no financial assets that are past due or impaired as at 31 December 2025 and 2024. The table below presents the Group\u2019s financial assets exposed to credit risk as at 31 December 2025 and 31 December 2024, classified by type of asset.
(Euro 000\u2019s)
2025
2024
Non-current financial assets
Non-current loans
9,834
2,768
Non-current deposits
902
611
10,736
3,379
Current financial assets
Current loans
20
5,352
Current receivables
21,668
11,458
21,688
16,810
Total
32,424
20,189
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-427": { "value": "
3.2 Fair value measurement
The fair values of the Group\u2019s financial
assets and liabilities approximate
their carrying amounts at the
reporting date.
The fair value of financial instruments
traded in active markets, such as
those listed on stock exchanges, and
the fair value of assets and liabilities
measured at fair value through
profit or loss are based on quoted
market prices at the reporting date.
The quoted market price used for
financial assets held by the Group is
the current bid price. The appropriate
quoted price for financial liabilities is
the current ask price.
The fair value of financial
instruments that are not traded in an
active market is determined using
valuation techniques. The Group
uses a variety of methods, such as
estimated discounted cash flows,
and makes assumptions based on
market conditions existing at the
reporting date.
Fair value measurements
recognised in the consolidated
statement of financial position
The following table provides an
analysis of financial instruments
measured subsequent to initial
recognition at fair value, grouped
into Levels 1 to 3 based on the degree
to which the fair value is observable.
\u25a1 Level 1 fair value measurements are
those derived from quoted prices
(unadjusted) in active markets for
identical assets or liabilities.
\u25a1 Level 2 fair value measurements
are those derived from inputs other
than quoted prices included within
Level 1 that are observable for the
asset or liability, either directly (that
is, as prices) or indirectly (that is,
derived from prices).
\u25a1 Level 3 fair value measurements
are those derived from valuation
techniques that include inputs for
the asset or liability that are not
based on observable market data
(unobservable inputs).
(Euro 000\u2019s)
Level 1
Level 2
Level 3
Total
31 December 2025
Other current financial assets
Financial assets at FV through OCI
62
-
1,101
1,163
Financial assets at FV through P&L (*)
-
-
9,725
9,725
Trade and other receivables
Receivables (subject to provisional pricing)
-
21,254
-
21,254
Total
62
21,254
10,826
32,142
31 December 2024
Other current financial assets
Financial assets at FV through OCI
23
-
1,101
1,124
Trade and other receivables
Receivables (subject to provisional pricing)
-
10,769
-
10,769
Total
23
10,769
1,101
11,893
(*) The fair value of the convertible loan was determined using a valuation model reflecting expected outcomes
of Lain UK Ltd.
On 30 September 2024 the Company
entered into a convertible loan
agreement with Lain Technologies,
Ltd., granting a credit facility of up to
\u20ac10 million (the \u201cConvertible Loan\u201d).
The Convertible Loan was granted for
a fixed term to 31 December 2025 and
bears interest at EURIBOR 3M + 2%
per annum.
As at 31 December 2025, the carrying
value of the Convertible Loan
amounts \u20ac9.7 million, comprising
\u20ac9.3 million of principal and \u20ac0.5
million of accrued interest.
If, at the Loan\u2019s maturity, if Lain
Technologies, Ltd. has not repaid the
principal and accrued interest, Atalaya
has the right to acquire 20% of the
shares of Lain Technologies, Ltd. at
zero consideration (in exchange for
the outstanding principal and interest
of the Convertible Loan). Upon
receipt of such equity interest, the
Convertible Loan will be cancelled.
As at the date of approval of these
financial statements, Atalaya has
neither collected the outstanding
amount nor exercised the conversion
right.
Lain Technologies, Ltd. is the owner
of the E-LIX technology, which is
safeguarded as a trade secret, and
the Company\u2019s value is fundamentally
driven by ownership of that
technology. The functionality of the
E-LIX process has been demonstrated,
however, the only demonstration
scale plant using this technology is
located at Proyecto Riotinto and is
currently in ramping up and has not
yet achieved consistent commercial
production levels.
Given the nature of the asset and the
expectation that recovery will occur
through conversion into a 20% equity
interest rather than through cash
flows of principal and interest, the
instrument is measured at fair value
through profit or loss in accordance
with IFRS 9.
Atalaya has relied on the work of
an independent valuation expert to
determine the fair value of its 20%
interest in Lain Technologies, Ltd.
The fair value of the 20% interest
in Lain Technologies, Ltd. has been
estimated using the Discounted
Incremental Cash Flows method
(DICF), applying an appropriate
discount rate (Weighted Average Cost
of Capital, WACC).
The DICF methodology determines
value based on the present value of
incremental cash flows expected to
be generated from the application of
the E-LIX technology.
These incremental cash flows are
calculated as follows:
\u2022 (Scenario 1) cash flows estimated
for Proyecto Riotinto including the
application of the E-LIX technology;
minus
\u2022 (Scenario 2) cash flows estimated
for Proyecto Riotinto without the
application of the E-LIX technology.
Key assumptions applied in the
valuation model include an 8%
discount for lack of marketability
(DLOM) and commodity price
assumptions based on a combination
of forward market prices and
management\u2019s long-term forecasts,
which are broadly consistent with those
used in the Group\u2019s impairment testing
and internal planning processes.
The valuation has been prepared using
Cerro Colorado open-pit at Proyecto
Riotinto as a reference operating
scenario and does not include
potential applications of the E-LIX
technology to other mines, reflecting
the early stage of deployment of
the technology and providing a
conservative estimate of value.
The following scenarios were
considered in determining the range
of reasonable values:
\u25a1 Base Case: based on planned
copper extraction for the Cerro
Colorado mine and WACC of 9.3%.
\u25a1 Low Range: based on planned
copper extraction for the Cerro
Colorado mine and WACC of 11%.
\u25a1 High Range: based on planned
copper extraction for the Cerro
Colorado mine and WACC of 7%.
The incremental cash flows for each
of these scenarios are as follows:
(Million of Euro)
Incremental Cash Flows
Low Range
10.1
Base Case
10.9
High Range
13.4
Sensitivity analysis has also been
performed, including scenarios
with increased production volumes
and lower discount rates. Under
an illustrative scenario assuming
an increase of up to 20% in copper
payable and a minimum WACC
of 7%, the resulting valuation
would amount to \u20ac16.1 million. The
valuation incorporates assumptions
regarding the resolution of current
operational constraints and the
achievement of improved production
levels, which are inherently uncertain
and subject to execution risk.
Based on the above considerations,
management has estimated the fair
value at year-end to be \u20ac9.7 million. The
maximum credit risk to which Atalaya
is exposed in relation to the Convertible
Loan amounts to \u20ac9.7 million.
29. Borrowings
(Euro 000\u2019s)
2025
2024
Non-current borrowings
Credit facilities - variable interest
5,708
10,866
5,708
10,866
Current borrowings
Credit facilities - variable interest
38,638
6,921
38,638
6,921
The Group had credit approval for
unsecured facilities totalling \u20ac97.2
million (\u20ac97.4 million at 31 December
2024). During 2025, Atalaya drew down
some of its existing credit facilities
to finance the solar plant, payable
amount of \u20ac9.0 million at 31 December
2025 (2024: \u20ac13.9 million) and for the
construction of a new part of the
processing plant payable amount of
\u20ac1.9 million at 31 December 2025 (2024:
\u20ac2.8 million). The increase in short-term
borrowings at the end of the period is
the result of temporary credit facility
drawdowns to finance the settlement of
an intercompany loan.
Margins on borrowings with variable
interest rates in 2025, usually three
months EURIBOR and 12 months
EURIBOR, range from 0.90% to 1.93%
with an average margin of 1.25%.
At 31 December 2025, the Group had
used \u20ac44.4 million of its facilities
and had undrawn facilities of \u20ac43.8
million.
29(a) Net cash reconciliation
Reconciliation of Liabilities Arising
from Financing Activities
In accordance with IAS 7 paragraph
44D, the reconciliation below provides
information on changes in liabilities
arising from financing activities,
including both cash and non-cash
changes.
(\u20ac 000\u2019s)
2025
2024
Cash and cash equivalents
166,306
52,878
Borrowings \u2013 repayable within one year
(38,638)
(6,921)
Borrowings \u2013 repayable after one year
(5,708)
(10,866)
Lease
(4,473)
(3,801)
Net cash
117,487
31,290
(Euro 000\u2019s)
Cash
Borrowings
Lease
Total
Net cash as at 1 January 2024
121,007
(66,687)
(4,378)
49,942
Financing cash flows
(69,931)
-
-
(69,931)
Proceeds from borrowings
-
(3,000)
-
(3,000)
Repayment of borrowings
-
51,900
519
52,419
Foreign exchanges adjustments
1,802
-
-
1,802
Other changes
Interest paid
-
1,131
30
1,161
Interest expense
-
(1,131)
(30)
(1,161)
Other changes
-
-
58
58
Net cash as at 31 December 2024
52,878
(17,787)
(3,801)
31,290
Financing cash flows
120,857
-
-
120,857
Proceeds from borrowings
-
(37,916)
-
(37,916)
Repayment of borrowings
-
11,357
565
11,922
Foreign exchanges adjustments
(7,429)
-
-
(7,429)
Other changes
Interest paid
-
1,238
21
1,259
Interest expense
-
(1,238)
(21)
1,259
Other changes (Note 28)
-
-
(1,237)
(1,237)
Net cash as at 31 December 2025
166,306
(44,346)
(4,473)
117,487
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-511": { "value": "3.2 Fair value measurement The fair values of the Group\u2019s financial assets and liabilities approximate their carrying amounts at the reporting date. The fair value of financial instruments traded in active markets, such as those listed on stock exchanges, and the fair value of assets and liabilities measured at fair value through profit or loss are based on quoted market prices at the reporting date. The quoted market price used for financial assets held by the Group is the current bid price. The appropriate quoted price for financial liabilities is the current ask price. The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. The Group uses a variety of methods, such as estimated discounted cash flows, and makes assumptions based on market conditions existing at the reporting date. Fair value measurements recognised in the consolidated statement of financial position The following table provides an analysis of financial instruments measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. \u25a1 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. \u25a1 Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). \u25a1 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).
(Euro 000\u2019s)
Level 1
Level 2
Level 3
Total
31 December 2025
Other current financial assets
Financial assets at FV through OCI
62
-
1,101
1,163
Financial assets at FV through P&L (*)
-
-
9,725
9,725
Trade and other receivables
Receivables (subject to provisional pricing)
-
21,254
-
21,254
Total
62
21,254
10,826
32,142
31 December 2024
Other current financial assets
Financial assets at FV through OCI
23
-
1,101
1,124
Trade and other receivables
Receivables (subject to provisional pricing)
-
10,769
-
10,769
Total
23
10,769
1,101
11,893
(*) The fair value of the convertible loan was determined using a valuation model reflecting expected outcomes of Lain UK Ltd. On 30 September 2024 the Company entered into a convertible loan agreement with Lain Technologies, Ltd., granting a credit facility of up to \u20ac10 million (the \u201cConvertible Loan\u201d). The Convertible Loan was granted for a fixed term to 31 December 2025 and bears interest at EURIBOR 3M + 2% per annum. As at 31 December 2025, the carrying value of the Convertible Loan amounts \u20ac9.7 million, comprising \u20ac9.3 million of principal and \u20ac0.5 million of accrued interest. If, at the Loan\u2019s maturity, if Lain Technologies, Ltd. has not repaid the principal and accrued interest, Atalaya has the right to acquire 20% of the shares of Lain Technologies, Ltd. at zero consideration (in exchange for the outstanding principal and interest of the Convertible Loan). Upon receipt of such equity interest, the Convertible Loan will be cancelled. As at the date of approval of these financial statements, Atalaya has neither collected the outstanding amount nor exercised the conversion right. Lain Technologies, Ltd. is the owner of the E-LIX technology, which is safeguarded as a trade secret, and the Company\u2019s value is fundamentally driven by ownership of that technology. The functionality of the E-LIX process has been demonstrated, however, the only demonstration scale plant using this technology is located at Proyecto Riotinto and is currently in ramping up and has not yet achieved consistent commercial production levels. Given the nature of the asset and the expectation that recovery will occur through conversion into a 20% equity interest rather than through cash flows of principal and interest, the instrument is measured at fair value through profit or loss in accordance with IFRS 9. Atalaya has relied on the work of an independent valuation expert to determine the fair value of its 20% interest in Lain Technologies, Ltd. The fair value of the 20% interest in Lain Technologies, Ltd. has been estimated using the Discounted Incremental Cash Flows method (DICF), applying an appropriate discount rate (Weighted Average Cost of Capital, WACC). The DICF methodology determines value based on the present value of incremental cash flows expected to be generated from the application of the E-LIX technology. These incremental cash flows are calculated as follows: \u2022 (Scenario 1) cash flows estimated for Proyecto Riotinto including the application of the E-LIX technology; minus \u2022 (Scenario 2) cash flows estimated for Proyecto Riotinto without the application of the E-LIX technology. Key assumptions applied in the valuation model include an 8% discount for lack of marketability (DLOM) and commodity price assumptions based on a combination of forward market prices and management\u2019s long-term forecasts, which are broadly consistent with those used in the Group\u2019s impairment testing and internal planning processes. The valuation has been prepared using Cerro Colorado open-pit at Proyecto Riotinto as a reference operating scenario and does not include potential applications of the E-LIX technology to other mines, reflecting the early stage of deployment of the technology and providing a conservative estimate of value. The following scenarios were considered in determining the range of reasonable values: \u25a1 Base Case: based on planned copper extraction for the Cerro Colorado mine and WACC of 9.3%. \u25a1 Low Range: based on planned copper extraction for the Cerro Colorado mine and WACC of 11%. \u25a1 High Range: based on planned copper extraction for the Cerro Colorado mine and WACC of 7%. The incremental cash flows for each of these scenarios are as follows:
(Million of Euro)
Incremental Cash Flows
Low Range
10.1
Base Case
10.9
High Range
13.4
Sensitivity analysis has also been performed, including scenarios with increased production volumes and lower discount rates. Under an illustrative scenario assuming an increase of up to 20% in copper payable and a minimum WACC of 7%, the resulting valuation would amount to \u20ac16.1 million. The valuation incorporates assumptions regarding the resolution of current operational constraints and the achievement of improved production levels, which are inherently uncertain and subject to execution risk. Based on the above considerations, management has estimated the fair value at year-end to be \u20ac9.7 million. The maximum credit risk to which Atalaya is exposed in relation to the Convertible Loan amounts to \u20ac9.7 million. 21. Other financial assets
(Euro 000\u2019s)
31 Dec 2025
31 Dec 2024
Financial asset at fair value through OCI (see (a) below)
1,162
1,124
Total current
61
23
Total non-current
1,101
1,101
a) Financial assets at fair value through OCI
(Euro 000\u2019s)
31 Dec 2025
31 Dec 2024
At 1 January
1,124
1,131
Fair value change recorded in equity (Note 24)
38
(7)
At 31 December
1,162
1,124
Effective proportion
Company Country of of shares held at 31
name
Principal activities
incorporation December 2015
Explotaciones
Gallegas del
Exploration company
Spain
12.5%
Cobre S.L.
KEFI Minerals Plc Exploration and development
UK
0.04%
mining company listed on AIM
Prospech
Exploration company
Australia
0.09%
Limited
The Group decided to recognise changes in the fair value through Other Comprehensive Income (OCI), as explained in Note 2.12. As per Note 2.29, the Group\u2019s investment in Explotaciones Gallegas del Cobre S.L., amounting to \u20ac1,101k, is classified as a Level 3 financial instrument, as its fair value is based on unobservable inputs. The fair value is determined using valuation techniques that reflect the asset\u2019s nature and the absence of an active market. The primary methodology applied is a market-based approach, considering comparable transactions within the mining exploration sector. Where such data is unavailable, management applies an adjusted cost approach, incorporating estimates of resource potential and exploration progress. The valuation is reviewed periodically, considering changes in market conditions, commodity prices, and exploration results.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-479": { "value": "3.2 Fair value measurement The fair values of the Group\u2019s financial assets and liabilities approximate their carrying amounts at the reporting date. The fair value of financial instruments traded in active markets, such as those listed on stock exchanges, and the fair value of assets and liabilities measured at fair value through profit or loss are based on quoted market prices at the reporting date. The quoted market price used for financial assets held by the Group is the current bid price. The appropriate quoted price for financial liabilities is the current ask price. The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. The Group uses a variety of methods, such as estimated discounted cash flows, and makes assumptions based on market conditions existing at the reporting date. Fair value measurements recognised in the consolidated statement of financial position The following table provides an analysis of financial instruments measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. \u25a1 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. \u25a1 Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). \u25a1 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).
(Euro 000\u2019s)
Level 1
Level 2
Level 3
Total
31 December 2025
Other current financial assets
Financial assets at FV through OCI
62
-
1,101
1,163
Financial assets at FV through P&L (*)
-
-
9,725
9,725
Trade and other receivables
Receivables (subject to provisional pricing)
-
21,254
-
21,254
Total
62
21,254
10,826
32,142
31 December 2024
Other current financial assets
Financial assets at FV through OCI
23
-
1,101
1,124
Trade and other receivables
Receivables (subject to provisional pricing)
-
10,769
-
10,769
Total
23
10,769
1,101
11,893
(*) The fair value of the convertible loan was determined using a valuation model reflecting expected outcomes of Lain UK Ltd. On 30 September 2024 the Company entered into a convertible loan agreement with Lain Technologies, Ltd., granting a credit facility of up to \u20ac10 million (the \u201cConvertible Loan\u201d). The Convertible Loan was granted for a fixed term to 31 December 2025 and bears interest at EURIBOR 3M + 2% per annum. As at 31 December 2025, the carrying value of the Convertible Loan amounts \u20ac9.7 million, comprising \u20ac9.3 million of principal and \u20ac0.5 million of accrued interest. If, at the Loan\u2019s maturity, if Lain Technologies, Ltd. has not repaid the principal and accrued interest, Atalaya has the right to acquire 20% of the shares of Lain Technologies, Ltd. at zero consideration (in exchange for the outstanding principal and interest of the Convertible Loan). Upon receipt of such equity interest, the Convertible Loan will be cancelled. As at the date of approval of these financial statements, Atalaya has neither collected the outstanding amount nor exercised the conversion right. Lain Technologies, Ltd. is the owner of the E-LIX technology, which is safeguarded as a trade secret, and the Company\u2019s value is fundamentally driven by ownership of that technology. The functionality of the E-LIX process has been demonstrated, however, the only demonstration scale plant using this technology is located at Proyecto Riotinto and is currently in ramping up and has not yet achieved consistent commercial production levels. Given the nature of the asset and the expectation that recovery will occur through conversion into a 20% equity interest rather than through cash flows of principal and interest, the instrument is measured at fair value through profit or loss in accordance with IFRS 9. Atalaya has relied on the work of an independent valuation expert to determine the fair value of its 20% interest in Lain Technologies, Ltd. The fair value of the 20% interest in Lain Technologies, Ltd. has been estimated using the Discounted Incremental Cash Flows method (DICF), applying an appropriate discount rate (Weighted Average Cost of Capital, WACC). The DICF methodology determines value based on the present value of incremental cash flows expected to be generated from the application of the E-LIX technology. These incremental cash flows are calculated as follows: \u2022 (Scenario 1) cash flows estimated for Proyecto Riotinto including the application of the E-LIX technology; minus \u2022 (Scenario 2) cash flows estimated for Proyecto Riotinto without the application of the E-LIX technology. Key assumptions applied in the valuation model include an 8% discount for lack of marketability (DLOM) and commodity price assumptions based on a combination of forward market prices and management\u2019s long-term forecasts, which are broadly consistent with those used in the Group\u2019s impairment testing and internal planning processes. The valuation has been prepared using Cerro Colorado open-pit at Proyecto Riotinto as a reference operating scenario and does not include potential applications of the E-LIX technology to other mines, reflecting the early stage of deployment of the technology and providing a conservative estimate of value. The following scenarios were considered in determining the range of reasonable values: \u25a1 Base Case: based on planned copper extraction for the Cerro Colorado mine and WACC of 9.3%. \u25a1 Low Range: based on planned copper extraction for the Cerro Colorado mine and WACC of 11%. \u25a1 High Range: based on planned copper extraction for the Cerro Colorado mine and WACC of 7%. The incremental cash flows for each of these scenarios are as follows:
(Million of Euro)
Incremental Cash Flows
Low Range
10.1
Base Case
10.9
High Range
13.4
Sensitivity analysis has also been performed, including scenarios with increased production volumes and lower discount rates. Under an illustrative scenario assuming an increase of up to 20% in copper payable and a minimum WACC of 7%, the resulting valuation would amount to \u20ac16.1 million. The valuation incorporates assumptions regarding the resolution of current operational constraints and the achievement of improved production levels, which are inherently uncertain and subject to execution risk. Based on the above considerations, management has estimated the fair value at year-end to be \u20ac9.7 million. The maximum credit risk to which Atalaya is exposed in relation to the Convertible Loan amounts to \u20ac9.7 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-480": { "value": "
3.3 Capital risk management
The Group considers its capital
structure to consist of share capital,
share premium and share options
reserve. The Group\u2019s objectives when
managing capital are to safeguard
the Group\u2019s ability to continue as a
going concern in order to provide
returns for shareholders and benefits
for other stakeholders and to
maintain an optimal capital structure
to reduce the cost of capital. The
Group is not subject to any externally
imposed capital requirements.
In order to maintain or adjust
the capital structure, the Group
issues new shares. The Group
manages its capital to ensure that
it will be able to continue as a going
concern while maximising the
return to shareholders through the
optimisation of the debt and equity
balance. The AC reviews the capital
structure on a continuing basis.
The Group\u2019s objectives when
managing capital are to safeguard the
Group\u2019s ability to continue as a going
concern and to maintain an optimal
capital structure so as to maximise
shareholder value. In order to
maintain or achieve an optimal capital
structure, the Group may adjust the
amount of dividend payment, return
capital to shareholders, issue new
shares, buy back issued shares, obtain
new borrowings or sell assets to
reduce borrowings.
The Group monitors capital on
the basis of the gearing ratio. The
gearing ratio is calculated as net
debt divided by total capital. Net
debt is calculated as provisions plus
deferred consideration plus trade
and other payables less cash and
cash equivalents.
(Euro 000\u2019s)
31 Dec 2025
31 Dec 2024
Total liabilities less cash
33,526
104,433
Total equity (excluding NCI)
589,870
516,384
Total capital
623,396
620,187
Gearing ratio
5.38%
16.82%
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-428": { "value": "3.4 Critical accounting judgements and Key sources of estimation uncertainty The preparation of the Group\u2019s financial statements requires management to apply judgements, estimates, and assumptions that affect the recognition and measurement of assets, liabilities, revenues, and expenses. These judgements and estimates are based on management\u2019s experience, industry knowledge, and expectations of future events that are considered reasonable under the circumstances. Under IAS 1 \u2013 Presentation of Financial Statements, the Group distinguishes between critical accounting judgements and key sources of estimation uncertainty, as they have different disclosure requirements: \u25a1 Critical accounting judgements involve decisions made by management in applying accounting policies that have the most significant impact on the financial statements (IAS 1, paragraph 122). These judgements do not involve estimation uncertainty but require management to make subjective assessments in applying IFRS. \u25a1 Key sources of estimation uncertainty involve assumptions about the future that create a significant risk of material adjustment to the carrying amounts of assets and liabilities within the next financial year (IAS 1, paragraph 125). These estimates are subject to inherent uncertainty, and actual results may differ from those originally assumed. Management continuously evaluates these judgements and estimates to ensure they remain appropriate and reflect the latest available information. Significant accounting judgements and critical estimates identified by the Group are outlined below, along with their potential financial impact.
(a) Consolidation of
Cobre San Rafael
Cobre San Rafael, S.L. is the entity
that holds the mining rights for
Proyecto Touro. Although the
Group initially owned only a 10%
equity interest, management has
exercised judgement under IFRS 10\u2013
Consolidated Financial Statements
and determined that Atalaya controls
Cobre San Rafael, S.L. and should
consolidate up to 80% of its interest
in the Group\u2019s financial statements.
This judgement is based on the
following key factors:
Power Over Relevant Activities
\u25a1 Atalaya has substantive rights that
enable it to direct key operational
and financial decisions.
\u25a1 The Group has the ability to
appoint key personnel, including
senior management and
operational leadership.
\u25a1 One of the two Directors of Cobre
San Rafael, S.L. is appointed by
Atalaya, allowing it to influence
strategic decisions.
Exposure to Variable Returns
\u25a1 Atalaya bears financial risks
through contractual obligations
that require it to absorb Cobre San
Rafael, S.L.\u2019s losses, exceeding its
initial ownership percentage.
\u25a1 The Group provides funding and
financial support to maintain the
subsidiary\u2019s operations, reinforcing
its economic exposure.
Control and Increased Consolidation
Up to 80%
\u25a1 Under IFRS 10, control is
determined by power over the
entity, exposure to variable returns,
and the ability to affect those
returns.
\u25a1 Due to Atalaya\u2019s contractual rights,
financial obligations, and decision-
making authority, management
has determined that the Group
exercises control over Cobre San
Rafael, S.L.
\u25a1 As a result, the Group has elected
to consolidate up to 80% of its
interest, in line with its milestone-
based acquisition framework,
which allows for an increase in
ownership over time.
This assessment represents a significant judgement, as control is not based solely on the percentage of ownership but rather on the ability to direct relevant activities and bear associated financial risks. Management continues to monitor changes in contractual arrangements, funding obligations, and decision-making rights to assess whether control remains appropriate under IFRS 10. Management has exercised judgement in determining that Atalaya controls Cobre San Rafael, S.L., despite holding only a 10% equity interest. Under IFRS 10 \u2013 Consolidated Financial Statements, control exists when an entity has power over relevant activities, exposure to variable returns, and the ability to affect those returns. Atalaya has the ability to appoint key personnel and influence strategic decisions through board representation. Additionally, it bears the financial risks of the subsidiary due to contractual obligations requiring it to absorb its losses. Based on these factors, Atalaya consolidates up to 80% of its interest in the Group\u2019s financial statements.
Contingent Liabilities Related to
Cobre San Rafael
In addition to the consolidation
judgement, the Group evaluated
whether any contingent liabilities
exist in relation to Cobre San Rafael
or other entities. Under IAS 37 \u2013
Provisions, Contingent Liabilities
and Contingent Assets, a contingent
liability arises when a past event
creates a possible obligation, but its
settlement depends on uncertain
future events outside the Group\u2019s
control.
As of 31 December 2025, the Group
does not have any significant
contingent liabilities other than
those related to Cobre San Rafael.
The main risks associated with
CSR include potential legal and
environmental obligations related to
Proyecto Touro\u2019s permitting process,
which remain subject to ongoing
regulatory developments.
Management continues to assess
whether any additional provisions
or contingent liabilities should
be recognised, considering legal,
regulatory, and operational risks
affecting the Group\u2019s interests.
CRITICAL ACCOUNTING JUDGEMENTS
(b) Capitalisation of exploration
and evaluation costs
Under the Group\u2019s accounting
policy, exploration and evaluation
expenditure is not capitalised until
the point is reached at which there
is a high degree of confidence
in the project\u2019s viability, and it is
considered probable that future
economic benefits will flow to the
Group. Subsequent recovery of the
resulting carrying value depends on
successful development or sale of
the undeveloped project. If a project
proves to be unviable, all irrecoverable
costs associated with the project net
of any related impairment provisions
are written off.
Judgement is required to determine
when exploration and evaluation
costs should be capitalised. The
Group only capitalises expenditure
once there is a high degree of
confidence in a project\u2019s viability,
and future economic benefits are
considered probable. Until this point,
costs are expensed.
c) Classification of financial
instruments
Financial assets are classified, at
initial recognition, and subsequently
measured at amortised cost, fair value
through OCI, or fair value through
profit or loss.
The Group and Company exercises judgement upon determining the classification of its financial assets upon considering whether contractual features including interest rate could significantly affect future cash flows. Furthermore, judgement is required when assessing whether compensation paid or received on early termination of lending arrangements results in cash flows that are not solely payments of principal and interest (SPPI). Certain financial assets contain features such as early termination options, variable or linked interest rates, or conversion options into equity instruments. These contractual features require management to assess whether the SPPI criterion is met and whether the instrument should be measured at amortised cost, fair value through OCI, or fair value through profit or loss. In particular, the existence of conversion options into shares may introduce exposure to equity risk and therefore may preclude measurement at amortised cost. Significant judgement is therefore required in evaluating the economic substance of these contractual arrangements and determining the appropriate accounting classification
under IFRS 9 and, where applicable,
IAS 32.
(d) Stripping costs
The Group incurs waste removal
costs (stripping costs) during the
development and production phases
of its surface mining operations.
Furthermore, during the production
phase, stripping costs are incurred in
the production of inventory as well
as in the creation of future benefits
by improving access and mining
flexibility in respect of the orebodies
to be mined, the latter being referred
to as a stripping activity asset.
Judgement is required to distinguish
between the development and
production activities at surface mining
operations.
The Group is required to identify the
separately identifiable components
or phases of the orebodies for each
of its surface mining operations.
Judgement is required to identify and
define these components, and also
to determine the expected volumes
(tonnes) of waste to be stripped and
ore to be mined in each of these
components. These assessments
may vary between mines because
the assessments are undertaken for
each individual mine and are based
on a combination of information
available in the mine plans, specific
characteristics of the orebody, the
milestones relating to major capital
investment decisions and the type
and grade of minerals being mined.
Judgement is also required to identify
a suitable production measure that
can be applied in the calculation and
allocation of production stripping
costs between inventory and the
stripping activity asset. The Group
considers the ratio of expected
volume of waste to be stripped for
an expected volume of ore to be
mined for a specific component of
the orebody, compared to the current
period ratio of actual volume of waste
to the volume of ore to be the most
suitable measure of production.
These judgements and estimates
are used to calculate and allocate
the production stripping costs to
inventory and/or the stripping activity
asset(s). Furthermore, judgements
and estimates are also used to apply
the units of production method in
determining the depreciable lives of
the stripping activity asset(s).
(e) Contingent liabilities
A contingent liability arises where a
past event has taken place for which
the outcome will be confirmed only
by the occurrence or non-occurrence
of one or more uncertain events
outside of the control of the Group, or
a present obligation exists but is not
recognised because it is not probable
that an outflow of resources will be
required to settle the obligation.
A provision is made when a loss to
the Group is likely to crystallise. The
assessment of the existence of a
contingency and its likely outcome,
particularly if it is considered that a
provision might be necessary, involves
significant judgement taking all
relevant factors into account.
(f) Impairment of assets
Events or changes in circumstances
can give rise to significant impairment
charges or impairment reversals in a
particular year. The Group assesses
each Cash Generating Unit (CGU)
annually to determine whether any
indications of impairment exist. If it
was necessary management could
contract independent expert to value
the assets. Where an indicator of
impairment exists, a formal estimate
of the recoverable amount is made,
which is considered the higher of the
fair value less cost to sell and value-in-
use. An impairment loss is recognised
immediately in net earnings (Note 13).
These assessments require the
use of estimates and assumptions
such as commodity prices, discount
rates, future capital requirements,
exploration potential and operating
performance. Fair value is determined
as the price that would be received
to sell an asset or paid to transfer
a liability in an orderly transaction
between market participants at the
measurement date. Fair value for
mineral assets is generally determined
as the present value of estimated
future cash flows arising from the
continued use of the asset, which
includes estimates such as the cost of
future expansion plans and eventual
disposal, using assumptions that an
independent market participant may
take into account. Cash flows are
discounted at an appropriate discount
rate to determine the net present
value. For the purpose of calculating
the impairment of any asset,
management regards an individual
mine or works site as a CGU.
Although management has made
its best estimate of these factors, it
is possible that changes could occur
in the near term that could adversely
affect management\u2019s estimate of the
net cash flow to be generated from its
projects.
The assessment of impairment
indicators and the recoverable
amount of assets requires
management to estimate future
cash flows, discount rates, and
market conditions. After performing
sensitivity calculations, a 10% decrease
in copper prices would not result in an
impairment charge.
(g) Classification of share-based
payment arrangements
The amendment to the LTIP 2020
approved by the Board of Directors in
May 2025 introduced a discretionary
mechanism allowing the settlement
of certain option exercises in cash
instead of issuing equity instruments.
This mechanism applies exclusively
to options exercised by non-C-
Suite employees and is subject to a
maximum aggregate cash settlement
limit of \u20ac3 million approved by the
Board.
The classification of these awards
requires judgement in determining
whether the Group has incurred a
present obligation to settle in cash in
accordance with IFRS 2.41.
In making this assessment,
management considered the
following factors:
\u25a1 The contractual terms of the
amended LTIP 2020 plan.
\u25a1 The authorisations granted by
the Board of Directors and the
cumulative limits approved for cash
settlement during 2025.
\u25a1 The pattern of settlements observed since the introduction of the amendment. \u25a1 Whether the Group retains a realistic alternative to settle the awards by issuing equity instruments. Based on this analysis, management concluded that sufficient evidence of a past practice of cash settlement arose on 9 September 2025, when the Board approved the increase of the authorised cash settlement limit to \u20ac3 million. From that date, the Group considers that a constructive obligation exists to settle certain awards in cash in accordance with IFRS 2.41. However, this obligation is limited to the maximum aggregate amount authorised by the Board of Directors. For awards exceeding this limit, the Group retains the practical ability to settle the options through the issuance of equity instruments. Accordingly, no present obligation to settle in cash exists for the remaining options outstanding. The measurement of liabilities arising from cash-settled share-based payment arrangements requires the use of market-based inputs, including the share price at the reporting date and expected vesting conditions.
KEY SOURCES OF ESTIMATION UNCERTAINTY
(h) Ore Reserve and Mineral
Resource estimates
The estimation of Ore Reserves and
Mineral Resources impacts various
accounting estimates in the Group\u2019s
financial statements that requires
critical accounting judgement. While
Ore Reserve estimates are based on
geological, technical, and economic
assessments performed by qualified
persons, they are not standalone
accounting estimates under IFRS.
Instead, they act as key assumptions
that influence multiple financial
statement areas, including:
\u25a1 Depreciation and amortisation,
particularly for assets depreciated
using the unit-of-production (UOP)
method.
\u25a1 Impairment assessments, as future
expected cash flows depend
on estimated recoverable Ore
Reserves.
\u25a1 Capitalisation of stripping costs,
which determines whether
waste removal costs should be
recognised as an asset or expensed.
\u25a1 Rehabilitation and
decommissioning provisions, as
Ore Reserve estimates affect the
timing and expected costs of site
restoration.
The Group estimates its Ore Reserves
and Mineral Resources based on
geological and technical data
relating to the size, depth, shape, and
grade of the ore body, along with
suitable production techniques and
recovery rates. These assessments
require complex geological
judgements, including:
\u25a1 Long-term copper price
assumptions.
\u25a1 Foreign exchange rate forecasts
affecting project viability.
\u25a1 Production costs, capital
expenditure requirements, and
expected recovery rates.
\u25a1 Mining recovery and dilution
factors.
\u25a1 Environmental and regulatory
considerations.
The Group uses independent
qualified persons to compile this
data in accordance with the JORC
Code. Changes in the judgements
surrounding Ore Reserves may
impact as follows:
\u25a1 The carrying value of exploration
and evaluation assets, mine
properties, property, plant and
equipment, and goodwill may
be affected due to changes in
estimated future cash flows.
\u25a1 Depreciation and amortisation
charges in the consolidated
and company statements of
comprehensive income may
change where such charges
are determined using the UOP
method, or where the useful life of
the related assets change.
\u25a1 Capitalised stripping costs
recognised in the statement of
financial position as either part
of mine properties or inventory
or charged to profit or loss may
change due to changes in stripping
ratios.
\u25a1 Provisions for rehabilitation
and environmental provisions
may change where Ore Reserve
estimate changes affect
expectations about when such
activities will occur and the
associated cost of these activities.
\u25a1 The recognition and carrying value
of deferred income tax assets
may change due to changes in
the judgements regarding the
existence of such assets and in
estimates of the likely recovery of
such assets.
Update in Ore Reserves and Its
Financial Impact
In June 2025, Atalaya incorporated
a further update of its Ore Reserves
based on an independent expert
analysis in accordance with the JORC
Code (2012).
This update reflects a revised
understanding of the geological
model, mine planning parameters
and economic assumptions
applicable to Proyecto Riotinto. As a
result, certain accounting estimates
linked to depreciation and stripping
activity have been revised accordingly.
Judgements and Assumptions:
The update in Ore Reserves
requires significant judgements
and assumptions, particularly in
estimating the quantity and quality
of the ore, the economic viability of
extraction, and the life of the mine.
These estimates impact various
accounting measures, including
depreciation schedules, cost
allocations, and capitalisation policies.
Management has applied
considerable expertise and relied
on independent expert opinions
to ensure these estimates are
robust and reflect the best available
information.
Impact on Profit and Loss
Statement:
The June 2025 Ore Reserves update
resulted in a net decrease in operating
expenses recognised in profit or loss
of approximately \u20ac4.7 million for
the year. This net impact reflects a
decrease in depreciation of mining
assets of \u20ac5.4 million and a decrease
in depreciation of slow-moving tooling
and related assets of \u20ac0.2 million. In
additions, there was a decrease in the
capitalisation of stripping costs of \u20ac1.4
million and a decrease in depreciation
of previously capitalised stripping
costs of \u20ac0.5 million.
Overall, the updated Ore Reserves
model resulted in lower depletion and
depreciation charges and a revised
allocation of production stripping
costs, reflecting the updated life of
mine profile.
Accumulated Depreciation of
Mining Assets:
The revised Ore Reserves estimates
have led to a reduction in depreciation
expense for mining assets during the
year, amounting to \u20ac5.4 million. This
adjustment reflects changes in the
depletion profile under the units of
production method, based on the
updated estimate of commercially
recoverable Ore Reserves.
The revised Ore Reserves base results
in a recalibration of the remaining
depreciable amount over the updated
life of mine.
Capitalised Stripping Costs:
As a consequence of the updated
Ore Reserves model and mine
plan sequencing, both the level of
capitalised stripping costs and the
related amortisation profile have
been revised.
Depreciation of capitalised
stripping assets decreased by \u20ac0.5
million during the year, reflecting
the updated production profile.
In addition, the capitalisation of
stripping costs decreased by \u20ac1.4
million compared with previous
estimates, consistent with the revised
assessment of improved access
to identifiable ore components in
accordance with IFRIC 20.
Compliance with Reporting
Standards:
The Group reports its Mineral
Resources and Ore Reserves in
accordance with the JORC Code.
This ensures that our reporting
is consistent with internationally
recognised guidelines, providing
transparency and comparability for
our stakeholders.
(h) Provisions for
decommissioning and site
restoration costs
Accounting for restoration provisions
requires management to make
estimates of the future costs the
Group will incur to complete the
restoration and remediation work
required to comply with existing
laws, regulations and agreements
in place at each mining operation
and any environmental and social
principles the Group is in compliance
with. The calculation of the present
value of these costs also includes
assumptions regarding the timing
of restoration and remediation
work, applicable risk-free interest
rate for discounting those future
cash outflows, inflation and foreign
exchange rates and assumptions
relating to probabilities of alternative
estimates of future cash outflows.
The discount rate used in the
calculation of the net present value
of the liability as at 31 December
2025 was 3.67% (2024: 3.23%), which is
the 15-year Spain Government Bond
rate for 2025. An inflation rate in the
range of 2%-2.90% (2024: 2%-2.80%) is
applied on annual basis.
Management uses its judgement and
experience to provide for and (in the
case of capitalised decommissioning
costs) amortise these estimated costs
over the life of the mine. The ultimate
cost of decommissioning and timing
is uncertain and cost estimates can
vary in response to many factors
including changes to relevant
environmental laws and regulations
requirements, the emergence of new
restoration techniques or experience
at other mine sites. As a result, there
could be significant adjustments
to the provisions established which
would affect future financial results.
Refer to Note 27 for further details.
Provisions are based on estimates
of future costs, inflation rates,
discount rates, and the timing of
restoration activities. Changes in
environmental laws or unexpected
site conditions could significantly
affect these estimates. A 1% increase
in the discount rate would reduce the
provision by \u20ac2.0 million, while a 1%
decrease would increase the provision
by \u20ac2.0 million.
(i) Inventory
Net realisable value tests are
performed at each reporting date
and represent the estimated future
sales price of the product the entity
expects to realise when the product
is processed and sold, less estimated
costs to complete production and
bring the product to sale. Where the
time value of money is material, these
future prices and costs to complete
are discounted.
Copper concentrate inventories are
valued at the lower of cost or NRV.
This estimate is based on forecasted
commodity prices and production
costs. A 10% decrease in copper prices
would not result in any impairment, as
inventory values would still exceed cost.
(j) Recoverability of Assets
Related to the E-LIX Project
For the purposes of assessing
impairment, the Group assessed the
recoverability of the assets associated
with E-LIX project by considering
their individual recoverability
characteristics distinguishing
between: (i) the Convertible Loan
that may be converted into 20% of
the equity of Lain Technologies, Ltd.,
the Company which owns the E-LIX
technology; and (ii) assets related
directly to the Industrial Plant located
at Proyecto Riotinto.
For (i) above, the Company has
measured at fair value through profit
or loss in accordance with IFRS 9
(refer to Note 3.2).
The E-LIX technology represents a
source of estimation uncertainty
due to the significant assumptions
involved in assessing the
recoverability of Atalaya\u2019s investment
in the project. The Group has
invested in and funded Lain through
various phases of development,
including the construction of a pilot
plant, feasibility studies testing
activities, and the development of
an industrial-scale plant to apply
the E-LIX electrochemical extraction
technology to a variety of complex
sulphide ores.
The recoverability of these investments
depends on several factors, including:
\u25a1 Successful commercialisation of the
E-LIX technology \u2013 The technology
must demonstrate continued
operational effectiveness and
economic scalability in full-scale
production.
\u25a1 Market conditions for copper and
zinc \u2013 Long-term price trends
impact the financial viability of the
project.
\u25a1 Production efficiency and cost
assumptions \u2013 The plant\u2019s ability to
achieve projected volumes, recovery
rates and cost efficiencies is critical.
\u25a1 Exclusivity and operational
agreements \u2013 The Group holds
limited exclusive rights to the E-LIX
technology within the Iberian Pyrite
Belt, which may support potential
future economic benefits.
Given these factors, management
assesses both qualitative and
quantitative indicators when
determining the recoverability of the
investment at asset level.
The key estimation uncertainties
relate to:
\u25a1 The financial capability of the owner
of the E-LIX technology to operate
the Industrial Plant Financial
difficulty could impact the viability
of the Industrial Plant at Riotinto.
\u25a1 The finalisation of the ramp-up and
the expected operational efficiency
of the Industrial Plant operating at
continuous production levels. Any
delays or underperformance could
impact future cash flow generation.
\u25a1 Identification of appropriate
feedstock. It is recognised that the
technology will not be appropriate
for all types of ore/feed material
and so establishing suitable feed
material will be a critical part of
ongoing testwork/financial analysis.
\u25a1 Commodity price fluctuations
\u2013 Variations in copper and zinc
prices could significantly influence
revenue projections.
\u25a1 Regulatory and operational risks
\u2013 The project requires ongoing
compliance with environmental
and industrial regulations.
At 31 December 2025, the Group
recognised an impairment of \u20ac24.1
million in relation to certain assets
associated with the E-LIX project.
Due to the inherent estimation
uncertainty, the Group will continue
to monitor operational performance
and market conditions, and will
reassess the recoverability of the
related assets when new information
becomes available. Refer to Note 13 of
the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-481": { "value": "KEY SOURCES OF ESTIMATION UNCERTAINTY (h) Ore Reserve and Mineral Resource estimates The estimation of Ore Reserves and Mineral Resources impacts various accounting estimates in the Group\u2019s financial statements that requires critical accounting judgement. While Ore Reserve estimates are based on geological, technical, and economic assessments performed by qualified persons, they are not standalone accounting estimates under IFRS. Instead, they act as key assumptions that influence multiple financial statement areas, including: \u25a1 Depreciation and amortisation, particularly for assets depreciated using the unit-of-production (UOP) method. \u25a1 Impairment assessments, as future expected cash flows depend on estimated recoverable Ore Reserves. \u25a1 Capitalisation of stripping costs, which determines whether waste removal costs should be recognised as an asset or expensed. \u25a1 Rehabilitation and decommissioning provisions, as Ore Reserve estimates affect the timing and expected costs of site restoration. The Group estimates its Ore Reserves and Mineral Resources based on geological and technical data relating to the size, depth, shape, and grade of the ore body, along with suitable production techniques and recovery rates. These assessments require complex geological judgements, including: \u25a1 Long-term copper price assumptions. \u25a1 Foreign exchange rate forecasts affecting project viability. \u25a1 Production costs, capital expenditure requirements, and expected recovery rates. \u25a1 Mining recovery and dilution factors. \u25a1 Environmental and regulatory considerations. The Group uses independent qualified persons to compile this data in accordance with the JORC Code. Changes in the judgements surrounding Ore Reserves may impact as follows: \u25a1 The carrying value of exploration and evaluation assets, mine properties, property, plant and equipment, and goodwill may be affected due to changes in estimated future cash flows. \u25a1 Depreciation and amortisation charges in the consolidated and company statements of comprehensive income may change where such charges are determined using the UOP method, or where the useful life of the related assets change. \u25a1 Capitalised stripping costs recognised in the statement of financial position as either part of mine properties or inventory or charged to profit or loss may change due to changes in stripping ratios. \u25a1 Provisions for rehabilitation and environmental provisions may change where Ore Reserve estimate changes affect expectations about when such activities will occur and the associated cost of these activities. \u25a1 The recognition and carrying value of deferred income tax assets may change due to changes in the judgements regarding the existence of such assets and in estimates of the likely recovery of such assets. Update in Ore Reserves and Its Financial Impact In June 2025, Atalaya incorporated a further update of its Ore Reserves based on an independent expert analysis in accordance with the JORC Code (2012). This update reflects a revised understanding of the geological model, mine planning parameters and economic assumptions applicable to Proyecto Riotinto. As a result, certain accounting estimates linked to depreciation and stripping activity have been revised accordingly. Judgements and Assumptions: The update in Ore Reserves requires significant judgements and assumptions, particularly in estimating the quantity and quality of the ore, the economic viability of extraction, and the life of the mine. These estimates impact various accounting measures, including depreciation schedules, cost allocations, and capitalisation policies. Management has applied considerable expertise and relied on independent expert opinions to ensure these estimates are robust and reflect the best available information. Impact on Profit and Loss Statement: The June 2025 Ore Reserves update resulted in a net decrease in operating expenses recognised in profit or loss of approximately \u20ac4.7 million for the year. This net impact reflects a decrease in depreciation of mining assets of \u20ac5.4 million and a decrease in depreciation of slow-moving tooling and related assets of \u20ac0.2 million. In additions, there was a decrease in the capitalisation of stripping costs of \u20ac1.4 million and a decrease in depreciation of previously capitalised stripping costs of \u20ac0.5 million. Overall, the updated Ore Reserves model resulted in lower depletion and depreciation charges and a revised allocation of production stripping costs, reflecting the updated life of mine profile. Accumulated Depreciation of Mining Assets: The revised Ore Reserves estimates have led to a reduction in depreciation expense for mining assets during the year, amounting to \u20ac5.4 million. This adjustment reflects changes in the depletion profile under the units of production method, based on the updated estimate of commercially recoverable Ore Reserves. The revised Ore Reserves base results in a recalibration of the remaining depreciable amount over the updated life of mine. Capitalised Stripping Costs: As a consequence of the updated Ore Reserves model and mine plan sequencing, both the level of capitalised stripping costs and the related amortisation profile have been revised. Depreciation of capitalised stripping assets decreased by \u20ac0.5 million during the year, reflecting the updated production profile. In addition, the capitalisation of stripping costs decreased by \u20ac1.4 million compared with previous estimates, consistent with the revised assessment of improved access to identifiable ore components in accordance with IFRIC 20. Compliance with Reporting Standards: The Group reports its Mineral Resources and Ore Reserves in accordance with the JORC Code. This ensures that our reporting is consistent with internationally recognised guidelines, providing transparency and comparability for our stakeholders. (h) Provisions for decommissioning and site restoration costs Accounting for restoration provisions requires management to make estimates of the future costs the Group will incur to complete the restoration and remediation work required to comply with existing laws, regulations and agreements in place at each mining operation and any environmental and social principles the Group is in compliance with. The calculation of the present value of these costs also includes assumptions regarding the timing of restoration and remediation work, applicable risk-free interest rate for discounting those future cash outflows, inflation and foreign exchange rates and assumptions relating to probabilities of alternative estimates of future cash outflows. The discount rate used in the calculation of the net present value of the liability as at 31 December 2025 was 3.67% (2024: 3.23%), which is the 15-year Spain Government Bond rate for 2025. An inflation rate in the range of 2%-2.90% (2024: 2%-2.80%) is applied on annual basis. Management uses its judgement and experience to provide for and (in the case of capitalised decommissioning costs) amortise these estimated costs over the life of the mine. The ultimate cost of decommissioning and timing is uncertain and cost estimates can vary in response to many factors including changes to relevant environmental laws and regulations requirements, the emergence of new restoration techniques or experience at other mine sites. As a result, there could be significant adjustments to the provisions established which would affect future financial results. Refer to Note 27 for further details. Provisions are based on estimates of future costs, inflation rates, discount rates, and the timing of restoration activities. Changes in environmental laws or unexpected site conditions could significantly affect these estimates. A 1% increase in the discount rate would reduce the provision by \u20ac2.0 million, while a 1% decrease would increase the provision by \u20ac2.0 million. (i) Inventory Net realisable value tests are performed at each reporting date and represent the estimated future sales price of the product the entity expects to realise when the product is processed and sold, less estimated costs to complete production and bring the product to sale. Where the time value of money is material, these future prices and costs to complete are discounted. Copper concentrate inventories are valued at the lower of cost or NRV. This estimate is based on forecasted commodity prices and production costs. A 10% decrease in copper prices would not result in any impairment, as inventory values would still exceed cost. (j) Recoverability of Assets Related to the E-LIX Project For the purposes of assessing impairment, the Group assessed the recoverability of the assets associated with E-LIX project by considering their individual recoverability characteristics distinguishing between: (i) the Convertible Loan that may be converted into 20% of the equity of Lain Technologies, Ltd., the Company which owns the E-LIX technology; and (ii) assets related directly to the Industrial Plant located at Proyecto Riotinto. For (i) above, the Company has measured at fair value through profit or loss in accordance with IFRS 9 (refer to Note 3.2). The E-LIX technology represents a source of estimation uncertainty due to the significant assumptions involved in assessing the recoverability of Atalaya\u2019s investment in the project. The Group has invested in and funded Lain through various phases of development, including the construction of a pilot plant, feasibility studies testing activities, and the development of an industrial-scale plant to apply the E-LIX electrochemical extraction technology to a variety of complex sulphide ores. The recoverability of these investments depends on several factors, including: \u25a1 Successful commercialisation of the E-LIX technology \u2013 The technology must demonstrate continued operational effectiveness and economic scalability in full-scale production. \u25a1 Market conditions for copper and zinc \u2013 Long-term price trends impact the financial viability of the project. \u25a1 Production efficiency and cost assumptions \u2013 The plant\u2019s ability to achieve projected volumes, recovery rates and cost efficiencies is critical. \u25a1 Exclusivity and operational agreements \u2013 The Group holds limited exclusive rights to the E-LIX technology within the Iberian Pyrite Belt, which may support potential future economic benefits. Given these factors, management assesses both qualitative and quantitative indicators when determining the recoverability of the investment at asset level. The key estimation uncertainties relate to: \u25a1 The financial capability of the owner of the E-LIX technology to operate the Industrial Plant Financial difficulty could impact the viability of the Industrial Plant at Riotinto. \u25a1 The finalisation of the ramp-up and the expected operational efficiency of the Industrial Plant operating at continuous production levels. Any delays or underperformance could impact future cash flow generation. \u25a1 Identification of appropriate feedstock. It is recognised that the technology will not be appropriate for all types of ore/feed material and so establishing suitable feed material will be a critical part of ongoing testwork/financial analysis. \u25a1 Commodity price fluctuations \u2013 Variations in copper and zinc prices could significantly influence revenue projections. \u25a1 Regulatory and operational risks \u2013 The project requires ongoing compliance with environmental and industrial regulations. At 31 December 2025, the Group recognised an impairment of \u20ac24.1 million in relation to certain assets associated with the E-LIX project. Due to the inherent estimation uncertainty, the Group will continue to monitor operational performance and market conditions, and will reassess the recoverability of the related assets when new information becomes available. Refer to Note 13 of the financial statements. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-429": { "value": "
4. Segments
Segments
The Group has only one distinct
business segment, that being mining
operations, which includes mineral
exploration and development.
Copper concentrates produced by the
Group are sold to three offtakers as
per the relevant offtake agreement
(Note 31.3).
Geographical areas of
operations
The Group has only one distinct
business segment, which is mining
operations, including mineral
exploration and development.
The Group\u2019s copper concentrate
production takes place in Spain,
while its commercialisation is
carried out through Cyprus via
its subsidiary, EMED Marketing
Limited. The production of copper
concentrate is undertaken by Atalaya
Riotinto Minera, S.L.U. in Spain. Once
produced, the copper concentrate is
sold to international clients under the
Group\u2019s offtake agreements, which
are managed by EMED Marketing
Limited, a subsidiary based in Cyprus.
EMED Marketing Limited holds
the offtake agreements with
customers and is responsible for
the promotion and sale of the
copper concentrate. Under these
agreements, it provides marketing
services, including coordinating
and managing the ordering and
delivery of the copper concentrate.
However, EMED Marketing Limited
does not control the concentrate
before it is transferred to customers,
as the production and provision
of the product are undertaken by
Atalaya Riotinto Minera, S.L.U. Since
it does not have the ability to direct
the use of the concentrate or obtain
benefits from it before the transfer to
customers, EMED Marketing Limited
acts as an agent in these transactions.
The transfer of control over the
marketing services provided by EMED
Marketing Limited occurs at the
moment the customer receives the
copper concentrate. This is the point
in time when the customer benefits
from EMED Marketing Limited\u2019s role
in arranging for the provision of the
concentrate. Consequently, revenue
from these sales is recognised at that
point.
Sales transactions between Group
companies are conducted at arm\u2019s
length, in accordance with transfer
pricing regulations, ensuring
comparability with third-party
transactions. The accounting policies
applied by the Group in Spain and
Cyprus are consistent with those
outlined in Note 2.
The table below presents an analysis
of revenue from external customers
based on their geographical location,
determined by the country of
establishment of each customer.
(Euro 000\u2019s)
2025
2024
Revenue \u2013 from external customers
Switzerland
276,975
256,243
Singapore
205,422
69,676
Spain
518
878
Total
482,915
326,797
The table below presents revenues
from external customers attributed
to the country of domicile of the
Company.
(Euro 000\u2019s)
2025
2024
Revenue \u2013 from external customers
Cyprus
36,488
25,404
Spain
446,427
301,393
Total
482,915
326,797
The geographical location of the
specified non-current assets is based
on the physical location of the asset
in the case of property, plant and
equipment as well as intellectual
property.
(Euro 000\u2019s)
2025
2024
Non-current assets
Spain
522,648
479,241
Total
522,648
479,241
Revenue represents the sales value of
goods supplied to customers; net of
value added tax. The following table
summarises sales to customers with
whom transactions have individually
exceeded 10.0% of the Group\u2019s
revenues.
2025
2024
Offtaker 1
Segment
Copper
Copper
\u20ac\u2019000
205,422
69,676
Offtaker 2
Segment
Copper
Copper
\u20ac\u2019000
91,875
91,849
Offtaker 3
Segment
Copper
Copper
\u20ac\u2019000
131,840
164,394
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-482": { "value": "Geographical areas of operations The Group has only one distinct business segment, which is mining operations, including mineral exploration and development. The Group\u2019s copper concentrate production takes place in Spain, while its commercialisation is carried out through Cyprus via its subsidiary, EMED Marketing Limited. The production of copper concentrate is undertaken by Atalaya Riotinto Minera, S.L.U. in Spain. Once produced, the copper concentrate is sold to international clients under the Group\u2019s offtake agreements, which are managed by EMED Marketing Limited, a subsidiary based in Cyprus. EMED Marketing Limited holds the offtake agreements with customers and is responsible for the promotion and sale of the copper concentrate. Under these agreements, it provides marketing services, including coordinating and managing the ordering and delivery of the copper concentrate. However, EMED Marketing Limited does not control the concentrate before it is transferred to customers, as the production and provision of the product are undertaken by Atalaya Riotinto Minera, S.L.U. Since it does not have the ability to direct the use of the concentrate or obtain benefits from it before the transfer to customers, EMED Marketing Limited acts as an agent in these transactions. The transfer of control over the marketing services provided by EMED Marketing Limited occurs at the moment the customer receives the copper concentrate. This is the point in time when the customer benefits from EMED Marketing Limited\u2019s role in arranging for the provision of the concentrate. Consequently, revenue from these sales is recognised at that point. Sales transactions between Group companies are conducted at arm\u2019s length, in accordance with transfer pricing regulations, ensuring comparability with third-party transactions. The accounting policies applied by the Group in Spain and Cyprus are consistent with those outlined in Note 2. The table below presents an analysis of revenue from external customers based on their geographical location, determined by the country of establishment of each customer.
(Euro 000\u2019s)
2025
2024
Revenue \u2013 from external customers
Switzerland
276,975
256,243
Singapore
205,422
69,676
Spain
518
878
Total
482,915
326,797
The table below presents revenues from external customers attributed to the country of domicile of the Company.
(Euro 000\u2019s)
2025
2024
Revenue \u2013 from external customers
Cyprus
36,488
25,404
Spain
446,427
301,393
Total
482,915
326,797
The geographical location of the specified non-current assets is based on the physical location of the asset in the case of property, plant and equipment as well as intellectual property.
(Euro 000\u2019s)
2025
2024
Non-current assets
Spain
522,648
479,241
Total
522,648
479,241
Revenue represents the sales value of goods supplied to customers; net of value added tax. The following table summarises sales to customers with whom transactions have individually exceeded 10.0% of the Group\u2019s revenues.
2025
2024
Offtaker 1
Segment
Copper
Copper
\u20ac\u2019000
205,422
69,676
Offtaker 2
Segment
Copper
Copper
\u20ac\u2019000
91,875
91,849
Offtaker 3
Segment
Copper
Copper
\u20ac\u2019000
131,840
164,394
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-430": { "value": "5. Revenue
(Euro 000\u2019s)
2025
2024
Revenue from contracts with customers1
474,863
341,787
Price finalisation adjustments on provisionally priced sales
2,372
-
Fair value (loss)/gain relating to provisional pricing within sales2
5,209
(15,868)
Other income3
471
878
Total revenue
482,915
326,797
1. Included within 2025 revenue there is a transaction price of \u20ac12,095 thousand (\u20ac11,709 thousand in 2024)
related to the freight services provided by the Group to the customers arising from the sales of copper
concentrate under CIF Incoterms.
2. Provisional pricing impact represented the change in fair value of the embedded derivative arising on
sales of contrate.
3. Other income mainly represents scraps.
All revenue from copper concentrate
is recognised at a point in time when
the control is transferred. Revenue
from freight services is recognised
over time as the services are
provided.
The increase in revenues was mainly
due to higher concentrate sales
volumes and higher realised prices
and lower TC/RC prices. Inventories of
concentrates at year-end was 4,050
tonnes, compared with 21,815 tonnes
in 2024.
The Group applies the practical
expedient in IFRS 15.121 and does not
disclose information about remaining
performance obligations for contracts
with an original expected duration
of one year or less. Concentrate sales
and associated freight services under
CIF terms are short-term in nature.
Accordingly, at 31 December 2025,
the Group did not have material
remaining performance obligations
requiring disclosure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-483": { "value": "5. Revenue
(Euro 000\u2019s)
2025
2024
Revenue from contracts with customers1
474,863
341,787
Price finalisation adjustments on provisionally priced sales
2,372
-
Fair value (loss)/gain relating to provisional pricing within sales2
5,209
(15,868)
Other income3
471
878
Total revenue
482,915
326,797
1. Included within 2025 revenue there is a transaction price of \u20ac12,095 thousand (\u20ac11,709 thousand in 2024) related to the freight services provided by the Group to the customers arising from the sales of copper concentrate under CIF Incoterms. 2. Provisional pricing impact represented the change in fair value of the embedded derivative arising on sales of contrate. 3. Other income mainly represents scraps. All revenue from copper concentrate is recognised at a point in time when the control is transferred. Revenue from freight services is recognised over time as the services are provided. The increase in revenues was mainly due to higher concentrate sales volumes and higher realised prices and lower TC/RC prices. Inventories of concentrates at year-end was 4,050 tonnes, compared with 21,815 tonnes in 2024. The Group applies the practical expedient in IFRS 15.121 and does not disclose information about remaining performance obligations for contracts with an original expected duration of one year or less. Concentrate sales and associated freight services under CIF terms are short-term in nature. Accordingly, at 31 December 2025, the Group did not have material remaining performance obligations requiring disclosure.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-431": { "value": "6. Expenses by nature
(Euro 000\u2019s)
2025
2024
Operating costs**
234,707
197,793
Care and maintenance expenditure
13,008
16,723
Exploration expenses
7,621
4,975
Employee benefit expense (Note 7)
27,875
27,868
Compensation of Directors and key management personnel
3,261
2,397
Auditors\u2019 remuneration \u2013 audit (Note 32)
332
401
Other accountants\u2019 remuneration
848
1,291
Consultants\u2019 remuneration
1,690
1,775
Depreciation of property, plant and equipment (Note 13)
42,718
39,658
Amortisation of intangible assets (Note 14)
4,802
3,907
Share option-based employee benefits (Note 24)
7,009
1,379
Shareholders\u2019 communication expense
113
125
On-going listing costs
357
1,114
Legal costs
769
368
Public relations and communication development
1,740
963
Rents (Note 28)
7,230
5,492
Other expenses and provisions
627
(1,841)
Reversal of impairment losses (*) (Note 14)
-
(6,948)
Impairment loss on trade receivables and contract assets
21,418
1,205
Total
376,125
298,645
* An impairment charge for the same amount was recorded in the same caption during 2024: mine site depreciation, amortisation and impairment, in the consolidated statement of comprehensive income of 2019. ** Operating costs primarily include mining and processing costs related to the Proyecto Riotinto operation. These comprise costs for raw materials (\u20ac53.0m), utilities (\u20ac38.5m), professional and contract services (\u20ac91.3m), maintenance (\u20ac12.8m) and other direct production expenses incurred in the extraction and processing of copper concentrate. The increase in costs was mainly due to higher input costs and a reduce in copper concentrate stock at the end of the period. During 2025, the Group recognised personnel expenses of \u20ac7.0 million in relation to the Share option-based employee benefits plan granted to members of key management and other employees. The expense reflects the fair value of the shares granted in accordance with IFRS 2. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-484": { "value": "6. Expenses by nature
(Euro 000\u2019s)
2025
2024
Operating costs**
234,707
197,793
Care and maintenance expenditure
13,008
16,723
Exploration expenses
7,621
4,975
Employee benefit expense (Note 7)
27,875
27,868
Compensation of Directors and key management personnel
3,261
2,397
Auditors\u2019 remuneration \u2013 audit (Note 32)
332
401
Other accountants\u2019 remuneration
848
1,291
Consultants\u2019 remuneration
1,690
1,775
Depreciation of property, plant and equipment (Note 13)
42,718
39,658
Amortisation of intangible assets (Note 14)
4,802
3,907
Share option-based employee benefits (Note 24)
7,009
1,379
Shareholders\u2019 communication expense
113
125
On-going listing costs
357
1,114
Legal costs
769
368
Public relations and communication development
1,740
963
Rents (Note 28)
7,230
5,492
Other expenses and provisions
627
(1,841)
Reversal of impairment losses (*) (Note 14)
-
(6,948)
Impairment loss on trade receivables and contract assets
21,418
1,205
Total
376,125
298,645
* An impairment charge for the same amount was recorded in the same caption during 2024: mine site depreciation, amortisation and impairment, in the consolidated statement of comprehensive income of 2019. ** Operating costs primarily include mining and processing costs related to the Proyecto Riotinto operation. These comprise costs for raw materials (\u20ac53.0m), utilities (\u20ac38.5m), professional and contract services (\u20ac91.3m), maintenance (\u20ac12.8m) and other direct production expenses incurred in the extraction and processing of copper concentrate. The increase in costs was mainly due to higher input costs and a reduce in copper concentrate stock at the end of the period. During 2025, the Group recognised personnel expenses of \u20ac7.0 million in relation to the Share option-based employee benefits plan granted to members of key management and other employees. The expense reflects the fair value of the shares granted in accordance with IFRS 2. The fees for the years to 31 December 2025 and 31 December 2024, for audit and non-audit services provided by the auditor of the Group\u2019s consolidated financial statements and of certain individual financial statements of the consolidated companies, PricewaterhouseCoopers Auditores, S.L., and by companies belonging to PwC\u2019s network, were as follows:
(Euro 000\u2019s)
2025
2024
Fees payable for the audit of the Group and individual accounts
332
401
Other non-audit services
59
70
391
471
For the year 2025, the audit services related to the audit of the British subsidiaries were performed by Rayner Essex LLP, amounting to GBP 41 thousand. 32. Auditor\u2019s remuneration", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-512": { "value": "6. Expenses by nature
(Euro 000\u2019s)
2025
2024
Operating costs**
234,707
197,793
Care and maintenance expenditure
13,008
16,723
Exploration expenses
7,621
4,975
Employee benefit expense (Note 7)
27,875
27,868
Compensation of Directors and key management personnel
3,261
2,397
Auditors\u2019 remuneration \u2013 audit (Note 32)
332
401
Other accountants\u2019 remuneration
848
1,291
Consultants\u2019 remuneration
1,690
1,775
Depreciation of property, plant and equipment (Note 13)
42,718
39,658
Amortisation of intangible assets (Note 14)
4,802
3,907
Share option-based employee benefits (Note 24)
7,009
1,379
Shareholders\u2019 communication expense
113
125
On-going listing costs
357
1,114
Legal costs
769
368
Public relations and communication development
1,740
963
Rents (Note 28)
7,230
5,492
Other expenses and provisions
627
(1,841)
Reversal of impairment losses (*) (Note 14)
-
(6,948)
Impairment loss on trade receivables and contract assets
21,418
1,205
Total
376,125
298,645
The fees for the years to 31 December 2025 and 31 December 2024, for audit
and non-audit services provided by the auditor of the Group\u2019s consolidated
financial statements and of certain individual financial statements of the
consolidated companies, PricewaterhouseCoopers Auditores, S.L., and by
companies belonging to PwC\u2019s network, were as follows:
(Euro 000\u2019s)
2025
2024
Fees payable for the audit of the Group and individual accounts
332
401
Other non-audit services
59
70
391
471
For the year 2025, the audit services related to the audit of the British subsidiaries
were performed by Rayner Essex LLP, amounting to GBP 41 thousand.
32. Auditor\u2019s remuneration
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-527": { "value": "6. Expenses by nature
(Euro 000\u2019s)
2025
2024
Operating costs**
234,707
197,793
Care and maintenance expenditure
13,008
16,723
Exploration expenses
7,621
4,975
Employee benefit expense (Note 7)
27,875
27,868
Compensation of Directors and key management personnel
3,261
2,397
Auditors\u2019 remuneration \u2013 audit (Note 32)
332
401
Other accountants\u2019 remuneration
848
1,291
Consultants\u2019 remuneration
1,690
1,775
Depreciation of property, plant and equipment (Note 13)
42,718
39,658
Amortisation of intangible assets (Note 14)
4,802
3,907
Share option-based employee benefits (Note 24)
7,009
1,379
Shareholders\u2019 communication expense
113
125
On-going listing costs
357
1,114
Legal costs
769
368
Public relations and communication development
1,740
963
Rents (Note 28)
7,230
5,492
Other expenses and provisions
627
(1,841)
Reversal of impairment losses (*) (Note 14)
-
(6,948)
Impairment loss on trade receivables and contract assets
21,418
1,205
Total
376,125
298,645
* An impairment charge for the same amount was recorded in the same caption during 2024: mine site depreciation, amortisation and impairment, in the consolidated statement of comprehensive income of 2019. ** Operating costs primarily include mining and processing costs related to the Proyecto Riotinto operation. These comprise costs for raw materials (\u20ac53.0m), utilities (\u20ac38.5m), professional and contract services (\u20ac91.3m), maintenance (\u20ac12.8m) and other direct production expenses incurred in the extraction and processing of copper concentrate. The increase in costs was mainly due to higher input costs and a reduce in copper concentrate stock at the end of the period. During 2025, the Group recognised personnel expenses of \u20ac7.0 million in relation to the Share option-based employee benefits plan granted to members of key management and other employees. The expense reflects the fair value of the shares granted in accordance with IFRS 2. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-528": { "value": "6. Expenses by nature
(Euro 000\u2019s)
2025
2024
Operating costs**
234,707
197,793
Care and maintenance expenditure
13,008
16,723
Exploration expenses
7,621
4,975
Employee benefit expense (Note 7)
27,875
27,868
Compensation of Directors and key management personnel
3,261
2,397
Auditors\u2019 remuneration \u2013 audit (Note 32)
332
401
Other accountants\u2019 remuneration
848
1,291
Consultants\u2019 remuneration
1,690
1,775
Depreciation of property, plant and equipment (Note 13)
42,718
39,658
Amortisation of intangible assets (Note 14)
4,802
3,907
Share option-based employee benefits (Note 24)
7,009
1,379
Shareholders\u2019 communication expense
113
125
On-going listing costs
357
1,114
Legal costs
769
368
Public relations and communication development
1,740
963
Rents (Note 28)
7,230
5,492
Other expenses and provisions
627
(1,841)
Reversal of impairment losses (*) (Note 14)
-
(6,948)
Impairment loss on trade receivables and contract assets
21,418
1,205
Total
376,125
298,645
* An impairment charge for the same amount was recorded in the same caption during 2024: mine site depreciation, amortisation and impairment, in the consolidated statement of comprehensive income of 2019. ** Operating costs primarily include mining and processing costs related to the Proyecto Riotinto operation. These comprise costs for raw materials (\u20ac53.0m), utilities (\u20ac38.5m), professional and contract services (\u20ac91.3m), maintenance (\u20ac12.8m) and other direct production expenses incurred in the extraction and processing of copper concentrate. The increase in costs was mainly due to higher input costs and a reduce in copper concentrate stock at the end of the period. During 2025, the Group recognised personnel expenses of \u20ac7.0 million in relation to the Share option-based employee benefits plan granted to members of key management and other employees. The expense reflects the fair value of the shares granted in accordance with IFRS 2. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-521": { "value": "
(Euro 000\u2019s)
2025
2024
Operating costs**
234,707
197,793
Care and maintenance expenditure
13,008
16,723
Exploration expenses
7,621
4,975
Employee benefit expense (Note 7)
27,875
27,868
Compensation of Directors and key management personnel
3,261
2,397
Auditors\u2019 remuneration \u2013 audit (Note 32)
332
401
Other accountants\u2019 remuneration
848
1,291
Consultants\u2019 remuneration
1,690
1,775
Depreciation of property, plant and equipment (Note 13)
42,718
39,658
Amortisation of intangible assets (Note 14)
4,802
3,907
Share option-based employee benefits (Note 24)
7,009
1,379
Shareholders\u2019 communication expense
113
125
On-going listing costs
357
1,114
Legal costs
769
368
Public relations and communication development
1,740
963
Rents (Note 28)
7,230
5,492
Other expenses and provisions
627
(1,841)
Reversal of impairment losses (*) (Note 14)
-
(6,948)
Impairment loss on trade receivables and contract assets
21,418
1,205
Total
376,125
298,645
Land and Right of use Plant and Assets under Deferred Other
2025 (Euro 000\u2019s) buildings assets 5 equipment construction 3 mining costs 2
assets 1
Total
Cost
At 1 January 2025
86,452
6,928
340,516
100,448
73,974
980
609,298
Additions 7
459
1,237
836
47,549
22,084
-
72,165
Increase in rehab. provision (Note 27)
116
-
-
-
-
-
116
Reclassifications 4
-
-
2,895
7,013
-
19
9,927
Other transfer
-
-
-
-
-
-
-
Changes in rehab. provision
(775)
-
-
-
-
-
(775)
Disposals
-
-
-
(14)
-
(24)
(38)
31 Dec 2025
86,252
8,165
344,247
154,996
96,058
975
690,693
Depreciation
At 1 January 2025
30,894
2,971
140,876
-
24,718
807
200,266
Charge for the year 6
5,370
562
28,356
-
8,378
52
42,718
Write-off
-
-
-
-
-
(20)
(20)
31 Dec 2025
36,264
3,533
169,232
-
33,096
839
242,964
Net book value at 31 December 2025
49,989
4,632
175,015
154,996
62,962
136
447,729
Land and Right of use Plant and Assets under Deferred Other
2024 (Euro 000\u2019s) buildings assets 5 equipment construction 3 mining costs 2
assets 1
Total
Cost
1 January 2024
83,517
7,076
319,129
70,601
64,072
951
545,346
Adjustments
-
-
5
-
-
-
5
Opening adjusted
83,517
7,076
319,134
70,601
64,072
951
545,351
Additions
233
-
332
52,801
9,902
-
63,268
Increase in rehab. provision (Note 27)
3,274
-
-
-
-
-
3,274
Reclassifications
-
-
21,050
(21,969)
-
29
(890)
Other transfer
(572)
-
-
(2,586)
-
-
(3,158)
Write-off
-
(148)
-
-
-
-
(148)
Advances
-
-
-
1,601
-
-
1,601
31 Dec 2024
86,452
6,928
340,516
100,448
73,974
980
609,298
Depreciation
At 1 January 2024
24,702
2,531
113,547
-
19,063
764
160,607
Adjustments
-
-
1
-
-
-
1
Opening adjusted
24,702
2,531
113,548
-
19,063
764
160,608
Charge for the year
6,192
497
27,328
-
5,655
43
39,715
Write-off
-
(57)
-
-
-
-
(57)
31 Dec 2024
30,894
2,971
140,876
-
24,718
807
200,266
Net book value at 31 December 2024
55,558
3,957
199,640
100,448
49,256
173
409,032
13. Property, plant and equipment 1. Includes motor vehicles, furniture, fixtures and office equipment which are depreciated over 5-10 years. 2 Capitalised stripping related to Cerro Colorado (Note 2.9 (b)). 3 Assets under construction at 31 December 2025 amounted to \u20ac155.0 million (2024: \u20ac100.4 million), this balance includes \u20ac49.3 million related to Project slope stabilisation of Corta Atalaya and Concordia, \u20ac6.4 million are road deviation, \u20ac43.6 million Solar plant, \u20ac14.1 million sustaining capital, \u20ac22.1 million E-LIX plant and \u20ac15.7 million tailing dams capital expenditure. Additions include sustaining capital expenditures with an investment of \u20ac3.3 million (2024: \u20ac4.0 million), tailings dams project \u20ac15.8 million (2024: \u20ac14.8 million), E-LIX plant amounted to \u20ac0.2 million (\u20ac2.1 million in 2024), solar plant \u20ac2.6 million (2024, \u20ac8.4 million) and Concordia project spending \u20ac25.3 million (2024, \u20ac25.7 million) of which waste stripping activities at the San Dionisio area \u20ac24.2 million and new road \u20ac1.0 million. 4 Reclassifications of \u20ac9.0 million related to E-LIX project (see below Non-Monetary Exchange), \u20ac2.83 million to plant and equipment are associated with sustaining capex and \u20ac0.9 million related to low-rotation stock were reclassified to inventories (material supplies). 5 See leases in Note 28. 6 Depreciation has been affected due to the increase of Ore Reserves (Note 2.9 (b)). 7 During the year ended 31 December 2025, the Group capitalised \u20ac0.7 million (2024: \u20ac1.0 million) of borrowing costs in accordance with IAS 23. The average effective interest rate applied was 1.35%. The tax deductibility of these capitalised borrowing costs will be realised over the asset\u2019s useful life through depreciation deductions, rather than as an immediate tax relief. The weighted average capitalisation rate applied to general borrowings during the year was 4.15% (2024: 4.49%). Non-Monetary Exchange During the Year On 25 September 2025, the Group executed a Payment and Credit Compensation Agreement with Lain to formalise the settlement and mutual compensation of payments and credits deriving from previous arrangements. As a result of this agreement, Lain transferred certain equipment to Atalaya in exchange for a partial settlement of the Industrial Loan previously classified as Prepayments (refer to Note 20). The transaction had commercial substance and fair values as at 31 December 2025 were reliably measurable as follows: \u25a1 Fair value of prepayment given up: \u20ac9.0m \u25a1 Carrying amount of prepayment given up: \u20ac9.0m \u25a1 Fair value of equipment received: \u20ac9.0m \u25a1 Gain/(loss) recognised in profit or loss: \u20acnil The equipment is classified under \u201cAssets under construction\u201d and will be depreciated over its estimated useful life once the Industrial Plant achieves commercial production. The above fixed assets are mainly located in Spain. E-LIX Project In May 2019, after approximately four years of laboratory work, Atalaya initiated a partnership with Lain Technologies, Ltd. for the development of a technology known as E-LIX. The E-LIX technology is an electrochemical extraction process developed by Lain that aims to enable the production of zinc and copper cathodes, as well as other derivatives of these metals, from complex sulphide ores. In July 2020, Atalaya and Lain executed a Memorandum of Understanding (MOU), and have collaborated in the development of the E-LIX technology through several phases, summarised as follows: \u25a1 Phase 0: Preliminary work and research. \u25a1 Phase 1: Construction and commissioning of the Pilot Plant. \u25a1 Phase 2: Operation of the Pilot Plant and feasibility studies. \u25a1 Phase 3: Construction and commissioning of an Industrial Scale Plant. In accordance with the phases stated above, several agreements have been signed, including: \u25a1 Construction of the fixed assets required for the use of the E-LIX technology; \u25a1 Exclusivity agreements \u25a1 Funding agreements for the construction and the commissioning of the Pilot Plant \u25a1 Funding agreements for the construction and commissioning of the Industrial Plant; \u25a1 Operational agreements for the construction of the Industrial Plant; and \u25a1 Payment and Credit Compensation Agreement. The Pilot Plant was constructed during 2021 and confirmed the technical feasibility of E-LIX, demonstrating the ability to selectively leach metals from concentrates and achieve high recovery rates for copper and zinc. In December 2021, the Company\u2019s Board of Directors approved the construction and financing of a larger-scale demonstration plant with a significantly greater processing capacity than the Pilot Plant (the \u201cIndustrial Plant\u201d). From the approval of the construction of the Industrial Plant in 2021, Lain Technologies has been working on constructing and ramping-up the Industrial Plant. During 2025, Lain intermittently operated the Industrial Plant processing copper concentrates produced by Atalaya and producing a saleable mixed zinc hydroxide product. While the Industrial Plant has demonstrated the technical functionality of the E-LIX technology at an industrial scale, production volumes have been significantly lower than originally designed resulting in challenging operational and financial results. As of 31 December 2025, the Industrial Plant has not achieved the level of commercial production envisaged in the feasibility studies. Although the E-LIX technology has been performing broadly in line with the design parameters, certain operational bottlenecks have been identified that limit the plant\u2019s ability to achieve the originally designed production levels without additional capital investments. As of 31 December 2025, Atalaya had the following balances relating to the Pilot Plant and the Industrial Plant arising from the agreements with Lain:
Description
Caption
Note
Net Asset Value (\u20ack)
31 Dec 2025
31 Dec 2024
Pilot Plant
Non-current loan
19
-
2,627
Industrial Plant Non-current receivables
20
-
29,662
(prepayment)
Industrial Plant
PPE
13
22,118*
12,978
Convertible Loan
Non-current loan
19
9,725
5,332
31,823
50,619
*22k corresponding to capitalised interest. Impairment of E-LIX Technology Assets The E-LIX technology has demonstrated positive results in the recovery of zinc and copper metal, as well as their derivatives, through the treatment of complex sulphide ores. If the E-LIX technology is proven to be financially viable at an industrial scale, the E-LIX technology has the potential to unlock the production of metals from complex ore and its use at an industrial scale could potentially significantly extend the life of mine at Proyecto Riotinto. E-LIX technology is owned by Lain Technology, Ltd. Atalaya has reviewed both external and internal indicators of impairment in assessing the recoverability of the assets associated with the E-LIX technology (Note 3.4.). Based on the information currently available, Atalaya has identified Lain\u2019s financial situation as an impairment indicator affecting the recoverability of certain assets, due to: (i) the possibility that Lain\u2019s financial constraints may limit the availability of capital investment required to address operational bottlenecks and the ability the Industrial Plant to achieve throughput volumes sufficient to operate in a financially viable manner; and (ii) the risk that Lain may not be able to meet its contractual obligations which could limit Atalaya\u2019s ability to recover outstanding balances.
Net Asset
Value at 31 Value at 31
Nature of the Asset Dec 2025 Impairment December
Description (recoverability) (\u20ack) (\u20ack) 2025 (\u20ack)
Repayments from
Pilot Plant operational cash flow
2,726
(2,726)
-
from the Industrial Plant
Repayments depends on
Industrial the use of the technology
21,418
(21,418)
-
Plant \u2013 Loan and operation in the
Industrial Plant
Industrial Recoverable asset through
Plant - PPE alternative use in Atalaya\u2019s
22,098
-
22,098
processing plant1
Convertible Recoverable by 20% of equity
9,725
-
9,725
Loan in the E-LIX technology
55,967
(24,144)
31,823
1. Atalaya has carried out an analysis to identify assets that could be used in the existing processing plant other than the E-LIX technology.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-432": { "value": "7. Employee benefit expense
(Euro 000\u2019s)
2025
2024
Wages and salaries
20,516
20,430
Social security and social contributions
6,642
6,613
Employees\u2019 other allowances
19
24
Bonus to employees
698
801
Total
27,875
27,868
The average number of employees and the number of employees at year-end
by office are:
Average
At year-end
Number of employees
2025
2024
2025
2024
Spain \u2013 Full time
478
492
480
490
Spain \u2013 Part time
27
3
34
3
Cyprus \u2013 Full time
1
1
1
1
Cyprus \u2013 Part time
2
2
2
2
United Kingdom \u2013 Full time
1
-
1
1
Total
509
498
518
497
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-485": { "value": "7. Employee benefit expense
(Euro 000\u2019s)
2025
2024
Wages and salaries
20,516
20,430
Social security and social contributions
6,642
6,613
Employees\u2019 other allowances
19
24
Bonus to employees
698
801
Total
27,875
27,868
The average number of employees and the number of employees at year-end by office are:
Average
At year-end
Number of employees
2025
2024
2025
2024
Spain \u2013 Full time
478
492
480
490
Spain \u2013 Part time
27
3
34
3
Cyprus \u2013 Full time
1
1
1
1
Cyprus \u2013 Part time
2
2
2
2
United Kingdom \u2013 Full time
1
-
1
1
Total
509
498
518
497
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-487": { "value": "9. Finance costs
(Euro 000\u2019s)
2025
2024
Interest expense:
Interest payable for borrowings
583
1,131
Interest expense on lease liabilities
21
30
Unwinding of discount on mine rehabilitation provision (Note 27)
796
828
Impairment and gains/(losses) on disposal of financial instruments
2,726
-
Total
4,126
1,989
Interest payable for borrowings include the financing costs related to Solar plant, other long-term debt and other operating facilities. During the year ended 31 December 2025, the Group capitalised \u20ac0.7 million (2024: \u20ac1.0 million) of borrowing costs related to the construction of the solar plant and an area of the plant in accordance with IAS 23. The aggregate net foreign exchange gain/losses recognised in profit or loss were:
(Euro 000\u2019s)
2025
2024
Net foreign exchange gain/(loss) included in other gain/(losses)
(6,263)
3,090
Total net foreign exchange gain/(losses) recognised
(6,263)
3,090
in profit before income tax for the period
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-523": { "value": "9. Finance costs
(Euro 000\u2019s)
2025
2024
Interest expense:
Interest payable for borrowings
583
1,131
Interest expense on lease liabilities
21
30
Unwinding of discount on mine rehabilitation provision (Note 27)
796
828
Impairment and gains/(losses) on disposal of financial instruments
2,726
-
Total
4,126
1,989
Interest payable for borrowings include the financing costs related to Solar plant, other long-term debt and other operating facilities. During the year ended 31 December 2025, the Group capitalised \u20ac0.7 million (2024: \u20ac1.0 million) of borrowing costs related to the construction of the solar plant and an area of the plant in accordance with IAS 23. The aggregate net foreign exchange gain/losses recognised in profit or loss were:
(Euro 000\u2019s)
2025
2024
Net foreign exchange gain/(loss) included in other gain/(losses)
(6,263)
3,090
Total net foreign exchange gain/(losses) recognised
(6,263)
3,090
in profit before income tax for the period
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-433": { "value": "8. Finance income
(Euro 000\u2019s)
2025
2024
Financial interest
1,834
1,887
Other received interest
-
-
Total
1,834
1,887
Financial interests include interest received on bank balances of \u20ac0.6 million (2024: \u20ac0.6 million) and \u20ac1.2 million related to the contractual accrual of interest on funding provided in connection with the E-LIX project (see Note 13). The recognition of this interest income reflects the contractual terms of the relevant agreements and does not imply recoverability of the underlying balances, which have been assessed for impairment as described in Note 13. 9. Finance costs
(Euro 000\u2019s)
2025
2024
Interest expense:
Interest payable for borrowings
583
1,131
Interest expense on lease liabilities
21
30
Unwinding of discount on mine rehabilitation provision (Note 27)
796
828
Impairment and gains/(losses) on disposal of financial instruments
2,726
-
Total
4,126
1,989
Interest payable for borrowings include the financing costs related to Solar plant, other long-term debt and other operating facilities. During the year ended 31 December 2025, the Group capitalised \u20ac0.7 million (2024: \u20ac1.0 million) of borrowing costs related to the construction of the solar plant and an area of the plant in accordance with IAS 23. The aggregate net foreign exchange gain/losses recognised in profit or loss were:
(Euro 000\u2019s)
2025
2024
Net foreign exchange gain/(loss) included in other gain/(losses)
(6,263)
3,090
Total net foreign exchange gain/(losses) recognised
(6,263)
3,090
in profit before income tax for the period
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-486": { "value": "8. Finance income
(Euro 000\u2019s)
2025
2024
Financial interest
1,834
1,887
Other received interest
-
-
Total
1,834
1,887
Financial interests include interest received on bank balances of \u20ac0.6 million (2024: \u20ac0.6 million) and \u20ac1.2 million related to the contractual accrual of interest on funding provided in connection with the E-LIX project (see Note 13). The recognition of this interest income reflects the contractual terms of the relevant agreements and does not imply recoverability of the underlying balances, which have been assessed for impairment as described in Note 13. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-513": { "value": "8. Finance income
(Euro 000\u2019s)
2025
2024
Financial interest
1,834
1,887
Other received interest
-
-
Total
1,834
1,887
Financial interests include interest received on bank balances of \u20ac0.6 million (2024: \u20ac0.6 million) and \u20ac1.2 million related to the contractual accrual of interest on funding provided in connection with the E-LIX project (see Note 13). The recognition of this interest income reflects the contractual terms of the relevant agreements and does not imply recoverability of the underlying balances, which have been assessed for impairment as described in Note 13. 9. Finance costs
(Euro 000\u2019s)
2025
2024
Interest expense:
Interest payable for borrowings
583
1,131
Interest expense on lease liabilities
21
30
Unwinding of discount on mine rehabilitation provision (Note 27)
796
828
Impairment and gains/(losses) on disposal of financial instruments
2,726
-
Total
4,126
1,989
Interest payable for borrowings include the financing costs related to Solar plant, other long-term debt and other operating facilities. During the year ended 31 December 2025, the Group capitalised \u20ac0.7 million (2024: \u20ac1.0 million) of borrowing costs related to the construction of the solar plant and an area of the plant in accordance with IAS 23. The aggregate net foreign exchange gain/losses recognised in profit or loss were:
(Euro 000\u2019s)
2025
2024
Net foreign exchange gain/(loss) included in other gain/(losses)
(6,263)
3,090
Total net foreign exchange gain/(losses) recognised
(6,263)
3,090
in profit before income tax for the period
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-522": { "value": "8. Finance income
(Euro 000\u2019s)
2025
2024
Financial interest
1,834
1,887
Other received interest
-
-
Total
1,834
1,887
Financial interests include interest received on bank balances of \u20ac0.6 million (2024: \u20ac0.6 million) and \u20ac1.2 million related to the contractual accrual of interest on funding provided in connection with the E-LIX project (see Note 13). The recognition of this interest income reflects the contractual terms of the relevant agreements and does not imply recoverability of the underlying balances, which have been assessed for impairment as described in Note 13. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-434": { "value": "
10. Tax
(Euro 000\u2019s)
2025
2024
Current income tax charge
17,646
2,732
Deferred tax income relating to the origination
(2,725)
(6,297)
of temporary differences (Note 17)
Deferred tax expense relating to reversal of
temporary differences (Note 17)
1,979
2,528
Total
16,900
(1,037)
The tax on the Group\u2019s results before tax differs from the theoretical amount that
would arise using the applicable tax rates as follows:
(Euro 000\u2019s)
2025
2024
Accounting profit before tax
102,263
31,523
Tax calculated at the applicable tax rates of the
Company \u2013 25% Spain (2024: 12.5% Cyprus)
25,566
7,881
Tax effect of expenses not deductible for tax purposes
-
Tax effect of tax loss for the year
1,052
4,018
Tax effect of allowances and income not subject to tax
(9,215)
(5,769)
Effect of lower tax rates in other jurisdictions of the Group
242
(2,921)
Tax effect of tax losses brought forward
-
-
Deferred tax (Note 17)
(745)
(4,246)
Tax (credit)/charge
16,900
(1,037)
Dividends proposed by the Parent
Company after the reporting date do not
give rise to income tax consequences for
the Group.
The Group has tax refundable as at 31
December 2025 \u20ac2.8 million (2024: \u20acnil).
Tax losses carried forward
As at 31 December 2025, the Group had
tax losses carried forward amounting to
\u20ac7.2 million from the Spanish subsidiaries.
Applicable tax
With regard to taxation and, in
particular, income tax, the Group is
subject to the regulations of several
tax jurisdictions due to the broad
geographical activities carried out
by the companies comprising the
Group. For this reason, the Group
effective tax rate is shaped by the
breakdown of earnings obtained
in each of the countries where it
operates and, occasionally, by the taxation of these earnings in more than one country (double taxation). Cyprus The corporation tax rate is 12.5%. Under certain conditions interest income may be subject to defence contribution at the rate of 30%. In such cases this interest will be exempt from corporation tax. In certain cases, dividends received from abroad may be subject to defence contribution at the rate of 17% for 2014 and thereafter. Under current legislation, tax losses may be carried forward and be set off against taxable income of the five succeeding years. As of 2026 tax year, the corporate income tax (CIT) rate has increased from 12.50% to 15%. Spain Most of the entities resident in Spain for tax purposes are subject to taxation for corporate income tax under Spain\u2019s consolidated tax regime. Under this regime, the companies comprising the tax group jointly determine the Group\u2019s taxable profit and tax liability. Atalaya Mining Copper, S.A. is the parent of Consolidated Tax Group, which comprises all of the companies resident in Spain that are at least 75%-owned, directly or indirectly, by the parent and that meet certain prerequisites. This Consolidated Tax Group was composed of seven companies in 2024, the most significant of which are: Atalaya Mining Copper, S.A., Atalaya Riotinto Minera, S.L.U. and Atalaya Masa Valverde S.L.U. The rest of the companies resident in Spain for tax purposes that are not included in the above tax group determine their income tax individually. Spanish companies, whether taxed individually or on a consolidated basis, were subject to a general tax rate of 25% in 2024. The corporate income tax rate in Spain for 2025 is 25% (25% in 2024), in accordance with the Spanish General Tax Law. Government and legal proceedings with tax implications The years for which the Group companies have their tax returns open for audit with regard to income tax and the main applicable taxes are as follows:
Country
Years
Spain
2022-2025
Cyprus
2020-2025
United Kingdom
2020-2025
The Group hasn\u2019t recognised tax provisions related to Administrative and judicial proceedings with tax implications in 2025 (2024: \u20acnil). Tax inspections On 1 October 2025, the AEAT (Spanish Tax Authorities) notified the Company, in its capacity as representative entity of Spanish tax group 288/18, of the commencement of a tax inspection procedure. The inspection has a partial scope and relates primarily to Corporate Income Tax and Non-Resident Withholding Tax obligations for the 2024 financial year, with review of certain aspects of prior periods within the statutory inspection timeframe (2021 to 2024 under the tax consolidation regime). The inspection focuses, inter alia, on the deductibility of finance expenses arising from participative loans, the arm\u2019s length nature of interest charged on intra- group financing arrangements and the withholding tax treatment of dividends paid to non-resident entities. As at the date of approval of these consolidated financial statements, the inspection remains ongoing and no proposed assessment has been issued. Management, supported by external tax advisers, considers that the Group has applied the relevant tax legislation appropriately and does not expect the outcome of the inspection to have a material adverse effect on the Group\u2019s financial position. Accordingly, no provision has been recognised in respect of this matter.
17. Deferred tax
Consolidated statement Consolidated
(Euro 000\u2019s) of financial position income statement
Deferred tax asset
2025
2024
2025
2024
At 1 January
15,085
11,282
-
-
Deferred tax income relating to the origination
2,725
6,297
(2,725)
(6,297)
of temporary differences (Note 10)
Deferred tax asset due to losses available against
future taxable income overprovision previous years
-
34
-
Deferred tax expense relating to reversal
(1,970)
(2,528)
1,970
2,528
of temporary differences (Note 10)
At 31 December
15,840
15,085
Deferred tax income/(expense) (Note 10)
(755)
(3,769)
Deferred tax assets are recognised for the carry-forward of unused tax losses and
unused tax credits to the extent that it is probable that taxable profits will be
available in the future against which the unused tax losses/credits can be utilised.
The Group held tax losses amounted to \u20ac7.2 million in Spain (2024: \u20ac9.7 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-435": { "value": "
11. Earnings per share
The calculation of the basic and diluted earnings per
share attributable to the ordinary equity holders of
the Company is based on the following data:
(Euro 000\u2019s)
2025
2024
Parent Company
(24,703)
(2,468)
Subsidiaries
110,280
34,206
Profit attributable to equity
85,577
31,738
holders of the parent
Weighted number of ordinary
shares for the purposes of basic
140,759
140,404
earnings per share (\u2018000)
Basic earnings per share
60.8
22.6
(EUR cents/share)
Weighted number of ordinary
shares for the purposes of diluted
146,884
145,457
earnings per share (\u2018000)
Diluted earnings per share
58.3
21.8
(EUR cents/share)
At 31 December 2025 there are nil warrants and
6,026,334 options (Note 23) (31 December 2024: nil
warrants and 5,423,666 options) which have been
included when calculating the weighted average
number of shares for FY2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-436": { "value": "
12. Dividends
Cash dividends declared and paid during the year:
(Euro 000\u2019s)
2025
2024
Final Dividends declared and paid
3,871
5,243
Interim Dividends declared and paid
6,193
5,063
Total
10,064
10,306
Fully paid ordinary shares carry one vote per share
and carry the right to dividends.
FY2024
A final dividend of US$0.0 3 per ordinary share
was proposed on 17 March 2025 for approval by
shareholders at the 2025 AGM, which gave a total
dividend for 2024 of US$0.07 per share. Following
the approval of Resolution 11 by the Company\u2019s
shareholders at the 2025 AGM, which took place on
24 June 2025, the final dividend which (based on as
exchange rates used for conversion after the record
date) amounted to \u20ac5.2 million was approved and
the dividend was paid on 23 July 2025.
FY2025
On 11 August 2025, the Company\u2019s Board of
Directors elected to declare an interim dividend
of \u20ac0.044 (or US$0.0510 or \u00a30.0380) per share. The
interim dividend was paid on 10 October 2025.
A final dividend of \u20ac0 .065 per share has been
proposed for approval by shareholders at the 2026
Annual General Meeting. If approved, this would
give a total dividend for 2025 of \u20ac0.109 per share.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-489": { "value": "0.03", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-488": { "value": "0.065", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-437": { "value": "
Land and Right of use Plant and Assets under Deferred Other
2025 (Euro 000\u2019s) buildings assets 5 equipment construction 3 mining costs 2
assets 1
Total
Cost
At 1 January 2025
86,452
6,928
340,516
100,448
73,974
980
609,298
Additions 7
459
1,237
836
47,549
22,084
-
72,165
Increase in rehab. provision (Note 27)
116
-
-
-
-
-
116
Reclassifications 4
-
-
2,895
7,013
-
19
9,927
Other transfer
-
-
-
-
-
-
-
Changes in rehab. provision
(775)
-
-
-
-
-
(775)
Disposals
-
-
-
(14)
-
(24)
(38)
31 Dec 2025
86,252
8,165
344,247
154,996
96,058
975
690,693
Depreciation
At 1 January 2025
30,894
2,971
140,876
-
24,718
807
200,266
Charge for the year 6
5,370
562
28,356
-
8,378
52
42,718
Write-off
-
-
-
-
-
(20)
(20)
31 Dec 2025
36,264
3,533
169,232
-
33,096
839
242,964
Net book value at 31 December 2025
49,989
4,632
175,015
154,996
62,962
136
447,729
Land and Right of use Plant and Assets under Deferred Other
2024 (Euro 000\u2019s) buildings assets 5 equipment construction 3 mining costs 2
assets 1
Total
Cost
1 January 2024
83,517
7,076
319,129
70,601
64,072
951
545,346
Adjustments
-
-
5
-
-
-
5
Opening adjusted
83,517
7,076
319,134
70,601
64,072
951
545,351
Additions
233
-
332
52,801
9,902
-
63,268
Increase in rehab. provision (Note 27)
3,274
-
-
-
-
-
3,274
Reclassifications
-
-
21,050
(21,969)
-
29
(890)
Other transfer
(572)
-
-
(2,586)
-
-
(3,158)
Write-off
-
(148)
-
-
-
-
(148)
Advances
-
-
-
1,601
-
-
1,601
31 Dec 2024
86,452
6,928
340,516
100,448
73,974
980
609,298
Depreciation
At 1 January 2024
24,702
2,531
113,547
-
19,063
764
160,607
Adjustments
-
-
1
-
-
-
1
Opening adjusted
24,702
2,531
113,548
-
19,063
764
160,608
Charge for the year
6,192
497
27,328
-
5,655
43
39,715
Write-off
-
(57)
-
-
-
-
(57)
31 Dec 2024
30,894
2,971
140,876
-
24,718
807
200,266
Net book value at 31 December 2024
55,558
3,957
199,640
100,448
49,256
173
409,032
13. Property, plant and equipment
1. Includes motor vehicles, furniture, fixtures and
office equipment which are depreciated over 5-10
years.
2 Capitalised stripping related to Cerro Colorado
(Note 2.9 (b)).
3 Assets under construction at 31 December
2025 amounted to \u20ac155.0 million (2024: \u20ac100.4
million), this balance includes \u20ac49.3 million
related to Project slope stabilisation of Corta
Atalaya and Concordia, \u20ac6.4 million are road
deviation, \u20ac43.6 million Solar plant, \u20ac14.1 million
sustaining capital, \u20ac22.1 million E-LIX plant and
\u20ac15.7 million tailing dams capital expenditure.
Additions include sustaining capital expenditures
with an investment of \u20ac3.3 million (2024: \u20ac4.0
million), tailings dams project \u20ac15.8 million (2024:
\u20ac14.8 million), E-LIX plant amounted to \u20ac0.2
million (\u20ac2.1 million in 2024), solar plant \u20ac2.6
million (2024, \u20ac8.4 million) and Concordia project
spending \u20ac25.3 million (2024, \u20ac25.7 million)
of which waste stripping activities at the San
Dionisio area \u20ac24.2 million and new road \u20ac1.0
million.
4 Reclassifications of \u20ac9.0 million related to E-LIX
project (see below Non-Monetary Exchange),
\u20ac2.83 million to plant and equipment are
associated with sustaining capex and \u20ac0.9 million
related to low-rotation stock were reclassified to
inventories (material supplies).
5 See leases in Note 28.
6 Depreciation has been affected due to the
increase of Ore Reserves (Note 2.9 (b)).
7 During the year ended 31 December 2025, the
Group capitalised \u20ac0.7 million (2024: \u20ac1.0 million)
of borrowing costs in accordance with IAS 23.
The average effective interest rate applied was
1.35%. The tax deductibility of these capitalised
borrowing costs will be realised over the asset\u2019s
useful life through depreciation deductions,
rather than as an immediate tax relief. The
weighted average capitalisation rate applied to
general borrowings during the year was 4.15%
(2024: 4.49%).
Non-Monetary Exchange During
the Year
On 25 September 2025, the Group
executed a Payment and Credit
Compensation Agreement with
Lain to formalise the settlement and
mutual compensation of payments
and credits deriving from previous
arrangements. As a result of this
agreement, Lain transferred certain
equipment to Atalaya in exchange
for a partial settlement of the
Industrial Loan previously classified
as Prepayments (refer to Note 20).
The transaction had commercial
substance and fair values as at
31 December 2025 were reliably
measurable as follows:
\u25a1 Fair value of prepayment given
up: \u20ac9.0m
\u25a1 Carrying amount of prepayment
given up: \u20ac9.0m
\u25a1 Fair value of equipment received:
\u20ac9.0m
\u25a1 Gain/(loss) recognised in profit or
loss: \u20acnil
The equipment is classified under
\u201cAssets under construction\u201d and will
be depreciated over its estimated
useful life once the Industrial Plant
achieves commercial production.
The above fixed assets are mainly
located in Spain.
E-LIX Project
In May 2019, after approximately
four years of laboratory work,
Atalaya initiated a partnership
with Lain Technologies, Ltd. for the
development of a technology known
as E-LIX. The E-LIX technology is an
electrochemical extraction process
developed by Lain that aims to
enable the production of zinc and
copper cathodes, as well as other
derivatives of these metals, from
complex sulphide ores.
In July 2020, Atalaya and Lain
executed a Memorandum of
Understanding (MOU), and have
collaborated in the development of
the E-LIX technology through several
phases, summarised as follows:
\u25a1 Phase 0: Preliminary work and
research.
\u25a1 Phase 1: Construction and
commissioning of the Pilot Plant.
\u25a1 Phase 2: Operation of the Pilot
Plant and feasibility studies.
\u25a1 Phase 3: Construction and
commissioning of an Industrial
Scale Plant.
In accordance with the phases stated above, several agreements have been signed, including: \u25a1 Construction of the fixed assets required for the use of the E-LIX technology; \u25a1 Exclusivity agreements \u25a1 Funding agreements for the construction and the commissioning of the Pilot Plant \u25a1 Funding agreements for the construction and commissioning of the Industrial Plant; \u25a1 Operational agreements for the construction of the Industrial Plant; and \u25a1 Payment and Credit Compensation Agreement. The Pilot Plant was constructed during 2021 and confirmed the technical feasibility of E-LIX, demonstrating the ability to selectively leach metals from concentrates and achieve high recovery rates for copper and zinc. In December 2021, the Company\u2019s Board of Directors approved the construction and financing of a larger-scale demonstration plant with a significantly greater processing capacity than the Pilot Plant (the \u201cIndustrial Plant\u201d). From
the approval of the construction
of the Industrial Plant in 2021, Lain
Technologies has been working on
constructing and ramping-up the
Industrial Plant.
During 2025, Lain intermittently
operated the Industrial Plant
processing copper concentrates
produced by Atalaya and producing
a saleable mixed zinc hydroxide
product.
While the Industrial Plant has
demonstrated the technical
functionality of the E-LIX technology
at an industrial scale, production
volumes have been significantly
lower than originally designed
resulting in challenging operational
and financial results.
As of 31 December 2025, the
Industrial Plant has not achieved
the level of commercial production
envisaged in the feasibility studies.
Although the E-LIX technology has
been performing broadly in line
with the design parameters, certain
operational bottlenecks have been
identified that limit the plant\u2019s ability
to achieve the originally designed
production levels without additional
capital investments.
As of 31 December 2025, Atalaya had the following balances relating to the
Pilot Plant and the Industrial Plant arising from the agreements with Lain:
Description
Caption
Note
Net Asset Value (\u20ack)
31 Dec 2025
31 Dec 2024
Pilot Plant
Non-current loan
19
-
2,627
Industrial Plant Non-current receivables
20
-
29,662
(prepayment)
Industrial Plant
PPE
13
22,118*
12,978
Convertible Loan
Non-current loan
19
9,725
5,332
31,823
50,619
*22k corresponding to capitalised interest.
Impairment of E-LIX Technology Assets The E-LIX technology has demonstrated positive results in the recovery of zinc and copper metal, as well as their derivatives, through the treatment of complex sulphide ores. If the E-LIX technology is proven to be financially viable at an industrial scale, the E-LIX technology has the potential to unlock the production of metals from complex ore and its use at an industrial scale could potentially significantly extend the life of mine at Proyecto Riotinto. E-LIX technology is owned by Lain Technology, Ltd. Atalaya has reviewed both external and internal indicators of impairment in assessing the recoverability of the assets associated with the E-LIX technology (Note 3.4.). Based on the information currently available, Atalaya has identified Lain\u2019s financial situation as an impairment indicator affecting the recoverability of certain assets, due to: (i) the possibility that Lain\u2019s financial constraints may limit the availability of capital investment required to address operational bottlenecks and the ability the Industrial Plant to achieve throughput volumes sufficient to operate in a financially viable manner; and (ii) the risk that Lain may not be able to meet its contractual obligations which could limit Atalaya\u2019s ability to recover outstanding balances.
Net Asset
Value at 31 Value at 31
Nature of the Asset Dec 2025 Impairment December
Description (recoverability) (\u20ack) (\u20ack) 2025 (\u20ack)
Repayments from
Pilot Plant operational cash flow
2,726
(2,726)
-
from the Industrial Plant
Repayments depends on
Industrial the use of the technology
21,418
(21,418)
-
Plant \u2013 Loan and operation in the
Industrial Plant
Industrial Recoverable asset through
Plant - PPE alternative use in Atalaya\u2019s
22,098
-
22,098
processing plant1
Convertible Recoverable by 20% of equity
9,725
-
9,725
Loan in the E-LIX technology
55,967
(24,144)
31,823
1. Atalaya has carried out an analysis to identify assets that could be used in the existing processing plant
other than the E-LIX technology.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-490": { "value": "
Land and Right of use Plant and Assets under Deferred Other
2025 (Euro 000\u2019s) buildings assets 5 equipment construction 3 mining costs 2
assets 1
Total
Cost
At 1 January 2025
86,452
6,928
340,516
100,448
73,974
980
609,298
Additions 7
459
1,237
836
47,549
22,084
-
72,165
Increase in rehab. provision (Note 27)
116
-
-
-
-
-
116
Reclassifications 4
-
-
2,895
7,013
-
19
9,927
Other transfer
-
-
-
-
-
-
-
Changes in rehab. provision
(775)
-
-
-
-
-
(775)
Disposals
-
-
-
(14)
-
(24)
(38)
31 Dec 2025
86,252
8,165
344,247
154,996
96,058
975
690,693
Depreciation
At 1 January 2025
30,894
2,971
140,876
-
24,718
807
200,266
Charge for the year 6
5,370
562
28,356
-
8,378
52
42,718
Write-off
-
-
-
-
-
(20)
(20)
31 Dec 2025
36,264
3,533
169,232
-
33,096
839
242,964
Net book value at 31 December 2025
49,989
4,632
175,015
154,996
62,962
136
447,729
Land and Right of use Plant and Assets under Deferred Other
2024 (Euro 000\u2019s) buildings assets 5 equipment construction 3 mining costs 2
assets 1
Total
Cost
1 January 2024
83,517
7,076
319,129
70,601
64,072
951
545,346
Adjustments
-
-
5
-
-
-
5
Opening adjusted
83,517
7,076
319,134
70,601
64,072
951
545,351
Additions
233
-
332
52,801
9,902
-
63,268
Increase in rehab. provision (Note 27)
3,274
-
-
-
-
-
3,274
Reclassifications
-
-
21,050
(21,969)
-
29
(890)
Other transfer
(572)
-
-
(2,586)
-
-
(3,158)
Write-off
-
(148)
-
-
-
-
(148)
Advances
-
-
-
1,601
-
-
1,601
31 Dec 2024
86,452
6,928
340,516
100,448
73,974
980
609,298
Depreciation
At 1 January 2024
24,702
2,531
113,547
-
19,063
764
160,607
Adjustments
-
-
1
-
-
-
1
Opening adjusted
24,702
2,531
113,548
-
19,063
764
160,608
Charge for the year
6,192
497
27,328
-
5,655
43
39,715
Write-off
-
(57)
-
-
-
-
(57)
31 Dec 2024
30,894
2,971
140,876
-
24,718
807
200,266
Net book value at 31 December 2024
55,558
3,957
199,640
100,448
49,256
173
409,032
13. Property, plant and equipment 1. Includes motor vehicles, furniture, fixtures and office equipment which are depreciated over 5-10 years. 2 Capitalised stripping related to Cerro Colorado (Note 2.9 (b)). 3 Assets under construction at 31 December 2025 amounted to \u20ac155.0 million (2024: \u20ac100.4 million), this balance includes \u20ac49.3 million related to Project slope stabilisation of Corta Atalaya and Concordia, \u20ac6.4 million are road deviation, \u20ac43.6 million Solar plant, \u20ac14.1 million sustaining capital, \u20ac22.1 million E-LIX plant and \u20ac15.7 million tailing dams capital expenditure. Additions include sustaining capital expenditures with an investment of \u20ac3.3 million (2024: \u20ac4.0 million), tailings dams project \u20ac15.8 million (2024: \u20ac14.8 million), E-LIX plant amounted to \u20ac0.2 million (\u20ac2.1 million in 2024), solar plant \u20ac2.6 million (2024, \u20ac8.4 million) and Concordia project spending \u20ac25.3 million (2024, \u20ac25.7 million) of which waste stripping activities at the San Dionisio area \u20ac24.2 million and new road \u20ac1.0 million. 4 Reclassifications of \u20ac9.0 million related to E-LIX project (see below Non-Monetary Exchange), \u20ac2.83 million to plant and equipment are associated with sustaining capex and \u20ac0.9 million related to low-rotation stock were reclassified to inventories (material supplies). 5 See leases in Note 28. 6 Depreciation has been affected due to the increase of Ore Reserves (Note 2.9 (b)). 7 During the year ended 31 December 2025, the Group capitalised \u20ac0.7 million (2024: \u20ac1.0 million) of borrowing costs in accordance with IAS 23. The average effective interest rate applied was 1.35%. The tax deductibility of these capitalised borrowing costs will be realised over the asset\u2019s useful life through depreciation deductions, rather than as an immediate tax relief. The weighted average capitalisation rate applied to general borrowings during the year was 4.15% (2024: 4.49%). Non-Monetary Exchange During the Year On 25 September 2025, the Group executed a Payment and Credit Compensation Agreement with Lain to formalise the settlement and mutual compensation of payments and credits deriving from previous arrangements. As a result of this agreement, Lain transferred certain equipment to Atalaya in exchange for a partial settlement of the Industrial Loan previously classified as Prepayments (refer to Note 20). The transaction had commercial substance and fair values as at 31 December 2025 were reliably measurable as follows: \u25a1 Fair value of prepayment given up: \u20ac9.0m \u25a1 Carrying amount of prepayment given up: \u20ac9.0m \u25a1 Fair value of equipment received: \u20ac9.0m \u25a1 Gain/(loss) recognised in profit or loss: \u20acnil The equipment is classified under \u201cAssets under construction\u201d and will be depreciated over its estimated useful life once the Industrial Plant achieves commercial production. The above fixed assets are mainly located in Spain. E-LIX Project In May 2019, after approximately four years of laboratory work, Atalaya initiated a partnership with Lain Technologies, Ltd. for the development of a technology known as E-LIX. The E-LIX technology is an electrochemical extraction process developed by Lain that aims to enable the production of zinc and copper cathodes, as well as other derivatives of these metals, from complex sulphide ores. In July 2020, Atalaya and Lain executed a Memorandum of Understanding (MOU), and have collaborated in the development of the E-LIX technology through several phases, summarised as follows: \u25a1 Phase 0: Preliminary work and research. \u25a1 Phase 1: Construction and commissioning of the Pilot Plant. \u25a1 Phase 2: Operation of the Pilot Plant and feasibility studies. \u25a1 Phase 3: Construction and commissioning of an Industrial Scale Plant.
In accordance with the phases stated
above, several agreements have been
signed, including:
\u25a1 Construction of the fixed assets
required for the use of the E-LIX
technology;
\u25a1 Exclusivity agreements
\u25a1 Funding agreements for
the construction and the
commissioning of the Pilot Plant
\u25a1 Funding agreements for the
construction and commissioning
of the Industrial Plant;
\u25a1 Operational agreements for the
construction of the Industrial
Plant; and
\u25a1 Payment and Credit
Compensation Agreement.
The Pilot Plant was constructed
during 2021 and confirmed the
technical feasibility of E-LIX,
demonstrating the ability to
selectively leach metals from
concentrates and achieve high
recovery rates for copper and zinc.
In December 2021, the Company\u2019s
Board of Directors approved the
construction and financing of
a larger-scale demonstration
plant with a significantly greater
processing capacity than the Pilot
Plant (the \u201cIndustrial Plant\u201d). From
the approval of the construction of the Industrial Plant in 2021, Lain Technologies has been working on constructing and ramping-up the Industrial Plant. During 2025, Lain intermittently operated the Industrial Plant processing copper concentrates produced by Atalaya and producing a saleable mixed zinc hydroxide product. While the Industrial Plant has demonstrated the technical functionality of the E-LIX technology at an industrial scale, production volumes have been significantly lower than originally designed resulting in challenging operational and financial results. As of 31 December 2025, the Industrial Plant has not achieved the level of commercial production envisaged in the feasibility studies. Although the E-LIX technology has been performing broadly in line with the design parameters, certain operational bottlenecks have been identified that limit the plant\u2019s ability to achieve the originally designed production levels without additional capital investments. As of 31 December 2025, Atalaya had the following balances relating to the Pilot Plant and the Industrial Plant arising from the agreements with Lain:
Description
Caption
Note
Net Asset Value (\u20ack)
31 Dec 2025
31 Dec 2024
Pilot Plant
Non-current loan
19
-
2,627
Industrial Plant Non-current receivables
20
-
29,662
(prepayment)
Industrial Plant
PPE
13
22,118*
12,978
Convertible Loan
Non-current loan
19
9,725
5,332
31,823
50,619
*22k corresponding to capitalised interest. Impairment of E-LIX Technology Assets The E-LIX technology has demonstrated positive results in the recovery of zinc and copper metal, as well as their derivatives, through the treatment of complex sulphide ores. If the E-LIX technology is proven to be financially viable at an industrial scale, the E-LIX technology has the potential to unlock the production of metals from complex ore and its use at an industrial scale could potentially significantly extend the life of mine at Proyecto Riotinto. E-LIX technology is owned by Lain Technology, Ltd. Atalaya has reviewed both external and internal indicators of impairment in assessing the recoverability of the assets associated with the E-LIX technology (Note 3.4.). Based on the information currently available, Atalaya has identified Lain\u2019s financial situation as an impairment indicator affecting the recoverability of certain assets, due to: (i) the possibility that Lain\u2019s financial constraints may limit the availability of capital investment required to address operational bottlenecks and the ability the Industrial Plant to achieve throughput volumes sufficient to operate in a financially viable manner; and (ii) the risk that Lain may not be able to meet its contractual obligations which could limit Atalaya\u2019s ability to recover outstanding balances.
Net Asset
Value at 31 Value at 31
Nature of the Asset Dec 2025 Impairment December
Description (recoverability) (\u20ack) (\u20ack) 2025 (\u20ack)
Repayments from
Pilot Plant operational cash flow
2,726
(2,726)
-
from the Industrial Plant
Repayments depends on
Industrial the use of the technology
21,418
(21,418)
-
Plant \u2013 Loan and operation in the
Industrial Plant
Industrial Recoverable asset through
Plant - PPE alternative use in Atalaya\u2019s
22,098
-
22,098
processing plant1
Convertible Recoverable by 20% of equity
9,725
-
9,725
Loan in the E-LIX technology
55,967
(24,144)
31,823
1. Atalaya has carried out an analysis to identify assets that could be used in the existing processing plant other than the E-LIX technology.", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentIncludingRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-491": { "value": "
Licences, R&D Other intangible
2025 (Euro 000\u2019s)
Permits (1)
and Software
assets
Total
Cost
At 1 January 2025
78,071
1,810
27,847
107,728
Additions
400
10
9,07
3(2)
9,483
Reclassification
52
28
(51)
29
31 Dec 2025
78,523
1,848
36,869
117,240
Amortisation
At 1 January 2025
35,958
1,561
-
37,519
Charge for the year
4,771
31
-
4,802
31 Dec 2025
40,729
1,592
-
42,321
Net book value at 31 December 2025
37,794
256
36,869
74,919
Licences, R&D Other intangible
2024 (Euro 000\u2019s)
Permits (1)
and Software
assets
Total
Cost
At 1 January 2024
81,199
8,758
-
89,957
Additions
-
-
17,771(3)
17,771
Reclassification
(3,128)
(6,948)
10,076
-
31 Dec 2024
78,071
1,810
27,847
107,728
Amortisation
At 1 January 2025
32,080
8,480
-
40,560
Charge for the year
3,878
29
-
3,907
Reversal of impairment losses(4)
-
(6,948)
-
(6,948)
31 Dec 2024
35,958
1,561
-
37,519
Net book value at 31 December 2024
42,113
249
27,847
70,209
1. Permits include the mining rights of Proyecto Riotinto, Proyecto Touro, Masa Valverde and Ossa Morena.
Additions correspond to the acquisition of new investigation permits.
2. Additions include capitalisation costs of Masa Valverde \u20ac4.4 million and \u20ac4.6 million of Cobre San Rafael.
3. Additions during 2024 included \u20ac16.7 million at fair value related to the interest to acquire the 80% of the
shares of Cobre San Rafael, S.L., as per the Shareholders\u2019 Agreement, including \u20ac16.5 million (Note 26) and
\u20ac0.2 million related to capitalisation expenses according with the policy of the Group once the Touro Project
was granted as a Strategic Industrial Project (\u201cPIE\u201d).
14. Intangible assets
The ultimate recovery of balances carried forward in relation to areas of interest or all such assets including intangibles is dependent on successful development, and commercial exploitation, or alternatively the sale of the respective areas. The Group conducts impairment testing in case there is an indicator of impairment. Atalaya assessed its assets concluding that there are no indicators of impairment for either Proyecto Riotinto or any other as of 31 December 2025 and 2024. The Group\u2019s principal amortised intangible asset relates to the mining rights associated with Proyecto Riotinto. These rights are amortised on a units-of-production basis over the commercially recoverable Ore Reserves of the mine. The last Ore Reserves statement implies a mine life of approximately nine years. Other mining-related intangible assets, including Proyecto Touro, Proyecto Masa Valverde and Proyecto Riotinto East, are not yet available for use and are therefore not amortised. Amortisation will commence once commercial production begins. Reversal of Impairment on Intangible Assets On 29 January 2020, the Company released an update on Proyecto Touro. The Company announced a recent press released by the regional government of Galicia (\u201cXunta de Galicia\u201d) in relation to the permitting process, where the General Directorate to the Mines, Energy and Industry Department announced a negative Environmental Impact Statement for Proyecto Touro. As a result of the announcement made by the Xunta de Galicia, the Company reassessed the uncertainty about the feasibility of obtaining the necessary permits for Touro, impacting the project\u2019s development prospects. As a result of the reassessment, the Company booked as at 31 December 2019 an impairment of \u20ac6.9 million related to the capitalised cost incurred by the Company to the date according to its accounting policy. However, the Company retained the value of the mining rights at \u20ac5.0 million, as these rights remained in force. Since 2019, the Company actively worked with stakeholders to advance the permitting process and improve the regulatory framework for Proyecto Touro. In 2024, the permitting and operational environment for the project improved significantly, leading to a reassessment of its technical and financial feasibility. A key development was the designation of Proyecto Touro as a Strategic Industrial Project (\u201cPIE\u201d) by the Xunta de Galicia. This designation granted priority status, accelerated administrative procedures, and reduced regulatory uncertainties, removing the primary risk factor that led to the initial impairment. In compliance with IAS 36 \u2013 Impairment of Assets, the Company conducted an impairment test as at 31 December 2024, concluding that the conditions that had led to the impairment in 2019 no longer existed. The impairment test was carried out by evaluating both technical and financial feasibility, confirming that the project was in a position to generate economic benefits in line with initial expectations. The impairment assessment considered: \u25a1 Technical viability, based on updated Mineral Resource and Ore Reserve estimates, engineering reports, and environmental compliance advancements. \u25a1 Financial feasibility, including updated cash flow projections, capital expenditure forecasts, and a revised financing strategy that had demonstrated the project\u2019s ability to meet investment requirements. \u25a1 Projected long-term copper prices, in line with industry benchmarks and independent market forecasts. \u25a1 Capital and operating cost projections, supported by recent feasibility studies. To further validate the assessment, an independent third-party valuation of the mining assets was conducted. The valuation confirmed that the estimated fair value of the project was higher than the total carrying amount of the intangible assets associated with Proyecto Touro, reinforcing the recoverability of the asset. As a result, the impairment loss of \u20ac6.9 million was fully reversed as at 31 December 2024, reflecting the improved expectations for the project and supporting the recoverability of the asset in accordance with IAS 36 \u2013 Impairment of Assets. This assessment demonstrated that there had been no doubts regarding the technical and financial viability of Proyecto Touro as at the reporting date, further supporting the impairment reversal.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-438": { "value": "
Licences, R&D Other intangible
2025 (Euro 000\u2019s)
Permits (1)
and Software
assets
Total
Cost
At 1 January 2025
78,071
1,810
27,847
107,728
Additions
400
10
9,07
3(2)
9,483
Reclassification
52
28
(51)
29
31 Dec 2025
78,523
1,848
36,869
117,240
Amortisation
At 1 January 2025
35,958
1,561
-
37,519
Charge for the year
4,771
31
-
4,802
31 Dec 2025
40,729
1,592
-
42,321
Net book value at 31 December 2025
37,794
256
36,869
74,919
Licences, R&D Other intangible
2024 (Euro 000\u2019s)
Permits (1)
and Software
assets
Total
Cost
At 1 January 2024
81,199
8,758
-
89,957
Additions
-
-
17,771(3)
17,771
Reclassification
(3,128)
(6,948)
10,076
-
31 Dec 2024
78,071
1,810
27,847
107,728
Amortisation
At 1 January 2025
32,080
8,480
-
40,560
Charge for the year
3,878
29
-
3,907
Reversal of impairment losses(4)
-
(6,948)
-
(6,948)
31 Dec 2024
35,958
1,561
-
37,519
Net book value at 31 December 2024
42,113
249
27,847
70,209
1. Permits include the mining rights of Proyecto Riotinto, Proyecto Touro, Masa Valverde and Ossa Morena. Additions correspond to the acquisition of new investigation permits. 2. Additions include capitalisation costs of Masa Valverde \u20ac4.4 million and \u20ac4.6 million of Cobre San Rafael. 3. Additions during 2024 included \u20ac16.7 million at fair value related to the interest to acquire the 80% of the shares of Cobre San Rafael, S.L., as per the Shareholders\u2019 Agreement, including \u20ac16.5 million (Note 26) and \u20ac0.2 million related to capitalisation expenses according with the policy of the Group once the Touro Project was granted as a Strategic Industrial Project (\u201cPIE\u201d). 14. Intangible assets
The ultimate recovery of balances
carried forward in relation to
areas of interest or all such assets
including intangibles is dependent
on successful development,
and commercial exploitation,
or alternatively the sale of the
respective areas.
The Group conducts impairment
testing in case there is an indicator
of impairment. Atalaya assessed its
assets concluding that there are no
indicators of impairment for either
Proyecto Riotinto or any other as of 31
December 2025 and 2024.
The Group\u2019s principal amortised
intangible asset relates to the mining
rights associated with Proyecto
Riotinto. These rights are amortised
on a units-of-production basis over
the commercially recoverable Ore
Reserves of the mine. The last Ore
Reserves statement implies a mine
life of approximately nine years.
Other mining-related intangible
assets, including Proyecto Touro,
Proyecto Masa Valverde and Proyecto
Riotinto East, are not yet available for
use and are therefore not amortised.
Amortisation will commence once
commercial production begins.
Reversal of Impairment on
Intangible Assets
On 29 January 2020, the Company
released an update on Proyecto
Touro. The Company announced a
recent press released by the regional
government of Galicia (\u201cXunta de
Galicia\u201d) in relation to the permitting
process, where the General
Directorate to the Mines, Energy and
Industry Department announced
a negative Environmental Impact
Statement for Proyecto Touro.
As a result of the announcement
made by the Xunta de Galicia, the
Company reassessed the uncertainty
about the feasibility of obtaining
the necessary permits for Touro,
impacting the project\u2019s development
prospects.
As a result of the reassessment, the
Company booked as at 31 December
2019 an impairment of \u20ac6.9 million
related to the capitalised cost incurred
by the Company to the date according
to its accounting policy. However, the
Company retained the value of the
mining rights at \u20ac5.0 million, as these
rights remained in force.
Since 2019, the Company actively
worked with stakeholders to
advance the permitting process
and improve the regulatory
framework for Proyecto Touro. In
2024, the permitting and operational
environment for the project
improved significantly, leading to
a reassessment of its technical and
financial feasibility.
A key development was the
designation of Proyecto Touro as a
Strategic Industrial Project (\u201cPIE\u201d) by
the Xunta de Galicia. This designation
granted priority status, accelerated
administrative procedures, and
reduced regulatory uncertainties,
removing the primary risk factor that
led to the initial impairment.
In compliance with IAS 36 \u2013
Impairment of Assets, the Company
conducted an impairment test as at
31 December 2024, concluding that
the conditions that had led to the
impairment in 2019 no longer existed.
The impairment test was carried out by
evaluating both technical and financial
feasibility, confirming that the project
was in a position to generate economic
benefits in line with initial expectations.
The impairment assessment
considered:
\u25a1 Technical viability, based on
updated Mineral Resource and Ore
Reserve estimates, engineering
reports, and environmental
compliance advancements.
\u25a1 Financial feasibility, including
updated cash flow projections,
capital expenditure forecasts, and a
revised financing strategy that had
demonstrated the project\u2019s ability
to meet investment requirements.
\u25a1 Projected long-term copper prices,
in line with industry benchmarks
and independent market forecasts.
\u25a1 Capital and operating cost
projections, supported by recent
feasibility studies.
To further validate the assessment,
an independent third-party valuation
of the mining assets was conducted.
The valuation confirmed that the
estimated fair value of the project was
higher than the total carrying amount
of the intangible assets associated
with Proyecto Touro, reinforcing the
recoverability of the asset.
As a result, the impairment loss of
\u20ac6.9 million was fully reversed as at
31 December 2024, reflecting the
improved expectations for the project
and supporting the recoverability of
the asset in accordance with IAS 36 \u2013
Impairment of Assets.
This assessment demonstrated
that there had been no doubts
regarding the technical and financial
viability of Proyecto Touro as at the
reporting date, further supporting the
impairment reversal.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-514": { "value": "
During 2024, the Group entered
into agreements with Mineral
Prospektering i Sverige AB (\u201cMPS\u201d) in
relation to the Skellefte Belt Project
and the Rockliden Project, both
located in established volcanogenic
massive sulphide (VMS) districts
known for their potential mineral
resources.
The Group entered into earn-in
agreements with MPS to acquire an
initial 75% interest in these projects,
structured as follows:
\u25a1 An initial funding commitment
of US$3 million per project, to be
invested over a 24-month period.
\u25a1 Stage 1 option to provide additional
funding of US$3 million per project
to secure a 51% ownership interest.
\u25a1 Stage 2 option to provide additional
funding of US$6 million per project,
and complete scoping studies, to
secure a 75% ownership interest.
During 2025, a total of \u20ac3.8 million
(2024: \u20ac1.2 million) in funding was
provided to MPS in relation to the
exploration campaigns.
The following table summarises
the movement in exploration and
evaluation assets during the year:
(Euro 000\u2019s)
2025
2024
Opening balance
-
-
as of 1 January
Additions during the year
-
1,205
Impairment losses
-
(1,205)
Closing balance as of
31 December
-
-
During 2025 this investment was
recognised as expenses due to
the early exploration stage. As of
31 December 2024, the carrying
amount of exploration and evaluation
assets was reviewed for impairment.
Following management\u2019s
assessment, the Company recognised
a full impairment of \u20ac1.2 million, as
these projects remain in the early
exploration stage and are still far from
obtaining operating mining permits.
15. Non-current assets
20. Trade and other receivables 1. On 28 January 2022 the Company signed a loan for \u20ac15 million and on 8 May 2023 an amendment up to \u20ac20 million to the construction of the first phase of the industrial-scale plant (\u201cPhase I\u201d) that utilises the E-LIX System. This loan was granted for a fixed term of 10 years since the start of commercial production. This balance includes capitalised interest, and repayment will be made through the use of the E-LIX technology. On 25 September 2025, a payment and set-off agreement was executed for a total amount of \u20ac9.0 million. The agreement was settled through the acquisition of assets by Atalaya, resulting in non-monetary exchanges. At year-end, the Group reassessed its investment in the E-LIX project and, as a result, recognised an impairment of the full balance of Prepayments for service contract, amounting to \u20ac21.4 million (refer to Note 13). Trade receivables are shown net of any interest applied to prepayments. Payment terms are aligned with offtake agreements and market standards and generally are 7 days on 90% of the invoice and the remaining 10% at the settlement date which can vary between 1 to 5 months. The fair value of trade and other receivables approximate their book values. Non-current deposits included \u20ac250k (\u20ac250k at 31 December 2024) as a collateral for bank guarantees, which was recorded as restricted cash (or deposit) in Proyecto Riotinto and \u20ac334k related to Proyecto Masa Valverde.
(Euro 000\u2019s)
2025
2024
Non-current trade and other receivables
Deposits
902
611
Loans
109
141
Prepayments for service contract1
-
29,662
Other non-current receivables
111
2,838
1,122
33,252
Current trade and other receivables
Trade receivables at fair value \u2013 subject to provisional pricing
5,484
9,727
Trade receivables from shareholders at fair value
15,770
1,042
\u2013 subject to provisional pricing (Note 31.5)
Deposits
35
35
VAT receivable
12,739
20,898
Tax advances
71
-
Prepayments
4,736
4,507
Other current assets
2,278
654
41,113
36,863
Allowance for expected credit losses
-
-
Total trade and other receivables
42,235
70,115
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-439": { "value": "During 2024, the Group entered into agreements with Mineral Prospektering i Sverige AB (\u201cMPS\u201d) in relation to the Skellefte Belt Project and the Rockliden Project, both located in established volcanogenic massive sulphide (VMS) districts known for their potential mineral resources. The Group entered into earn-in agreements with MPS to acquire an initial 75% interest in these projects, structured as follows: \u25a1 An initial funding commitment of US$3 million per project, to be invested over a 24-month period. \u25a1 Stage 1 option to provide additional funding of US$3 million per project to secure a 51% ownership interest. \u25a1 Stage 2 option to provide additional funding of US$6 million per project, and complete scoping studies, to secure a 75% ownership interest. During 2025, a total of \u20ac3.8 million (2024: \u20ac1.2 million) in funding was provided to MPS in relation to the exploration campaigns. The following table summarises the movement in exploration and evaluation assets during the year:
(Euro 000\u2019s)
2025
2024
Opening balance
-
-
as of 1 January
Additions during the year
-
1,205
Impairment losses
-
(1,205)
Closing balance as of
31 December
-
-
During 2025 this investment was recognised as expenses due to the early exploration stage. As of 31 December 2024, the carrying amount of exploration and evaluation assets was reviewed for impairment. Following management\u2019s assessment, the Company recognised a full impairment of \u20ac1.2 million, as these projects remain in the early exploration stage and are still far from obtaining operating mining permits. 15. Non-current assets ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-440": { "value": "
16. Investment in joint venture
Effective proportion
Company Country of of shares held at 31
name
Principal activities
incorporation December 2015
Recursos Cuenca Exploitation of tailing dams
Spain
50%
Minera S.L. and waste areas resources
In 2012, ARM initiated a 50/50 joint venture with Rumbo to assess and leverage
the potential of class B resources within the tailings dam and waste areas at
Proyecto Riotinto. Pursuant to the joint venture agreement, ARM served as the
operator and reimbursed Rumbo for the expenses linked to the classification
application for the Class B resources. ARM covered the initial expenses for a
feasibility study, with a maximum funding limit of \u20ac2.0 million. Subsequent
costs were shared by the joint venture partners in accordance with their
respective ownership interests.
The Group\u2019s significant aggregate amounts in respect of the joint venture are as
follows:
(Euro 000\u2019s)
31 Dec 2025
31 Dec 2024
Intangible assets
94
94
Trade and other receivables
4
4
Cash and cash equivalents
15
15
Trade and other payables
(114)
(115)
Net assets
(1)
2
Revenue
-
-
Expenses
-
-
Net profit/(loss) after tax
-
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-492": { "value": "17. Deferred tax
Consolidated statement Consolidated
(Euro 000\u2019s) of financial position income statement
Deferred tax asset
2025
2024
2025
2024
At 1 January
15,085
11,282
-
-
Deferred tax income relating to the origination
2,725
6,297
(2,725)
(6,297)
of temporary differences (Note 10)
Deferred tax asset due to losses available against
future taxable income overprovision previous years
-
34
-
Deferred tax expense relating to reversal
(1,970)
(2,528)
1,970
2,528
of temporary differences (Note 10)
At 31 December
15,840
15,085
Deferred tax income/(expense) (Note 10)
(755)
(3,769)
Deferred tax assets are recognised for the carry-forward of unused tax losses and unused tax credits to the extent that it is probable that taxable profits will be available in the future against which the unused tax losses/credits can be utilised. The Group held tax losses amounted to \u20ac7.2 million in Spain (2024: \u20ac9.7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-441": { "value": "
18. Inventories
As at 31 December 2025, copper
concentrate produced and not sold
amounted to 4,050 tonnes (FY2024:
21,815 tonnes), due to timing on
shipments. Accordingly, the inventory
for copper concentrate was \u20ac3.8 million
(FY2024: \u20ac19.7 million). During the year
2025 the Group recorded cost of sales
amounting to \u20ac280.2 million (FY2024:
\u20ac242.2 million).
Materials and supplies relate mainly to
machinery spare parts. Work in progress
represents ore stockpiles, which is ore
that has been extracted and is available
for further processing.
(Euro 000\u2019s)
31 Dec 2025
31 Dec 2024
Finished products
3,799
19,732
Materials and supplies
25,087
25,540
Work in progress
1,985
3,890
30,871
49,162
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-442": { "value": "19. Loans Non-current loans relate to the loans with Lain Technologies regarding the Pilot Plant and convertible loan agreement. That balance includes principal of \u20ac2.3 million plus \u20ac0.3 million of interest accrued of Pilot Plant (Note 13) with Lain Technologies S.A. and \u20ac9.3 million relating to the Convertible Loan with Lain Technologies, Ltd. plus \u20ac0.4 of interest accrued (Note 3.2. and Note 13). In relation to the loan agreement with Lain Technologies for the Pilot Plant, Atalaya has recognised a full impairment of this balance, as recovery is not expected in the short- term (Note 13). This balance bears interest at EURIBOR 12M + 2% per annum. On 30 September 2024 the Group signed a convertible loan agreement, granting a credit facility of up \u20ac10 million with a fixed term until 31 December 2025. As at 31 December 2025, the loan has been classified as non-current. This balance bears interest at EURIBOR 3M + 2% per annum.
(Euro 000\u2019s)
2025
2024
Non-current loans
Loans
12,451
2,627
Impairment loss on loans
(2,726)
-
9,725
2,627
Current loans
Loans
20
5,352
20
5,352
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-443": { "value": "20. Trade and other receivables 1. On 28 January 2022 the Company signed a loan for \u20ac15 million and on 8 May 2023 an amendment up to \u20ac20 million to the construction of the first phase of the industrial-scale plant (\u201cPhase I\u201d) that utilises the E-LIX System. This loan was granted for a fixed term of 10 years since the start of commercial production. This balance includes capitalised interest, and repayment will be made through the use of the E-LIX technology. On 25 September 2025, a payment and set-off agreement was executed for a total amount of \u20ac9.0 million. The agreement was settled through the acquisition of assets by Atalaya, resulting in non-monetary exchanges. At year-end, the Group reassessed its investment in the E-LIX project and, as a result, recognised an impairment of the full balance of Prepayments for service contract, amounting to \u20ac21.4 million (refer to Note 13). Trade receivables are shown net of any interest applied to prepayments. Payment terms are aligned with offtake agreements and market standards and generally are 7 days on 90% of the invoice and the remaining 10% at the settlement date which can vary between 1 to 5 months. The fair value of trade and other receivables approximate their book values. Non-current deposits included \u20ac250k (\u20ac250k at 31 December 2024) as a collateral for bank guarantees, which was recorded as restricted cash (or deposit) in Proyecto Riotinto and \u20ac334k related to Proyecto Masa Valverde.
(Euro 000\u2019s)
2025
2024
Non-current trade and other receivables
Deposits
902
611
Loans
109
141
Prepayments for service contract1
-
29,662
Other non-current receivables
111
2,838
1,122
33,252
Current trade and other receivables
Trade receivables at fair value \u2013 subject to provisional pricing
5,484
9,727
Trade receivables from shareholders at fair value
15,770
1,042
\u2013 subject to provisional pricing (Note 31.5)
Deposits
35
35
VAT receivable
12,739
20,898
Tax advances
71
-
Prepayments
4,736
4,507
Other current assets
2,278
654
41,113
36,863
Allowance for expected credit losses
-
-
Total trade and other receivables
42,235
70,115
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-493": { "value": "20. Trade and other receivables 1. On 28 January 2022 the Company signed a loan for \u20ac15 million and on 8 May 2023 an amendment up to \u20ac20 million to the construction of the first phase of the industrial-scale plant (\u201cPhase I\u201d) that utilises the E-LIX System. This loan was granted for a fixed term of 10 years since the start of commercial production. This balance includes capitalised interest, and repayment will be made through the use of the E-LIX technology. On 25 September 2025, a payment and set-off agreement was executed for a total amount of \u20ac9.0 million. The agreement was settled through the acquisition of assets by Atalaya, resulting in non-monetary exchanges. At year-end, the Group reassessed its investment in the E-LIX project and, as a result, recognised an impairment of the full balance of Prepayments for service contract, amounting to \u20ac21.4 million (refer to Note 13). Trade receivables are shown net of any interest applied to prepayments. Payment terms are aligned with offtake agreements and market standards and generally are 7 days on 90% of the invoice and the remaining 10% at the settlement date which can vary between 1 to 5 months. The fair value of trade and other receivables approximate their book values. Non-current deposits included \u20ac250k (\u20ac250k at 31 December 2024) as a collateral for bank guarantees, which was recorded as restricted cash (or deposit) in Proyecto Riotinto and \u20ac334k related to Proyecto Masa Valverde.
(Euro 000\u2019s)
2025
2024
Non-current trade and other receivables
Deposits
902
611
Loans
109
141
Prepayments for service contract1
-
29,662
Other non-current receivables
111
2,838
1,122
33,252
Current trade and other receivables
Trade receivables at fair value \u2013 subject to provisional pricing
5,484
9,727
Trade receivables from shareholders at fair value
15,770
1,042
\u2013 subject to provisional pricing (Note 31.5)
Deposits
35
35
VAT receivable
12,739
20,898
Tax advances
71
-
Prepayments
4,736
4,507
Other current assets
2,278
654
41,113
36,863
Allowance for expected credit losses
-
-
Total trade and other receivables
42,235
70,115
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-524": { "value": "20. Trade and other receivables 1. On 28 January 2022 the Company signed a loan for \u20ac15 million and on 8 May 2023 an amendment up to \u20ac20 million to the construction of the first phase of the industrial-scale plant (\u201cPhase I\u201d) that utilises the E-LIX System. This loan was granted for a fixed term of 10 years since the start of commercial production. This balance includes capitalised interest, and repayment will be made through the use of the E-LIX technology. On 25 September 2025, a payment and set-off agreement was executed for a total amount of \u20ac9.0 million. The agreement was settled through the acquisition of assets by Atalaya, resulting in non-monetary exchanges. At year-end, the Group reassessed its investment in the E-LIX project and, as a result, recognised an impairment of the full balance of Prepayments for service contract, amounting to \u20ac21.4 million (refer to Note 13). Trade receivables are shown net of any interest applied to prepayments. Payment terms are aligned with offtake agreements and market standards and generally are 7 days on 90% of the invoice and the remaining 10% at the settlement date which can vary between 1 to 5 months. The fair value of trade and other receivables approximate their book values. Non-current deposits included \u20ac250k (\u20ac250k at 31 December 2024) as a collateral for bank guarantees, which was recorded as restricted cash (or deposit) in Proyecto Riotinto and \u20ac334k related to Proyecto Masa Valverde.
(Euro 000\u2019s)
2025
2024
Non-current trade and other receivables
Deposits
902
611
Loans
109
141
Prepayments for service contract1
-
29,662
Other non-current receivables
111
2,838
1,122
33,252
Current trade and other receivables
Trade receivables at fair value \u2013 subject to provisional pricing
5,484
9,727
Trade receivables from shareholders at fair value
15,770
1,042
\u2013 subject to provisional pricing (Note 31.5)
Deposits
35
35
VAT receivable
12,739
20,898
Tax advances
71
-
Prepayments
4,736
4,507
Other current assets
2,278
654
41,113
36,863
Allowance for expected credit losses
-
-
Total trade and other receivables
42,235
70,115
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-445": { "value": "21. Other financial assets
(Euro 000\u2019s)
31 Dec 2025
31 Dec 2024
Financial asset at fair value through OCI (see (a) below)
1,162
1,124
Total current
61
23
Total non-current
1,101
1,101
a) Financial assets at fair value through OCI
(Euro 000\u2019s)
31 Dec 2025
31 Dec 2024
At 1 January
1,124
1,131
Fair value change recorded in equity (Note 24)
38
(7)
At 31 December
1,162
1,124
Effective proportion
Company Country of of shares held at 31
name
Principal activities
incorporation December 2015
Explotaciones
Gallegas del
Exploration company
Spain
12.5%
Cobre S.L.
KEFI Minerals Plc Exploration and development
UK
0.04%
mining company listed on AIM
Prospech
Exploration company
Australia
0.09%
Limited
The Group decided to recognise
changes in the fair value through
Other Comprehensive Income (OCI), as
explained in Note 2.12.
As per Note 2.29, the Group\u2019s investment
in Explotaciones Gallegas del Cobre S.L.,
amounting to \u20ac1,101k, is classified as a
Level 3 financial instrument, as its fair
value is based on unobservable inputs.
The fair value is determined using
valuation techniques that reflect
the asset\u2019s nature and the absence
of an active market. The primary
methodology applied is a market-based
approach, considering comparable
transactions within the mining
exploration sector. Where such data is
unavailable, management applies an
adjusted cost approach, incorporating
estimates of resource potential and
exploration progress.
The valuation is reviewed periodically,
considering changes in market
conditions, commodity prices, and
exploration results.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-444": { "value": "22. Cash and cash equivalents
(Euro 000\u2019s)
31 Dec 2025
31 Dec 2024
Unrestricted cash and cash equivalents at Group level
146,505
43,184
Unrestricted cash and cash equivalents at Operation level
19,801
9,694
Consolidated cash and cash equivalents
166,306
52,878
Cash and cash equivalents denominated in the following currencies:
(Euro 000\u2019s)
31 Dec 2025
31 Dec 2024
Euro \u2013 functional and presentation currency
104,902
37,299
Great Britain Pound
142
70
United States Dollar
61,262
15,509
166,306
52,878
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-446": { "value": "
Shares Share Capital Share premium Total
Issue Date
Price (\u00a3)
Details
000\u2019s \u20ac'000 \u20ac'000 \u20ac'000
1 January 2024
140,759
12,668
321,856
334,524
9-Feb-24
3.090
Exercised share options (a)
20
3
71
74
7-May-24
2.015
Exercised share options (b)
67
6
151
157
22-May-24
2.015
Exercised share options (c)
600
53
1,368
1,421
27-Jun-24
4.160
Exercised share options (d)
120
11
570
581
27-Jun-24
3.575
Exercised share options (d)
36
3
149
152
27-Jun-24
3.270
Exercised share options (d)
36
3
136
139
26-Dec-24
Capital increase*
272
272
26-Dec-24
Capital decrease*
-
(1,279)
-
(1,279)
31-Dec-24
140,759
12,668
321,856
334,524
At 31 December 2024
140,759
12,668
321,856
334,524
1 January 2025
140,759
12,668
321,856
334,524
At 31 December 2025
140,759
12,668
321,856
334,524
* Decrease of capital from 7.5p to \u20ac0.09 per share.
23. Share capital
Authorised capital
The Company\u2019s authorised share
capital was 200,000,000 ordinary
shares until the re-domiciliation
to Spain. After the re-domiciliation
of Atalaya to Spain in 2024, in
order to comply with Spanish
law, redenominate it to euros,
thereby increased the share capital
(represented by 140,759,043 ordinary
shares) to 12,395,853.02 euros, instead
of 10,556,928.2 GBP, and the nominal
value per ordinary share to 0.088065
EUR instead of 0.075 GBP (all applying
the exchange rate of 0.85165 EUR/
GBP). In order to round the nominal
value of the shares following the
Cross-Border Transformation, the
shareholders agreed to increase
the Company\u2019s share capital from
\u20ac12,395,853.02, by \u20ac272,460.85. This
resulted in an increase of \u20ac0.001935
in the nominal value of each share,
thereby setting the nominal value
per share at \u20ac0.09. The share capital
increase was carried out using
distributable reserves.
Issued capital
(a) On 9 February 2024, the Company
announced that it has issued
20,000 ordinary shares of 7.5p in
the Company (\u201cOption Shares\u201d)
pursuant to an exercise of share
options by an employee.
(b) On 7 May 2024, Atalaya
announced that it has issued
66,500 ordinary shares of 7.5p in
the Company (\u201cOption Shares\u201d)
pursuant to an exercise of share
options by an employee.
(c) On 22 May 2024, the Company
announced that it has issued
600,000 ordinary shares of 7.5p in
the Company (\u201cOption Shares\u201d)
pursuant to an exercise of share
options by a person discharging
managerial responsibilities
(PDMR).
(d) On 27 June 2024, Atalaya
announced that it has issued
193,334 ordinary shares of 7.5p in
the Company (\u201cOption Shares\u201d)
pursuant to the exercise of share
options by an employee. These
options were issued as part of the
Company\u2019s long-term incentive
plan.
No shares were issued in FY2025.
The Company\u2019s share capital at
31 December 2025 is 140,759,043
ordinary shares of \u20ac0.09 each.
24. Other reserves
Share Bonus Depletion FV reserve of financial Non-distributable Distributable
(Euro 000\u2019s) option share factor1 assets at FVOCI2 reserve3
reserve4
Total
1 Jan 2024
11,026
208
37,778
(1,156)
8,316
14,291
70,463
Recognition of depletion factor
-
-
8,949
-
-
-
8,949
Recognition of non-distributable reserve
-
-
-
-
142
-
142
Recognition of distributable reserve
-
-
-
-
-
7,848
7,848
Recognition of share-based payments
1,379
-
-
-
-
-
1,379
Change in fair value of financial assets
-
-
-
(7)
-
-
(7)
at fair value through OCI (Note 21)
Other changes in reserves
464
-
-
-
-
(464)
-
31 Dec 2024/1 Jan 2025
12,869
208
46,727
(1,163)
8,458
21,675
88,774
Recognition of non-distributable reserve
-
-
-
-
1
-
1
Recognition of distributable reserve
-
-
-
-
-
13
13
Recognition of share-based payments
428
-
-
-
-
-
428
Change in fair value of financial assets
-
-
-
39
-
-
39
at fair value through OCI (Note 21)
31 Dec 2025
13,297
208
46.,727
(1,124)
8,459
21,688
89,255
1. Depletion factor reserve During the 12-month period ended 31 December 2025, the Group has recognised \u20acnil million (FY2024: addition of \u20ac8.9 million) as a depletion factor reserve as per the Spanish Corporate Tax Act. 2. Fair value reserve of financial assets at FVOCI The Group decided to recognise changes in the fair value of certain investments in equity securities in OCI. These changes are accumulated within the FVOCI reserve under equity. The Group transfers amounts from this reserve to retained earnings when the relevant equity securities are derecognised. 3. Non-distributable reserve As required by the Spanish Corporate Tax Act, the Group classifies a non-distributable reserve of 10% of the profits generated by the Spanish subsidiaries until the reserve is 20% of share capital of the subsidiary; at the end of 2025 the balance is for an amount of \u20ac8.3 million. 4. Distributable reserve This heading includes the transfer from income for the year attributable to the parent for 2025
Share options
Details of share options outstanding as at 31 December 2025:
Grant date
Expiry date
Exercise price \u00a3
Share options
30 Jun 2020
30 Jun 2030
1.475
410,000
24 Jun 2021
23 Jun 2031
3.090
838,000
23 Jun 2022
30 Jun 2027
3.575
910,000
22 May 2023
21 May 2028
3.270
1,040,000
11 June 2024
10 Jun 2029
4.135
1,078,334
20 Dec 2024
19 Dec 2029
3.335
150,000
9 Jul 2025
9 Jul 2030
4.603
1,600,000
Total
6,026,334
Weighted average exercise price \u00a3
Share options
At 1 January 2025
3.343
5,423,666
Granted options during the year
4.603
1,600,000
Options executed during the year
3.282
(907,333)
Options expired during the year
3.845
(89,999)
31 December 2025
3.676
6,026,334
Pursuant to the amendment to the LTIP 2020 approved by the Board, during
2025 the Group reassessed the settlement mechanism applicable to certain
options granted to non-C-Suite employees. As a result of this reassessment,
certain options that had previously been accounted for as equity-settled share-
based payments were reclassified as cash-settled share-based payments.
In accordance with IFRS 2, at the
date of modification the cumulative
amount previously recognised in
equity in respect of those awards
was reclassified from the share-
based payment reserve to a liability
representing the obligation to
settle the awards in cash. This
reclassification was recognised
directly within equity. The liability
was measured at fair value at the
modification date. Any difference
between the fair value of the liability
and the amount reclassified from
equity was recognised in profit or loss
as a share-based payment expense.
This reassessment occurred in two
stages during the year:
\u25a1 On 1 January 2025, relating to the
options held by certain employees.
The cumulative amount previously
recognised in equity of \u20ac0.2 million
was reclassified and the liability
was remeasured at fair value at
that date.
\u25a1 On 9 September 2025, the Group
concluded that the options
granted to the remaining non-C-
Suite employees were expected to
be settled in cash. The cumulative
amount previously recognised
in share-based reserve of \u20ac1.2
million was therefore reclassified
to liabilities and the awards
were remeasured at fair value
at that date. As a result of this
remeasurement, an additional
amount of \u20ac2.1 million was
recognised, which has been
recorded directly in equity.
Following these modifications, the
liability relating to cash-settled share-
based payments is subsequently
remeasured at fair value at each
reporting date, with changes in fair
value recognised in profit or loss.
As at 31 December 2025, the Group
recognised a liability for share-based
payments expected to be settled in
cash of \u20ac5.2 million (see Note 26).
During 2025, a total of 907,333 options
were exercised and settled in cash,
resulting in cash payments of \u20ac2.5
million (see Note 26). Of this amount,
\u20ac1.0 million relates to options
exercised prior to the date from
which management concluded that
an obligation to settle options in cash
had arisen for non-C-Suite employees
and was therefore recognised directly
against equity (share-based payment
reserve). The remaining \u20ac1.5 million
relates to awards accounted for as
cash-settled share-based payments
following that assessment.
The remaining portion of the LTIP
2020 relating to C-Suite participants
continues to be accounted
for as equity-settled, with the
corresponding amounts recognised
within the share-based payment
reserve in equity.
The estimated fair values of the
options were calculated using the
Black-Scholes option pricing model.
The inputs into the model and the
results are as follows:
Weighted average Weighted average Expected Expected life Risk free Expected Estimated
GrantDate share price \u00a3 exercise price \u00a3 volatility (years) rate dividend yield Fair Value \u00a3
23 Feb 2017
1.440
1.440
51.8%
5
0.6%
Nil
0.666
29 May 2019
2.015
2.015
46.9%
5
0.8%
Nil
0.66
8 July 2019
2.045
2.045
46.9%
5
0.8%
Nil
0.66
30 June 2020
1.475
1.475
50.32%
10
0.3%
Nil
0.60
23 June 2021
3.090
3.090
50.91%
10
0.7%
Nil
0.81
26 Jan 2022
4.160
4.160
49.18%
10
1.149%
Nil
1.12
22 June 2022
3.575
3.575
34.12%
5
2.748%
Nil
0.71
22 May 2023
3.270
3.270
38.15%
5
4.219%
Nil
0.88
11 June 2024
4.135
4.135
39.28%
5
4.149%
2.13%
0.93
22 Dec 2024
3.335
3.335
39.28%
5
4.322%
2.13%
0.79
9 July 2025
4.603
4.603
37.6%
5
3.96%
1.15%
1.66
The volatility has been estimated based on the underlying volatility of the price of the Company\u2019s shares in the preceding
12 months.
Conditional share awards
As agreed on 24 April 2025, the Company granted conditional share
awards under the Atalaya LTIP 2020 to Directors and PDMRs. These
awards are subject to the achievement of performance conditions
over a three-year period and their continuing employment at that
time, after which the shares are granted. However, they remain
subject to a two-year holding period, meaning the beneficiary may
not fully realise or dispose of the shares until the end of year five.
The conditional share awards granted during the period are
summarised below:
Maximum
number
of shares Grant Vesting
Name
Role
awarded date schedule
Alberto Chief Executive Vesting of 3
Lavandeira Officer
218,000
23/04/2025
years, subject to
performance
C\u00e9sar Chief Financial
113,091
23/04/2025
Same as above
S\u00e1nchez Officer (PDMR)
Corporate
Enrique Institutional
112,431
23/04/2025
Same as above
Delgado Adviser (Former
GM Riotinto)
443,522
No consideration was paid for the grant of these awards. Vesting is
conditional on performance criteria and continued employment,
as detailed in the Directors\u2019 Remuneration Report section of this
consolidated financial statements. The awards are subject to malus
and clawback provisions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-494": { "value": "
Shares Share Capital Share premium Total
Issue Date
Price (\u00a3)
Details
000\u2019s \u20ac'000 \u20ac'000 \u20ac'000
1 January 2024
140,759
12,668
321,856
334,524
9-Feb-24
3.090
Exercised share options (a)
20
3
71
74
7-May-24
2.015
Exercised share options (b)
67
6
151
157
22-May-24
2.015
Exercised share options (c)
600
53
1,368
1,421
27-Jun-24
4.160
Exercised share options (d)
120
11
570
581
27-Jun-24
3.575
Exercised share options (d)
36
3
149
152
27-Jun-24
3.270
Exercised share options (d)
36
3
136
139
26-Dec-24
Capital increase*
272
272
26-Dec-24
Capital decrease*
-
(1,279)
-
(1,279)
31-Dec-24
140,759
12,668
321,856
334,524
At 31 December 2024
140,759
12,668
321,856
334,524
1 January 2025
140,759
12,668
321,856
334,524
At 31 December 2025
140,759
12,668
321,856
334,524
* Decrease of capital from 7.5p to \u20ac0.09 per share. 23. Share capital Authorised capital The Company\u2019s authorised share capital was 200,000,000 ordinary shares until the re-domiciliation to Spain. After the re-domiciliation of Atalaya to Spain in 2024, in order to comply with Spanish law, redenominate it to euros, thereby increased the share capital (represented by 140,759,043 ordinary shares) to 12,395,853.02 euros, instead of 10,556,928.2 GBP, and the nominal value per ordinary share to 0.088065 EUR instead of 0.075 GBP (all applying the exchange rate of 0.85165 EUR/ GBP). In order to round the nominal value of the shares following the Cross-Border Transformation, the shareholders agreed to increase the Company\u2019s share capital from \u20ac12,395,853.02, by \u20ac272,460.85. This resulted in an increase of \u20ac0.001935 in the nominal value of each share, thereby setting the nominal value per share at \u20ac0.09. The share capital increase was carried out using distributable reserves. Issued capital (a) On 9 February 2024, the Company announced that it has issued 20,000 ordinary shares of 7.5p in the Company (\u201cOption Shares\u201d) pursuant to an exercise of share options by an employee. (b) On 7 May 2024, Atalaya announced that it has issued 66,500 ordinary shares of 7.5p in the Company (\u201cOption Shares\u201d) pursuant to an exercise of share options by an employee. (c) On 22 May 2024, the Company announced that it has issued 600,000 ordinary shares of 7.5p in the Company (\u201cOption Shares\u201d) pursuant to an exercise of share options by a person discharging managerial responsibilities (PDMR). (d) On 27 June 2024, Atalaya announced that it has issued 193,334 ordinary shares of 7.5p in the Company (\u201cOption Shares\u201d) pursuant to the exercise of share options by an employee. These options were issued as part of the Company\u2019s long-term incentive plan. No shares were issued in FY2025. The Company\u2019s share capital at 31 December 2025 is 140,759,043 ordinary shares of \u20ac0.09 each. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-495": { "value": "
24. Other reserves
Share Bonus Depletion FV reserve of financial Non-distributable Distributable
(Euro 000\u2019s) option share factor1 assets at FVOCI2 reserve3
reserve4
Total
1 Jan 2024
11,026
208
37,778
(1,156)
8,316
14,291
70,463
Recognition of depletion factor
-
-
8,949
-
-
-
8,949
Recognition of non-distributable reserve
-
-
-
-
142
-
142
Recognition of distributable reserve
-
-
-
-
-
7,848
7,848
Recognition of share-based payments
1,379
-
-
-
-
-
1,379
Change in fair value of financial assets
-
-
-
(7)
-
-
(7)
at fair value through OCI (Note 21)
Other changes in reserves
464
-
-
-
-
(464)
-
31 Dec 2024/1 Jan 2025
12,869
208
46,727
(1,163)
8,458
21,675
88,774
Recognition of non-distributable reserve
-
-
-
-
1
-
1
Recognition of distributable reserve
-
-
-
-
-
13
13
Recognition of share-based payments
428
-
-
-
-
-
428
Change in fair value of financial assets
-
-
-
39
-
-
39
at fair value through OCI (Note 21)
31 Dec 2025
13,297
208
46.,727
(1,124)
8,459
21,688
89,255
1. Depletion factor reserve
During the 12-month period ended 31 December
2025, the Group has recognised \u20acnil million
(FY2024: addition of \u20ac8.9 million) as a depletion
factor reserve as per the Spanish Corporate Tax
Act.
2. Fair value reserve of financial assets at FVOCI
The Group decided to recognise changes in
the fair value of certain investments in equity
securities in OCI. These changes are accumulated
within the FVOCI reserve under equity. The Group
transfers amounts from this reserve to retained
earnings when the relevant equity securities are
derecognised.
3. Non-distributable reserve
As required by the Spanish Corporate Tax Act,
the Group classifies a non-distributable reserve
of 10% of the profits generated by the Spanish
subsidiaries until the reserve is 20% of share
capital of the subsidiary; at the end of 2025 the
balance is for an amount of \u20ac8.3 million.
4. Distributable reserve
This heading includes the transfer from income
for the year attributable to the parent for 2025 .
Share options Details of share options outstanding as at 31 December 2025:
Grant date
Expiry date
Exercise price \u00a3
Share options
30 Jun 2020
30 Jun 2030
1.475
410,000
24 Jun 2021
23 Jun 2031
3.090
838,000
23 Jun 2022
30 Jun 2027
3.575
910,000
22 May 2023
21 May 2028
3.270
1,040,000
11 June 2024
10 Jun 2029
4.135
1,078,334
20 Dec 2024
19 Dec 2029
3.335
150,000
9 Jul 2025
9 Jul 2030
4.603
1,600,000
Total
6,026,334
Weighted average exercise price \u00a3
Share options
At 1 January 2025
3.343
5,423,666
Granted options during the year
4.603
1,600,000
Options executed during the year
3.282
(907,333)
Options expired during the year
3.845
(89,999)
31 December 2025
3.676
6,026,334
Pursuant to the amendment to the LTIP 2020 approved by the Board, during 2025 the Group reassessed the settlement mechanism applicable to certain options granted to non-C-Suite employees. As a result of this reassessment, certain options that had previously been accounted for as equity-settled share- based payments were reclassified as cash-settled share-based payments. In accordance with IFRS 2, at the date of modification the cumulative amount previously recognised in equity in respect of those awards was reclassified from the share- based payment reserve to a liability representing the obligation to settle the awards in cash. This reclassification was recognised directly within equity. The liability was measured at fair value at the modification date. Any difference between the fair value of the liability and the amount reclassified from equity was recognised in profit or loss as a share-based payment expense. This reassessment occurred in two stages during the year: \u25a1 On 1 January 2025, relating to the options held by certain employees. The cumulative amount previously recognised in equity of \u20ac0.2 million was reclassified and the liability was remeasured at fair value at that date. \u25a1 On 9 September 2025, the Group concluded that the options granted to the remaining non-C- Suite employees were expected to be settled in cash. The cumulative amount previously recognised in share-based reserve of \u20ac1.2 million was therefore reclassified to liabilities and the awards were remeasured at fair value at that date. As a result of this remeasurement, an additional amount of \u20ac2.1 million was recognised, which has been recorded directly in equity. Following these modifications, the liability relating to cash-settled share- based payments is subsequently remeasured at fair value at each reporting date, with changes in fair value recognised in profit or loss. As at 31 December 2025, the Group recognised a liability for share-based payments expected to be settled in cash of \u20ac5.2 million (see Note 26). During 2025, a total of 907,333 options were exercised and settled in cash, resulting in cash payments of \u20ac2.5 million (see Note 26). Of this amount, \u20ac1.0 million relates to options exercised prior to the date from which management concluded that an obligation to settle options in cash had arisen for non-C-Suite employees and was therefore recognised directly against equity (share-based payment reserve). The remaining \u20ac1.5 million relates to awards accounted for as cash-settled share-based payments following that assessment. The remaining portion of the LTIP 2020 relating to C-Suite participants continues to be accounted for as equity-settled, with the corresponding amounts recognised within the share-based payment reserve in equity. The estimated fair values of the options were calculated using the Black-Scholes option pricing model. The inputs into the model and the results are as follows:
Weighted average Weighted average Expected Expected life Risk free Expected Estimated
GrantDate share price \u00a3 exercise price \u00a3 volatility (years) rate dividend yield Fair Value \u00a3
23 Feb 2017
1.440
1.440
51.8%
5
0.6%
Nil
0.666
29 May 2019
2.015
2.015
46.9%
5
0.8%
Nil
0.66
8 July 2019
2.045
2.045
46.9%
5
0.8%
Nil
0.66
30 June 2020
1.475
1.475
50.32%
10
0.3%
Nil
0.60
23 June 2021
3.090
3.090
50.91%
10
0.7%
Nil
0.81
26 Jan 2022
4.160
4.160
49.18%
10
1.149%
Nil
1.12
22 June 2022
3.575
3.575
34.12%
5
2.748%
Nil
0.71
22 May 2023
3.270
3.270
38.15%
5
4.219%
Nil
0.88
11 June 2024
4.135
4.135
39.28%
5
4.149%
2.13%
0.93
22 Dec 2024
3.335
3.335
39.28%
5
4.322%
2.13%
0.79
9 July 2025
4.603
4.603
37.6%
5
3.96%
1.15%
1.66
The volatility has been estimated based on the underlying volatility of the price of the Company\u2019s shares in the preceding 12 months. Conditional share awards As agreed on 24 April 2025, the Company granted conditional share awards under the Atalaya LTIP 2020 to Directors and PDMRs. These awards are subject to the achievement of performance conditions over a three-year period and their continuing employment at that time, after which the shares are granted. However, they remain subject to a two-year holding period, meaning the beneficiary may not fully realise or dispose of the shares until the end of year five. The conditional share awards granted during the period are summarised below:
Maximum
number
of shares Grant Vesting
Name
Role
awarded date schedule
Alberto Chief Executive Vesting of 3
Lavandeira Officer
218,000
23/04/2025
years, subject to
performance
C\u00e9sar Chief Financial
113,091
23/04/2025
Same as above
S\u00e1nchez Officer (PDMR)
Corporate
Enrique Institutional
112,431
23/04/2025
Same as above
Delgado Adviser (Former
GM Riotinto)
443,522
No consideration was paid for the grant of these awards. Vesting is conditional on performance criteria and continued employment, as detailed in the Directors\u2019 Remuneration Report section of this consolidated financial statements. The awards are subject to malus and clawback provisions.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-447": { "value": "25. Non-controlling interest
(Euro 000\u2019s)
2025
2024
Opening balance
2,154
(9,104)
Share of total comprehensive income for the year
-
822
Revaluation of NCI
(214)
10,436
Closing balance
1,940
2,154
The non-controlling interest corresponds to the partner involved in Sociedad Cobre San Rafael, the owner of the Touro project.
(Euro 000\u2019s)
2025
2024
Non-current assets
20,284
15,322
Current assets
1,918
1,636
Non-current liabilities
(27,148)
(21,624)
Grants
(167)
(177)
Current liabilities
(1,771)
(960)
Equity
5,803
9,915
(Profit)/loss for the year and total comprehensive income
1,081
(4,112)
Allocation of consolidated intangible assets
3,315
3,315
Change of controlling interest Atalaya held an initial 10% stake in Cobre San Rafael S.L., which, under normal circumstances, would classify it as a non- controlling investment with limited influence over the Company's operations. However, to determine of the effective control of the Company it has been considered the substantive contractual arrangements between Atalaya and the other shareholders according to Note 2.3. As a result of the changes in the Touro project that have occurred during the current year (Note 1), Group considers it likely that phases 2, 3 and 4 of the Touro project will be completed, and therefore, it has been recorded the associated impact in Non-controlling interest, according with the shareholders\u2019 agreement, due to the impact that the project's phase change has on the responsibilities agreed between the parties as outlined in Note 1, as well as the allocation of the intangible asset that also emerged during the 2024 fiscal year. The significant financial information with respect to the subsidiary before intercompany eliminations as at and for the 12-month period ended 31 December 2025 and 2024 is as follows", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-448": { "value": "
26. Trade and other payables
(Euro 000\u2019s)
31 Dec 2025
31 Dec 2024
Non-current trade and other payables
Other non-current payables
12,506
12,492
Shared-based payment non-financial liability
225
Government grant
1,411
1,491
14,142
13,983
Current trade and other payables
Trade payables
87,938
78,965
Trade payables to shareholders (Note 31.4)
155
109
Share-based payment non-financial liability
6,565
-
Accruals
1,873
2,505
VAT payable
-
-
Other
9,586
8,511
106,117
90,090
As of 31 December 2025, other non-
current payables include \u20ac9.7 million
reflecting the liabilities related to
the potential acquisition of 80% of
the shares of Cobre San Rafael, S.L.,
as per the Shareholders\u2019 Agreement
(Note 14). This amount represents
the present value of payments
expected to become payable upon
the commencement of commercial
production at the project. In addition,
there are \u20ac2.8 million related with the
acquisition of Atalaya Masa Valverde
S.L. formerly Cambridge Miner\u00eda
Espa\u00f1a, S.L. and Atalaya Ossa Morena
S.L.U. formerly Rio Narcea Nickel, S.L.
(Note 1).
Other current payables include \u20ac6.8
million also related to the potential
increase in the stake of Cobre San
Rafael, S.L., under the Shareholders'
Agreement (Note 14). This amount
has been classified as current, as the
likelihood of reaching the associated
milestone is high, making settlement
probable within 2026.
Trade payables are mainly for the
acquisition of materials, supplies and
other services. These payables do not
accrue interest and no guarantees
have been granted. The fair value of
trade and other payables approximate
their book values.
The Group\u2019s exposure to currency and
liquidity risk related to liabilities is
disclosed in Note 3.
Trade payables are non-interest-
bearing and are normally settled on
60-day terms.
Share-based payment liabilities
At 31 December 2025, the Group
recognised share-based payment
liabilities totalling \u20ac6.8 million in
respect of cash-settled share-based
payment arrangements.
These liabilities comprise:
\u25a1 \u20ac1.6 million relating to the 2025
Deferred Cash Incentive Plan,
under which participants receive
units that are economically linked
to the Company\u2019s share price and
that are settled exclusively in cash.
\u25a1 \u20ac5.2 million relating to share
options granted to non-C-Suite
employees under the LTIP 2020
that are accounted for as cash-
settled share-based payments
(833,195 options).
The liabilities represent the fair
value of outstanding awards at
the reporting date and will be
remeasured at each reporting date
until settlement, with changes
recognised in profit or loss in
accordance with IFRS 2.
2025 Deferred Cash Incentive Plan
On 9 March 2026 the Company
formally approved the 2025 Deferred
Cash Incentive Plan and granted
a number of market-value share-
linked units to certain non-C-Suite
employees. The plan has an effective
date of 9 July 2025 and intent to
replace the annual share option
grants historically awarded to non-C-
Suite employees under the LTIP 2020
up to and including 2024.
Under the plan, participants receive
units that are economically linked
to the Company\u2019s share price but
are settled exclusively in cash. Each
unit represents a conditional right to
receive a cash payment equal to the
excess of the market price of a share
over the exercise price.
The exercise price was set at \u00a34.6035
per share, corresponding to the
average of the mid-market closing
price of the Company\u2019s shares over the
five dealing days preceding 9 July 2025.
The units vest in three tranches: one
third vested on the grant date, one
third will vest on 9 July 2026 and
the remaining one third will vest on
9 July 2027, subject to continued
employment.
Vested units may be exercised until 9
July 2030. Upon exercise, participants
receive a cash payment determined
by reference to the market price of
the Company\u2019s shares.
Cash settlement of LTIP 2020 options
granted to non-C-Suite employees
In May 2025, the Board approved
an amendment to the LTIP 2020
introducing a mechanism that allows
the Company, at its discretion, to
settle certain option exercises in cash
instead of issuing shares.
Based on the settlement practices
observed during the year and
the assessment performed by
management, from 9 September
2025 share options granted to non-C-
Suite employees are accounted for as
cash-settled share-based payments
in accordance with IFRS 2. This
date reflects the point at which the
Group\u2019s settlement practice and the
Board\u2019s authorisations established
an obligation to settle certain option
exercises in cash.
As a result, the Group recognised a
liability of \u20ac5.2 million at 31 December
2025 representing the fair value of the
outstanding awards relating to these
options.
The liability is measured at fair value
at each reporting date and will
continue to be remeasured until
settlement, with changes recognised
in profit or loss.
Information on the average
period of payment to suppliers
in Spain
The disclosures made in relation to
the average period of payment for
trade payables in Spain are presented
below in accordance with that
established in applicable law.
Average payment days to suppliers
2025
2024
Days
Average payment days for payment to suppliers
57
28
Ratio of transactions paid
62
31
Ratio of transactions outstanding for payment
28
15
(\u20acm)
Total payments made
259.2
187.8
Total payments made within the legal term
160.3
115.3
Percentage over total payments
62%
80%
Total payments outstanding
44.0
50.8
Number of invoices
Number of invoices within the legal term 1
8,519
7,013
Percentage over total invoices
65%
85%
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-525": { "value": "26. Trade and other payables
(Euro 000\u2019s)
31 Dec 2025
31 Dec 2024
Non-current trade and other payables
Other non-current payables
12,506
12,492
Shared-based payment non-financial liability
225
Government grant
1,411
1,491
14,142
13,983
Current trade and other payables
Trade payables
87,938
78,965
Trade payables to shareholders (Note 31.4)
155
109
Share-based payment non-financial liability
6,565
-
Accruals
1,873
2,505
VAT payable
-
-
Other
9,586
8,511
106,117
90,090
As of 31 December 2025, other non- current payables include \u20ac9.7 million reflecting the liabilities related to the potential acquisition of 80% of the shares of Cobre San Rafael, S.L., as per the Shareholders\u2019 Agreement (Note 14). This amount represents the present value of payments expected to become payable upon the commencement of commercial production at the project. In addition, there are \u20ac2.8 million related with the acquisition of Atalaya Masa Valverde S.L. formerly Cambridge Miner\u00eda Espa\u00f1a, S.L. and Atalaya Ossa Morena S.L.U. formerly Rio Narcea Nickel, S.L. (Note 1). Other current payables include \u20ac6.8 million also related to the potential increase in the stake of Cobre San Rafael, S.L., under the Shareholders' Agreement (Note 14). This amount has been classified as current, as the likelihood of reaching the associated milestone is high, making settlement probable within 2026. Trade payables are mainly for the acquisition of materials, supplies and other services. These payables do not accrue interest and no guarantees have been granted. The fair value of trade and other payables approximate their book values. The Group\u2019s exposure to currency and liquidity risk related to liabilities is disclosed in Note 3. Trade payables are non-interest- bearing and are normally settled on 60-day terms. Share-based payment liabilities At 31 December 2025, the Group recognised share-based payment liabilities totalling \u20ac6.8 million in respect of cash-settled share-based payment arrangements. These liabilities comprise: \u25a1 \u20ac1.6 million relating to the 2025 Deferred Cash Incentive Plan, under which participants receive units that are economically linked to the Company\u2019s share price and that are settled exclusively in cash. \u25a1 \u20ac5.2 million relating to share options granted to non-C-Suite employees under the LTIP 2020 that are accounted for as cash- settled share-based payments (833,195 options). The liabilities represent the fair value of outstanding awards at the reporting date and will be remeasured at each reporting date until settlement, with changes recognised in profit or loss in accordance with IFRS 2. 2025 Deferred Cash Incentive Plan On 9 March 2026 the Company formally approved the 2025 Deferred Cash Incentive Plan and granted a number of market-value share- linked units to certain non-C-Suite employees. The plan has an effective date of 9 July 2025 and intent to replace the annual share option grants historically awarded to non-C- Suite employees under the LTIP 2020 up to and including 2024. Under the plan, participants receive units that are economically linked to the Company\u2019s share price but are settled exclusively in cash. Each unit represents a conditional right to receive a cash payment equal to the excess of the market price of a share over the exercise price. The exercise price was set at \u00a34.6035 per share, corresponding to the average of the mid-market closing price of the Company\u2019s shares over the five dealing days preceding 9 July 2025. The units vest in three tranches: one third vested on the grant date, one third will vest on 9 July 2026 and the remaining one third will vest on 9 July 2027, subject to continued employment. Vested units may be exercised until 9 July 2030. Upon exercise, participants receive a cash payment determined by reference to the market price of the Company\u2019s shares. Cash settlement of LTIP 2020 options granted to non-C-Suite employees In May 2025, the Board approved an amendment to the LTIP 2020 introducing a mechanism that allows the Company, at its discretion, to settle certain option exercises in cash instead of issuing shares. Based on the settlement practices observed during the year and the assessment performed by management, from 9 September 2025 share options granted to non-C- Suite employees are accounted for as cash-settled share-based payments in accordance with IFRS 2. This date reflects the point at which the Group\u2019s settlement practice and the Board\u2019s authorisations established an obligation to settle certain option exercises in cash. As a result, the Group recognised a liability of \u20ac5.2 million at 31 December 2025 representing the fair value of the outstanding awards relating to these options. The liability is measured at fair value at each reporting date and will continue to be remeasured until settlement, with changes recognised in profit or loss. Information on the average period of payment to suppliers in Spain The disclosures made in relation to the average period of payment for trade payables in Spain are presented below in accordance with that established in applicable law.
Average payment days to suppliers
2025
2024
Days
Average payment days for payment to suppliers
57
28
Ratio of transactions paid
62
31
Ratio of transactions outstanding for payment
28
15
(\u20acm)
Total payments made
259.2
187.8
Total payments made within the legal term
160.3
115.3
Percentage over total payments
62%
80%
Total payments outstanding
44.0
50.8
Number of invoices
Number of invoices within the legal term 1
8,519
7,013
Percentage over total invoices
65%
85%
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-515": { "value": "26. Trade and other payables
(Euro 000\u2019s)
31 Dec 2025
31 Dec 2024
Non-current trade and other payables
Other non-current payables
12,506
12,492
Shared-based payment non-financial liability
225
Government grant
1,411
1,491
14,142
13,983
Current trade and other payables
Trade payables
87,938
78,965
Trade payables to shareholders (Note 31.4)
155
109
Share-based payment non-financial liability
6,565
-
Accruals
1,873
2,505
VAT payable
-
-
Other
9,586
8,511
106,117
90,090
As of 31 December 2025, other non- current payables include \u20ac9.7 million reflecting the liabilities related to the potential acquisition of 80% of the shares of Cobre San Rafael, S.L., as per the Shareholders\u2019 Agreement (Note 14). This amount represents the present value of payments expected to become payable upon the commencement of commercial production at the project. In addition, there are \u20ac2.8 million related with the acquisition of Atalaya Masa Valverde S.L. formerly Cambridge Miner\u00eda Espa\u00f1a, S.L. and Atalaya Ossa Morena S.L.U. formerly Rio Narcea Nickel, S.L. (Note 1). Other current payables include \u20ac6.8 million also related to the potential increase in the stake of Cobre San Rafael, S.L., under the Shareholders' Agreement (Note 14). This amount has been classified as current, as the likelihood of reaching the associated milestone is high, making settlement probable within 2026. Trade payables are mainly for the acquisition of materials, supplies and other services. These payables do not accrue interest and no guarantees have been granted. The fair value of trade and other payables approximate their book values. The Group\u2019s exposure to currency and liquidity risk related to liabilities is disclosed in Note 3. Trade payables are non-interest- bearing and are normally settled on 60-day terms. Share-based payment liabilities At 31 December 2025, the Group recognised share-based payment liabilities totalling \u20ac6.8 million in respect of cash-settled share-based payment arrangements. These liabilities comprise: \u25a1 \u20ac1.6 million relating to the 2025 Deferred Cash Incentive Plan, under which participants receive units that are economically linked to the Company\u2019s share price and that are settled exclusively in cash. \u25a1 \u20ac5.2 million relating to share options granted to non-C-Suite employees under the LTIP 2020 that are accounted for as cash- settled share-based payments (833,195 options). The liabilities represent the fair value of outstanding awards at the reporting date and will be remeasured at each reporting date until settlement, with changes recognised in profit or loss in accordance with IFRS 2. 2025 Deferred Cash Incentive Plan On 9 March 2026 the Company formally approved the 2025 Deferred Cash Incentive Plan and granted a number of market-value share- linked units to certain non-C-Suite employees. The plan has an effective date of 9 July 2025 and intent to replace the annual share option grants historically awarded to non-C- Suite employees under the LTIP 2020 up to and including 2024. Under the plan, participants receive units that are economically linked to the Company\u2019s share price but are settled exclusively in cash. Each unit represents a conditional right to receive a cash payment equal to the excess of the market price of a share over the exercise price. The exercise price was set at \u00a34.6035 per share, corresponding to the average of the mid-market closing price of the Company\u2019s shares over the five dealing days preceding 9 July 2025. The units vest in three tranches: one third vested on the grant date, one third will vest on 9 July 2026 and the remaining one third will vest on 9 July 2027, subject to continued employment. Vested units may be exercised until 9 July 2030. Upon exercise, participants receive a cash payment determined by reference to the market price of the Company\u2019s shares. Cash settlement of LTIP 2020 options granted to non-C-Suite employees In May 2025, the Board approved an amendment to the LTIP 2020 introducing a mechanism that allows the Company, at its discretion, to settle certain option exercises in cash instead of issuing shares. Based on the settlement practices observed during the year and the assessment performed by management, from 9 September 2025 share options granted to non-C- Suite employees are accounted for as cash-settled share-based payments in accordance with IFRS 2. This date reflects the point at which the Group\u2019s settlement practice and the Board\u2019s authorisations established an obligation to settle certain option exercises in cash. As a result, the Group recognised a liability of \u20ac5.2 million at 31 December 2025 representing the fair value of the outstanding awards relating to these options. The liability is measured at fair value at each reporting date and will continue to be remeasured until settlement, with changes recognised in profit or loss. Information on the average period of payment to suppliers in Spain The disclosures made in relation to the average period of payment for trade payables in Spain are presented below in accordance with that established in applicable law.
Average payment days to suppliers
2025
2024
Days
Average payment days for payment to suppliers
57
28
Ratio of transactions paid
62
31
Ratio of transactions outstanding for payment
28
15
(\u20acm)
Total payments made
259.2
187.8
Total payments made within the legal term
160.3
115.3
Percentage over total payments
62%
80%
Total payments outstanding
44.0
50.8
Number of invoices
Number of invoices within the legal term 1
8,519
7,013
Percentage over total invoices
65%
85%
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-496": { "value": "26. Trade and other payables
(Euro 000\u2019s)
31 Dec 2025
31 Dec 2024
Non-current trade and other payables
Other non-current payables
12,506
12,492
Shared-based payment non-financial liability
225
Government grant
1,411
1,491
14,142
13,983
Current trade and other payables
Trade payables
87,938
78,965
Trade payables to shareholders (Note 31.4)
155
109
Share-based payment non-financial liability
6,565
-
Accruals
1,873
2,505
VAT payable
-
-
Other
9,586
8,511
106,117
90,090
As of 31 December 2025, other non- current payables include \u20ac9.7 million reflecting the liabilities related to the potential acquisition of 80% of the shares of Cobre San Rafael, S.L., as per the Shareholders\u2019 Agreement (Note 14). This amount represents the present value of payments expected to become payable upon the commencement of commercial production at the project. In addition, there are \u20ac2.8 million related with the acquisition of Atalaya Masa Valverde S.L. formerly Cambridge Miner\u00eda Espa\u00f1a, S.L. and Atalaya Ossa Morena S.L.U. formerly Rio Narcea Nickel, S.L. (Note 1). Other current payables include \u20ac6.8 million also related to the potential increase in the stake of Cobre San Rafael, S.L., under the Shareholders' Agreement (Note 14). This amount has been classified as current, as the likelihood of reaching the associated milestone is high, making settlement probable within 2026. Trade payables are mainly for the acquisition of materials, supplies and other services. These payables do not accrue interest and no guarantees have been granted. The fair value of trade and other payables approximate their book values. The Group\u2019s exposure to currency and liquidity risk related to liabilities is disclosed in Note 3. Trade payables are non-interest- bearing and are normally settled on 60-day terms. Share-based payment liabilities At 31 December 2025, the Group recognised share-based payment liabilities totalling \u20ac6.8 million in respect of cash-settled share-based payment arrangements. These liabilities comprise: \u25a1 \u20ac1.6 million relating to the 2025 Deferred Cash Incentive Plan, under which participants receive units that are economically linked to the Company\u2019s share price and that are settled exclusively in cash. \u25a1 \u20ac5.2 million relating to share options granted to non-C-Suite employees under the LTIP 2020 that are accounted for as cash- settled share-based payments (833,195 options). The liabilities represent the fair value of outstanding awards at the reporting date and will be remeasured at each reporting date until settlement, with changes recognised in profit or loss in accordance with IFRS 2. 2025 Deferred Cash Incentive Plan On 9 March 2026 the Company formally approved the 2025 Deferred Cash Incentive Plan and granted a number of market-value share- linked units to certain non-C-Suite employees. The plan has an effective date of 9 July 2025 and intent to replace the annual share option grants historically awarded to non-C- Suite employees under the LTIP 2020 up to and including 2024. Under the plan, participants receive units that are economically linked to the Company\u2019s share price but are settled exclusively in cash. Each unit represents a conditional right to receive a cash payment equal to the excess of the market price of a share over the exercise price. The exercise price was set at \u00a34.6035 per share, corresponding to the average of the mid-market closing price of the Company\u2019s shares over the five dealing days preceding 9 July 2025. The units vest in three tranches: one third vested on the grant date, one third will vest on 9 July 2026 and the remaining one third will vest on 9 July 2027, subject to continued employment. Vested units may be exercised until 9 July 2030. Upon exercise, participants receive a cash payment determined by reference to the market price of the Company\u2019s shares. Cash settlement of LTIP 2020 options granted to non-C-Suite employees In May 2025, the Board approved an amendment to the LTIP 2020 introducing a mechanism that allows the Company, at its discretion, to settle certain option exercises in cash instead of issuing shares. Based on the settlement practices observed during the year and the assessment performed by management, from 9 September 2025 share options granted to non-C- Suite employees are accounted for as cash-settled share-based payments in accordance with IFRS 2. This date reflects the point at which the Group\u2019s settlement practice and the Board\u2019s authorisations established an obligation to settle certain option exercises in cash. As a result, the Group recognised a liability of \u20ac5.2 million at 31 December 2025 representing the fair value of the outstanding awards relating to these options. The liability is measured at fair value at each reporting date and will continue to be remeasured until settlement, with changes recognised in profit or loss. Information on the average period of payment to suppliers in Spain The disclosures made in relation to the average period of payment for trade payables in Spain are presented below in accordance with that established in applicable law.
Average payment days to suppliers
2025
2024
Days
Average payment days for payment to suppliers
57
28
Ratio of transactions paid
62
31
Ratio of transactions outstanding for payment
28
15
(\u20acm)
Total payments made
259.2
187.8
Total payments made within the legal term
160.3
115.3
Percentage over total payments
62%
80%
Total payments outstanding
44.0
50.8
Number of invoices
Number of invoices within the legal term 1
8,519
7,013
Percentage over total invoices
65%
85%
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-497": { "value": "27. Provisions
Other Rehabilitation
(Euro 000\u2019s)
provisions
Legal costs
costs
Total
31 Dec 2023/1 Jan 2024
750
227
26,691
27,668
Additions
-
230
-
230
Use of provision
-
(62)
(944)
(1,006)
Transfer to other non-current payables
(750)
-
-
(750)
Increase of provision
-
-
3,274
3,274
Finance cost (Note 9)
-
-
828
828
31 Dec 2024/1 Jan 2025
-
395
29,849
30,244
Additions
1,197
-
116
1,313
Use of provision
-
(150)
(819)
(969)
Revision of estimates
-
-
(775)
(775)
Finance cost (Note 9)
-
-
796
796
31 Dec 2025
1,197
245
29,167
30,609
(Euro 000\u2019s)
2025
2024
Non-current
28,764
29,328
Current
1,845
916
Total
30,609
30,244
Other provisions \u2013 Property tax (IBI) contingency During 2025, the Huelva Cadastral Office notified Atalaya Riotinto Minera, S.L.U., subsidiary of the Group, of a revision of the cadastral value of certain properties from \u20ac5.2 million to \u20ac90.1 million, effective from 30 December 2021. The Group has challenged this revision and an economic- administrative appeal has been filed before the Regional Economic- Administrative Court of Andalusia, which remains pending resolution at the date of approval of these financial statements. Following the revision, additional property tax assessments relating to the years 2022 to 2025 amounting to \u20ac3.4 million were issued by the Huelva Provincial Tax Authority. These assessments were paid in January 2026 in order to avoid late payment interest while the Group continues to challenge the underlying cadastral valuation The maximum potential exposure associated with this matter is estimated at approximately \u20ac4.4 million. Based on the assessment performed by management and its external advisers, the Group has recognised a provision of \u20ac1.2 million, included within \u201cOther provisions\u201d, representing management\u2019s best estimate of the probable obligation at the reporting date. The final outcome of this matter remains uncertain and may differ from the estimate recorded. Rehabilitation provision Rehabilitation provision represents the estimated cost required for adequate restoration and rehabilitation upon the completion of production activities. These amounts will be settled when rehabilitation is undertaken, generally over the project\u2019s life. During 2020, management engaged an independent consultant to review and update the rehabilitation liability. The updated estimation includes the expanded capacity of the plant and its impact on the mining project. The discount rate used in the calculation of the net present value of the liability as at 31 December 2025 was 3.67% (2024: 3.23%), which is the 15-year Spain Government Bond rate for 2025. An inflation rate of 2%-2.90% (2024: 2%-2.80%) is applied on annual basis. The effect of both rates included in the revision of estimates above. The expected payments for the rehabilitation work are as follows:
Between 1 Between More than
(Euro 000\u2019s) \u2013 5 Years 6 \u2013 10 Years 10 years
Expected payments for rehabilitation
6,112
19,304
3,751
of the mining site, discounted
Legal provision The Group has been named as defendant in several legal actions in Spain, the outcome of which is not determinable as at 31 December 2025. Management has reviewed individually each case and made a provision of \u20ac245k (\u20ac395k in 2024) for these claims, which has been reflected in these consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-449": { "value": "27. Provisions
Other Rehabilitation
(Euro 000\u2019s)
provisions
Legal costs
costs
Total
31 Dec 2023/1 Jan 2024
750
227
26,691
27,668
Additions
-
230
-
230
Use of provision
-
(62)
(944)
(1,006)
Transfer to other non-current payables
(750)
-
-
(750)
Increase of provision
-
-
3,274
3,274
Finance cost (Note 9)
-
-
828
828
31 Dec 2024/1 Jan 2025
-
395
29,849
30,244
Additions
1,197
-
116
1,313
Use of provision
-
(150)
(819)
(969)
Revision of estimates
-
-
(775)
(775)
Finance cost (Note 9)
-
-
796
796
31 Dec 2025
1,197
245
29,167
30,609
(Euro 000\u2019s)
2025
2024
Non-current
28,764
29,328
Current
1,845
916
Total
30,609
30,244
Other provisions \u2013 Property tax (IBI) contingency During 2025, the Huelva Cadastral Office notified Atalaya Riotinto Minera, S.L.U., subsidiary of the Group, of a revision of the cadastral value of certain properties from \u20ac5.2 million to \u20ac90.1 million, effective from 30 December 2021. The Group has challenged this revision and an economic- administrative appeal has been filed before the Regional Economic- Administrative Court of Andalusia, which remains pending resolution at the date of approval of these financial statements. Following the revision, additional property tax assessments relating to the years 2022 to 2025 amounting to \u20ac3.4 million were issued by the Huelva Provincial Tax Authority. These assessments were paid in January 2026 in order to avoid late payment interest while the Group continues to challenge the underlying cadastral valuation
The maximum potential exposure
associated with this matter is estimated
at approximately \u20ac4.4 million. Based
on the assessment performed
by management and its external
advisers, the Group has recognised
a provision of \u20ac1.2 million, included
within \u201cOther provisions\u201d, representing
management\u2019s best estimate of the
probable obligation at the reporting
date. The final outcome of this matter
remains uncertain and may differ from
the estimate recorded.
Rehabilitation provision
Rehabilitation provision represents
the estimated cost required for
adequate restoration and rehabilitation
upon the completion of production
activities. These amounts will be settled
when rehabilitation is undertaken,
generally over the project\u2019s life. During
2020, management engaged an
independent consultant to review
and update the rehabilitation liability.
The updated estimation includes the
expanded capacity of the plant and its
impact on the mining project.
The discount rate used in the
calculation of the net present value of
the liability as at 31 December 2025 was
3.67% (2024: 3.23%), which is the 15-year
Spain Government Bond rate for 2025.
An inflation rate of 2%-2.90% (2024:
2%-2.80%) is applied on annual basis.
The effect of both rates included in the
revision of estimates above.
The expected payments for the
rehabilitation work are as follows:
Between 1 Between More than
(Euro 000\u2019s) \u2013 5 Years 6 \u2013 10 Years 10 years
Expected payments for rehabilitation
6,112
19,304
3,751
of the mining site, discounted
Legal provision
The Group has been named as defendant in several legal actions in Spain, the
outcome of which is not determinable as at 31 December 2025. Management
has reviewed individually each case and made a provision of \u20ac245k (\u20ac395k in
2024) for these claims, which has been reflected in these consolidated financial
statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-450": { "value": "
28. Leases
(Euro 000\u2019s)
31 Dec 2025
31 Dec 2024
Non-current
Leases
3,834
3,320
3,834
3,320
Current
Leases
639
481
639
481
The Group entered into lease arrangements for the renting of land and a
warehouse which are subject to the adoption of all requirements of IFRS 16
Leases (Note 2.2). The Group has elected not to recognise right of use assets and
lease liabilities for short-term leases that have a lease term of 12 months or less
and leases of low value assets.
Amounts recognised in the statement of financial position and profit or loss
Set out below are the carrying amounts of the Group\u2019s right of use assets and
lease liabilities and the movements during the period:
Right of use assets Lease liabilities
(Euro 000\u2019s) Lands and buildings
As at 1 January 2025
3,957
3,801
Additions
1,237
1,237
Depreciation expense
(562)
-
Interest expense
-
21
Payments
-
(586)
As at 31 December 2025
4,632
4,473
The amounts recognised in profit or loss, are set out below:
Twelve months Twelve months
As at 31 December (Euro 000\u2019s) ended 31 Dec 2025 ended 31 Dec 2024
Depreciation expense of right of use assets
(562)
(440)
Interest expense on lease liabilities
(21)
(30)
Total amounts recognised in profit or loss
(583)
(470)
The Group recognised rent expense from short-term leases (Note 6).
The duration of the land and building lease is for a period of 12 years. Payments
are due at the beginning of the month escalating annually on average by 1.5%.
At 31 December 2025, the remaining term of this lease is eight years (Note 2).
(Euro 000\u2019s)
31 Dec 2025
31 Dec 2024
Present value of minimum lease payments due
Within one year
639
481
2 to 5 years
2,464
1,856
Over 5 years
1,370
1,464
4,473
3,801
Minimum lease payments due
Within one year
654
518
2 to 5 years
2,615
2,075
Over 5 years
1,524
1,729
4,793
4,322
(Euro 000\u2019s)
Lease liabilities
Balance 1 January 2025 3,801
Additions 1,237
Interest expense 21
Lease payments (586)
Balance at 31 Dec 2025
4,473
Non-current liabilities 3,834
Current liabilities 639
4,473
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-498": { "value": "29. Borrowings
(Euro 000\u2019s)
2025
2024
Non-current borrowings
Credit facilities - variable interest
5,708
10,866
5,708
10,866
Current borrowings
Credit facilities - variable interest
38,638
6,921
38,638
6,921
The Group had credit approval for unsecured facilities totalling \u20ac97.2 million (\u20ac97.4 million at 31 December 2024). During 2025, Atalaya drew down some of its existing credit facilities to finance the solar plant, payable amount of \u20ac9.0 million at 31 December 2025 (2024: \u20ac13.9 million) and for the construction of a new part of the processing plant payable amount of \u20ac1.9 million at 31 December 2025 (2024: \u20ac2.8 million). The increase in short-term borrowings at the end of the period is the result of temporary credit facility drawdowns to finance the settlement of an intercompany loan. Margins on borrowings with variable interest rates in 2025, usually three months EURIBOR and 12 months EURIBOR, range from 0.90% to 1.93% with an average margin of 1.25%. At 31 December 2025, the Group had used \u20ac44.4 million of its facilities and had undrawn facilities of \u20ac43.8 million. 29(a) Net cash reconciliation Reconciliation of Liabilities Arising from Financing Activities In accordance with IAS 7 paragraph 44D, the reconciliation below provides information on changes in liabilities arising from financing activities, including both cash and non-cash changes.
(\u20ac 000\u2019s)
2025
2024
Cash and cash equivalents
166,306
52,878
Borrowings \u2013 repayable within one year
(38,638)
(6,921)
Borrowings \u2013 repayable after one year
(5,708)
(10,866)
Lease
(4,473)
(3,801)
Net cash
117,487
31,290
(Euro 000\u2019s)
Cash
Borrowings
Lease
Total
Net cash as at 1 January 2024
121,007
(66,687)
(4,378)
49,942
Financing cash flows
(69,931)
-
-
(69,931)
Proceeds from borrowings
-
(3,000)
-
(3,000)
Repayment of borrowings
-
51,900
519
52,419
Foreign exchanges adjustments
1,802
-
-
1,802
Other changes
Interest paid
-
1,131
30
1,161
Interest expense
-
(1,131)
(30)
(1,161)
Other changes
-
-
58
58
Net cash as at 31 December 2024
52,878
(17,787)
(3,801)
31,290
Financing cash flows
120,857
-
-
120,857
Proceeds from borrowings
-
(37,916)
-
(37,916)
Repayment of borrowings
-
11,357
565
11,922
Foreign exchanges adjustments
(7,429)
-
-
(7,429)
Other changes
Interest paid
-
1,238
21
1,259
Interest expense
-
(1,238)
(21)
1,259
Other changes (Note 28)
-
-
(1,237)
(1,237)
Net cash as at 31 December 2025
166,306
(44,346)
(4,473)
117,487
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-451": { "value": "30. Acquisition, incorporation and disposals of subsidiaries 2025 Acquisition and incorporation of subsidiaries There were no acquisition or incorporation of subsidiaries during the year. Disposals of subsidiaries There were no disposals of subsidiaries during the year. Wind-up of subsidiaries There were no disposals of subsidiaries during the year. 2024 Acquisition and incorporation of subsidiaries There were no acquisition or incorporation of subsidiaries during the year. Disposals of subsidiaries There were no disposals of subsidiaries during the year. Wind-up of subsidiaries There were no disposals of subsidiaries during the year. 31.1 Information about subsidiaries These audited consolidated financial statements include:
Effective
proportion
Principal Country of of shares
Subsidiary companies
Parent
activity incorporation held
Atalaya Touro (UK) Ltd.
Atalaya Mining Copper SA
Holding
United Kingdom
100%
Atalaya Financing Ltd.
Atalaya Mining Copper SA
Financing
Cyprus
100%
Atalaya MinasdeRiotinto Project (UK) Ltd.
Atalaya Mining Copper SA
Holding
United Kingdom
100%
EMED Marketing Ltd.
Atalaya Mining Copper SA
Trading
Cyprus
100%
Atalaya Riotinto Minera S.L.U.
Atalaya MinasdeRiotinto Project (UK) Ltd.
Production
Spain
100%
Eastern Mediterranean Exploration
Atalaya MinasdeRiotinto Project (UK) Ltd.
Dormant
Spain
100%
and Development S.L.U.
Cobre San Rafael, S.L. 1
Atalaya Touro (UK) Ltd.
Exploration
Spain
10%
Recursos Cuenca Minera S.L.U.
Atalaya Riotinto Minera S.L.U.
Dormant
Spain
J-V
Fundacion Atalaya Riotinto
Atalaya Riotinto Minera S.L.U.
Trust
Spain
100%
Atalaya Servicios Mineros, S.L.U.
Atalaya MinasdeRiotinto Project (UK) Ltd.
Holding
Spain
100%
Atalaya Masa Valverde S.L.U.
Atalaya Servicios Mineros, S.L.U.
Exploration
Spain
100%
Atalaya Ossa Morena S.L.U. 2
Atalaya Servicios Mineros, S.L.U.
Exploration
Spain
99.9%
Iberian Polimetal S.L.U.
Atalaya Servicios Mineros, S.L.U.
Dormant
Spain
100%
1. Cobre San Rafael, S.L. is the entity which holds the mining rights of Proyecto Touro. The Group has control in the government, key management and other key business aspects of Cobre San Rafael, S.L., including one of the two Directors, management of the financial books and the capacity of appointment the key personnel (Note 2.3 (b) (1)). Transactions between Atalaya and Cobre San Rafael are not disclosed as related party interest as they are fully eliminated as part of the consolidation process (Note 2.3 (b)). 2. Rio Narcea Nickel, S.L.U. changed its name to Atalaya Ossa Morena, S.L.U on 31 January 2022. In July 2022, Atalaya increased its ownership interest in Proyecto Ossa Morena to 99.9%, up from 51%, following completion of a capital increase that will fund exploration activities.
The following transactions were carried out with related parties:
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-499": { "value": "30. Acquisition, incorporation and disposals of subsidiaries 2025 Acquisition and incorporation of subsidiaries There were no acquisition or incorporation of subsidiaries during the year. Disposals of subsidiaries There were no disposals of subsidiaries during the year. Wind-up of subsidiaries There were no disposals of subsidiaries during the year. 2024 Acquisition and incorporation of subsidiaries There were no acquisition or incorporation of subsidiaries during the year. Disposals of subsidiaries There were no disposals of subsidiaries during the year. Wind-up of subsidiaries There were no disposals of subsidiaries during the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-500": { "value": "31. Group information and related party disclosures 31.1 Information about subsidiaries These audited consolidated financial statements include:
Effective
proportion
Principal Country of of shares
Subsidiary companies
Parent
activity incorporation held
Atalaya Touro (UK) Ltd.
Atalaya Mining Copper SA
Holding
United Kingdom
100%
Atalaya Financing Ltd.
Atalaya Mining Copper SA
Financing
Cyprus
100%
Atalaya MinasdeRiotinto Project (UK) Ltd.
Atalaya Mining Copper SA
Holding
United Kingdom
100%
EMED Marketing Ltd.
Atalaya Mining Copper SA
Trading
Cyprus
100%
Atalaya Riotinto Minera S.L.U.
Atalaya MinasdeRiotinto Project (UK) Ltd.
Production
Spain
100%
Eastern Mediterranean Exploration
Atalaya MinasdeRiotinto Project (UK) Ltd.
Dormant
Spain
100%
and Development S.L.U.
Cobre San Rafael, S.L. 1
Atalaya Touro (UK) Ltd.
Exploration
Spain
10%
Recursos Cuenca Minera S.L.U.
Atalaya Riotinto Minera S.L.U.
Dormant
Spain
J-V
Fundacion Atalaya Riotinto
Atalaya Riotinto Minera S.L.U.
Trust
Spain
100%
Atalaya Servicios Mineros, S.L.U.
Atalaya MinasdeRiotinto Project (UK) Ltd.
Holding
Spain
100%
Atalaya Masa Valverde S.L.U.
Atalaya Servicios Mineros, S.L.U.
Exploration
Spain
100%
Atalaya Ossa Morena S.L.U. 2
Atalaya Servicios Mineros, S.L.U.
Exploration
Spain
99.9%
Iberian Polimetal S.L.U.
Atalaya Servicios Mineros, S.L.U.
Dormant
Spain
100%
1. Cobre San Rafael, S.L. is the entity which holds the mining rights of Proyecto Touro. The Group has control in the government, key management and other key business aspects of Cobre San Rafael, S.L., including one of the two Directors, management of the financial books and the capacity of appointment the key personnel (Note 2.3 (b) (1)). Transactions between Atalaya and Cobre San Rafael are not disclosed as related party interest as they are fully eliminated as part of the consolidation process (Note 2.3 (b)). 2. Rio Narcea Nickel, S.L.U. changed its name to Atalaya Ossa Morena, S.L.U on 31 January 2022. In July 2022, Atalaya increased its ownership interest in Proyecto Ossa Morena to 99.9%, up from 51%, following completion of a capital increase that will fund exploration activities. The following transactions were carried out with related parties: 31.2 Compensation of key management personnel The total remuneration and fees of Directors (including executive Directors) and other key management personnel was as follows:
(Euro 000\u2019s)
2025
2024
Directors\u2019 remuneration and fees
1,252
1,275
Directors\u2019 bonus1
407
294
Share-based benefits to Directors
852
409
Share award benefits to Directors
160
-
Key management personnel remuneration2
857
598
Key management bonus1
343
325
Share-based and other benefits to key
1,830
409
management personnel3
Share award benefits to key management
115
-
5,816
3,310
1. These amounts related to the performance bonus for 2025 (and 2024 in respect of the comparatives) approved by the Board of Directors following the proposal of the Remuneration Committee. 2. Includes wages and salaries of key management personnel of \u20ac1,263k (2024: \u20ac568k) and other benefits of \u20ac30k (2024: \u20ac30k). 3. Includes the expense recognised in 2025 in respect of the 2025 Deferred Cash Incentive Plan granted to certain members of key management, as well as \u20ac0.9 million recognised from the remeasurement of share options granted to non-C-Suite employees as result of the introduction of the cash settlement mechanism under the LTIP 2020. Further details are provided in Note 24. At 31 December 2025 amounts due to Directors, as from the Company, are \u20acnil (\u20acnil at 31 December 2024) and \u20acnil (\u20acnil at 31 December 2024) to key management. Effective 1 January 2025, the Group included the General Manager of Proyecto Touro as a member of its key management personnel. The decision reflected the formal creation of the role and its strategic relevance, as the position entails direct responsibility over the planning, direction and control of all operational and development activities at Proyecto Touro. On 24 July 2025, Fernando Ara\u00faz de Robles Villal\u00f3n was appointed General Manager of Proyecto Riotinto, succeeding Enrique Delgado, thereby becoming a member of key management from that date. Share-based benefits In 2025, the Company granted new conditional share awards under the Atalaya Mining Long-Term Incentive Plan 2020, which was approved by shareholders at the Annual General Meeting on 25 June 2020. These awards are subject to performance conditions measured over a three- year period and a subsequent two-year holding period following vesting. The awards were granted on 24 April 2025 at a market price of 358.60 pence per share and were made to certain members of senior management and PDMRs. The maximum number of shares conditionally awarded was as follows: \u25a1 Chief Executive Officer (Director): 218,000 shares \u25a1 Chief Financial Officer (PDMR): 113,091 shares \u25a1 General Manager Riotinto (PDMR): 112,431 shares The awards will vest subject to the extent to which performance conditions are satisfied and continued employment. No consideration was paid for the grant. The total charge recognised in the period 2025 in respect of these awards amounted to \u20ac0.3 million. Also during the period, the Company granted a total of 1,600,000 share options to Persons Discharging Managerial Responsibilities (PDMRs) at an exercise price of 460.35 pence per share and an expiry date of 9 July 2030 under the Long-Term Incentive Plan 2020 (LTIP 2020). The options vest 1/6th on grant, 1/3rd on the first anniversary and 50% on the second anniversary, subject to performance conditions, and expire on 9 July 2030. In 2024, the Company granted a total of 800,000 share options to Persons Discharging Managerial Responsibilities (PDMRs) with an exercise price of 413.5 pence per share and an expiry date of 10 June 2029 under the Long-Term Incentive Plan 2020 (LTIP20). Both grants vest in three equal tranches - one-third on grant, with the remaining balance vesting equally on the first and second anniversaries of the grant date. During 2025 the Directors and key management personnel have not been granted any bonus shares (2024: nil). Conflict of interest In order to avoid situations of conflict of interests of the Parent Company, during the year Directors who have held positions as company Director have complied with the obligations provided for in article 228 of the Revised Text of the Spanish Capital Enterprises Act. Furthermore, Directors or related to them have abstained from incurring in the cases of conflict of interest provided for in article 229 the Spanish Capital Enterprises Act, except in cases where the corresponding authorisation has been obtained. 31.3 Transactions with shareholders and related parties
(Euro 000\u2019s)
2025
2024
Trafigura Pte Ltd. \u2013 Revenue from contracts (a)
202,437
73,433
Gains/(Losses) relating provisional pricing within sales
2,985
(3,757)
205,422
69,676
Impala Terminals Huelva S.L.U. - Port Handling
(2,377)
(2,201)
and Warehousing services (b)
Related parties - total amounts from contracts
203,045
67,475
(a) Offtake agreement and spot sales to Trafigura Offtake agreement In May 2015, the Company agreed terms with key stakeholders in a capitalisation exercise to finance the re-start of Proyecto Riotinto (the \u201c2015 Capitalisation\u201d). As part of the 2015 Capitalisation, the Company entered into offtake agreements with some of its large shareholders, one of which was Trafigura Pte Ltd. (\u201cTrafigura\u201d), under which the total forecast concentrate production from Proyecto Riotinto was committed (\u201c2015 Offtake Agreements\u201d). During 2025, the Company completed 6 sales transactions under the terms of the Offtake Agreements valued at \u20ac65.7 million (2024: 10 sales valued at \u20ac71.6 million). Spot Sales Agreements Due to various expansions implemented at Proyecto Riotinto in recent years, volumes of concentrate have been periodically available for sale outside of the Company\u2019s various offtake agreements. In 2025, the Company completed 10 spot sales with Trafigura valued at \u20ac139.7 million (2024: the Company did not complete any spot sales with Trafigura; however, \u20ac1.0 million in sales was recognised through amendments to its existing offtake agreement following QP closures during the year). Sales transactions with related parties are at arm\u2019s length basis in a similar manner to transactions with third parties. (b) Port Handling and Warehousing services The Group has in place a port handling, storage and shipping services agreement with Impala Terminals Huelva S.L.U. (\u201cImpala Terminals\u201d) in respect of copper concentrates produced from Proyecto Riotinto. The agreement covers export concentrate volumes that are not committed under the Group\u2019s offtake arrangements, as well as volumes committed to the Trafigura Group under its offtake agreement. The agreement remains in force at 31 December 2025. Impala Terminals forms part of the Trafigura Group, which is under joint control. As a result, Impala Terminals is considered a related party of the Group in accordance with IAS 24 Related Party Disclosures. The Group reassessed its relationship with Impala Terminals in prior periods and concluded that the criteria for related party classification are met. This assessment remains unchanged at 31 December 2025. Transactions with Impala Terminals are conducted under normal commercial terms and on an arm\u2019s length basis, consistent with arrangements that would be entered into with independent third parties. The amounts recognised during the year and outstanding balances at 31 December 2025 and 2024 are presented in Notes 31.3 and 31.4. 31.4 Year-end balances with shareholders and their joint ventures
(Euro 000\u2019s)
2025
2024
Receivable from shareholder (Note 20)
Trafigura Pte. Ltd.
15,770
1,042
\u2013 Debtor balance - subject to provisional pricing
15,770
1,042
Payable from joint venture of shareholder (Note 26)
Impala Terminals Huelva S.L.U. - payable balance
(155)
(109)
(155)
(109)
The above debtor balance arising from the agreements between Trafigura and Impala (Note 31.3), bear no interest and is repayable on demand.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-452": { "value": "
31.2 Compensation of key management personnel
The total remuneration and fees of Directors (including executive Directors)
and other key management personnel was as follows:
(Euro 000\u2019s)
2025
2024
Directors\u2019 remuneration and fees
1,252
1,275
Directors\u2019 bonus1
407
294
Share-based benefits to Directors
852
409
Share award benefits to Directors
160
-
Key management personnel remuneration2
857
598
Key management bonus1
343
325
Share-based and other benefits to key
1,830
409
management personnel3
Share award benefits to key management
115
-
5,816
3,310
1. These amounts related to the performance bonus for 2025 (and 2024 in respect of the comparatives)
approved by the Board of Directors following the proposal of the Remuneration Committee.
2. Includes wages and salaries of key management personnel of \u20ac1,263k (2024: \u20ac568k) and other benefits of
\u20ac30k (2024: \u20ac30k).
3. Includes the expense recognised in 2025 in respect of the 2025 Deferred Cash Incentive Plan granted
to certain members of key management, as well as \u20ac0.9 million recognised from the remeasurement
of share options granted to non-C-Suite employees as result of the introduction of the cash settlement
mechanism under the LTIP 2020. Further details are provided in Note 24.
At 31 December 2025 amounts due to
Directors, as from the Company, are
\u20acnil (\u20acnil at 31 December 2024) and
\u20acnil (\u20acnil at 31 December 2024) to
key management.
Effective 1 January 2025, the Group
included the General Manager of
Proyecto Touro as a member of
its key management personnel.
The decision reflected the formal
creation of the role and its strategic
relevance, as the position entails
direct responsibility over the
planning, direction and control of
all operational and development
activities at Proyecto Touro. On 24
July 2025, Fernando Ara\u00faz de Robles
Villal\u00f3n was appointed General
Manager of Proyecto Riotinto,
succeeding Enrique Delgado,
thereby becoming a member of key management from that date. Share-based benefits In 2025, the Company granted new conditional share awards under the Atalaya Mining Long-Term Incentive Plan 2020, which was approved by shareholders at the Annual General Meeting on 25 June 2020. These awards are subject to performance conditions measured over a three- year period and a subsequent two-year holding period following vesting. The awards were granted on 24 April 2025 at a market price of 358.60 pence per share and were made to certain members of senior management and PDMRs. The maximum number of shares conditionally awarded was as follows: \u25a1 Chief Executive Officer (Director): 218,000 shares \u25a1 Chief Financial Officer (PDMR): 113,091 shares \u25a1 General Manager Riotinto (PDMR): 112,431 shares The awards will vest subject to the extent to which performance conditions are satisfied and continued employment. No consideration was paid for the grant. The total charge recognised in the
period 2025 in respect of these
awards amounted to \u20ac0.3 million.
Also during the period, the Company
granted a total of 1,600,000 share
options to Persons Discharging
Managerial Responsibilities (PDMRs)
at an exercise price of 460.35 pence
per share and an expiry date of 9 July
2030 under the Long-Term Incentive
Plan 2020 (LTIP 2020). The options
vest 1/6th on grant, 1/3rd on the first
anniversary and 50% on the second
anniversary, subject to performance
conditions, and expire on 9 July 2030.
In 2024, the Company granted a
total of 800,000 share options to
Persons Discharging Managerial
Responsibilities (PDMRs) with an
exercise price of 413.5 pence per
share and an expiry date of 10 June
2029 under the Long-Term Incentive
Plan 2020 (LTIP20).
Both grants vest in three equal
tranches - one-third on grant, with
the remaining balance vesting
equally on the first and second
anniversaries of the grant date.
During 2025 the Directors and key
management personnel have not
been granted any bonus shares
(2024: nil).
Conflict of interest
In order to avoid situations of conflict of interests of the Parent Company,
during the year Directors who have held positions as company Director have
complied with the obligations provided for in article 228 of the Revised Text of
the Spanish Capital Enterprises Act. Furthermore, Directors or related to them
have abstained from incurring in the cases of conflict of interest provided for
in article 229 the Spanish Capital Enterprises Act, except in cases where the
corresponding authorisation has been obtained.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-453": { "value": "
31.3 Transactions with shareholders and related parties
(Euro 000\u2019s)
2025
2024
Trafigura Pte Ltd. \u2013 Revenue from contracts (a)
202,437
73,433
Gains/(Losses) relating provisional pricing within sales
2,985
(3,757)
205,422
69,676
Impala Terminals Huelva S.L.U. - Port Handling
(2,377)
(2,201)
and Warehousing services (b)
Related parties - total amounts from contracts
203,045
67,475
(a) Offtake agreement and spot sales to Trafigura
Offtake agreement
In May 2015, the Company agreed terms with key stakeholders in a
capitalisation exercise to finance the re-start of Proyecto Riotinto (the \u201c2015
Capitalisation\u201d).
As part of the 2015 Capitalisation, the Company entered into offtake
agreements with some of its large shareholders, one of which was Trafigura
Pte Ltd. (\u201cTrafigura\u201d), under which the total forecast concentrate production
from Proyecto Riotinto was committed (\u201c2015 Offtake Agreements\u201d).
During 2025, the Company completed 6 sales transactions under the terms of
the Offtake Agreements valued at \u20ac65.7 million (2024: 10 sales valued at \u20ac71.6
million).
Spot Sales Agreements
Due to various expansions
implemented at Proyecto Riotinto in
recent years, volumes of concentrate
have been periodically available for
sale outside of the Company\u2019s various
offtake agreements.
In 2025, the Company completed 10
spot sales with Trafigura valued at
\u20ac139.7 million (2024: the Company
did not complete any spot sales
with Trafigura; however, \u20ac1.0 million
in sales was recognised through
amendments to its existing offtake
agreement following QP closures
during the year).
Sales transactions with related
parties are at arm\u2019s length basis in a
similar manner to transactions with
third parties.
(b) Port Handling and
Warehousing services
The Group has in place a port
handling, storage and shipping
services agreement with Impala
Terminals Huelva S.L.U. (\u201cImpala
Terminals\u201d) in respect of copper
concentrates produced from
Proyecto Riotinto.
The agreement covers export
concentrate volumes that are not
committed under the Group\u2019s offtake
arrangements, as well as volumes
committed to the Trafigura Group
under its offtake agreement. The
agreement remains in force at 31
December 2025.
Impala Terminals forms part of the
Trafigura Group, which is under joint
control. As a result, Impala Terminals
is considered a related party of the
Group in accordance with IAS 24
Related Party Disclosures.
The Group reassessed its relationship
with Impala Terminals in prior
periods and concluded that the
criteria for related party classification
are met. This assessment remains
unchanged at 31 December 2025.
Transactions with Impala Terminals
are conducted under normal
commercial terms and on an
arm\u2019s length basis, consistent with
arrangements that would be entered
into with independent third parties.
The amounts recognised during
the year and outstanding balances
at 31 December 2025 and 2024 are
presented in Notes 31.3 and 31.4.
31.4 Year-end balances with shareholders
and their joint ventures
(Euro 000\u2019s)
2025
2024
Receivable from shareholder (Note 20)
Trafigura Pte. Ltd.
15,770
1,042
\u2013 Debtor balance - subject to provisional pricing
15,770
1,042
Payable from joint venture of shareholder (Note 26)
Impala Terminals Huelva S.L.U. - payable balance
(155)
(109)
(155)
(109)
The above debtor balance arising from the agreements between Trafigura and
Impala (Note 31.3), bear no interest and is repayable on demand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-454": { "value": "
33. Contingent liabilities
Judicial and administrative cases
In the normal course of business, the Group may be involved in legal
proceedings, claims and assessments. Such matters are subject to many
uncertainties, and outcomes are not predictable with assurance. Legal fees
for such matters are expensed as incurred and the Group accrues for adverse
outcomes as they become probable and estimable.
34. Commitments
There are no minimum exploration requirements at Proyecto Riotinto.
However, the Group is obliged to pay local land taxes which currently are
approximately \u20ac235,000 per year in Spain and the Group is required to
maintain the Riotinto site in compliance with all applicable regulatory
requirements.
In 2012, ARM entered into a 50/50 joint venture with Rumbo to evaluate and
exploit the potential of the class B resources in the tailings dam and waste
areas at Proyecto Riotinto (mainly residual gold and silver in the old gossan
tailings). Under the joint venture agreement, ARM will be the operator of
the joint venture, will reimburse Rumbo for the costs associated with the
application for classification of the Class B resources and will fund the initial
expenditure of a feasibility study up to a maximum of \u20ac2.0 million. Costs are
then borne by the joint venture partners in accordance with their respective
ownership interests.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-501": { "value": "33. Contingent liabilities Judicial and administrative cases In the normal course of business, the Group may be involved in legal proceedings, claims and assessments. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. Legal fees for such matters are expensed as incurred and the Group accrues for adverse outcomes as they become probable and estimable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-502": { "value": "34. Commitments There are no minimum exploration requirements at Proyecto Riotinto. However, the Group is obliged to pay local land taxes which currently are approximately \u20ac235,000 per year in Spain and the Group is required to maintain the Riotinto site in compliance with all applicable regulatory requirements. In 2012, ARM entered into a 50/50 joint venture with Rumbo to evaluate and exploit the potential of the class B resources in the tailings dam and waste areas at Proyecto Riotinto (mainly residual gold and silver in the old gossan tailings). Under the joint venture agreement, ARM will be the operator of the joint venture, will reimburse Rumbo for the costs associated with the application for classification of the Class B resources and will fund the initial expenditure of a feasibility study up to a maximum of \u20ac2.0 million. Costs are then borne by the joint venture partners in accordance with their respective ownership interests.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-455": { "value": "35. Significant events The global macroeconomic environment continued to be impacted by a variety of factors, including geopolitical tensions, economic uncertainty and several regional conflicts. Sanctions and various trade barriers, such as tariff policies and export restrictions for critical inputs and technologies, have the potential to disrupt supply chains and increase input costs. Uncertainties around global economic growth and persistent inflation continue to impact fiscal policy in major economies and result in currency fluctuations. Combined, these macroeconomic factors are expected to lead to continued volatility in commodity prices, impacting both Atalaya\u2019s revenues and operating costs. \u25a1 On 10 January 2025, Atalaya Mining Copper, S.A. (formerly Atalaya Mining plc) completed its re-domiciliation to Spain. Trading under the new name became effective at 8:00 AM, and the nominal value of shares changed from 7.5p to \u20ac0.09. \u25a1 On 15 January 2025, the Board announced the appointment of Mar\u00eda del Coriseo (\u201cCoriseo\u201d) Gonz\u00e1lez-Izquierdo Revilla as an independent Non-Executive Director, effective 14 January 2025. \u25a1 On 31 January 2025, Atalaya received notification that Neil Gregson, Non-Executive Chair, purchased 2,800 ordinary shares of \u20ac0.09 nominal value at an average price of 347.28 pence per share. \u25a1 On 8 April 2025, Atalaya announced that it received notification that Jes\u00fas Fern\u00e1ndez, a PDMR, purchased 32,000 ordinary shares of \u20ac0.09 nominal value each in the Company at an average price of 307.98 pence per share. \u25a1 On 24 April 2025, conditional share awards were granted under the Company\u2019s Long-Term Incentive Plan to the CEO (218,000 shares), CFO (113,091 shares) and General Manager Riotinto (112,431 shares), subject to performance conditions and vesting terms. \u25a1 On 2 May 2025, Atalaya was notified by FTSE Russell of its inclusion in the FTSE 250 Index, effective from 7 May 2025, following the removal of International Distribution Services. \u25a1 On 15 May 2025, Atalaya received the AAU from the Junta de Andaluc\u00eda for the San Dionisio deposit, enabling future expansion of mining activities at Proyecto Riotinto. \u25a1 On 4 June 2025, Atalaya announced that Hussein Barma, an independent Non-Executive Director of the Company, was appointed as a Non-Executive Director of Eldorado Gold Corporation with immediate effect. \u25a1 On 24 June 2025, following the retirement of Hussein Barma and the appointment of Hennie Faul as Director, Atalaya updated the composition of its board committees, with Hennie now serving as a member of the Audit and Physical Risk Committees. \u25a1 On 10 July 2025, Atalaya granted share options under its LTIP 2020 to CEO and Director Alberto Lavandeira (800,000), CFO C\u00e9sar S\u00e1nchez (400,000) and Riotinto General Manager Enrique Delgado (400,000), at an exercise price of 460.35p. The options vest 1/6th on grant, 1/3rd on the first anniversary and 50% on the second anniversary, subject to performance conditions, and expire on 9 July 2030. \u25a1 On 23 July 2025, Atalaya paid the 2024 final dividend approved by shareholders at the 2025 AGM. \u25a1 On 24 July 2025, Fernando Ara\u00faz de Robles Villal\u00f3n was appointed General Manager of Proyecto Riotinto, succeeding Enrique Delgado. \u25a1 On 11 August 2025, the Company\u2019s Board of Directors elected to declare a 2025 Interim Dividend of \u20ac0.044 per ordinary share, which is equivalent to approximately US$0.051 or \u00a30.038 per share. \u25a1 On 1 October 2025, Ithaki Limited, shareholder of the Company, increased its voting rights from 6.99% to 8.34%. \u25a1 On 3 October 2025, Cobas Asset Management, SGIIC, S.A., shareholder of the Company, decreased its voting rights from 15.04% to 14.47%. \u25a1 On 10 October 2025, Atalaya paid the 2025 interim dividend approved by the Company\u2019s Board of Directors. \u25a1 On 5 December 2025, Muza Gesti\u00f3n de Activos, S.G.I.I.C., S.A., shareholder of the Company, decreased its voting rights from 3.12% to 2.95%.", "dimensions": { "concept": "ifrs-full:DescriptionOfSignificantEventsAndTransactions", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-456": { "value": "
36. Events after the reporting period
\u25a1 On 19 December 2025, Atalaya
provided an update on the
shareholders\u2019 consultation
following the outcome of the
Annual General Meeting on 24
June 2025. All resolutions put to
the meeting were successfully
passed with the requisite majority
of votes, although four resolutions
received less than 80% shareholder
support: re-election of Jes\u00fas
Fern\u00e1ndez, approval of Directors\u2019
Remuneration Report, approval
of grant of awards pursuant to
the long-term incentive plan and
approval of the grant of a one-off
transitional award to the CEO.
\u25a1 On 30 December 2025, Atalaya
announced that its Board of
Directors intended to appoint Dr.
Michael (\u201cMike\u201d) Graham Armitage
as an independent Non\u2013Executive
Director with effect from 19 January
2026. Mike will replace Steve Scott
who will be stepping down on 31
December 2025.
\u25a1 On 5 January 2026, Cobas Asset
Management, S.G.I.I.C., S.A.,
shareholder of the Company,
decreased its voting rights from
14.47% to 9.89%.
\u25a1 On 27 January 2026 Atalaya
announced a proposed equity
offering to raise gross proceeds of
\u00a3130 million (approximately \u20ac150
million) by way of an institutional
placing and a separate retail offer.
Proceeds from the fundraise will
allow Atalaya to accelerate the
development of its copper growth
projects in Spain in order to
capitalise on strong copper market
fundamentals. The fundraise will
also provide the Company with
financial flexibility to optimise
the ultimate funding package for
Proyecto Touro while concurrently
advancing its growth pipeline
primarily in the Riotinto District.
\u25a1 On 28 January 2026, Atalaya
announced that it has successfully
placed 12,730,000 new Ordinary
Shares in the Company with new
institutional investors and existing
shareholders at a price of \u00a310.00
per Placing share raising gross
proceeds of \u00a3127.3 million. Eligible
retail investors have subscribed in
the offer made by the Company
via RetailBook for a total of
270,000 new Ordinary Shares at
the Placing Price raising gross
proceeds of \u00a32.7 million. Mike
Amitage, a Non-Executive Director
of the Company, subscribed for
4,000 new Ordinary Shares as
part of the Retail Offer. Following
Admission, Mr Armitage will hold
4,695 Ordinary Shares. In total,
13,000,000 Offer Shares have been
subscribed for at the Placing
Price raising gross proceeds
of \u00a3130 million (equivalent to
approximately \u20ac150 million).
The Offer Shares represent,
in aggregate, approximately
9.2% of the Company\u2019s issued
Ordinary Share capital prior to the
Fundraise.
\u25a1 On 3 February 2026, Urion
Holdings (Malta) Limited
(Trafigura), a member of the
Trafigura Group, shareholder
of the Company, announced its
intention to sell approximately
13 million ordinary shares with a
nominal value of \u20ac0.09 each. As
of 2 February 2026, the Placing
Shares represent approximately
8.5% of the Company\u2019s issued
share capital.
\u25a1 On 4 February 2026, Urion
Holdings (Malta) Limited
(Trafigura), a member of the
Trafigura Group, shareholder of
the Company, announced that it
had agreed to sell in aggregate
14,000,000 Placing Shares at the
price of 945 pence per share,
raising aggregate gross proceeds
of approximately \u00a3132 million.
Following settlement of the
Placing, Urion Holdings (Malta)
Limited (Trafigura), shareholder of
the Company, decreased its voting
rights to 10.94%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300QNQPXVRXGXOX56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }