Atalaya Mining Q3'26 first take: P&L in-line & 2026 guidance unchanged, call focus likely on Touro & Tharsis acquisition, stay OW

Our Take - P&L broadly in-line; FY'26 guidance unchanged: Q3'26 copper output was pre-reported with the operational update. Q3 EBITDA of EUR90m is -3% vs JPMe and -2% vs consensus, while EPS of 41c is +7% vs JPMe and +5% vs consensus. Net cash of EUR342m is in-line and was pre-reported with Q3 operational update. Riotinto District projects remain largely on track, though San Dionisio stripping was slower than planned because the power supplier was late relocating a power line. No incremental update on Touro project although management maintain the DIA approval process is nearing completion. FY'26 production and cost guidance is reiterated, and exploration guidance is raised modestly to EUR7-9m from EUR5-7m. We await further commentary, particularly on Touro, on the results call today, but we expect FY'26 consensus EBITDA to be largely unchanged. Yesterday, Atalaya announced the acquisition of Tharsis Mining, which includes the historic Tharsis and La Zarza mines near Riotinto in Andalu