For the year ended 31 December 2024
ATALAYA MINING
Atalaya Mining Copper, S.A
2024 Climate Change Report
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2024 Climate Change Report
ATALAYA MINING
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This report follows the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), with data for the year ended December 31st 2024.
In it, we provide an overview of how governance, risk and opportunity management are integrated into our strategy, as well as metrics and climate-related targets.
Atalaya Mining Copper S.A (Atalaya) operates a single active mine, Proyecto Riotinto in Huelva (Andalusia, Spain), which is the primary focus of this report.
At Proyecto Riotinto we use the Greenhouse Gas Protocol as a reference to measure our emissions, with data verified by an independent entity.
This report includes verified 2023 data and a 2024 forecast using 2023 emission factors as a basis for calculation. 2024 data included in this report is therefore provisional at the date of publication.
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ALBERTO LAVANDEIRA ADÁN
CEO Atalaya Mining Copper S.A. 17 March 2025
Atalaya Mining Copper S.A is a European copper mining and development company, listed on the London Stock Exchange (LSE). Given copper's central role in the energy transition, our activity contributes to a more sustainable future and the building of economic independence. Our aim is to become a leading multi-asset copper producer in Europe, maximising the potential of our current low-risk assets and exploring new opportunities.
This report seeks to inform all stakeholders about the way we govern and manage climate change-related issues, that is, our current performance and progress in decarbonizing our business, the potential risks of climate change (physical and transitional) and the steps we are taking to minimize that impact.
Given our growth potential and considering the strategic importance of copper production in the EU, we aim to reinforce our market position and value using these principles.
Our gradual progress in the right direction shows that sustainability is not just a key pillar of our growth strategy but rather a management principle, critical to our development as a responsible operator able to maintain our its social license to operate.
We are pleased to report that our solar plant started its commissioning at the end of 2024, powering Proyecto Riotinto using renewable energy. The plant is the first of its kind at a Spanish mine and will provide around one fifth of its total energy needs, reducing our Scope 2 emissions and our costs. We aim to fully commission the plant in 2025. Consequently, we have revised our climate targets set in 2023 to accommodate these changes.
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*Our 2024 carbon footprint is an estimate using 2023 emission factors as the data is not ready at the time of publication.
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We are an LSE-listed mining and development company, recognised as a prominent copper concentrate producer in Europe. Given the crucial role of copper in the energy transition, we are well positioned to support and drive a more sustainable future.
Atalaya Mining Copper S.A (Atalaya) is the parent company of several mining companies and projects. Our currently active operations (Proyecto Riotinto, managed by Atalaya Riotinto Minera S.L.U.) includes the Cerro Colorado and San Dionisio ore deposits and a modern 15Mtpa processing plant, which has the potential to become a processing hub for owned regional projects currently in the permitting stage.
This asset also houses, in collaboration with Lain Technologies, the E-LIX Plant, an innovative, electrochemical mineral extraction process designed to recover copper and zinc metals more efficiently from complex sulphide concentrates. E-LIX materially increases metal recoveries, reducing costs associated with the transportation and smelting of concentrates and shrinking the company's carbon footprint.
Other entities manage a number of projects in the exploration and permitting phases in polymetallic sulphide deposits:
In November 2024 Atalaya made two binding agreements with Mineral Prospektering i Sverige AB ("MPS"), under which the company can take an initial 75% interest in two separate Swedish land packages. Both regions are underexplored and this deal could therefore boost Atalaya's exposure to critical minerals in Europe.
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Atalaya is a European producer of copper and other critical metals that are essential for economic growth and the energy transition. We maintain a commitment to the sustainable management of our mining operations in our policies and governance matters, including the fight against climate change.
Copper is an essential component to producing, distributing and storing renewable energy and demand is rising sharply as the world transitions to a low-carbon economy. As a copper producer, we are continually seeking ways to make our processes more efficient and sustainable and to increase our positive impact.
Mayor end uses of copper (ICA/IWCC 2021)
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The table below offers an overview of our current efforts to align with the TCFD recommendations.
| Governance | Board oversight | Our board is ultimately responsible for the proper management of climate change, setting the objectives and supervising the implementation and fulfilment of the actions established in the sustainability strategy, which include climate change indicators and goals, through the Sustainability Committee. |
|---|---|---|
| Management's role | Our sustainability/ESG management and financial department is responsible for executing all initiatives related to climate change, especially in terms of climate-related risks and opportunities. | |
| Strategy | Climate-related risks and opportunities | The climate-related risk assessment was performed in 2023 using 2022 data as a baseline year. This included scenario analysis to assess the real and potential financial impact of the main risks and opportunities. |
| Impact on Atalaya | Several physical and transition risks with a moderate to high impact on Atalaya's business have influenced strategy and financial planning. | |
| Resilience | Different scenarios have been used to assess risks and opportunities, considering global temperature increase of less and more than 2°C. Two different time horizons were used for the analysis: medium (2030) and long-term (2050). | |
| Risk Management | Risk identification and assessment | The risk assessment considers 9 hazards in identifying the physical risks. In identifying the transition risks, the TCFD transition categories were considered. |
| Risk management | Mitigation measures have been established for the climate-related risks identified as material, and these are consistently monitored to control impacts. | |
| Integration of risk management | The management team assess and manage climate-related risks and opportunities systematically within operations as part of our recurrent risk management process. Climate-related risks have been integrated into overall risk management by the Physical Risk Committee. | |
| Metrics And Targets | Climate-related metrics | Proyecto Riotinto annually assesses greenhouse gas (GHG) emissions, energy consumption and water consumption, among other relevant environmental KPIs. We will continue to evaluate other relevant metrics as we analyse the results of the climate risk assessment and implement actions stemming from our climate change strategy. |
| Scope 1, Scope 2, and Scope 3 | We report Scope 1, 2 and 3 emissions at Proyecto Riotinto, our only mine in operation. The GHG inventory is verified annually by an independent third-party against GHG Protocol | |
| Climate related targets | The board of directors approved our climate change goals for Proyecto Riotinto in November 2023, published on our website. In 2025 we revised our climate goals, approved by our leadership team and Sustainability Committee in March 2025. |
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We recognize sustainability as a key factor for long-term success. Well-governed organizations understand that survival and success are intertwined and related to environmental and social performance. Our Sustainability Policy provides the context for setting objectives to mitigate climate change and minimize risks.
Atalaya's oversight structure regarding climate change is comprised of:
Our board of directors, ultimately responsible for the proper management of risks and opportunities related to climate change. The board oversees the implementation of and compliance with the objectives set out in the sustainability strategy, proposing changes and updates if needed. Regarding climate-related risks identified through the Sustainability Committee, the board monitors water and energy consumption metrics, climate-related goals and the associated strategy to mitigate risks during quarterly board meetings.
The Sustainability Committee, chaired by the Senior Independent Director and responsible for setting sustainability strategy and supporting board commitment to monitoring risks, as well as performance. It supervises the implementation of sustainability policy and strategy and advises the board on any sustainability topic, such as climate change governance, climate risks and opportunities, human rights, diversity, resources efficiency, natural capital, waste management and the circular economy. Atalaya's Sustainability Committee meets quarterly to oversee the progress of our climate change goals.
The Audit Committee, responsible for overseeing the financial risk management process.
At the management level, the Executive Sustainability Commission (ESC) at Proyecto Riotinto, meets once a quarter, led by the sustainability manager to monitor relevant issues. The ESC oversees the evaluation and management of climate-related issues, such as climate-related risks and opportunities.
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In 2024, the Sustainability Committee met quarterly to oversee actions related to the climate change strategy and monitoring climate targets approved in 2023. These targets have now been revised and were approved in March 2025.
Furthermore, the Sustainability Committee has kept the board informed on material climate-related risks and opportunities identified in 2023. To this end, each sitting has followed the progress of the solar energy plant, as well as metrics regarding climate risks such as water consumption. The committee has also undergone special training in ESG regulation.
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Since 2023, we have made material progress in the identification, evaluation and quantification of climate change risks and opportunities covering our entire asset portfolio.
Our assessment identified the actual and potential impacts of climate-related risks and opportunities on our business, strategy and financial planning. The assessment surfaced one physical risk and one transition risk. We conducted an analysis against different scenarios, including those aligned with a global temperature increase of less than $2^{\circ}\mathrm{C}$ . We also used two different time horizons, medium-term (2030) and long-term (2050).
The screening suggested that water stress and drought is the key physical risk for our business since all assets analysed, except for Proyecto Touro, showed a high to very high level of risk under current and projected conditions. Results suggested that higher GHG emission prices is our key transition risk.
Other physical and transition moderate risks were identified in our 2023 assessment, about which more can be reading our Climate Change Report 2023. For this year, we have focused on monitoring and mitigating our high impact risks.
2024 Climate Change Report
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Atalaya is aware of its role in the transition to a low-carbon economy and the need to use energy more efficiently. We are committed to the disclosure of actions aimed at combating climate change, such as the calculation and reporting of GHG emissions.
Atalaya is aware of its role in the transition to a low-carbon economy and the need to use energy more efficiently. We are committed to the disclosure of actions aimed at combating climate change, such as the calculation and reporting of GHG emissions.
As a mining company, we consume large amounts of electricity in our production processes. For this reason, our progress depends on increasing efficiency and self-sufficiency by using renewable energy.
Energy transition. Our solar power plant. Our solar plant once fully completed will consist of 75,000 solar panels with a 50MW capacity and its output is equivalent to the annual electricity consumption of a town with a population of 14,500 people. The solar plant became started commissioning at the end of 2024 and full capacity is expected in 2025, providing a total of 80,000 MWh. We are immensely proud of this milestone in our energy transition. Once fully operating, the plant is expected to provide 22% of our total energy needs and cut our absolute GHG Scope 2 emissions.
Energy efficiency management. In 2024 our energy efficiency was 22.64 kWh/tonne ore processed, well within our 24 kWh/tonne goal and part of gradual improvement since 2022 (see more details in "Metrics" section). Our approach is to conduct energy audits and take efficiency measures to ensure responsible usage. In 2024, we started implementing an energy management system at Proyecto Riotinto under the international ISO 50001 standard, allowing us to continue improving performance.
Promoting sustainable mobility initiatives. To encourage sustainable mobility, we have installed eight electric vehicle charging spaces in 2024 which can be expanded as needed. A 136 panel solar installation in the car park itself fuels the chargers, producing 90 kWh which also powers our nearby offices and laboratory.
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As mentioned above, we conducted our analysis on climate-related risks in 2023 using 2022 data as baseline year, both for physical and transition issues:
For the physical variable, the risk assessment and scenario analysis covered the whole of Atalaya's portfolio and helped prioritize the most material risks. The assessment considers nine physical hazards.
For the transition risks and opportunities, we identified all climate-related hazards based on a systematic desk study and internal discussions. A qualitative assessment was performed to assign a preliminary scoring considering the likelihood and impact of each risk and opportunity.
To analyse and assess the impact of climate-related risks and opportunities, we used different scenarios including those aligned with a global temperature increase of less than $2^{\circ}\mathrm{C}$ , and two time horizons: medium-term (2030) and long-term (2050).
2024 Climate Change Report
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The screening results suggested that water stress and drought is the key risk for our business, since all the assets analysed, except for Proyecto Touro, showed that the risk was considered high to a very high level under current and projected conditions.
The following table summarises the key physical risks identified and mitigation measures in place:
GOVERNANCE
| Climate-related risk | Risk description | Impact | Time horizon | Mitigation measures |
|---|---|---|---|---|
| Water stress and drought | Atalaya's operations need, at times, large quantities of water to offset evaporative and processing losses; therefore water stress and drought are significant risks. Reduced supplies may reduce the efficiency of mining production processes, resulting in revenue losses, or increase operational costs by heightening water prices. Additional water supplies may need to be purchased from other sources, which could inflate costs further. | High | Medium - term | Our responsible water management is based on minimising freshwater consumption while maximising recycled water and mine water consumption. By achieving this, we minimize the risks of the effect of climate change and future demand developments. We have made great progress in improving our water efficiency, recovering and searching for new water sources to reduce freshwater consumption and water stress. More details in 2024 Sustainability Report (Water management section) |
Figure 2: TCFD physical climate-related risks
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Figure 3: TCFD transition climate-related risks
Our transition risk assessment considered the TCFD categories: legal and regulatory, market, technology and reputational. For each category, one or more risks and opportunities were identified based on trends in the mining sector.
The screening suggested that increased pricing of GHG emissions is the key transition risk for our business, while access to new markets is the key transition opportunity.
The following table summarises the key transition risks identified and mitigation measures in place:
TRANSITION RISK
| Climate-related risk | Risk description | Impact | Time horizon | Mitigation measures |
|---|---|---|---|---|
| Increased pricing of GHG emissions | The mining sector is energy and emissions intensive. It is likely that increasing regulation of carbon emissions will generate rising costs associated with carbon taxes (European and/or national level). For Atalaya this would mean higher operating costs via a rise in price/tonne of CO2e emitted, as well as higher electricity and raw materials prices. | High | Medium term Long term | Proactive monitoring of the regulatory framework and integration of climate risks into risk management. |
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In 2023, we published Scope 1 and 2 emission reduction targets for Proyecto Riotinto, our only active mine.
As highlighted in previous climate change reports, we aimed to reduce our Scope 2 emissions with the construction of a 50MW photovoltaic solar plant designed to produce renewable energy for our operations at Proyecto Riotinto.
The solar plant only came online at the end of 2024 and will be fully operational at the end of 2025. Consequently, we have revised our climate targets set in 2023 to accommodate these changes. Our previous targets were to reduce our Scope 1 and 2 emissions by $30\%$ by 2025 and by $50\%$ by 2030 from a 2022 baseline year.
Given the phase-in of the solar plant, we have adjusted our 2025 target, created an interim 2027 target and are currently reassessing our 2030 climate objectives for copper concentrate production at Proyecto Riotinto.
| Asset | Base Year | Scope | Emission reduction % | Target year | Type |
|---|---|---|---|---|---|
| Proyecto Riotinto | 2022 | 1 & 2 | 15% | 2025 | Absolute |
| 25% | 2027 |
Figure 4: Revised Scope 1 and 2 climate reduction targets.
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Figure 5: Total electricity consumption and intensity 2022-2024
This solar plant, the first of its kind at a mining project in Spain, is a significant milestone for us and is expected to supply $22\%$ of Proyecto Riotinto's total energy needs. The plant once fully completed will comprise of 75,000 solar panels with a total capacity of 50MW. Electricity consumption accounts for over $60\%$ of Riotinto's carbon footprint, and makes up $95\%$ of our scope 1 and 2 carbon emissions.
We recognize the importance of further enhancing energy efficiency in our operations and expanding our use of renewable energy sources to decrease our GHG emissions. We will continue to evaluate the technical and commercial potential of emerging technologies that can drive greater gains towards this goal.
We are currently reassessing our mid-term climate objectives for 2030 in alignment with the company's growth plans. In the long term, the current reserves of copper at Proyecto Riotinto do not support its operations beyond the year 2050; therefore, as it is our only operating mine thus far, we currently have not set a Net Zero 2050 commitment in place. However, Atalaya anticipates extending the life of Proyecto Riotinto and expanding its portfolio with new operations, prompting us to review our commitments accordingly.
We remain dedicated to transparent communication with our stakeholders as we make significant strides in our sustainability journey.
| 2024 | 2023 | 2022 | ||
|---|---|---|---|---|
| Total electricity consumption | Kwh | 360,286,982 | 367,828,225 | 364,287,687 |
| Electricity intensity | Kwh/t processed | 22.64 | 23.29 | 23.64 |
In 2024, all our reported electricity consumption comes from the Spanish energy generation mix and is purchased from Endesa Energia S.A.U. Proyecto Riotinto does not import other forms of energy such as heat, steam or cooling. Nor does it make any energy purchases abroad.
In 2025 Atalaya will use the clean energy produced by the new photovoltaic power plant to reduce energy provided by external sources.
However, the data below reflects our efficient use of energy where we see a $1.10\%$ reduction in total energy consumed and in the ratio per tonne processed compared to previous years.
Figure 6: Total energy consumed/Ratio per tonne processed (kWh/tonne ore processed)
(1) The energy mix includes renewable energy, cogeneration, natural gas, coal, fuel oil, nuclear and other renewables.
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We calculate Proyecto Riotinto's GHG emissions on an annual basis in four phases:
We have calculated our scope 1, 2 and 3 GHG emissions based on our operational control as set out by the GHG Protocol:
Direct GHG emissions associated with sources under the company's control derived from:
Indirect GHG emissions associated with electricity:
Other indirect GHG emissions. As scope 3 is optional, Atalaya reports activities within this scope for which it has reliable information, as follows:
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Direct GHG emissions are quantified for $\mathrm{CO}{2}$ , CH4, N2O, NF3, SF6 and other appropriate GHG groups such as hydrofluorocarbons (HFCs) and perfluorinated compounds (PFCs) etc. in tonnes of $\mathrm{CO}{2}$ .
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Figure 8: Scope 1 and 2 GHG emissions 2022-2024
The reported data for 2022 and 2023 are verified by a third party and therefore considered final. Our 2024 data is calculated using estimates because the data was not available at the time of publication. Our 2024 data will be verified and published in our 2025 reports.
The results show that Scope 1 emissions account for the lowest percentage of total emissions. In this scope we measure direct GHG emissions from HFC leakage from refrigeration and air-conditioning equipment, stationary combustion (use of propane in the laboratory), mobile combustion (diesel from light vehicles circulating inside the mine) and organic matter degradation.
Scope 2 emissions are the most significant and are derived from electricity consumption. The reported electricity consumption comes from the Spanish energy generation mix and is purchased from Endesa Energía S.A.U. The applicable emission factor to the energy mix in 2023 was $0.259\mathrm{KgCO_2e / Kwh}$
Proyecto Riotinto does not import other forms of energy such as heat, steam or cooling. Nor does it make any energy purchases abroad.
In 2025, Atalaya will produce its own clean energy with its solar power plant, reducing external electricity consumption from non-renewable sources.
The table below shows the evolution of emissions from the 2022 base year:
| 2024* | 2023 | 2022 | |
|---|---|---|---|
| GHG Emissions | t of CO2e | t of CO2e | t of CO2e |
| Scope 1 (direct emissions) | 5,132.74 | 5,577.42 | 2,395.59 |
| Scope 2 (energy indirect emissions) | 93,314.33 | 96,846.05 | 100,559.68 |
| 98,447.07 | 102,423.47 | 102,955.27 |
*2024 estimated data using 2023 emission factors.
Scope 1 and 2 (t CO2e)
Figure 9: Scope 1 and 2 GHG emissions 2022-2024
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Figure 10: Scope 1 and 2 GHG intensity 2022-2024
*2024 estimated data
To calculate 2024 emissions derived from energy consumption, the 2023 emission factor (0.259 KgCO $_2$ e/Kwh) has been used as the most recent at the time of publication.
Based on this calculation, we see a $4\%$ reduction in gross Scope 1 and 2 emissions versus the 2022 base year. This decline is due to efficient energy management because Proyecto Riotinto achieved a $1\%$ reduction in total energy consumption versus 2002, although the final data may be subject to change once it is fully verified.
By 2025, the solar plant will contribute $22\%$ of the clean energy needed to produce copper concentrate at Riotinto, with a fall in Scope 2 emissions. We also expect the emissions factor from the energy mix to continue to improve year-on-year.
The reported data for 2022 and 2023 are verified by a third party and are therefore considered final. Our 2024 data is calculated using estimates, as stated earlier.
Atalaya reports activities within this scope for which it has reliable information:
Figure 11: Scope 3 GHG emissions 2022-2024
| Scope 3 | 2024* | 2023 | 2022 | ||
|---|---|---|---|---|---|
| t of CO2e | t of CO2e | t of CO2e | |||
| Upstream categories | Purchased goods and services1 | 68.86 | 243,604.06 | 142,021.54 | 163,701.61 |
| Upstream transportation and distribution | 22.39 | 79,218.05 | 69,886.07 | 61,754.95 | |
| Waste generated in operations | 0.17 | 608.50 | 618.12 | 524.30 | |
| Employee commuting | 0.35 | 1,254.96 | 1,254.96 | 1,129.85 | |
| Downstream categories | Downstream transportation and distribution | 0.59 | 2,084 | 2,355.66 | 2,402.97 |
| Processing of sold products | 7.63 | 26,981.66 | 26,677.35 | 26,701.10 | |
| Total Scope 3 | 353,751.34 | 242,813.70 | 256,214.78 |
(2) Includes consumption of third-party water, explosives and chemical products for mining activities
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While the data shows a 4% reduction in Scope 3 emissions in 2023 versus the 2022 base year, the yet-to-be-verified data for 2024 shows an increase in total Scope 3 emissions.
In 2024, indirect GHG emissions in the "purchased and services" category accounted for 68.86% of total emissions, with the majority stemming from reagent consumption. This is explained by:
The transportation and distribution category corresponds to haulage and movement within the mine by different contractors and is also relevant, accounting for 22.39% of total GHG emissions. This was due to transportation of soil and earthworks in preparation of the San Dionisio area, carried out by heavy diesel-run machinery (see data in Appendix).
The downstream calculations correspond to the transport of copper concentrate to port, and the indirect emissions derived from the processing of the product sold. The latter represents 7.6% of total downstream emissions, with no major variations versus previous years.
2024 Scope 3
| Purchased goods and services | 68,86% |
|---|---|
| Upstream transportation and distribution | 22,39% |
| Processing of sold products | 7,63% |
| Downstream transportation and distribution | 0,59% |
| Employee commuting | 0,35 |
| Waste generated in operations | 0,17% |
Our carbon footprint is verified by a third party against the GHG Protocol and results are registered at the Spanish Environment Ministry and the Andalusian regional government.
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Figure 13: Proyecto Riotinto GHG emissions
Estimated data
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| GHG Emissions | |||
| t of CO2e | t of CO2e | t of CO2e | |
| Scope 1 (direct emissions)3 | |||
| Gross direct (Scope 1) GHG emissions | 5,132.74 | 5,577.42 | 2,395.59 |
| Scope 2 (energy indirect emissions) | |||
| Gross market-based energy indirect (Scope 2) GHG emissions | 93,314.33 | 96,846.05 | 100,559.68 |
| Total GHG Emissions (Scope 1 and 2) | 98,447.07 | 102,423.47 | 102,955.27 |
| GHG Intensity (scope 1 + scope 2) (t of CO2e to copper concentrate production) | 0.39 | 0.41 | 0.41 |
| Scope 3 (other indirect emissions) | |||
| Upstream categories | |||
| Purchased goods and services4 | 243,604.06 | 142,021.54 | 163,701.61 |
| Upstream transportation and distribution | 79,218.05 | 69,886.08 | 61,754.95 |
| Waste generated in operations | 608.50 | 618.12 | 524.30 |
| Employee commuting | 1,254.96 | 1,254.96 | 1,129.85 |
| Downstream categories | |||
| Downstream transportation and distribution | 2,084 | 2,355.66 | 2,402.97 |
| Processing of sold products | 2,981.66 | 26,677.35 | 26,701.10 |
| Total Scope 3 GHG Emissions | 353,751.34 | 242,813.71 | 256,214.78 |
(3) Include: HFC fugitive emissions, fixed and mobile combustion and organic matter degradation.
(4) Includes: Third-party water, chemicals and explosives consumption for mining activities.
*Our 2024 carbon footprint is an estimate using 2023 emission factors as the data is not ready at the time of publishing.
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| 2024 | 2023 | 2022 | ||
|---|---|---|---|---|
| Energy consumption within the organization | ||||
| Total fuel consumption within the organization from non-renewable sources | GJ | 66,520 | 69,597 | 58,371 |
| Total electricity consumption | GJ | 1,297,032 | 1,324,181 | 1,311,435 |
| Total energy consumption within the organization2 | GJ | 1,363,552 | 1,393,778 | 1,369,806 |
(5) Including the sum of electricity and fuel consumption within the organization (diesel A and B) managed by Atalaya.
Table 10: Total fuel, total electricity and total energy consumption 2022-2024
| Energy Intensity | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Electricity intensity | Kwh/t processed | 22.64 | 23.29 | 23.64 |
Table 11: Electricity intensity 2022-2024
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2024 Climate Change Report
2024
Climate Change Report
For the year ended 31 December 2024
ATALAYA MINING
Registered office:
Atalaya Mining Copper, S.A.
Paseo de las Delicias, 1, 3
41001, Sevilla (Spain)
atalayamining.com