Atico Reports Consolidated Financial Results for the First Quarter of 2026
Atico Reports Consolidated Financial Results for the First Quarter of 2026
(All amounts expressed in US dollars, unless otherwise stated)
VANCOUVER, British Columbia, May 26, 2026 -- Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY | OTC:
ATCMF) today announced its financial results for the three months ended March 31, 2026, posting income from mining
operations of $7.9 million and a net income of $2.8 million. Production for the quarter at Atico’s El Roble mine totaled 2.1
million pounds (“lbs”) of copper and 2,125 ounces (“oz”) of gold in concentrate at a cash cost(1) of $1.39 per payable pound of
copper (net of gold credits) (1)(2).
Fernando E. Ganoza, CEO and Director, stated: “Strong first-quarter earnings were driven by record revenue growth from
higher metal prices and increased sales volumes. As our operations continue to improve quarter over quarter and we reach
planned operational objectives, we expect our financial results to follow the same positive trend this year.” Mr. Ganoza added,
“This quarter’s strong performance, supported by higher metal prices, demonstrates the Company’s ability to accelerate our
key objective of deleveraging and strengthening the balance sheet in the near term. Achieving this goal will give the Company a
strong platform toward continued organic and external growth.”
First Quarter 2026 Financial Highlights
• Revenue for the quarter rose 54% to $30.6 million from $19.9 million in Q1-2025, reflecting higher metal prices and
greater sales volume. Copper (“Cu”) and gold (“Au”) accounted for 62% and 38% of the 8,833 (Q1-2025 – 8,468) dry
metric tonnes of concentrate (“DMT”) sold during Q1-2026.
• The average realized price per metal was $5.58 (Q1-2025 - $4.44) per pound of copper and $4,722 (Q1-2025 - $2,987)
per ounce of gold.
• Net income was $2.8 million for the quarter, compared with a $0.8 million loss in Q1-2025, primarily due to higher
sales.
• As of March 31, 2026, the Company had reduced its working capital deficit to $9.6 million from $20.2 million on
December 31, 2025. It also had $6.8 million in long-term loans payable (December 31, 2025 - $6.7 million) and $5.0
million in long-term arbitration award payable (December 31, 2025 - $Nil), both due beyond one year.
• Cash costs (1) in Q1-2026 were $213.34 per tonne of processed ore (up 21% from Q1-2025 – $176.98) and $1.39 per
pound of payable copper produced (net of gold credits) (1)(2) (down 54% from Q1-2025 – $3.00). The increase in cash
cost per tonne was primarily attributable to higher mining costs due to increased mine preparation meters and higher
ground support costs as mining operations transition extraction to the upper zones of the mine and prepare stopes in
these areas for production, along with a more unfavorable foreign exchange rate in Colombia during Q1-2026. Cash
costs per pound of payable copper produced decreased mainly due to higher gold by-product credits because of higher
gold prices and grades, partially offset by lower copper output resulting from lower copper grades.
• Cash margin was $4.19 (Q1-2025 - $1.44) per pound of payable copper produced (1), up 191% from Q1-2025, driven by
higher realized copper prices and the lower cash cost per pound noted above.
• All-in sustaining cash cost per payable pound of copper produced (1)(2) in Q1-2026 decreased to $3.83 from $4.65 in Q1-
2025, mainly because higher gold by-product credits (as described above) more than offset lower copper output.
First Quarter 2026 Consolidated Financial Results
Q1-2026 Q1-2025 % Change
Revenue $ 30,613,621 $ 19,855,914 54%
Cost of sales (22,729,086) (16,113,098) 41%
Income from mining operations 7,884,535 3,742,816 111%
As a % of revenue 26% 19%
General and administrative expenses (1,320,676) (1,218,814) 8%
Income from operations 6,190,998 2,515,347 146%
As a % of revenue 20% 13%
Income before income taxes 4,613,166 1,038,480 344%
Net income (loss) 2,762,320 (844,316) (427%)
As a % of revenue 9% (4%)
Operating cash flow before changes in non-cash
operating working capital items(1) $ 9,868,181 $ 5,297,021 86%
First Quarter 2026 Consolidated Operational Details
In Q1-2026, the Company produced 2.1 million lbs of copper, 2,125 oz of gold, and 6,685 oz of silver. Copper production
decreased by 6% and gold production increased by 35% for gold, when compared to Q1-2025.
Q1-2026 Q1-2025 % Change
Production(Contained metals)(3)
Copper (000s lbs) 2,093 2,220 (6%)
Gold (oz) 2,125 1,578 35%
Silver (oz) 6,685 7,131 (2%)
Mine
Tonnes of material mined 56,629 56,467 0%
Mill
Tonnes processed 56,033 54,978 2%
Tonnes processed per day 734 773 (5%)
Copper grade (%) 1.86 1.96 (5%)
Gold grade (g/t) 1.75 1.44 22%
Silver grade (g/t) 7.22 10.26 (30%)
Recoveries
Copper (%) 90.9 93.3 (3%)
Gold (%) 67.2 62.1 8%
Silver (%) 51.4 40.2 28%
Concentrates
Copper Concentrates (DMT) 5,223 5,763 (9%)
Copper (%) 18.2 17.5 4%
Gold (g/t) 12.6 8.5 48%
Silver (g/t) 39.8 38.5 3%
Payable copper produced (000s lbs) 1,963 2,080 (6%)
Cash cost per pound of payable copper ($/lbs)(1)(2) 1.39 3.00 (54%)
The financial statements and MD&A are available on SEDAR+ and have also been posted on the company's website at
http://www.aticomining.com/s/FinancialStatements.asp
Qualified Person
Mr. Thomas Kelly (SME Registered Member 1696580), advisor to the Company and a qualified person under National
Instrument 43-101 standards, is responsible for ensuring that the technical information contained in this news release is an
accurate summary of the original reports and data provided to or developed by Atico.
About Atico Mining Corporation
Atico is a growth-oriented Company, focused on exploring, developing and mining copper and gold projects in Latin America.
The Company generates significant cash flow through the operation of the El Roble mine and is developing it’s high-grade La
Plata VMS project in Ecuador. The Company is also pursuing additional acquisition of advanced stage opportunities. For more
information, please visit www.aticomining.com.
ON BEHALF OF THE BOARD
Fernando E. Ganoza
CEO
Atico Mining Corporation
Trading symbols: TSX.V: ATY | OTC: ATCMF
Investor Relations
Igor Dutina
Tel: +1.604.633.9022
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities
being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the
‘‘U.S. Securities Act’’), or any state securities laws, and may not be offered or sold in the United States, or to, or for the
account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption
therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an
offer to buy any securities of the Company in any jurisdiction.
Cautionary Note Regarding Forward Looking Statements
This announcement includes certain “forward-looking statements” within the meaning of Canadian securities legislation. All
statements, other than statements of historical fact, included herein, including without limitation statements regarding
improving cost efficiencies at El Roble, taking advantage of the favorable metal price environment, and possible outcomes of
any pending arbitration, consultation, litigation, negotiation or regulatory investigation, and the timing and amount of the future
construction of the La Plata project, are forward-looking statements. Forward- looking statements involve various risks and
uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove
to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The
assumptions upon which the forward-looking statements herein are based, include, but are not limited to, that all required third
party contractual, regulatory and governmental approvals will be obtained for the development, construction and production of
its properties, there being no significant disruptions affecting operation, permitting, development, expansion and power supply
proceeding on a basis consistent with the Company’s current expectations, currency exchange rates being approximately
consistent with current levels, certain price assumptions for copper, gold and silver, prices for and availability of fuel oil,
electricity, parts and equipment and other key supplies remaining consistent with current levels, production forecasts meeting
expectations, the accuracy of the Company’s current mineral resource and reserves estimates, labor and materials costs
increasing on a basis consistent with the Company’s current expectations, assumptions made and judgments used in
engineering and geological interpretation, that additional financing sources will be available on reasonable commercial terms
in order for the Company to make scheduled repayments of principal, interest, and any applicable premiums on its
outstanding indebtedness. Important risk factors that could cause actual results to differ materially from the Company’s
expectations include risks associated with the Company’s outstanding debt, including the Company’s ability to successfully
secure additional funds through debt or equity issuances to meet these obligations, or successfully negotiate to amend or
extend their terms uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral
deposits; uncertainty of estimates of capital and operating costs of the Company’s projects; the need to obtain additional
financing to maintain its interest in and/or explore and develop the Company’s mineral projects; uncertainty of meeting
anticipated program milestones for the Company’s mineral projects; and other risks and uncertainties disclosed under the
heading “Risk Factors” in the Company's Management's Discussion and Analysis for the year ended December 31, 2025 and
in the Company’s Annual Information Form (“AIF”) dated September 4, 2024, filed with the Canadian securities regulatory
authorities on the SEDAR+ website at www.sedarplus.com and as available on the Company's website for further details.
Except as required by law, the Company does not assume the obligation to revise or update these forward-looking statements
after the date of this announcement or to revise them to reflect the occurrence of future unanticipated events.
Non-GAAP Financial Measures
The items marked with a "(1)" are alternative performance measures and readers should refer to Non-GAAP Financial
Measures in the Company's Management's Discussion and Analysis for the year ended December 31, 2025, as filed on
SEDAR+ and as available on the Company's website for further details.
(1) Alternative performance measures; please refer to “Non-GAAP Financial Measures” at the end of this release.
(2) By-product credits
(3) Subject to adjustments on final settlement