Atico Announces Change of Phase from Exploration to Exploitation at the La Plata Project in Ecuador

Atico Mining Corporation (ATY) announced that the Ministry of Energy and Mines of Ecuador (MAE) has issued a Change of Phase Resolution for the La Plata project, officially transitioning the asset from the Economic Evaluation Phase to the Exploitation Phase. This regulatory approval authorizes the commencement of construction and subsequent operation, marking the final major permission required to break ground.

Construction is now planned to begin in the first quarter of 2027. The company projects significant employment generation, with 600+ direct and 1,200–1,800 indirect jobs during the construction phase, scaling to 300+ direct and 600–900 indirect jobs during commercial production. Management characterized the approval as the culmination of years of permitting efforts and a testament to on-the-ground execution.

Atico Mining Corporation (ATY) received approval for a Change of Phase, a regulatory milestone that removes an overhang and legally enables the drawdown of construction financing. The approval does not, however, alter the company’s near-term production profile or cash flow generation.

The delayed construction start to Q1 2027 means capital deployment and revenue from La Plata will not impact 2026 or early 2027 results. The market reaction confirmed the routine nature of the update: the stock traded flat at $0.22–$0.23 on the news, indicating the timeline shift and permitting milestone were already priced in.

The primary material takeaway is the confirmation of the funding pathway, specifically the Trafigura project finance facility, now being fully actionable. This development was telegraphed in the September 2026 financing announcement.

Atico Mining Corporation (TSXV: ATY) operates the El Roble underground copper-gold mine in Chocó, Colombia, and is developing the La Plata VMS project in Ecuador. El Roble is 90% owned and features a 1,000 tpd processing capacity, producing copper and gold concentrates. The company is currently transitioning to upper mine zones, a move that has temporarily increased costs but improved head grades.

The La Plata project is 100% owned and comprises a 2,300-hectare land package near Quito. A Definitive Feasibility Study for the site was completed in August 2024. The project targets an 850 tpd underground mine with annual production of 10 million pounds of copper, 16,000 ounces of gold, and significant zinc and silver by-products. This development supports Atico Mining’s strategy to transition into a two-mine producer, diversifying cash flows and extending aggregate mine life.