Atico Reports Consolidated Financial Results for the Second Quarter of 2026
Atico’s El Roble project faces higher FX costs and grade transitions, leaving La Plata permitting as the sole catalyst.
Atico Mining Corporation (ATY) reported a second-quarter 2026 net loss of $0.2 million, a reversal from the $2.7 million net income recorded in the same period of 2025. Revenue declined 18% year-over-year to $17.4 million, a decrease driven by lower concentrate sales volumes despite higher metal prices.
Copper production remained steady at 2.1 million pounds. However, gold output fell 39% to 1,465 ounces, and silver production dropped 49% to 5,528 ounces. Cost metrics also worsened, with cash costs per payable pound of copper surging 98% to $3.43. All-In Sustaining Costs (AISC) rose to $5.82 per pound.
On the balance sheet, the working capital deficit improved to $12.1 million from $20.2 million at year-end 2025. Management attributed the increase in costs and the shortfall in gold production to a temporary lower-grade gold zone, operational bottlenecks during an upper-mine transition, and significant appreciation of the Colombian Peso.
Atico Mining Corporation reported second-quarter results that showed a clear deterioration in operating margins and gold by-product credits. The average industry selling price (AISC) jumped to $5.82, a notable miss against the $1.50–$1.60 C1 guide, driven by currency headwinds and mining cost inflation in new stopes.
However, copper production volume remained stable at approximately 2.1 million pounds per quarter, keeping the full-year production guide intact. The reduction in the working capital deficit provided a positive liquidity development.
The stock has traded in a tight $0.20–$0.28 range for months, suggesting this miss is likely already priced in. Market reaction is expected to be muted unless second-half guidance is walked back or the La Plata construction decision is delayed.
Atico Mining Corporation operates the El Roble Mine, an underground copper-gold facility in Chocó, Colombia, with a processing capacity of 1,000 tonnes per day that produces copper and gold concentrates. The company is also advancing the La Plata Project in Ecuador, a volcanogenic massive sulphide (VMS) asset for which a Definitive Feasibility Study was completed in 2024. La Plata is currently in the final stages of environmental permitting, with a construction decision targeted for the second half of 2026. Atico’s strategy involves generating cash flow from El Roble to fund the development of La Plata, aiming to establish itself as a mid-tier producer in Latin America.