Berenberg slightly raises target price on Atalaya Mining
By Iain Gilbert
Date: Wednesday 22 Oct 2025
(Sharecast News) - Analysts at Berenberg slightly nudged up their target price on copper miner Atalaya Mining from 620p to 630p on Wednesday, stating there were "no surprises" in the company's third-quarter results.
Berenberg update its model for Atalaya Mining following its Q3 2025 operations update, released on 21 October, which revealed copper production from Proyecto Riotinto in Spain was broadly stable, while sales volumes were ahead of its forecast, driving a net cash beat.
Guidance for 2025 production and unit costs were maintained, and following its update, Berenberg now sits at 51.2 kilotonnes of copper at an all-in sustaining cost of $3.18 per pound.
The German bank, which has a 'hold' rating on the stock, noted that Atalaya's shares closed down 3.6% following the results amid a broader sector sell-off.
"We update our model for the Q3 results and marginally increase our throughput forecasts," said Berenberg. "The shares are currently trading on 1.19x NAV and 4.4x 2026E EBITDA."
Reporting by Iain Gilbert at Sharecast.com
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