Atico Mining Corporation reported second quarter 2026 production of 2.08 million pounds of copper and 1,465 ounces of gold contained in concentrates from its El Roble mine in Colombia. The results reflect a 4% decline in copper output and a 38% drop in gold production compared to the same period last year, driven primarily by temporary mining through lower-grade gold zones. Despite the volume contraction, operational efficiency improved with copper head grades rising 10% to 1.91% and gold recovery rates increasing 18% to 68%, signaling potential for margin stabilization as higher-grade ore zones are accessed.

Fernando E. Ganoza, CEO of Atico Mining Corporation, stated that the El Roble mine performed as planned during the period, delivering incremental improvements in copper grades and metal recovery compared to the first quarter. He noted that gold grade and output were impacted by the temporary mining of a lower gold grade zone within the deposit. The company targets an updated reserve report in the second half of the year and anticipates further production gains as it optimizes new operational equipment and gains access to higher-grade ore zones.

Operational Performance

The El Roble mine processed an average of 786 tonnes per day, a 5% decrease from 830 tonnes per day in Q2 2025. Total tonnes mined fell 12% to 53,156 tonnes from 60,633 tonnes in the prior year period. Mill processing declined 14% to 53,585 tonnes from 62,007 tonnes. While gold head grades dropped 40% to 1.25 grams per tonne from 2.08 grams per tonne, copper recovery remained stable at 92.3%, up slightly from 91.2% in Q2 2025.

Inventory and Sales

Concentrate inventory management remained active with one shipment executed during the quarter. Opening inventory stood at 1,266 dry metric tonnes (dmt). Production added 5,332 dmt of copper and gold concentrates, while sales removed 4,989 dmt. Adjustments of 118 dmt were recorded, resulting in a closing inventory of 1,491 dmt. Payable copper produced totaled 1,951,000 pounds, a 4% decrease from 2,032,000 pounds in Q2 2025. Metal production figures remain preliminary and are subject to adjustments based on final settlement and independent lab verification.

What the Numbers Show

The divergence between copper and gold performance highlights the geological variability inherent in the El Roble deposit. While copper production remained relatively resilient due to improved head grades and stable recovery rates, gold output was significantly suppressed by lower-grade ore. The 18% improvement in gold recovery suggests that processing efficiency is not the bottleneck; rather, the input quality is the primary driver. As Atico transitions back to higher-grade zones, the lagging gold recovery metric indicates potential for rapid output normalization without additional capital expenditure on processing infrastructure.