Atico Mining Corporation (TSX.V: ATY | OTCID: ATCMF) reported a net loss of $0.2 million for the three months ended June 30, 2026, reversing to a loss from net income of $2.7 million in the same period last year. The Vancouver-based miner saw revenue fall 18% to $17.4 million from $21.1 million in Q2 2025.

The decline in top-line performance was primarily driven by lower sales volumes. Atico sold 4,989 dry metric tonnes (DMT) of concentrate in Q2 2026, a sharp decrease from 7,842 DMT in Q2 2025. Copper and gold accounted for 69% and 31% of the total concentrate sold, respectively.

Operational Performance

Production at the El Roble mine totaled 2.1 million pounds of copper and 1,465 ounces of gold in concentrate. While copper production remained relatively stable, gold output faced headwinds.

The company processed 62,007 tonnes of material, up 16% year-over-year, but grades declined significantly. The copper grade fell to 1.74% from 1.90%, and the gold grade dropped to 1.26 g/t from 2.08 g/t. These lower head grades contributed to reduced by-product credits, impacting overall cost metrics.

Cost Structure and Margins

Cash costs per pound of payable copper produced nearly doubled to $3.43 from $1.73 in Q2 2025. This 98% increase was driven by two main factors:

• Strengthening of the Colombian peso against the U.S. dollar, which increased production costs when translated into USD.
• Lower gold by-product credits due to reduced gold head grades.

Despite the cost pressure, the cash margin per pound of payable copper produced rose slightly to $2.83 from $2.74, supported by higher realized metal prices. The average realized price for copper was $6.26/lb (up from $4.47) and for gold was $4,417/oz (up from $3,406).

What the Numbers Show

A divergence exists between production volumes and financial output. While tonnes processed increased by 16%, revenue fell by 18%. This indicates that the decline in concentrate sales volume (down 36% in DMT sold) outweighed the benefit of higher realized metal prices. Additionally, income from mining operations contracted 53% to $2.1 million, highlighting that operational efficiency gains were insufficient to offset the volume drop and currency-related cost increases.

Balance Sheet Position

Atico improved its liquidity position during the quarter. The working capital deficit narrowed to $12.1 million from $20.2 million at the end of December 2025. Long-term loans payable increased slightly to $6.9 million from $6.7 million. The company also recorded $2.7 million in long-term arbitration award payable, due beyond one year.

Fernando E. Ganoza, CEO and Director, attributed the results to temporary decreases in gold output and currency appreciation. He stated that development at the mine continues to advance and expects operational bottlenecks to be resolved in subsequent quarters.

Atico Mining Corporation announced the voting results of its 2026 annual general meeting (AGM) on Aug. 7, 2026, confirming that all proposed resolutions were duly passed by shareholders. The meeting saw significant leadership changes, with Michael Winn stepping down as a director and Kim Casswell retiring as Corporate Secretary after 14 years of service with the Vancouver-based copper and gold explorer. The outcome ensures continuity in governance while marking the end of long-standing tenures for key executives.

A total of 24,248,454 common shares were voted at the AGM, representing 13.37% of the company’s issued and outstanding common shares as at the record date. All six director nominees were elected to the Board. Shareholders also voted 99% in favour of setting the number of directors at six, appointing PricewaterhouseCoopers LLP (PwC) as the company’s auditor, and ratifying the stock option plan.

Voting Results for Director Nominees

The following table details the voting outcomes for each director nominee elected at the AGM:

Note: Data derived from the voting results image provided in the source document.

Leadership Transitions

Michael Winn is stepping down from the Board to reduce his overall professional responsibilities. CEO Fernando E. Ganoza thanked Winn and Casswell for their unwavering dedication and commitment spanning 14 years. "As Michael steps down to reduce his overall professional responsibilities and Kim prepares for retirement, we reflect on how vital their leadership and experience have been to our growth," Ganoza said. "We wish them both the absolute best in their future endeavors."

To replace Casswell, Atico appointed Kelly Pladson as the new Corporate Secretary. Pladson brings over 15 years of experience working with management and legal counsel to maintain corporate records, coordinate board and shareholder matters, and oversee securities regulatory filings and compliance requirements.

What the Numbers Show

The high level of support for all resolutions, including the 99% approval for auditor appointment and board size, indicates strong shareholder alignment with the Board’s strategic direction despite the leadership changes. The consistent voting pattern across all six director nominees suggests no dissent regarding the current composition of the Board, even as one seat transitions due to Winn’s departure.