Base metals miner Atico Mining on Tuesday reported stronger second-quarter earnings as higher gold prices and increased concentrate sales helped offset a steep drop in copper output at its flagship El Roble mine in Colombia.

The Vancouver-based company posted income from mining operations of $4.5-million, up 76% from a year earlier, while net income swung to $2.7-million from a $425 000 loss in the same quarter of 2024. Revenue nearly doubled to $21.1-million, the company said in its results announcement.

Production at El Roble, Atico’s only producing asset, fell sharply with copper output down 42% to 2.2-million pounds and gold production declining 16% to 2 385 oz, reflecting lower ore grades and throughput. Silver output rose 8% to 10 766 oz.

Cash costs climbed 17% to $1.73 per payable pound of copper as lower ore production and mine transition work drove up expenses. All-in sustaining costs jumped to $3.91/lb from $2.32/lb a year earlier.

CEO Fernando Ganoza said higher metals prices and sales supported earnings in the face of weaker volumes. “During the period, production results, increased concentrate sales and strong metal prices led to improved financial performance,” he said. “We anticipate gradual operational improvements will continue through the remainder of the year which should drive financial results.”

He added that Atico was moving ahead with development in higher-grade zones at El Roble and exploration drilling to extend mine life. “For the second half of the year, we will continue the planned development and preparation pace into the upper higher-grade zones at El Roble. In parallel, we are conducting a 6 000 m near-mine drill programme at El Roble to replenish resources and extend the mine's life,” Ganoza said.

Atico in May secured a new 30-year mining title at El Roble from Colombia’s National Mining Agency, which also released concentrate inventory previously pledged as security. In June, the miner amended a credit agreement, with repayments of $2.7-million – already completed – and $6-million due in late 2026.

The company’s balance sheet showed a working capital deficit of $13.7-million at the end of June, widening from $11.3-million at the end of 2024. Long-term loans payable totalled $6-million.

Atico also announced that Alain Bureau, its president, stepped down effective August 15 to pursue other opportunities. Bureau, who advanced the La Plata project in Ecuador through feasibility and permitting, will remain with the company as a government relations consultant.