Colombian Mining & Exploration
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Atico Mining (TSXV: ATY)

Atico Mining (TSXV: ATY) runs El Roble, a small high-grade underground copper-gold mine in Chocó that is one of Colombia’s few producing copper operations. El Roble’s cash flow supports Atico’s move into Ecuador, where Trafigura has committed US$95 million of project finance for the La Plata mine.

Tickers: TSXV: ATY | OTC: ATCMF · Headquarters: Vancouver, Canada · Data as of: Nov 4, 2026

Atico Mining at a glance

ProjectDepartmentCommodityStageOwnership
El RobleChocócopper, goldproducingOperated by Miner S.A., an Atico operating subsidiary (percentage not stated in sources reviewed)
La Plata (Ecuador)Cotopaxi / Santo Domingo de los Tsáchilas, Ecuador (outside Colombia)copper, gold, silver, zinc (VMS)feasibility complete; environmental licence granted; pre-constructionHeld through Compañía Minera La Plata S.A. (Atico percentage not stated in sources reviewed)
Share price / market capC$0.24; market cap C$47.79M (TSXV, Oct 28, 2026, StockAnalysis, delayed). Refresh at publication
Shares outstanding199.12 million (StockAnalysis, Oct 2026); about 17.7 million shares issued at the Oct 15, 2026 closing may not be included
Insider ownershipAbout 20.5% (StockAnalysis); named holders not verified
Working capitalDeficit of US$12.1M at June 30, 2026 (US$20.2M at Dec 31, 2025)
New financingUS$16.4M face convertible debenture to a Trafigura affiliate, closed Oct 15, 2026 (conversion US$0.22, 7% cash / 10% share coupon); US$95M Trafigura project facility for La Plata (SOFR + 7.5%)
Q3 2026 production2.083 Mlb Cu and 2,472 oz Au in concentrate; 52,494 t processed at 1.97% Cu and 2.09 g/t Au
Q2 2026 costsAISC US$5.82/lb payable Cu; cash cost US$3.43/lb net of gold credits
2026 guidanceNo numerical guidance in sources reviewed

About Atico Mining

Atico Mining produces copper concentrate with gold credits from El Roble, a volcanogenic massive sulphide (VMS) mine in the department of Chocó. VMS deposits are lenses of metal-rich sulphides formed on ancient seafloors; they tend to be small but high grade. Atico took control of El Roble in November 2013 and raised plant capacity from a historical 400 to a nominal 1,000 tonnes per day.

El Roble’s output is modest: about 2.08 million pounds of copper and 2,472 ounces of gold in Q3 2026. Its current reserve gives a mine life only to Q1 2027, so mine-life extension through drilling is the central Colombian issue. In October 2026 Atico reported high-grade underground intercepts, including 18.6 m of 7.65% copper, and said an updated reserve and resource statement is expected by early 2027.

The growth story is in Ecuador. La Plata, a VMS project with a 2024 feasibility study, received its environmental licence in February 2026. On September 29, 2026 Atico announced a US$95 million Trafigura project facility plus a US$16.4 million convertible debenture. The debenture closed on October 15 and was used to repay legacy Dundee and Trafigura debt. The company says it is fully funded for near-term La Plata work and expects to be ready to start construction in Q1 2027.

Atico Mining’s Colombian projects

El Roble

El Roble is an underground mine in Chocó, on Colombia’s Pacific side. The ore occurs in a series of massive sulphide lenses, including bodies named Zeus, Maximus, Goliath and Perseo, hosted in volcanic and sedimentary rocks. The company traces a prospective volcanic-sediment contact for about ten kilometres across its land package, with numerous untested VMS targets.

2026 has been uneven. Q1 produced 2.09 Mlb copper and 2,108 oz gold, and Q1 net income was US$2.76 million. In Q2, gold fell to 1,465 oz as mining passed through a lower-gold zone, the company posted a small net loss, and AISC rose to US$5.82 per payable pound of copper. Q3 recovered: gold rose 30% year on year to 2,472 oz on a 2.09 g/t head grade, while copper slipped 7% to 2.08 Mlb because fewer tonnes were milled. Management expects further improvement in Q4.

The reserve effective March 12, 2024 supports mining only to Q1 2027. In 2026 Atico completed 32 underground holes (1,689 m) aimed at unmined parts of the historic massive sulphide body and new lenses. On October 28, 2026 it reported intercepts of 18.6 m at 7.65% Cu and 2.22 g/t Au, 9.0 m at 8.44% Cu and 3.58 g/t Au, and 5.7 m at 8.48% Cu and 7.41 g/t Au. The company says the deposit remains open at depth and along strike.

Resources: Mineral Reserves: Proven 528 kt at 2.47% Cu, 1.92 g/t Au; Probable 300 kt at 2.54% Cu, 2.71 g/t Au; total P&P 828 kt at 2.49% Cu, 2.20 g/t Au. Mineral Resources: Measured 500 kt at 3.28% Cu, 2.63 g/t Au; Indicated 381 kt at 3.56% Cu, 3.45 g/t Au; M&I 881 kt at 3.40% Cu, 2.98 g/t Au. NI 43-101, effective March 12, 2024 (reserve life to Q1 2027). Contained metal not stated in release; mining since March 2024 has depleted these figures.

La Plata (Ecuador)

La Plata is Atico’s development project in Ecuador and the main use of new capital. An NI 43-101 definitive feasibility study was published in August 2024, and Ecuador’s environment ministry granted the environmental licence, announced February 9, 2026. The company said it was positioned for a construction decision in Q2 or Q3 2026.

On September 29, 2026 Atico announced a US$95 million Trafigura project facility, drawable over about 2.5 years from construction start or March 31, 2027. It is secured on La Plata assets. After the October 15 debenture closing, the company said it expects to be ready to begin construction in Q1 2027.

Resources: See August 2024 La Plata feasibility study (NI 43-101); figures not reviewed for this Colombia-focused profile.

Latest Atico Mining news

Upcoming catalysts

  • Q3 2026 financial results (Q2 results came Aug 18; Q3 likely late November)
  • Updated El Roble reserve and resource statement to extend mine life beyond Q1 2027 (company guidance: by early 2027)
  • Further El Roble underground and surface VMS drill results through 2026–2027
  • La Plata construction start and first draw on the US$95M Trafigura facility (company target: ready for construction Q1 2027)
  • Q4 2026 production report (typically January)

Management

  • Fernando E. Ganoza, Chief Executive Officer and Director
  • Igor Dutina, Investor Relations
  • Thomas Kelly, Qualified Person (SME Registered Member), advisor. Production and reserve disclosure
  • Garth Graves, P.Geo., Independent consultant geologist and Qualified Person. Oct 2026 drill results

Key risks for Atico Mining stock

  • Short reserve life: the current El Roble reserve runs only to Q1 2027, so continued production depends on converting new drilling into reserves.
  • Cost pressure: AISC ranged from US$3.83 to US$5.82 per pound of copper in H1 2026, swinging with gold grades and throughput.
  • Leverage and dilution: the Trafigura facility, a convertible debenture at US$0.22 and shares-for-debt add obligations and potential dilution.
  • Capital moving to Ecuador: La Plata construction will compete with El Roble for management attention and cash.
  • Chocó operating environment: remote Pacific-side location with security and infrastructure challenges.
  • Small scale and copper and gold price sensitivity: a single small mine gives little diversification.

Sources

Related: Colombian stocks · Companies & Projects tracker · Colombian mining companies

Educational information only, not investment advice. Figures are from the sources listed and dated; check the company’s latest filings before relying on them. See our Disclosure & Editorial Policy.