J.P. Morgan initiated coverage of Atalaya Mining with an overweight rating and a December 2027 price target of £13.30, implying about 30% upside from the stock’s Sept. 21 close at 1,015 pence. The bank highlights Atalaya as one of the few pure-play copper producers based in the European Union. It expects copper volumes to grow about 10% annually through 2031, driven by the Touro project in Galicia and brownfield expansion around the Riotinto mine in Andalusia. Touro could add about 30,000 tonnes of annual copper production, with permitting approval expected in the second half of 2026. J.P. Morgan identifies permitting and project execution as the main growth drivers, while estimating Touro’s capital intensity at about $12,000 per tonne, versus more than $30,000 per tonne for the average greenfield project in its database of more than 40 global projects. Its base case assumes €300 million of Touro capital expenditure. Atalaya trades at about 4.5 times and 3.0 times estimated 2026 and 2027 EV/EBITDA, below mid-cap copper peers. The price target equally weights a 6.0 times 2028 estimated EV/EBITDA multiple and a base-case net present value of 1.0 times, using an 8% discount rate. Risks include permitting delays, higher Touro costs, commissioning problems and continued reliance on Riotinto until Touro reaches commercial production. In a bear case in which Touro fails to secure permits and only brownfield projects proceed, J.P. Morgan estimates fair value at about £11.20 per share, implying about 10% upside. Atalaya had €318 million of net cash at the end of the second quarter of 2026 after a €150 million equity raise in January.