Atalaya Mining: Unearthing Value Beyond the Obvious
⛏️ Cobas invested significantly in Atalaya Mining during the COVID dip, buying shares at 'ridiculous' prices when the mine was barely profitable, anticipating a normalization.
💡 The investment thesis was strengthened by swapping out less certain assets (like banks during COVID) for Atalaya, achieving similar or better returns with perceived lower risk.
➕ Ongoing value creation comes from discoveries like the Masa Valverde deposit, potential new extraction technologies, and progress on the Touro project in Galicia, justifying holding the stock as its value increases.
