NICOSIA, CYPRUS / ACCESSWIRE / November 1, 2018 / Atalaya Mining Plc. (AIM: ATYM, TSX: AYM)the European mining
and development company, announces that judgment was handeddown in the Astor Case in the Court of Appeal earlier today.
The Court of Appeal confirmed the rulingfrom the High Court made on 6 March 2017, which was announced by the Company onthat
date.
In summary, the deferred consideration,as fully set out in the Company's announcement of 2 November 2015 when it was
firstnotified of the claim ("Deferred Consideration"), payable to Astor underthe master agreement entered into in 2008 between
inter alia the Company and Astor("Master Agreement"), did not start to become payable when permit approvalwas granted for the Rio
Tinto Copper Project ("Proyecto Riotinto"). Inaddition, the intra-group loans by which funding for the restart of mining
operationswas made available to the Company's subsidiary, Atalaya Riotinto Minera S.L. didnot constitute a "Senior Debt Facility"
so as to trigger payment of theDeferred Consideration. Accordingly, the first instalment of the Deferred Considerationhas not
fallen due.
While the Company is not in breach ofany of its obligations, the Master Agreement and its provisions remain in
place.Accordingly, other than up to US$10 million ayear which may be required for non-Proyecto Riotinto related expenses, Atalaya
RiotintoMinera S.L. cannot make any distribution or any repayment of the money lent to itby its holding company and must apply any
excess cash to pay the Deferred Consideration,until this has been paid in full.
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http://www.rns-pdf.londonstockexchange.com/rns/0618G_1-2018-11-1.pdf
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SOURCE: Atalaya Mining PLC