05:07 PM EDT, 05/27/2025 (MT Newswires) -- Atico Mining ( ATCMF ) , after trade Tuesday, said its first quarter loss doubled as the mine's operational performance was "below schedule", but revenues were up year over year and the company anticipates "gradual improvements" in the second and third quarters.

The company lost US$0.8 million in the period, compared with a loss of US$0.4 million a year ago.

Revenue for the quarter ended March 31 rose 11% to US$19.9 million from US$17.8 million a year prior. Of the total sales, copper accounted for 72% and gold made up the remaining 28%, the company said.

It had income from mining operations of $3.7 million, up 34%.

During the quarter, Atico Mining's ( ATCMF ) El Roble mine produced 2.2 million pounds of copper and 1,578 ounces of gold in concentrate. The cash cost per payable pound of copper was $3.

Chief Executive Fernando E. Ganoza in a statement said "during this period, the mine's operational performance was below schedule due to unexpected challenging rock quality conditions resulting in slower than planned mine development."

"Nevertheless," he added, "we achieved financial results in line with budget, driven by strong metal prices and additional revenue from selling down a portion of our pledged concentrate inventory.

"For the remainder of the year, we anticipate gradual improvements in the second and third quarters of this year to regain the planned development and preparation pace, which we expect will enable us to recover most of the lost production for the year. In parallel, we are progressing with the engineering and permitting for the La Plata project while conducting the near-mine drilling program at El Roble to replenish resources and extend the mine's life."