Lundin Mining Corp

Latest Results (13.05.2026):

Lundin Mining Corp — Fourth quarter 2025: Lundin Mining Corp reported record fourth‑quarter and full‑year 2025 results driven by higher realized copper and gold prices and strong production. For Q4 2025 the company reported revenue from continuing operations of $1,301.5 million and net earnings from continuing operations of $912.3 million; for the full year 2025 revenue from continuing operations was $4,053.2 million and net earnings from continuing operations were $1,417.7 million. Results were supported by strong adjusted EBITDA and operating cash flow but included material non‑cash items and working‑capital movements that affected reported cash flows and tax balances.

Top-line and profitability

Q4 2025 revenue (continuing operations) $1,301.5M; 2025 revenue $4,053.2M. Adjusted EBITDA — continuing operations: Q4 $686.4M, FY 2025 $1,917.1M. Adjusted earnings — continuing operations: Q4 $363.7M, FY 2025 $687.9M.

Key drivers and production

Higher realized copper and gold prices plus robust production drove results. Continuing‑operations production in 2025: ~322,326 t copper and ~141,859 oz gold. Q4 was the company’s best quarter of the year with the highest quarterly revenue in its history.

One‑time / non‑cash items

Q4 and FY 2025 results included a $517.0M non‑cash deferred tax recovery at Caserones and a $99.9M non‑cash write‑down of long‑term ore stockpile inventory at Chapada ( $65.9M net of tax). These items materially affected reported earnings and taxes.

Cash flow, working capital and balance sheet

Cash provided by operating activities — continuing operations: Q4 $533.0M; FY 2025 $1,207.9M. FY adjusted operating cash flow (ex‑working capital) rose to $1,621.9M; working capital build of $414.0M in 2025 reduced operating cash flow. Net cash at Dec 31, 2025 was $77.4M (Dec 31, 2024: net debt $1,332.4M); as of Feb 19, 2026 Lundin reported cash >$500M and net cash >$200M.

Asset sales and discontinued operations

Sale of Neves‑Corvo and Zinkgruvan closed Apr 16, 2025 for $1,402.0M gross ($1,314.6M net), producing a $106.4M gain on disposal and used to repay the term loan. Sale of Eagle closed Jan 9, 2026 to Talon (receipt of 275.2M Talon shares, resulting in ~19.86% ownership post‑closing); Eagle results are treated as discontinued operations.

Financing and liquidity actions

On Feb 12, 2026 Lundin announced lender commitments to upsize and amend its revolving credit facility from $1.75B to $4.5B (initial access $2.25B, step‑up to $3.5B on conditions and to $4.5B on Vicuña Stage 1 sanction), extended maturity to 2031 and pricing at adjusted SOFR + 1.45–2.50%.

Vicuña Project and capital spending

On Feb 16, 2026 Lundin announced a PEA for the Vicuña Project (Josemaria + Filo del Sol) showing potential to rank among the top five global copper/gold/silver mines. 2026 capex guidance: total ~$995M (including $395M Vicuña at 50% basis); 2026 production guidance: 310–335kt copper and 134–149koz gold.

Shareholder returns and corporate actions

Board amended distribution policy in 2025 to increase share buybacks (up to ~$150M p.a.) while reducing the regular quarterly dividend to C$0.0275/share. In 2025 the company repurchased ~15.09M shares for $150.0M. Other corporate items include updated Mineral Resource/Reserve reporting and continued legal and permitting developments disclosed in the MD&A.