Lundin Mining Corp

Latest Results (01.04.2026):

Lundin Mining Corp — Q4 2025: Lundin Mining Corp reported its fourth‑quarter and full‑year 2025 results (Q4 2025). Highlights include record 2025 revenue from continuing operations of $4,053.2 million (Q4 2025 revenue $1,301.5 million), net earnings from continuing operations of $1,417.7 million for the year (Q4 2025: $912.3 million), and record adjusted EBITDA — continuing operations of $1,917.1 million for 2025 (Q4 2025: $686.4 million). Results were driven by higher realized copper and gold prices, solid production, a $517.0 million non‑cash deferred tax recovery at Caserones, and partly offset by a $99.9 million non‑cash long‑term ore stockpile write‑down at Chapada.

Top-line and profitability

Full‑year 2025 revenue (continuing operations) was $4,053.2M (+$783.1M vs. 2024). Q4 2025 revenue was a company record $1,301.5M. Gross profit from continuing operations for 2025 was $1,398.0M (Q4: $496.8M).

Net earnings and adjusted results

Net earnings from continuing operations for 2025: $1,417.7M (Q4 2025: $912.3M). Adjusted earnings — continuing operations were $687.9M for 2025 (Q4: $363.7M). Adjusted EBITDA — continuing operations reached a record $1,917.1M for 2025 (Q4: $686.4M).

Major non‑cash items

Q4 and full‑year results include a $517.0M non‑cash deferred tax recovery related to recognition of additional deferred tax assets at Caserones, and a $99.9M non‑cash write‑down of long‑term ore stockpile inventory at Chapada (impact $65.9M net of tax).

Cash flow and liquidity

Cash provided by operating activities from continuing operations in 2025 was $1,207.9M (Q4 2025: $533.0M). Excluding working capital, adjusted operating cash flow — continuing operations was $1,621.9M for 2025. At Dec 31, 2025 Lundin Mining Corp reported net cash of $77.4M; as of Feb 19, 2026 the Company stated cash > $500M and net cash > $200M.

Production and unit costs

2025 payable copper production from continuing operations was ~320,827 t (Candelaria, Caserones, Chapada combined). Cash costs (by mine) for 2025: Candelaria $1.92/lb, Caserones $2.17/lb, Chapada $0.75/lb (all per Company non‑GAAP metrics). Eagle was reported as discontinued operations (Eagle contributed 8,906 t Cu in 2025).

Asset sales and corporate actions

During 2025 Lundin Mining Corp completed the sale of Neves‑Corvo and Zinkgruvan (closed Apr 16, 2025) and used proceeds to repay the term loan. The Eagle sale to Talon closed Jan 9, 2026 (consideration included ~275.2M Talon shares, resulting in ~19.86% Talon ownership at closing and a production payment agreement with potential future payments).

Vicuña project and financing update

On Feb 16, 2026 the Company announced a PEA and updated Mineral Resource for the Vicuña Project, noting potential to rank among the top five copper/gold/silver mines globally. The Company also secured lender commitments (Feb 12, 2026) to upsize and amend its revolving credit facility from $1.75B to $4.5B in stages, with initial access to $2.25B and maturity extended to 2031 (interest: adjusted term SOFR + 1.45%–2.50% on a sliding scale).

2026 guidance and capital expenditure plan

Lundin Mining Corp provided 2026 guidance (announced Jan 21, 2026): copper production 310,000–335,000 t and consolidated cash cost $1.90–$2.10/lb. Total 2026 capex guidance $995M (including $395M Vicuña on a 50% basis); exploration guidance $53M.