LunR Reports Q3 2026 Results
LunR reports its second consecutive quarter of positive cash flow, confirming the FDN ramp-up and maintaining its existing financial guidance.
LunR Royalties Corp. reported third-quarter 2026 revenue of $2.248 million, cash flow from operating activities of $833,000, and a net loss of $236,000. For the nine-month period, the company recorded revenue of $6.855 million, operating cash flow of $2.758 million, and a net loss of $2.224 million.
During the third quarter, LunR sold 37,658 ounces of silver under the FDN Stream, with total deliveries reaching 107,617 ounces for the nine-month period. The third-quarter volume represented silver production accrued only for June 2026 due to concentrate shipment timing. Management reaffirmed its expectation for H2 2026 payable silver of 225,000 to 275,000 ounces, noting that the FDN Stream is now fully ramped up. Production from Q4 2026 is expected to be delivered in Q1 2027.
The company’s balance sheet as of September 30, 2026, showed total assets of $672.807 million, total long-term liabilities of nil, and current liabilities of $1.880 million, with no reported debt. Previously announced corporate developments include a $100 million revolving credit facility with a $50 million accordion, established on August 14, 2026, and inclusion in the VanEck Junior Gold Miners ETF on September 18, 2026.
Asset updates were driven by partners. Lundin Gold guides 500,000 to 600,000 ounces of 2026 silver production at FDN. NGEx reported positive Lunahuasi metallurgical testwork and is planning Phase 5 drilling with eight rigs plus an exploration adit. Los Helados had no Q3 exploration activity.
LunR Royalties Corp. (LUNR) released its third-quarter earnings, confirming that its FDN Stream is fully ramped and maintaining its second-half 2026 silver guidance. The company’s asset base remains unchanged, and the recent updates regarding the RCF and GDXJ were previously announced.
Sequential performance appeared weak, with revenue falling 51.2% from the second quarter of 2026 and operating cash flow declining 70.9%. The net loss widened by $89,000. These declines were mechanical; the second quarter included catch-up deliveries for production from March to May, whereas the third quarter reflected only June production.
June’s output of 37,658 ounces annualizes to approximately 452,000 ounces. The H2 2026 guidance of 225,000 to 275,000 ounces implies a monthly run-rate of roughly 37,500 to 45,800 ounces. Consequently, the third quarter’s single-month delivery is consistent with the low end of the guided run-rate.
The release served as a confirmation quarter, marking the second consecutive quarter of positive cash flow and demonstrating that the stream ramp is no longer a forward promise. There was no change to guidance, no new acquisitions, and no capital returns. LunR Royalties Corp. stock declined 22.6% from its August 6 close of C$20.90 to C$16.17 on November 12, indicating that market expectations had already softened leading into the report.
LunR Royalties Corp. (TSX: LUNR) is a Canadian precious metals royalty and streaming company that was spun out of NGEx Minerals in October 2025. The company listed on the TSXV in December 2025 and graduated to the TSX in June 2026.
The company’s portfolio is concentrated, consisting of a producing life-of-mine silver stream on Lundin Gold’s Fruta del Norte mine in Ecuador, a 1.00% NSR on NGEx’s Lunahuasi project in Argentina, and a 1.38% NSR on the Los Helados copper-gold porphyry in Chile. Fruta del Norte is the only producing asset and the sole source of revenue. The stream covers approximately 5,566 hectares, encompassing all mineral reserves and resources defined to date, as well as early-stage porphyry discoveries.
Lunahuasi is an exploration and development asset characterized by high-grade copper-gold-silver zones and a large porphyry system. Los Helados is a large, non-producing copper-gold porphyry located near Lundin Mining’s Caserones operation.
Management includes Adam Lundin as President, CEO, and Chair, Trevor D’Sa as Chief Investment Officer, and Connor Mackay as CFO. The board of directors comprises Jamie Beck, Martino De Ciccio, Tara Hassan, Scott Langley, Armando Picciotto, and Wojtek Wodzicki. An investor presentation claims LunR is the sixth-largest precious metals royalty and streaming company by market cap less than one year after inception; this is a company claim rather than an audited financial metric.