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Gold 4,030.20 −2.0% Silver 51.23 −2.8% Copper 6.27 −1.2% Oil 86.04 −0.9% Palladium 1,024.00 +0.2% NVX 0.910 +0.0% MSR 0.435 +0.0% ELE 22.85 −4.0% ALS 53.01 −2.2% APM 5.13 −6.6% AVL 5.46 −5.4% NG 8.84 −9.0% ATY 0.220 −2.2% CN 0.125 −10.7% PMET 3.22 −4.2% ITH 1.99 −11.6% VMET 12.33 −6.9% ABX 56.41 −5.6% PUR 0.370 +8.8% SCY 0.085 +6.2% AUMN 0.300 +7.1% Gold 4,030.20 −2.0% Silver 51.23 −2.8% Copper 6.27 −1.2% Oil 86.04 −0.9% Palladium 1,024.00 +0.2% NVX 0.910 +0.0% MSR 0.435 +0.0% ELE 22.85 −4.0% ALS 53.01 −2.2% APM 5.13 −6.6% AVL 5.46 −5.4% NG 8.84 −9.0% ATY 0.220 −2.2% CN 0.125 −10.7% PMET 3.22 −4.2% ITH 1.99 −11.6% VMET 12.33 −6.9% ABX 56.41 −5.6% PUR 0.370 +8.8% SCY 0.085 +6.2% AUMN 0.300 +7.1%
Earnings

Lundin Mining Reports Fourth Quarter and Full Year 2025 Results

By The Northwire Desk — AI Analysis Feb 19, 2026 · 18:30 LUN · 35.66 Lundin Mining Corporation
LUN · Price

Executive Summary

  • Lundin Mining reported record financial performance for the full year 2025, generating $4.1 billion in revenue from continuing operations and exiting the year in a net cash position of $77.4 million.
  • The company completed significant strategic transactions, including the joint acquisition of the Vicuña project with BHP, the sale of Neves-Corvo and Zinkgruvan to Boliden, and the sale of the Eagle mine to Talon Metals.
  • Operational highlights include exceeding copper production guidance, strong cash flow generation, and the release of an integrated technical study for the Vicuña project, which positions it as a potential top-five global copper, gold, and silver mine.

Key Details

  • Financial Performance (Full Year 2025):
    • Revenue from continuing operations: $4.05 billion (Record).
    • Adjusted EBITDA: $1.92 billion from continuing operations; $2.04 billion total.
    • Net Earnings: $1.05 billion from continuing operations ($1.22 per share); $1.28 billion total.
    • Adjusted Earnings: $687.9 million from continuing operations ($0.80 per share); $769.0 million total.
    • Free Cash Flow from Operations: $773.6 million from continuing operations; $835.8 million total.
    • Cash Provided by Operating Activities: $1.21 billion from continuing operations; $1.34 billion total.
  • Financial Performance (Q4 2025):
    • Revenue from continuing operations: $1.30 billion.
    • Adjusted EBITDA: $686.4 million from continuing operations; $700.6 million total.
    • Net Earnings: $660 million from continuing operations ($0.77 per share); $767 million total.
    • Adjusted Earnings: $363.7 million from continuing operations ($0.42 per share); $370.4 million total.
    • Free Cash Flow from Operations: $388.3 million from continuing operations; $412.5 million total.
  • Production Metrics (Full Year 2025):
    • Copper: 331,232 tonnes (Consolidated), exceeding original guidance.
    • Gold: 141,859 ounces.
    • Nickel: 9,907 tonnes.
    • Copper Cash Cost: $1.87/lb.
  • Production Metrics (Q4 2025):
    • Copper: 87,032 tonnes.
    • Gold: 34,129 ounces.
    • Nickel: 2,174 tonnes.
    • Copper Cash Cost: $1.88/lb.
  • Strategic Transactions:
    • Vicuña Corp: Formed 50/50 joint venture with BHP on Jan 15, 2025, holding the Filo del Sol and Josemaria projects.
    • Sale to Boliden: Sold Neves-Corvo and Zinkgruvan on April 16, 2025, for $1.31 billion net cash proceeds.
    • Sale to Talon Metals: Sold 100% interest in Eagle mine on Jan 9, 2026, in exchange for 18.4% of Talon’s issued and outstanding shares.
  • Vicuña Project Technical Study (PEA):
    • Potential to rank among top 5 copper, gold, and silver mines globally.
    • Average annual production (first 25 years): 400,000 tonnes copper, 700,000 oz gold, 22 Moz silver.
    • Peak production: >500,000 tonnes copper, 800,000 oz gold, 20 Moz silver.
    • Life of Mine: Initial >70 years; ~22.3 Mt copper, 37.2 Moz gold, 763 Moz silver.
    • Capital Intensity: Stage 1 capital of $7.1 billion; After-tax IRR of 14.8% (base case); Payback of 8.49 years.
    • Mineral Resource Growth: M&I Copper increased 12% to 14 Mt; M&I Gold increased 12% to 36 Moz; M&I Silver increased 11% to 729 Moz.
    • RIGI Application: Submitted application for fiscal stability in Argentina (RIGI PEELP) in Q4 2025.
  • 2026 Guidance:
    • Copper Production: 310,000 – 335,000 tonnes.
    • Copper Cash Cost: $1.90 – $2.10/lb.
    • Total Capital Expenditures: $995 million (Sustaining: $550M; Expansionary: $50M; Vicuña: $395M).
    • Exploration Investment: $53 million.
  • Shareholder Returns:
    • Dividends: Paid C$0.1725 per share for the year.
    • Share Buybacks: Purchased 15,088,180 shares for $150.0 million during the year.
  • Operational Updates:
    • Candelaria: Completed early renewal of labor agreements with five unions (3-year terms expiring 2029).
    • Caserones: Highest Q4 copper production since acquisition; Cathode production increased to 25,817 tonnes in 2025.
    • Chapada: Copper cash cost $0.75/lb; Saúva deposit prefeasibility study completed; Sanctioning decision expected H2 2026.
    • Eagle: Ramp rehabilitation completed; results classified as discontinued operations.
Read the original news release →

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