Lundin Mining Pre-Announces Items Impacting the Second Quarter 2026 Results
Lundin’s Vicuña project remains six months from production as provisional pricing offsets flat operational performance.
Lundin Mining Corporation (LUN) pre-announced three items that will impact Q2 2026 reported results. The company expects a $79 million pre-tax positive revenue adjustment from provisional pricing on prior-period copper and molybdenum concentrate sales. Additionally, there is a $12 million pre-tax realized loss on gold collar contracts, offset by a $31 million pre-tax unrealized gain on the same gold collars, driven by a lower gold forward curve. Foreign exchange gains and losses are not material.
Full Q2 results will be released after market close on August 5, 2026, with a call on August 6.
The items are non-operational and almost entirely excluded from adjusted EBITDA and adjusted EPS, the valuation metrics the market normally tracks. While the net pre-tax boost of ~$98 million will lift reported net earnings, it does not reflect better-than-expected production or costs. The stock has been in a corrective phase, and a positive provisional pricing note could offer modest short-term support.
Lundin Mining Corporation (LUN) is a pure-play copper producer following the sale of its Eagle, Neves-Corvo, and Zinkgruvan assets. The company’s current producing assets include Candelaria, an 80% interest in Chile, which is expected to produce approximately 145 kt of copper in 2025 with a mine life extending more than 20 years. Caserones, a 75% interest in Chile, is projected to yield approximately 133 kt of copper in 2025 through cathode and sulphide operations, with expansion efforts currently underway.
In Brazil, Lundin holds a 100% interest in Chapada, which is expected to produce approximately 44 kt of copper annually at a low cash cost of $0.75 to $0.95 per pound. The Saúva satellite deposit is under construction at this site. Additionally, the company holds a 50% interest in the Vicuña Project alongside BHP. Located in Argentina and Chile, this district-scale development features a 70-year Preliminary Economic Assessment (PEA) and is targeting a Stage 1 Final Investment Decision (FID) by the end of 2026.