Northwire Canada EditionTuesday, September 15, 2026
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Earnings Routine +

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.

By The Northwire Desk — AI Analysis Jul 16, 2026 · 17:30 LUN · 33.59 Lundin Mining Corporation
Executive Summary

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.

Material Impact

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.

LUN · Price
Company Overview

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.

Read the original news release →

More from Lundin Mining Corporation

Sep 15, 2026 · 03:26

Lundin’s weather-driven delays at Caserones cut tests keep the Vicuña final investment decision as the primary catalyst for the project.

Production / Operations Aug 19, 2026 · 02:00

Lundin trimmed its copper production guidance following a second storm, while maintaining the option to expand the Vicuña project.

Production / Operations Jul 27, 2026 · 02:00

Lundin’s Caserones outage extends to two to three weeks, shrinking the margin for error while maintaining its production guidance.

Production / Operations Jul 21, 2026 · 04:00

Lundin’s Chile winter storm temporarily halts Caserones operations while year guidance remains intact and the Vicuña project approaches final investment decision.

Production / Operations Jun 16, 2026 · 19:30

Lundin reaffirms 2026 guidance and raises long-term free cash flow outlook despite increased capital intensity from the Saúva mill sanction.

Production / Operations Jun 16, 2026 · 17:00

Lundin’s Vicuña project clears a key regulatory milestone, clearing the path to a final investment decision despite existing valuation pricing in near-term execution risks.

Regulatory