Critical Minerals Surge: Here Are Five Companies Mining Tungsten, Copper, and Silver

The most recent significant news release (February 18, 2026) reports a massive 37% increase in Measured and Indicated (M&I) copper mineral resources, now totaling 28,372 kt. This follows the February 16, 2026, publication of the Vicuña Integrated Technical Study (PEA), which outlines a 70-year mine life for the Vicuña Project (a 50/50 joint venture with BHP). The PEA envisions a staged development with a total initial capital cost of $18.1 billion across three stages. Stage 1 alone requires $7.1 billion to establish production. The study projects average annual copper production of 395,000 tonnes over the first 25 years, peaking at over 500,000 tonnes. Additionally, the company pre-announced strong Q4 2025 financial results on January 28, 2026, including a $450 million net positive impact to earnings.

The resource expansion and Vicuña technical study are transformative milestones. - Geological Scale: The 37% increase in copper resources and 100% increase in gold resources solidify the Vicuña District as one of the largest undeveloped copper-gold-silver deposits globally. - Production Profile: If realized, the project moves Lundin Mining into the "top ten" global copper producers, doubling its current annual output (~331k tonnes in 2025). - Financial Commitment: The $18.1 billion capex requirement is staggering, representing more than 60% of the company's current market capitalization. However, the 50/50 JV with BHP and the upsized $4.5 billion credit facility mitigate the risk and provide a credible path to Stage 1 funding. - Strategic Pivot: Following the January 2026 sale of the Eagle Mine and the 2025 sale of European assets, Lundin is now a "pure-play" copper company focused on high-margin Latin American districts.

Lundin Mining is a diversified Canadian base metals mining company with operations in Chile, Brazil, and Argentina. After divesting its European assets and the Eagle Mine (USA), its portfolio is concentrated in Latin America. - Flagship Project: The Vicuña District (50% interest), comprising the Josemaria and Filo del Sol deposits. It is the largest greenfield copper discovery in the last 30 years. - Current Production: Core producing assets include Candelaria (Chile, 80%), Caserones (Chile, 70%), and Chapada (Brazil, 100%).