Northwire Canada EditionWednesday, November 11, 2026
Sign inSubscribe
Northwire
⌕
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%
Resource Estimate

Lundin Mining Increases M&I Copper Mineral Resources by 37% and Updates Mineral Reserves

By The Northwire Desk — AI Analysis Feb 18, 2026 · 23:45 LUN · 35.2 Lundin Mining Corporation
LUN · Price

Executive Summary

  • Lundin Mining reports a 37% increase in Measured & Indicated copper resources to 28,372 kt (48.2 Moz Au, 812 Moz Ag) and updates its Proven & Probable reserves to 6,347 kt of copper.
  • The resource boost is driven primarily by the updated estimate at Filo del Sol; offsets include divestitures of Eagle, Neves‑Corvo and Zinkgruvan mines.
  • Ongoing drilling at Caserones (Angélica target) and Chapada’s Saúva area is expected to convert additional resources into reserves by year‑end.

Key Details

  • Measured & Indicated Resources (100% basis): 28,372 kt Cu, 48.2 Moz Au, 812 Moz Ag; total tonnage 8,193 Mt at 0.35 % Cu, 0.18 g/t Au, 3.08 g/t Ag.
  • Proven & Probable Reserves (100% basis): 6,347 kt Cu, 4.2 Moz Au, 27.0 Moz Ag; 1,939 Mt at 0.33 % Cu, 0.07 g/t Au, 0.43 g/t Ag.
  • Resource Growth Drivers: Updated Filo del Sol resource (Feb 16 2026) added significant tonnage and grade; other assets saw modest changes.
  • Reserve Reductions: Net -40 kt Cu due to de‑classification of reserves at Filo del Sol and Josemaria, and the sale of Eagle Mine (Jan 9 2026).
  • Divestitures Impact: Sale of Eagle Mine removed 10,872 kt Cu resources; sales of Neves‑Corvo and Zinkgruvan previously reduced overall resource base.
  • Exploration Highlights 2025:
  • Candelaria – 7,642 m drilled (underground & open pit).
  • Caserones – 18,908 m diamond drilling (focus on Angélica).
  • Chapada – 12,507 m drilling (Saúva area).
  • Future Plans: Technical report for Chapada expected before year‑end; maiden resource estimate at Caserones’ Angélica target anticipated next year.
  • Metal Price Assumptions Used: Cu $4.43/lb (resources), $3.85/lb (reserves); Au $2,185/oz (resources), $1,900/oz (reserves); Ag $25/oz (reserves).

Notable Quotes

“This year, the Company significantly expanded its Mineral Resource base, reinforcing the strength of our portfolio and the upside ahead.” – Jack Lundin, President & CEO

All figures are presented as disclosed by Lundin Mining and are subject to NI 43‑101 standards.

Read the original news release →

More from Lundin Mining Corporation

Oct 15, 2026 · 17:30

Lundin reported a $66m storm standby cost hit to q3 earnings, partially offset by a $51m pricing gain.

Earnings Oct 01, 2026 · 02:17

Lundin’s Caserones production guidance was lowered by storm damage, while the Vicuña project remains a key catalyst for future growth.

Other 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