Lundin Mining Reports Third Quarter 2025 Results and Increases Full-Year Copper Production Guidance and Lowers Cost Guidance

Executive Summary

• Lundin Mining reported Q3 2025 revenue of $1,007 million, adjusted EBITDA of $489.7 million and net earnings of $143.3 million, all materially above prior‑year comparables.
• Full‑year copper production guidance was raised to 319–337 kt (midpoint +11.5 kt) and consolidated cash‑cost guidance lowered to $1.85–$2.00 /lb.
• The company announced the appointment of Ron Hochstein as CEO of Vicuña Corp. and provided extensive updates on growth projects, exploration drilling (17,390 m total), and capital‑expenditure revisions.

Key Details

• Financial Highlights (Q3 2025)
• Revenue: $1,007.0 M vs. $873.1 M in Q3 2024.
• Adjusted EBITDA: $489.7 M (up from $385.3 M YoY).
• Net earnings (continuing): $143.3 M ($0.17 per share).
• Adjusted earnings: $152.3 M ($0.18 per share).
• Cash provided by operations: $270.3 M; free cash flow: $110.1 M.

• Net debt (excluding lease liabilities): $107.9 M (down from $1,541.7 M YoY).

• Production Results

• Copper: 87,353 t at a consolidated cash cost of $1.61 /lb (lowest quarterly cost this year).
• Gold: 37,763 oz; Nickel: 2,724 t.

• Site‑specific output – Candelaria copper 35,129 t, Caserones copper 35,270 t, Chapada copper 12,600 t, Eagle nickel 2,724 t.

• Guidance Updates

• Full‑year copper production: 319–337 kt (midpoint +11.5 kt).
• Consolidated cash‑cost guidance: $1.85–$2.00 /lb (down ~0.125 /lb).

• Annual capital‑expenditure target reduced to $750 M (from $795 M) after deferrals at Candelaria and Caserones.

• Growth & Exploration

• Vicuña Corp. appointed Ron Hochstein as CEO; integrated technical study expected Q1 2026.
• Exploration drilling totalled 17,390 m across all operations (Candelaria 930 m, Caserones 5,152 m, Chapada 3,847 m, Eagle 7,461 m).

• Saúva Phase‑1 mine plan advanced; permitting update expected Jan 2026.

• Capital Expenditure Breakdown (Q3)

• Sustaining capex: $109.1 M (in line with prior year).

• Expansionary capex: $51.1 M (including Vicuña joint‑arrangement contribution).

• Shareholder Returns

• Quarterly dividend declared: C$0.0275 per share.

• No common shares purchased under NCIB in the quarter; cumulative buy‑back of 12.629 M shares at ~$104 M cost YTD.

• Other Notable Items

• Talon exclusivity agreement terminated; Lundin received 18,502,906 Vicuña shares as repayment for $5 M advance.
• Ongoing construction of northern access road to Josemaria (Vicuña).
• Community investment programs launched focusing on gender, youth training and cooperative development.

Notable Quotes

• Jack Lundin, President & CEO: “We are pleased to report another solid quarter… copper cash cost of $1.61 /lb marks our lowest quarterly cost this year… We are updating our full‑year guidance to reflect strong operational performance, particularly at Caserones.”