Lundin Mining (LUN) CMD 2026 summary

Strategic transformation and growth outlook

• Shifted from five-year to ten-year financial projections, reflecting confidence in long-term growth from existing operations, Vicuña, and new opportunities.

• Portfolio transformed through acquisitions in the Vicuña District, including Josemaria, Caserones, and Filo Corp, and forming a 50:50 JV with BHP, while divesting non-South American assets.

• Copper production increased from 250,000 tons in 2022 to 330,000 tons in 2025, with a ten-year target exceeding 500,000 tons annually, aiming for top-ten global copper producer status.

• Market capitalization more than tripled from $5.7B in 2022 to over $17B in 2025, driven by operational delivery and commodity price tailwinds.

• Focused on long-life, high-quality copper assets, with 50% ownership in Vicuña Corp and significant attributable resources.

Operational excellence and efficiency

• Achieved or exceeded production guidance for copper and gold for three consecutive years, targeting continued delivery in 2026 with copper guidance at 310,000–335,000 tonnes.

• Implemented Full Potential initiatives across all sites, reducing costs per tonne milled by up to 11% and increasing throughput and resource efficiency.

• Safety performance improved to industry-leading levels, with zero fatalities and record low TRIF of 0.15 in Q1 2026 after launching the Fatal Risk Management system.

• Low capital intensity projects, such as Saúva and cathode plant upgrades, are driving near-term growth and efficiency.

• Sustained focus on digitalization, data analytics, and AI to identify further operational improvements.

Major project pipeline and district development

• Vicuña District, a 50:50 JV with BHP, hosts five major deposits, with staged development: Josemaria (stage 1), Filo del Sol oxides (stage 2), and Filo del Sol sulfides (stage 3).

• Vicuña projected to be a top five global copper, gold, and silver mine, with 47Mt copper, 97Moz gold, and 1.8B oz silver resources.

• Stage 1 Vicuña capex is $7.1B, with Stages 2 & 3 adding $11.1B; project designed for phased, self-funded expansion.

• Ongoing exploration in the district, including Angelica and Cordillera, with aggressive drilling and resource expansion plans.

• RIGI application approved, securing 40-year stability and export benefits for Vicuña.