Lundin Mining (LUN) Q2 2026 earnings summary

Executive summary

• Achieved strong operational and financial performance in Q2 2026, with revenue of $1.21 billion and adjusted EBITDA of $658 million, driven by high copper and gold prices and consistent production.

• Completed acquisition of an additional 5% interest in Caserones (now 75% ownership) and a 31% interest in Los Salados/Los Helados for $215 million, strengthening the mineral resource base and long-term growth options.

• Advanced growth strategy with key milestones at Chapada (ball mill approval), Vicuña (RIGI PEELP approval and provincial agreements), and increased ownership in Caserones and Los Helados.

• Maintained a net cash position of $79 million after acquisitions and continued shareholder returns via share repurchases and dividends.

• Repurchased 2.2 million shares in Q2, totaling 6.1 million YTD, reflecting confidence in intrinsic value and balance sheet strength.

Financial highlights

• Q2 2026 revenue reached $1,213 million, driven by strong copper and gold prices and consistent production volumes.

• Adjusted EBITDA for Q2 was $658 million; adjusted operating cash flow was $495 million; free cash flow from operations reached $360 million.

• Adjusted earnings attributable to shareholders were $257 million ($0.30/share); net earnings were $278.4 million ($0.33/share).

• Consolidated cash cost for copper was $2.11/lb in Q2; YTD cash cost is $1.88/lb, below full-year guidance.

• Net cash position at quarter-end was $79 million; liquidity of $2.5 billion available.

Outlook and guidance

• On track to achieve full-year consolidated production guidance: 310,000–335,000 tonnes copper and 134,000–149,000 oz gold.

• Caserones expected to finish at the lower end of guidance due to weather disruptions, but cost guidance remains unchanged.

• Full-year sustaining capital guidance unchanged at $550 million; expansionary capital guidance for Chapada increased to $85 million.

• Vicuña sanction decision targeted as early as year-end, with stage 1 estimate and execution plan in progress.

• Capital expenditures expected to increase in H2 2026, with updated expansionary capital for Sauva Phase 1.