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

2025-11-05

TSX - Toronto Stock Exchange · Gold · Silver · Lead · Zinc · Copper · Canada

Canada NewsWire

[](https://mma.prnewswire.com/media/2814873/Lundin_Mining_Corporation_Lundin_Mining_Reports_Third_Quarter_20.html)

VANCOUVER, BC, Nov. 5, 2025/CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation("Lundin Mining" or the "Company") today reported its third quarter 2025 financial results. Unless otherwise stated, results are presented in United Statesdollars on a 100% basis. View PDF

Jack Lundin, President and CEO commented, "We are pleased to report another solid quarter at Lundin Mining, with copper production, revenue, EBITDA, and earnings all exceeding results from the first and second quarters. The Company generated over $1 billionin revenue and delivered $383 millionof adjusted operating cash flow. Consolidated 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. The midpoint of consolidated copper production is increasing by 11,500 tonnes to 328,000 tonnes, with a new range of 319,000 to 337,000 tonnes. Additionally, improved performance at Caserones and Chapada has resulted in the lowering of our overall consolidated copper cash cost guidance to a range of $1.85to $2.00/lb.

"Encouraging progress continues to be made with our near-term growth initiatives at our existing operations and with the large-scale Vicuña Project. We are thrilled to welcome Ron Hochsteinas Chief Executive Officer of Vicuña Corp., joining a seasoned team with a proven track record of success. The Vicuña team is advancing parallel studies to support a multi-phased development plan, with an integrated technical study anticipated in Q1 2026."

Third Quarter Operational and Financial Highlights

Continued strong operational performance drove earnings in the third quarter, supported by sustained higher gold prices. Consolidated copper guidance for the full-year is increasing to 319,000 – 337,000 tonnes of copper, reflecting stronger cathode production at Caserones. The balance sheet strengthened during the period, and the Company expects to continue to pay down debt throughout the fourth quarter. Full-year 2025 consolidated copper cash cost1guidance is decreasing by approximately $0.125/lb to $1.85to $2.00/lb.

Third Quarter Highlights:

Copper Production:87,353 tonnes of copper production at a consolidated copper cash cost of $1.61/lb. Other Production:37,763 ounces of gold and 2,724 tonnes of nickel. Revenue:$1,007.0 millionfrom continuing operations with a realized copper price1of $4.61/lb and a realized gold price1of $3,889/oz. Net Earnings and Adjusted Earnings1: Net earnings from continuing operations attributable to shareholders of the Company was $143.3 million($0.17per share) and adjusted earnings from continuing operations was $152.3 million($0.18per share). Adjusted EBITDA1: $489.7 milliongenerated from continuing operations. Cash Generation:Cash provided by continuing operations was $270.3 millionand free cash flow from operations1 was $168.9 million. Adjusted operating cash flow from continuing operations1was $382.9 million. Net debt1:As at September 30, the net debt position of the Company was $107.9 million(excluding lease liabilities). Growth:The Company is continuing to advance its growth initiatives as part of its strategic aspirations to become a global top-ten copper producer and achieve copper production of over 500,000 tonnes per year and gold production of over 550,000 ounces per year: Underground contractor insourcing initiatives continued at Candelaria with the initial wave of contractors being brought onboard, insourcing will continue into next year. Saúva Phase 1 mine plan development advanced and further discussions with authorities regarding permitting timelines continued, an update is expected in January. Vicuña Corp. ("Vicuña") announced the appointment Ron Hochstein as Chief Executive Officer of Vicuña. Mr. Hochstein has been an integral member of the Lundin Group for more than 30 years, holding a variety of leadership roles and building an outstanding track record of creating shareholder value. Vicuña is a 50/50 joint arrangement between Lundin Mining and BHP that holds the consolidated deposits of Filo del Sol and Josemaria (collectively, the "Vicuña Project"). Vicuña continues to advance the Vicuña Project through drilling, tradeoff studies, engineering, cost estimation and permitting in preparation for the integrated technical study in the first quarter 2026.

Shareholder Returns:A quarterly dividend of C$0.0275per share has been declared. During the quarter, no common shares were purchased under the NCIB. So far during 2025, Lundin Mining has acquired 12,629,000 common shares at a cost of approximately $104.0 million. Outlook:The Company is pleased to be increasing and tightening its full-year copper guidance from 303,000 – 330,000 to 319,000 – 337,000 tonnes of copper. The Company is further improving cash cost guidance at Caserones, Chapada and Eagle which lowers full-year consolidated cash cost guidance for the Company to $1.85– $2.00/lb cash cost. Annual capital expenditure guidance is being reduced by deferrals at Candelaria and Caserones.

| _ | | 1These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis ("MD&A") for the three and nine months ended September 30, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release. |

Summary Financial Results

| | Three months ended

September 30, | | Nine monthsended

September 30, | | | | (US$ millions continuing operations except where noted, except per share amounts) | 2025 | 2024 | | 2025 | 2024 | | Revenue | 1,007.0 | 873.1 | | 2,908.1 | 2,563.7 | | Gross profit | 347.7 | 266.2 | | 927.9 | 692.2 | | Attributable net earningsa | 143.3 | 84.0 | | 407.4 | 206.5 | | Net earnings | 184.6 | 110.7 | | 525.5 | 313.0 | | Adjusted earningsa,b (all operations) | 152.3 | 72.5 | | 398.4 | 239.7 | | Adjusted earningsa,b— continuing operations | 152.3 | 57.2 | | 344.4 | 196.9 | | Adjusted earningsa,b,c— discontinued operations | — | 15.3 | | 54.0 | 42.8 | | Adjusted EBITDAb (all operations) | 489.7 | 457.7 | | 1,336.5 | 1,281.4 | | Adjusted EBITDAb— continuing operations | 489.7 | 385.3 | | 1,272.5 | 1,093.7 | | Adjusted EBITDAb,c— discontinued operations | — | 72.4 | | 64.0 | 187.8 | | Basic earnings per share ("EPS")a (all operations) | 0.19 | 0.13 | | 0.60 | 0.31 | | Diluted EPSa (all operations) | 0.19 | 0.13 | | 0.60 | 0.30 | | Basic and diluted EPSa— continuing operations | 0.17 | 0.11 | | 0.48 | 0.27 | | Basic and diluted EPSa,c — discontinued operations | 0.02 | 0.02 | | 0.13 | 0.04 | | Adjusted EPSa,b (all operations) | 0.18 | 0.09 | | 0.47 | 0.31 | | Adjusted EPSa,b— continuing operations | 0.18 | 0.07 | | 0.41 | 0.25 | | Adjusted EPSa,b,c— discontinued operations | — | 0.02 | | 0.06 | 0.06 | | Cash provided by operating activities (all operations) | 270.3 | 139.3 | | 781.7 | 898.6 | | Cash provided by operating activities - continuing operations | 270.3 | 81.4 | | 707.2 | 753.6 | | Cash provided by operating activities - discontinued operationsc | — | 57.9 | | 74.5 | 145.0 | | Adjusted operating cash flowb (all operations) | 382.9 | 305.2 | | 1,054.9 | 988.7 | | Adjusted operating cash flowb— continuing operations | 382.9 | 243.0 | | 997.1 | 828.2 | | Adjusted operating cash flowb,c— discontinued operations | — | 62.2 | | 57.8 | 160.5 | | Adjusted operating cash flow per shareb (all operations) | 0.45 | 0.39 | | 1.23 | 1.28 | | Adjusted operating cash flow per shareb— continuing operations | 0.45 | 0.31 | | 1.17 | 1.07 | | Adjusted operating cash flow per shareb,c— discontinued operations | — | 0.08 | | 0.06 | 0.21 | | Free cash flowb (all operations) | 110.1 | (61.7) | | 238.3 | 173.4 | | Free cash flowb— continuing operations | 110.1 | (77.8) | | 221.9 | 148.2 | | Free cash flowb,c— discontinued operations | — | 16.1 | | 16.4 | 25.2 | | Free cash flow from operationsb (all operations) | 168.9 | 1.8 | | 423.3 | 407.0 | | Free cash flow from operationsb— continuing operations | 168.9 | (17.6) | | 401.5 | 373.6 | | Free cash flow from operationsb,c— discontinued operations | — | 19.4 | | 21.8 | 33.4 | | Cash and cash equivalents | 290.3 | 295.5 | | 290.3 | 295.5 | | Net debt excluding lease liabilitiesb | (107.9) | (1,541.7) | | (107.9) | (1,541.7) | | Net debtb | (341.4) | (1,802.5) | | (341.4) | (1,802.5) | | aAttributable to shareholders of Lundin Mining Corporation. | | | | | | | bThese are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its MD&A for the three and nine months ended September 30, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release. | | | | | | | c Discontinued operations results include financial results to April 16, 2025 and the revaluation of contingent consideration at September 30, 2025. | | | | | |

Quarterly Financial Results

The Company generated revenue from continuing operations of $1,007.0 million(Q3 2024 - $873.1 million) which benefitted from higher realized copper and gold prices. Gross profit from continuing operations of $347.7 millionwas $81.5 millionhigher than in the prior year comparable period of $266.2 million. The increase was primarily due to higher realized copper and gold prices and lower treatment charges, partially offset by lower sales volumes at Candelaria and increased depreciation expense. Net earnings from continuing operations increased to $184.6 millionfrom $110.7 millionin the prior year comparable period primarily due to higher gross profit combined with lower interest expense from reduced net debt. Adjusted earnings from continuing operations of $152.3 millionincreased from $57.2 millionin the prior year comparable period primarily as a result of higher gross profit. Cash provided by operating activities related to continuing operations of $270.3 millionincreased from $81.4 millionin the prior year comparable period primarily due to higher gross profit and a lower working capital build. Sustaining capital expenditures2from continuing operations of $109.1 millionwere consistent with the prior year comparable period of $109.3 million. Expansionary capital expenditures3of $51.1 millionwere consistent with the prior year comparable period of $49.9 million. Free cash flow2 from continuing operations of $110.1 millionincreased from negative free cash flow of $77.8 millionin the prior year comparable period due to increased cash provided by operating activities related to continuing operations. As at November 5, 2025, the Company had cash of approximately $225 millionand net debt excluding lease liabilities of approximately $100 million.

Q3 2025 Operational Performance

Total Production

| (Contained metal)a | 2025 | 2024 | | | | | | | | | YTD | Q3 | Q2 | Q1 | Total | Q4 | Q3 | Q2 | Q1 | | | | | | | | | | | | | | Continuing Operations | | | | | | | | | | | Copper (t)b | 244,200 | 87,353 | 80,073 | 76,774 | 336,875 | 94,094 | 91,772 | 71,614 | 79,395 | | Gold (oz)b | 107,730 | 37,763 | 38,118 | 31,849 | 158,436 | 46,456 | 46,712 | 32,439 | 32,829 | | Nickel (t) | 7,733 | 2,724 | 2,713 | 2,296 | 7,486 | 1,617 | 893 | 1,721 | 3,255 | | Molybdenum (t)b | 1,556 | 574 | 380 | 602 | 3,183 | 912 | 693 | 714 | 864 | | | | | | | | | | | | | Discontinued OperationsC | | | | | | | | | | | Copper (t) | 8,319 | — | 1,225 | 7,094 | 32,192 | 7,397 | 8,083 | 8,094 | 8,618 | | Zinc (t) | 58,233 | — | 9,285 | 48,948 | 191,704 | 51,946 | 46,610 | 47,460 | 45,688 | | a - Tonnes (t) and ounces (oz). | | | | | | | | | | | b - Candelaria and Caserones production are on a 100% basis. | | | | | | | | | | | c - Discontinued operations results are to April 16, 2025. | | | | | | | | | |

| _ | | 2This is a supplementary financial measure. Please refer to the Company's discussion of non-GAAP and other performance measures in its MD&A for the three and nine months ended September 30, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release. | | 3These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its MD&A for the three and nine months ended September 30, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release. | | 4This is a non-GAAP measure. Please refer to the Company's discussion of non-GAAP and other performance measures in its MD&A for the three and nine months ended September 30, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release. |

_Candelaria (80% owned):_Candelaria produced 37,129 tonnes of copper and 19,899 ounces of gold in concentrate on a 100% basis. Mining was focused on Phase 11 and production continued to benefit from strong throughput in the mill due to softer ore feed, finer ore size and higher ball mill runtime. Cash cost[4]of $1.87/lb was impacted by lower grades and higher mining costs, partially offset by higher metal prices for by-product credits and reduced treatment and refining charges.

_Caserones (70% owned):_Caserones produced 35,270 tonnes of copper and 574 tonnes of molybdenum on a 100% basis. Copper concentrate production was positively impacted by improved grades from Phase 6, while copper cathode production benefitted from increased material placed on the dump leach in previous periods. Cash cost of $1.86/lb benefitted from strong throughput and higher grades, increased by-product credits, decreased treatment and refining charges, and reduced contractor expenses. Revenue in the quarter was impacted by a shipment of copper concentrate scheduled for September that was delayed into October due to weather related issues. The shipment of approximately 5,100 tonnes of contained payable copper, valued at approximately $50 million, will be recognized as revenue in the fourth quarter.

_Chapada (100% owned): _Chapada produced 12,600 tonnes of copper and 17,864 ounces of gold in concentrate. Ore from the North and South open pits continued to be mined and processed, prioritizing higher-grade material consistent with the planned mine sequence. Production also benefitted from strong throughput, which was the highest since Q3 2022. Cash cost of $0.50/lb was the lowest since Q4 2020 and benefitted from higher gold by-product credits as a result of increased realized gold prices, combined with higher throughput and grades.

_Eagle (100% owned):_Eagle produced 2,724 tonnes of nickel and 2,354 tonnes of copper. Production was positively impacted by strong throughput in the mill resulting in nickel cash cost of $2.11/lb.

Outlook - Annual Guidance Update

Production Guidance Update

Lundin Mining remains on track to meet or exceed its original consolidated annual production guidance for all metals, as published in the MD&A for the three and six months ended June 30, 2025.

Copper:The total annual production guidance range is increasing to 319,000 to 337,000 tonnes, with the midpoint rising by approximately 11,500 tonnes. Candelaria: Narrowing both the lower and upper range for copper and the upper range for gold. Production is expected to remain consistent with previous quarters. Caserones: Increasing copper guidance due to higher cathode production. Higher copper head grades in the third quarter are expected to continue into the fourth quarter, supporting revised production guidance. Chapada: No changes to production guidance. Production is weighted to the second half of 2025. Fourth quarter copper grades and recoveries are expected to be in line with those of the third quarter.

Nickel:The lower range of guidance is increasing to reflect expected results aligned with the mine plan. Grades and mining rates are expected to remain stable in the fourth quarter.

Cash Cost Guidance Update

Cash cost guidance ranges are being reduced for Caserones, Chapada, and Eagle, driven by higher than expected sales volumes and by-product credits. Full-year consolidated copper cash cost guidance range is being reduced to $1.85to $2.00/lb.

Candelaria: Cash cost is tracking to the midpoint of guidance. Caserones:Cash cost guidance is decreasing due to higher sales volume, lower labor costs and increased by-product credits. Chapada: Cash cost guidance is reducing further due to higher gold prices. Eagle:Cash cost guidance is decreasing due to reduced labor costs and increased by-product credits.

2025 Production and Cash Cost Guidancea

| | | | Guidancea | Revised Guidance | | | | | (contained metal) | Production | Cash Cost ($/lb)b | Production | Cash Cost ($/lb)b | | | | Copper (t) | Candelaria (100%) | 140,000 – 150,000 | 1.80 – 2.00c | 143,000– 149,000 | 1.80 – 2.00c | | | | Caserones (100%) | 115,000 – 125,000 | 2.40 – 2.60 | 127,000– 133,000 | 2.15 – 2.25 | | | | Chapada | 40,000 – 45,000 | 1.10 – 1.30d | 40,000 – 45,000 | 0.90 – 1.00d | | | | Eagle | 8,000 – 10,000 | | 9,000– 10,000 | | | | | Total | 303,000 – 330,000 | 1.95 – 2.15 | 319,000– 337,000 | 1.85 – 2.00 | | | Gold (oz) | Candelaria (100%) | 78,000 – 88,000 | | 78,000– 84,000 | | | | | Chapada | 57,000 – 62,000 | | 57,000 – 62,000 | | | | | Total | 135,000 – 150,000 | | 135,000– 146,000 | | | | Nickel (t) | Eagle | 8,000 – 11,000 | 3.05 – 3.25 | 9,000– 11,000 | 2.30 – 2.40 | | a. Guidance as outlined in the Company's Management Discussion and Analysis ("MD&A") for the three and six months ended June 30, 2025.

b. 2025 cash costs are based on various assumptions and estimates, including but not limited to: production volumes, commodity prices (Cu: $4.40/lb, Au: $3,500/oz, Mo: $20.00/lb, Ag: $40.00/oz), foreign exchange rates (USD/CLP:950, USD/BRL:5.50) and operating costs. Cash cost is a non-GAAP measure - see the Reconciliation of Non-GAAP Measures section at the end of this news release.

c. 68% of Candelaria's total gold and silver production are subject to a streaming agreement. Cash cost is calculated based on receipt of approximately $433/oz gold and $4.32/oz silver.

d. Chapada's cash cost is calculated on a by-product basis and does not include the effects of its copper stream agreements. Effects of the copper stream agreements are reflected in copper revenue and will impact realized price per pound. | | | | | | |

2025 Capital Expenditure Guidanceb,c

Annual capital expenditure guidance is being reduced to $750 millionfrom $795 millionwith deferrals at Candelaria and Caserones.

| | ($ millions) | Guidancea | Revisions | Revised Guidance | | | Candelaria (100% basis) | 205 | — | 205 | | | Caserones (100% basis) | 200 | (20) | 180 | | | Chapada | 100 | — | 100 | | | Eagle | 25 | — | 25 | | | Other | — | — | — | | | Total Sustaining | 530 | (20) | 510 | | | Expansionary - Candelaria (100% basis) | 50 | (25) | 25 | | | Expansionary - Vicuña Joint Arrangement (50% basis) | 215 | — | 215 | | | Total Capital Expenditures | 795 | (45) | 750 | | a. Guidance as outlined in the Company's Management Discussion and Analysis ("MD&A") for the three and six months ended June 30, 2025.

b. Sustaining capital expenditure is a supplementary financial measure, and expansionary capital expenditure is a non-GAAP measure – see the Reconciliation of Non-GAAP Measures section at the end of this news release.

c. Capital expenditures are based on various assumptions and estimates, including, but not limited to foreign currency exchange rates (USD/CLP: 950, USD/BRL: 5.50) | | | | |

2025 Exploration Investment Guidance

Total exploration expenditure guidance for 2025 remains at $40 million.

Exploration

During the third quarter, exploration efforts were concentrated on in-mine and near-mine targets across all operating sites. A total of 17,390 metres were drilled across the four operations.

Candelaria

Total drilling: 930 metres. Focus area: Candelaria Norte. Objective: Continued evaluation of mineral potential in the northern zone.

Caserones

Total drilling: 5,152 metres. Rig deployment: 1 rig at the Caserones pit targeting deep, high-grade copper breccias. 3 rigs at Angelica targeting copper sulphides beneath the oxide deposit.