Lundin Mining (LUN) Q3 2025 earnings summary

Executive summary

• Achieved best quarter year-to-date with strong operational discipline, record copper production, and increased copper production guidance for 2025.

• Maintained consistent operational performance across all major assets, advancing key growth projects including Vicuña and Caserones cathode expansion.

• Over $1 billion in revenue was generated, with adjusted EBITDA of $490 million and adjusted operating cash flow of $383 million.

• Maintained strong safety record with lowest injury frequency rate in 10 years.

• Well positioned for future growth, aiming to become a top-tier global copper producer.

Financial highlights

• Q3 2025 revenue exceeded $1 billion, with copper accounting for 79% of the mix.

• Adjusted EBITDA reached $490 million (49% margin); adjusted operating cash flow was $383 million.

• Adjusted earnings were $155 million to $152.3 million ($0.18/share), up 64% from last quarter.

• Free cash flow from operations totaled $169 million; net debt at quarter-end was $108 million.

• Gross profit rose to $347.7 million, driven by higher realized copper and gold prices and lower treatment charges.

Outlook and guidance

• Full-year copper production guidance increased to 319,000–337,000 tonnes, with the midpoint up by 11,500 tonnes.

• Consolidated copper cash cost guidance lowered to $1.85–$2.00/lb, reflecting improved performance.

• Gold production guidance tightened to 135,000–146,000 ounces; nickel guidance maintained.

• Full-year capital expenditure guidance revised down by $45 million to $750 million.

• Exploration expenditure guidance for 2025 remains at $40 million.