Highlights

  • Lundin Mining surpasses 2025 copper production target with 331,232 tonnes produced.
  • Caserones mine sets a new benchmark with 39,612 tonnes of copper output in Q4 2025.
  • The company’s 2025 gold production reached 141,859 ounces, in line with expectations.
  • Expansionary capital expenditure for 2026 estimated at USD 445 million, including Vicuña project -related spending.

Lundin Mining Corp (TSX:LUN) announced its 2025 production results and updated multi-year guidance on 21 January 2026, reporting another year of delivery in line with expectations and reaffirming its operational planning discipline. The company met guidance across all metals on a consolidated basis, marking the third consecutive year it has achieved production targets.

2025 Production Exceeds Targets as Caserones Mine Sets New Record

For the year ended 31 December 2025, Lundin Mining produced 331,232 tonnes of copper, 141,859 ounces of gold and 9,907 tonnes of nickel at its Eagle operation. Copper output exceeded the company’s original guidance and fell within revised expectations, supported by solid performance across its Latin American operations.

Fourth-quarter results capped a favourable year, with copper production exceeding 87,000 tonnes and gold output of more than 34,000 ounces. Caserones mine delivered a standout performance, producing 39,612 tonnes of copper in Q4 2025, the highest quarterly consolidated output since Lundin Mining acquired the operation. The mine also recorded its best monthly performance in December 2025, producing over 15,000 tonnes of copper.

For the full year, Caserones mine produced 132,881 tonnes of copper, surpassing original guidance, while Candelaria generated 145,471 tonnes, benefiting from higher mill throughput linked to softer ore. Chapada contributed 43,974 tonnes of copper, supported by consistent grades and throughput

Forward Guidance Highlights Consistent Copper Volumes and Cost Control

Looking ahead, Lundin Mining provided updated production guidance for 2026 through 2028, which remains aligned with prior expectations for 2026 and 2027. Consolidated copper production in 2026 is forecast to range between 310,000 and 335,000 tonnes, with gold production expected between 134,000 and 149,000 ounces. Cash cost guidance for 2026 is set at $1.90 per pound to $2.10 per pound.

Copper production is forecast at 315,000 to 340,000 tonnes in 2027 and 290,000 to 315,000 tonnes in 2028. Mine sequencing updates are expected to lift copper output in 2027, resulting in a cumulative net increase of approximately 15,000 tonnes across 2026 and 2027 compared with prior guidance.

For 2026, sustaining capital expenditures are forecast at USD550 million, with expansionary capital expenditures estimated at USD 445 million, including the company’s share of spending related to the Vicuña project.

Exploration expenditures are planned at $53 million, primarily focused on in-mine and near-mine targets, with significant drilling programs at Caserones, Candelaria and Chapada.

Management noted that brownfield growth initiatives remain on track and that 2026 is expected to be a pivotal year as the Vicuña project advances into its next phase of development.

Lundin Mining Corp (TSX:LUN) jumped by 3.09% to CAD 36.67 and has delivered a one-year returns of 203.31% as of January 21, 2026.