Lundin Mining Corporation

Kalkine’s “Global Critical Minerals Report” provides an overview of the minerals driving the global energy transition and advanced technologies. The report examines key regions including Australia, Canada, the United States, and the United Kingdom, covering the value chain from mining and refining to battery, semiconductor, and defence manufacturing.

The report analyses strategic raw-material supply chains and geopolitical resource positioning across global markets, highlighting how access to critical minerals is increasingly shaping national security, industrial policy, and economic competitiveness. It also evaluates the critical minerals value chain across upstream mining, midstream processing and refining, and downstream manufacturing, where supply concentration and processing bottlenecks continue to influence global supply dynamics.

As demand from electric vehicles, renewable energy infrastructure, AI hardware, and defence technologies continues to rise, governments and corporations are strengthening supply security through mining investments, strategic partnerships, and the development of domestic reserves. While the sector faces challenges such as long project development timelines and commodity price volatility, structural demand and supportive policy initiatives are expected to drive long-term growth across the critical minerals sector.

Image source: © 2026 Krish Capital Pty. Ltd., Analysis: Kalkine Group

Amid elevated Market Volatility and Global Economic Headwinds, Lundin Mining Corporation (TSX: LUN) stands out as our defensive pick within the Materials Sector, supported by rigorous fundamental and technical research. 

Section1: Company Overview and Fundamental Insights:

Lundin Mining Corporation (TSX: LUN) is a Canadian mining company headquartered in Vancouver, Canada with three operating mines in Brazil and Chile. We produce commodities that support modern infrastructure and electrification. Our strategic vision is to become a top ten global copper producer. To get there, we are executing a clear growth strategy, which includes advancing one of the world's largest copper, gold, and silver projects in the Vicuña District on the border of Argentina and Chile, where we hold a 50% interest. Lundin Mining has a proven track record of value creation through resource growth, operational excellence, and responsible development. 

Kalkine’s “Global Critical Minerals Report” covers the Investment Highlights, Key Financial Metrics, Risks, Technical Analysis along with the Valuation, Target Price, and Recommendation on the stock.

The top 10 shareholders together form ~51.41% of the total shareholding. Nemesia S.à.r.l. and Capital World Investors hold a maximum stake in the company at ~20.14% and ~9.79%, respectively.

The company reported rising Gross Margin in Q4 2025 against pcp, which is a key positive. Along with this, the company also clocked higher Operating Margin and EBITDA Margin displaying its decent growth and operating efficiency.

Section 2: Business Updates and Financial Highlights

The picture below gives an overview of the company’s recent activity, such as an update on Increased Stake in Caserones Strengthens Growth Pipeline.

Section 3: Key Risks and Company Outlook

Section 4: Stock Recommendation Summary

The stock has witnessed a downside of ~8.48% and an upside of ~14.87% over the last 1 week and 3 months respectively. Moreover, it is trading above the average 52-week high price of CAD 45.74 and 52-week low price of CAD 11.04, providing an opportunity to ride the trend.

Valuation Methodology: EV to Sales Based Relative Valuation (Illustrative)

Markets are trading in a highly volatile zone currently due to certain macroeconomic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is April 23, 2026. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Dividend Yield may vary as per the stock price movement. 

Note 5: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock. 

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock. 

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.