Vancouver, August 6, 2025 – Lundin Mining delivered a respectable second quarter, with revenue climbing to US $937.2 million—a notable 6.7% increase from Q2 2024. That uptick came on stronger realized prices for copper and gold, standing at US $4.40 per pound and US $3,478 per ounce, respectively
But here’s what matters: despite rising sales, profitability and cash flow signalled weakness. Adjusted EPS from continuing operations held steady at US $0.11, missing expectations, while adjusted EBITDA slipped to US $394.7 million. Free cash flow from operations came in at US $211.1 million, reflecting a steep decline.
Operationally, there were positives: copper cash costs dropped 7% quarter-over-quarter to US $1.92 per pound, with Chapada even reaching a record low of US $0.75 per pound.
The company also leveraged strategic divestments to strengthen its balance sheet. The US $1.4 billion sale of European assets (Neves‑Corvo and Zinkgruvan) allowed Lundin to fully pay down its term loan, reduce revolving credit, and bring net debt down to US $135 million.
Looking ahead, the company reaffirmed guidance and outlined growth ambitions. It aims to be a top‑ten global copper producer, targeting 500,000+ tonnes of copper and over 550,000 ounces of gold annually—with the Vicuña joint venture with BHP at the core of that plan. Capex for 2025 is set at US $795 million, split between sustaining and expansion investments.
While navigating volatility, Lundin is still rewarding shareholders: it declared a quarterly dividend of US $0.0275 per share and repurchased C$36.2 million in shares in Q2.
Bottom Line
Revenue rose—but beneath the surface, profitability and cash flow were weak. Cost discipline and asset sales strengthened the balance sheet, paving the way for future growth. The challenge now is turning that potential into performance.