Lundin Mining Reports Second Quarter 2025 Results
07.08.2025 - 18:04:24A replay of the webcast will be available by clicking on the webcast LINK above and will be archived on the Company's website for a limited period of time.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with projects or operations focused in Argentina, Brazil, Chile and the United States of America, and primarily producing copper, gold and nickel.
The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below on August 6, 2025 at 17:30 Vancouver Time.
Technical Information
The scientific and technical information in this document pertaining to the Vicuña Mineral Resource is based on the Vicuña Technical Report. The Vicuña Technical Report was prepared by Luke Evans, M.Sc., P.Eng. of SLR Consulting (Canada) Ltd, Paul Daigle, P.Geo. of AGP Mining Consultants Inc., Sean Horan, P.Geo. of Resource Modeling Solutions Ltd., Jeffrey Austin, P.Eng. of International Metallurgical and Environmental Inc., and Bruno Borntraeger, P.Eng. of Knight Piésold Ltd, each of whom reviewed, verified and approved the scientific and technical information pertaining to the Vicuña Mineral Resource that is related to his respective scope of responsibility. Each of the foregoing individuals is a "Qualified Person" as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and independent of the Company.
The scientific and technical information in this document other than that pertaining to the Vicuña Mineral Resource has been reviewed and approved in accordance with NI 43-101 by Eduardo Cortés, Registered Member (Comisión Calificadora de Competencias en Recursos y Reservas Mineras (Chilean Mining Commission)), Vice President, Mining & Resources at Lundin Mining, a "Qualified Person" under NI 43-101. Mr. Cortés has verified the data disclosed in this document and no limitations were imposed on his verification process.
The Vicuña Mineral Resource estimates are shown on a 100% basis and have an effective date of April 15, 2025. For further information related to the Vicuña Mineral Resource, including the key assumptions, parameters, and methods used to estimate the Vicuña Mineral Resource, risks and cautionary statements, see the Vicuña Technical Report and the Company's News Release "Lundin Mining Announces Initial Mineral Resource at Filo Del Sol Demonstrating One of the World's Largest Copper, Gold, and Silver Resources" dated May 4, 2025.
Reconciliation of Non-GAAP Measures
The Company uses certain performance measures in its analysis. These performance measures have no standardized meaning within generally accepted accounting principles under International Financial Reporting Standards and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. For additional details please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis for the three and six months ended June 30, 2025 which is available on SEDAR+ at www.sedarplus.com.
Cash Cost per Pound and All-in Sustaining Costs per pound can be reconciled to Production Costs as follows:
Three months ended June 30, 2025
Continuing Operations
Candelaria
Caserones
Chapada
Consolidated
Eagle
Total -
continuing
operations1
($ millions, unless otherwise noted)
(Cu)
(Cu)
(Cu)
(Cu)
(Ni)
Sales volumes (Contained metal):
Tonnes
36,603
30,076
10,284
76,963
2,226
Pounds (000s)
80,696
66,307
22,672
169,675
4,907
Production costs
186.1
204.7
75.0
465.8
40.4
506.6
Less: Royalties and other
(3.9)
(9.8)
(6.3)
(20.0)
(4.1)
(24.5)
182.2
194.9
68.7
445.8
36.3
482.1
Deduct: By-product credits2
(42.8)
(31.8)
(51.8)
(126.3)
(26.4)
(152.7)
Add: Treatment and refining
6.6
(0.5)
0.2
6.3
—
6.3
Cash cost
146.0
162.6
17.1
325.8
9.9
335.7
Cash cost per pound ($/lb)
1.81
2.45
0.75
1.92
2.02
Add: Sustaining capital
50.2
31.9
27.4
6.4
Royalties
4.0
8.5
3.6
4.1
Reclamation and other closure accretion and depreciation
2.0
1.3
1.7
1.2
Leases & other
1.6
17.1
1.0
0.9
All-in sustaining cost
203.9
221.4
50.8
22.5
AISC per pound ($/lb)
2.53
3.34
2.24
4.58
1 Includes immaterial amounts related to other segments.
2 By-product credits are presented net of the associated treatment and refining charges.
Three months ended June 30, 2025
Discontinued Operations1
Neves-Corvo
Zinkgruvan
Total -
discontinued
operations
($ millions, unless otherwise noted)
(Cu)
(Zn)
Sales volumes (Contained metal):
Tonnes
1,394
1,548
Pounds (000s)
3,073
3,413
Production costs
14.3
2.7
17.0
Less: Royalties and other
(0.2)
—
(0.2)
14.1
2.7
16.8
Deduct: By-product credits2
(7.5)
0.8
(6.7)
Add: Treatment and refining
0.8
0.6
1.4
Cash cost
7.4
4.0
11.5
Cash cost per pound ($/lb)
2.42
1.18
Add: Sustaining capital
—
9.1
Royalties
0.2
—
Reclamation and other closure accretion and depreciation
0.1
—
All-in sustaining cost
7.7
13.1
AISC per pound ($/lb)
2.51
3.85
1 Discontinued operations results are to April 16, 2025.
2 By-product credits are presented net of the associated treatment and refining charges.
Three months ended June 30, 2024
Continuing Operations
Candelaria
Caserones
Chapada
Consolidated
Eagle
Total -
continuing
operations1
($ millions, unless otherwise noted)
(Cu)
(Cu)
(Cu)
(Cu)
(Ni)
Sales volumes (Contained metal):
Tonnes
29,999
29,862
8,293
68,154
2,018
Pounds (000s)
66,137
65,834
18,283
150,254
4,449
Production costs
175.4
208.9
69.2
453.5
37.7
490.6
Less: Royalties and other
(4.6)
(9.3)
(3.2)
(17.1)
(4.0)
(20.5)
170.8
199.6
66.0
436.4
33.7
470.1
Deduct: By-product credits2
(35.8)
(37.3)
(31.2)
(104.3)
(19.9)
(124.2)
Add: Treatment and refining
8.9
8.9
2.8
20.6
0.6
21.3
Cash cost
143.9
171.3
37.6
352.8
14.4
367.2
Cash cost per pound ($/lb)
2.18
2.60
2.05
2.35
3.23
Add: Sustaining capital
60.5
35.3
25.2
4.0
Royalties
3.6
9.3
1.6
3.9
Reclamation and other closure accretion and depreciation
1.9
1.1
2.7
1.6
Leases & other
3.0
18.6
0.8
1.5
All-in sustaining cost
212.9
235.6
67.9
25.4
AISC per pound ($/lb)
3.22
3.58
3.72
5.71
1 Includes immaterial amounts related to other segments.
2 By-product credits are presented net of the associated treatment and refining charges.
Three months ended June 30, 2024
Discontinued Operations
Neves-Corvo
Zinkgruvan
Total -
discontinued
operations
($ millions, unless otherwise noted)
(Cu)
(Zn)
Sales volumes (Contained metal):
Tonnes
7,898
18,510
Pounds (000s)
17,412
40,808
Production costs
83.1
32.7
115.9
Less: Royalties and other
(1.8)
—
(1.8)
81.3
32.7
114.1
Deduct: By-product credits1
(58.1)
(27.8)
(85.9)
Add: Treatment and refining charges
6.5
10.8
17.3
Cash cost
29.7
15.7
45.5
Cash cost per pound ($/lb)
1.70
0.39
Add: Sustaining capital expenditure
27.9
13.3
Royalties
1.2
—
Reclamation and other closure accretion and depreciation
1.3
1.0
Leases and other
0.2
0.1
All-in sustaining cost
60.3
30.1
AISC per pound ($/lb)
3.46
0.74
1 By-product credits are presented net of the associated treatment and refining charges.
Six months ended June 30, 2025
Continuing Operations
Candelaria
Caserones
Chapada
Consolidated
Eagle
Total -
continuing
operations1
($ millions, unless otherwise noted)
(Cu)
(Cu)
(Cu)
(Cu)
(Ni)
Sales volumes (Contained metal):
Tonnes
71,577
66,257
18,630
156,464
3,974
Pounds (000s)
157,800
146,072
41,072
344,944
8,761
Production costs
358.2
448.7
138.5
945.3
77.5
1,023.5
Less: Royalties and other
(5.0)
(23.4)
(11.3)
(39.7)
(9.2)
(49.6)
353.2
425.3
127.2
905.6
68.3
973.9
Deduct: By-product credits2
(86.3)
(68.4)
(86.1)
(240.9)
(43.2)
(284.1)
Add: Treatment and refining
13.8
6.7
3.1
23.7
—
23.7
Cash cost
280.7
363.5
44.2
688.4
25.1
713.5
Cash cost per pound ($/lb)
1.78
2.49
1.08
2.00
2.86
Add: Sustaining capital
98.0
70.1
49.6
10.8
Royalties
7.5
18.4
5.6
6.3
Reclamation and other closure accretion and depreciation
4.1
2.6
3.4
2.4
Leases & other
3.1
34.6
2.1
1.8
All-in sustaining cost
393.4
489.2
104.9
46.4
AISC per pound ($/lb)
2.49
3.35
2.55
5.29
1 Includes immaterial amounts related to other segments.
2 By-product credits are presented net of the associated treatment and refining charges.
Six months ended June 30, 2025
Discontinued Operations1
Neves-Corvo
Zinkgruvan
Total -
discontinued
operations
($ millions, unless otherwise noted)
(Cu)
(Zn)
Sales volumes (Contained metal):
Tonnes
6,745
20,698
Pounds (000s)
14,870
45,631
Production costs
90.2
36.9
127.1
Less: Royalties and other
(1.3)
—
(1.3)
88.9
36.9
125.8
Deduct: By-product credits2
(67.0)
(23.3)
(90.3)
Add: Treatment and refining
5.4
7.2
12.6
Cash cost
27.4
20.8
48.1
Cash cost per pound ($/lb)
1.84
0.46
Add: Sustaining capital
27.7
30.4
Royalties
1.2
—
Reclamation and other closure accretion and depreciation
0.7
0.3
Leases & other
0.9
—
All-in sustaining cost
57.9
51.5
AISC per pound ($/lb)
3.89
1.13
1 Discontinued operations results are to April 16, 2025.
2 By-product credits are presented net of the associated treatment and refining charges.
Six months ended June 30, 2024
Continuing Operations
Candelaria
Caserones
Chapada
Consolidated
Eagle
Total -
continuing
operations1
($ millions, unless otherwise noted)
(Cu)
(Cu)
(Cu)
(Cu)
(Ni)
Sales volumes (Contained metal):
Tonnes
63,535
65,073
17,035
145,643
4,181
Pounds (000s)
140,071
143,461
37,556
321,088
9,218
Production costs
336.6
406.6
133.8
877.0
78.2
955.9
Less: Royalties and other
(7.1)
(18.1)
(6.4)
(31.5)
(6.9)
(39.2)
329.5
388.5
127.4
845.5
71.3
916.7
Deduct: By-product credits2
(70.4)
(72.1)
(58.6)
(201.1)
(38.3)
(239.4)
Add: Treatment and refining
24.2
21.4
7.5
53.1
0.6
53.7
Cash cost
283.4
337.7
76.3
697.4
33.6
731.1
Cash cost per pound ($/lb)
2.02
2.35
2.03
2.17
3.65
Add: Sustaining capital
160.1
78.1
54.4
8.1
Royalties
6.5
18.1
3.2
6.6
Reclamation and other closure
4.0
2.1
5.4
3.6
Leases & other
6.1
34.0
1.5
2.8
All-in
