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Lundin Mining USD

At a glance: strengths & risks
✓Revenue growing (+38% y/y, Q2 2026)✓Profit growing (+28% y/y, Q2 2026)✓Margins improving (44%→56%, Q2 2026)✓Net cash balance sheet

Sector: Copper mining

COMM_LUN

Price chart

33.93 CADDay -1.51%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
33.93 CAD · -1.51%
Market cap
20.4 bn USD

Growth

Δ revenue y/y
38.1%
Δ EBITDA y/y
77.2%

Multiples

P/E (LTM)
15.1x
3y avg: 20.4x
P/B (FY)
3.1x
P/E (ann.)
17.4x
EV/EBITDA (LTM)
9.1x
3y avg: 8.6x
EV/EBITDA (ann.)
7.5x

Cash return

Dividend yield
0.3%
FCF yield (LTM)
6.8%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+19.2%
↓ details

Liquidity

Daily turnover (listing)
118.4 mln CAD

Shares: connector/market_inputs

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK1212.7
y/y 38.1%
534.8
y/y 138.4%
134.5
y/y -12.3%
669.3
y/y 77.2%
292.8
y/y 28.1%
458.8-241.010834.4
y/y 9.8%
7018.6
y/y 21.9%
16.9%≈ -394.3Yahoo Finance
2026-03-31Q1 2026 (3M)OK1158.8
y/y 26.0%
503.8
y/y 84.3%
134.3
y/y 0.6%
638.1
y/y 56.9%
281.4
y/y 126.4%
491.9-179.910977.5
y/y -3.5%
6851.5
y/y 29.8%
16.7%-394.3Yahoo Finance
2025-12-31Q4 2025 (3M)OK1145.1
y/y —
445.0
y/y —
152.7
y/y —
597.7
y/y —
767.3
y/y —
560.9-204.510820.6
y/y 4.0%
6619.8
y/y 49.7%
20.7%-59.1Yahoo Finance
2025-06-30Q2 2025 (3M)OK878.2
y/y —
224.3
y/y —
153.4
y/y —
377.7
y/y —
228.5
y/y —
334.6—9871.2
y/y —
5756.0
y/y —
16.6%130.6Yahoo Finance
2025-03-31Q1 2025 (3M)OK919.6
y/y —
273.3
y/y —
133.5
y/y —
406.8
y/y —
124.3
y/y —
177.0-149.311379.1
y/y —
5278.0
y/y —
10.3%1518.5Yahoo Finance
2024-12-31FY 2024 (12M)OK3270.1
y/y 19.2%
816.7
y/y 73.4%
574.2
y/y 15.3%
1390.9
y/y 43.5%
-203.5
y/y -184.2%
1518.9-1006.910406.8
y/y -4.2%
4422.2
y/y -10.9%
-4.3%1399.5Yahoo Finance
2023-12-31FY 2023 (12M)OK2743.4
y/y —
471.1
y/y —
497.9
y/y —
968.9
y/y —
241.6
y/y —
1016.6-1674.510861.2
y/y —
4961.3
y/y —
—1217.0Yahoo Finance

Net debt structure (leases included, IFRS 16) 2026-03-31

Long-term debt (incl. LT leases)171
− Cash & equivalents565
Net debt-394

Net debt / LTM EBITDA: -0.2x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Year-over-year change

0%20%40%60%80%2023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-1 000-50005001 0001 5002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Net debt / cash ($ mln)

-50005001 0001 5002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodCopper production
kt		Gold production
Moz		C1 cash cost (copper)
$/lb		AISC (copper)
$/lb
Q2 2026-0676.880.03
−13.2%		2.11
+9.9%		3.48
+37.5%
H1 2026-06——1.88
−6.0%		3.22
+29.3%
Q1 2026-03—0.031.66—
Q4 2025-12—0.031.88—
Q3 2025-09—0.041.61—
Q2 2025-06—0.041.922.53
H1 2025-06——22.49

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://lundinmining.com/_resources/financials/2025-q4.pdf; https://lundinmining.com/_resources/financials/2026-q2.pdf; https://lundinmining.com/news/lundin-mining-increases-m-i-copper-mineral-resourc-123231/; https://lundinmining.mediaroom.com/2026-08-05-Lundin-Mining-Reports-Second-Quarter-2026-Results-Strong-Operational-Performance-Generated-Near-Record-Revenue-and-Free-Cash-Flow?asPDF=1; https://mb.cision.com/Public/18388/4380462/8246ae5137f15dbe.pdf

Key-commodity price — Copper

Current 14 620spot vs LTM +19%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +19.2% ▲ +1.3 pp 1d

Main driver: Copper +20% vs LTM; revenue ×1.16 vs costs ×1.11; EBITDA 2 243→2 241; at 10.8× EV/EBITDA → +19%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Copper (rev)+80%14 619.9712 225.5911 150.96+20%-9%
Gold (rev)+12%4 154.464 242.243 346.28-2%-21%
US Diesel Index (cost) (input cost) (cost)-10%6.384.214.19+51%-1%
Electricity Spot (input cost) (cost)-5%117.4077.9262.56+51%-20%
Molybdenum (rev)+3%35.9028.3926.13+26%-8%
Nickel (rev)+3%16 142.2516 464.9717 156.50-2%+4%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue4 395
LTM EBITDA2 243
LTM cash costs (revenue − EBITDA)2 152
2 · Revenue projection
Revenue multiplier — spot×1.162 (+16%)
= Spot revenue5 105
Revenue multiplier — 3y price×0.903 (-10%)
= 3-year-price revenue3 969
3 · Costs projection
Cost multiplier — spot×1.111 (+11%)
= Spot cash costs2 390
Cost multiplier — 3y price×1.024 (+2%)
= 3-year-price cash costs2 202
4 · EBITDA projection (revenue − costs)
= Spot EBITDA2 715
= 3-year-price EBITDA1 767
Conservative EBITDA = min(spot, avg)2 241
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)10.8x
Target EV = EV/EBITDA × conservative EBITDA24 270
Net debt-394
Target market cap = EV − net debt24 949
Current market cap20 932

Upside = target market cap ÷ current − 1 = +19.2%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 FY2 7433 004-8.7%1 0491 144-8.3%
2024 FY3 2703 011+8.6%1 2241 270-3.6%
2025 FY4 0533 833+5.8%1 8351 679+9.3%

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 12.2x · target 75th pct (3y) 12.5x · LTM avg 10.8x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-040.028 CADEx-dividend: 0.028 CAD per sharePaidYahoo Finance (ex-div)
2026-06-050.028 CADEx-dividend: 0.028 CAD per sharePaidYahoo Finance (ex-div)
2026-03-200.028 CADEx-dividend: 0.028 CAD per sharePaidYahoo Finance (ex-div)
2025-12-050.028 CADEx-dividend: 0.028 CAD per sharePaidYahoo Finance (ex-div)
2025-09-050.028 CADEx-dividend: 0.028 CAD per sharePaidYahoo Finance (ex-div)
2025-06-050.028 CADEx-dividend: 0.028 CAD per sharePaidYahoo Finance (ex-div)
2025-03-210.09 CADEx-dividend: 0.09 CAD per sharePaidYahoo Finance (ex-div)
2024-11-290.09 CADEx-dividend: 0.09 CAD per sharePaidYahoo Finance (ex-div)
2024-08-300.09 CADEx-dividend: 0.09 CAD per sharePaidYahoo Finance (ex-div)
2024-05-310.09 CADEx-dividend: 0.09 CAD per sharePaidYahoo Finance (ex-div)
2024-04-180.09 CADEx-dividend: 0.09 CAD per sharePaidYahoo Finance (ex-div)
2024-03-210.09 CADEx-dividend: 0.09 CAD per sharePaidYahoo Finance (ex-div)
2023-11-300.09 CADEx-dividend: 0.09 CAD per sharePaidYahoo Finance (ex-div)
2023-08-310.09 CADEx-dividend: 0.09 CAD per sharePaidYahoo Finance (ex-div)
2023-06-010.09 CADEx-dividend: 0.09 CAD per sharePaidYahoo Finance (ex-div)
2023-03-230.09 CADEx-dividend: 0.09 CAD per sharePaidYahoo Finance (ex-div)
2022-12-010.09 CADEx-dividend: 0.09 CAD per sharePaidYahoo Finance (ex-div)
2022-09-010.09 CADEx-dividend: 0.09 CAD per sharePaidYahoo Finance (ex-div)
2022-06-020.09 CADEx-dividend: 0.09 CAD per sharePaidYahoo Finance (ex-div)
2022-03-240.2 CADEx-dividend: 0.2 CAD per sharePaidYahoo Finance (ex-div)
2021-12-020.09 CADEx-dividend: 0.09 CAD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Lundin Mining — from primary filings.

Frequently asked questions

What is Lundin Mining's P/E ratio?
Lundin Mining trades at a P/E of 15.1x (price to trailing 12-month earnings).
What is Lundin Mining's EV/EBITDA?
Lundin Mining trades at 9.1x EV/EBITDA.
What is Lundin Mining's P/B ratio?
Lundin Mining trades at a P/B of 3.1x.
What is Lundin Mining's dividend yield?
Lundin Mining's trailing 12-month dividend yield is 0.3%.
What is Lundin Mining's return on equity (ROE)?
Lundin Mining's ROE is 16.9%.
What is Lundin Mining's market capitalization?
Lundin Mining's market cap is 20.4 bn USD.

See also: The Cheapest Metals & Mining Stocks (2026): Copper, Steel, Silver by Valuation · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map