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Lundin Mining USD

At a glance: strengths & risks
✓Revenue growing (+10% y/y, Q3 2026)✓Profit growing (+41% y/y, Q3 2026)✓Net cash balance sheet✓Cheaper than own history (EV/EBITDA 7.0 vs avg 8.8)

Sector: Copper mining

Geography: Chile, Brazil, Argentina, Sweden

COMM_LUN

Price chart

28.88 CADDay -1.97%

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
28.88 CAD · -1.97%
Market cap
17.7 bn USD

Growth

Δ revenue y/y
10.1%
Δ EBITDA y/y
12.8%

Multiples

P/E (LTM)
11.3x
3y avg: 20.8x
P/B (FY)
2.7x
P/E (ann.)
19.3x
EV/EBITDA (LTM)
7.0x
3y avg: 8.8x
EV/EBITDA (ann.)
7.5x

Cash return

Dividend yield
0.4%
FCF yield (LTM)
7.7%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-1.7%
↓ details

Liquidity

Daily turnover (listing)
65.7 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
2026-09-30Q3 2026 (3M)PARTIAL1109.2
y/y 10.1%
446.2
y/y 28.3%
136.6
y/y -19.1%
582.8
y/y 12.8%
228.9
y/y 40.5%
531.6-221.610924.2
y/y 8.9%
7177.4
y/y 2.1%
12.9%-237.0Link
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%
458.8-196.710834.4
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%
491.9-182.610977.5
y/y -3.5%
6851.5
y/y 29.8%
16.7%-213.5Yahoo 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 —
560.9-187.310820.6
y/y 4.0%
6619.8
y/y 49.7%
18.8%-59.1Yahoo Finance
2025-09-30Q3 2025 (3M)OK1007.0
y/y 15.3%
347.7
y/y 30.6%
168.8
y/y 11.7%
516.5
y/y 23.8%
162.9
y/y 61.0%
270.3-157.210031.1
y/y -3.6%
7027.0
y/y 27.4%
10.2%337.3Link
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 —
334.6-151.29871.2
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 —
177.0-171.611379.1
y/y —
5278.0
y/y —
10.3%1518.5Yahoo Finance
2024-12-31FY 2024 (12M)OK—
y/y 19.2%
—
y/y 73.4%
—
y/y 15.3%
—
y/y 43.5%
—
y/y -184.2%
——10406.8
y/y -4.2%
4422.2
y/y -10.9%
-4.1%1399.5Yahoo Finance
2024-09-30Q3 2024 (3M)PARTIAL873.1
y/y —
266.2
y/y —
151.1
y/y —
417.3
y/y —
101.2
y/y —
139.3-163.610406.7
y/y —
5515.8
y/y —
7.7%1710.5Link
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 —
1016.6-857.110861.2
y/y —
4961.3
y/y —
—1217.0Yahoo Finance

Net debt structure (leases included, IFRS 16) 2026-09-30

Short-term debt (incl. ST leases)107
− Cash & equivalents344
Net debt-237

Net debt / LTM EBITDA: -0.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0002023 FY2024 q32025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

0%20%40%60%80%2023 FY2024 q32025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

Cash flow (OCF + ICF; OCF − capex when ICF is unavailable) ($ mln)

-1 000-50005001 0001 5002023 FY2024 q32025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Net debt / cash ($ mln)

-50005001 0001 5002 0002023 FY2024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 2.05x of reported net profit; after capex, 0.51x. Loss years (2024) are left out of the ratio.
year2022202320242025
cash flow / profit2.05x4.21x—1.05x
accruals, % of assets-5.5%-7.1%-16.6%-0.5%
Last twelve months (to 2026-09-30): 1.30x of profit came back as operating cash flow.
net debt / EBITDA -0.0x · capex 1.4x of depreciation · dividends 68% of free cash flow
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

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		Molybdenum production
kt		Silver production
Moz
Q3 2026-0962.61
−28.3%		0.04
−2.6%		3.09
+65.2%		4.75
+73.4%		——
Q2 2026-0676.88
−5.4%		0.03
−13.2%		2.11
+9.9%		3.48
+37.5%		0.38
−0.5%		—
H1 2026-06219.42
−13.1%		0.10
−5.6%		1.88
−6.0%		3.22
+29.3%		1.10
−29.5%		1.14
−59.9%
Q1 2026-0380
−4.6%		0.03
+0.0%		2.15
−14.7%		2.98
−11.3%		0.59
−2.2%		—
Q4 2025-1285.08
−16.2%		0.03
−26.1%		1.88
−25.1%		2.74
−23.5%		0.53
−42.3%		—
FY 2025-12——2.173.032.082.06
Q3 2025-0987.35
−13.9%		0.04
−19.1%		1.87
−36.8%		2.74
−30.6%		0.57
−37.1%		0.56
−68.7%
Q2 2025-0681.30
−18.6%		0.04
−19.1%		1.92
−26.2%		2.53
−32.0%		0.38
−46.8%		0.73
−55.2%
H1 2025-06252.520.112
−20.3%		2.49
−28.4%		1.562.85
Q1 2025-0383.87
−4.7%		0.03
−3.0%		2.52
+17.8%		3.36
−11.3%		0.60
−30.3%		1.55
−5.6%
Q4 2024-12101.490.052.513.580.911.80
Q3 2024-09101.490.052.963.950.911.80
Q2 2024-0699.860.052.603.720.711.63
H1 2024-06——2.513.48——
Q1 2024-0388.010.032.143.790.861.65

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-q3.pdf?v=102302; https://lundinmining.com/_resources/financials/2025-q3.pdf?v=103002; https://lundinmining.com/_resources/financials/2025-q3.pdf?v=103006; https://lundinmining.com/_resources/financials/2025-q3.pdf?v=110106; https://lundinmining.com/_resources/financials/2025-q3.pdf?v=110306; https://lundinmining.com/_resources/financials/2025-q3.pdf?v=110406

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Proved reserves
6 347 kt
2025
Reserve life (R/P)
19.7 yrs
reserves ÷ annual output
Annual production
322.33 kt
2025

Production, kt

369.072024322.332025

Proved reserves

YearReserves, kt
20256 347
202410 872

Production

YearProduction, ktper day, kt
2025322.33
−12.7%		0.88
2024369.071.01

Company reports: https://lundinmining.com/_resources/financials/2025-q3.pdf?v=102302; https://lundinmining.com/_resources/financials/2025-q3.pdf?v=103002; https://lundinmining.com/_resources/financials/2025-q3.pdf?v=103006; https://lundinmining.com/_resources/financials/2025-q3.pdf?v=110106; https://lundinmining.com/_resources/financials/2025-q3.pdf?v=110306; https://lundinmining.com/_resources/financials/2025-q3.pdf?v=110406

Key-commodity price — Copper

Current 13 530spot vs LTM +1%

Commodity-player potential

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

Upside: -1.7% ▲ +0.0 pp 1d

Main driver: Copper +3% vs LTM; revenue ×1.01 vs costs ×1.06; EBITDA 2 448→2 084; at 8.2× EV/EBITDA → -2%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Copper (rev)+80%13 529.6013 146.2711 429.37+3%-13%
Gold (rev)+12%3 874.444 446.213 433.36-13%-23%
US Diesel Index (cost) (input cost) (cost)-10%6.134.654.27+32%-8%
Electricity Spot (input cost) (cost)-5%78.8388.1464.95-11%-26%
Molybdenum (rev)+3%36.4030.5426.66+19%-13%
Nickel (rev)+3%15 903.0016 860.2317 042.32-6%+1%

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

1 · Reported baseline (LTM)
LTM revenue4 626
LTM EBITDA2 448
LTM cash costs (revenue − EBITDA)2 178
2 · Revenue projection
Revenue multiplier — spot×1.012 (+1%)
= Spot revenue4 681
Revenue multiplier — 3y price×0.865 (-14%)
= 3-year-price revenue4 000
3 · Costs projection
Cost multiplier — spot×1.060 (+6%)
= Spot cash costs2 309
Cost multiplier — 3y price×1.013 (+1%)
= 3-year-price cash costs2 205
4 · EBITDA projection (revenue − costs)
= Spot EBITDA2 372
= 3-year-price EBITDA1 795
Conservative EBITDA = min(spot, avg)2 084
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)8.2x
Target EV = EV/EBITDA × conservative EBITDA16 992
Net debt-237
Target market cap = EV − net debt17 387
Current market cap17 683

Upside = target market cap ÷ current − 1 = -1.7%

Life of mine: 20 yrs

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
2025 Q41 1451 074+6.7%564565-0.2%
2026 Q11 1591 196-3.1%616640-3.8%
2026 Q21 2131 243-2.4%677682-0.7%
2026 Q31 1091 302-14.8%591727-18.7%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +24% vs +19% the year before — a +4.8 pp move. 3-year CAGR +10%.
revenue growth by year: 2023 -10% · 2024 +19% · 2025 +24%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 7.0x · target 75th pct (3y) 19.1x · LTM avg 10.1x

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

Peer comparison

Group: Copper mining. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Atalaya Miningglobal1.75.0x5.0x
KGHM Polska Miedzglobal14.15.4x5.4x
Sandfire ResourcesAustralia6.47.1x5.7x
Amerigo Resourcesglobal0.96.1x6.1x
Ero Copperglobal3.06.3x6.3x
Antofagastaglobal41.67.2x7.2x
Hudbay Mineralsglobal8.57.3x7.3x
Taseko Minesglobal2.57.7x7.7x
Freeport-McMoRanglobal85.011.1x11.1x
First Quantum Mineralsglobal19.311.6x11.6x
Southern Copperglobal139.912.8x12.8x
Group median7.2x7.2x
Group average8.0x7.8x
This companyglobal17.77.0x7.0x

Group median 7.2x as traded, 7.2x adjusted; this company 7.0x — a 3% discount.

Group average 8.0x as traded, 7.8x adjusted; against the average this company is at a 10% discount.

At the adjusted group median the market cap would be +3% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 18.7x, Russia 4.0x, South Africa 5.7x, Kazakhstan 6.1x, India 19.3x, Indonesia 5.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-11-15; the company's own is live.

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 11.3x (price to trailing 12-month earnings).
What is Lundin Mining's EV/EBITDA?
Lundin Mining trades at 7.0x EV/EBITDA.
What is Lundin Mining's P/B ratio?
Lundin Mining trades at a P/B of 2.7x.
What is Lundin Mining's dividend yield?
Lundin Mining's trailing 12-month dividend yield is 0.4%.
What is Lundin Mining's return on equity (ROE)?
Lundin Mining's ROE is 12.9%.
What is Lundin Mining's market capitalization?
Lundin Mining's market cap is 17.7 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