Lundin Mining Corp.

Lundin Mining's fair value estimate has been raised to CA$42.54 from CA$41.45, with fresh analyst price targets clustering in the low to mid CA$40s. Scotiabank lifted its target to C$44 from C$42 while keeping an Outperform rating, and Barclays moved to C$43 from C$42 with an Equal Weight rating. Morgan Stanley adjusted its target to C$39.90 from C$38.20, maintaining Equal Weight, while TD Securities set a C$42 target, trimmed from C$43, but reiterated a Buy rating. On the bearish side, JPMorgan carries an Underweight rating with a SEK 209 target, revised from SEK 215, and a C$32 target, while Canaccord shifted to Hold from Buy with a C$39 target, adjusted from C$40. The updated fair value model uses revenue growth of 80.08% versus the earlier 70.86%, a net profit margin of 24.63% versus 24.32%, a future P/E of 26.92x versus 27.29x, and a discount rate of 7.93% versus 7.84%.

Lundin Mining Corporation reported that its issued and outstanding common shares with voting rights rose by 22,173 to 851,359,558 as of September 30, 2026, an increase from August 31, 2026 resulting from the exercise of employee stock options and the vesting of employee share units. The company said it did not purchase any shares for cancellation under its Normal Course Issuer Bid program during that period. Under its shareholder distribution policy, Lundin Mining is committed to allocating up to US$150 million in annual share buybacks through the NCIB program, and its Board of Directors has approved an increase of up to US$100 million to the share repurchase program for the remainder of 2026. So far during 2026, the company has acquired 6,098,494 common shares at an average cost of approximately C$35.70 per share. Lundin Mining is a Canadian mining company headquartered in Vancouver with three operating mines in Brazil and Chile, and its shares trade on the Toronto Stock Exchange under LUN and on Nasdaq Stockholm under LUMI.

Lundin Mining Corporation announced that its Board of Directors has declared a regular quarterly dividend of Canadian Dollars 0.0275 per share, payable on September 23, 2026, to shareholders of record at the close of business on September 4, 2026. Dividends on shares traded on the Toronto Stock Exchange will be paid in Canadian dollars on September 23, while dividends on shares traded on Nasdaq Stockholm will be paid in Swedish kronor on September 28, 2026. A temporary administrative cross-border transfer closure will be applied by Euroclear from September 2 to September 4, during which shares cannot be transferred between the two exchanges. The dividend qualifies as an eligible dividend for Canadian income tax purposes, and future dividends remain at the discretion of the Board.

Lundin Mining expects its second-quarter revenue to benefit from about $79 million on a pre-tax basis from provisional pricing adjustments on prior-period concentrate sales, primarily reflecting higher prices for previously sold copper and molybdenum. The company also anticipates realized losses of about $12 million on gold collar contracts during the quarter. Additionally, Lundin expects a non-cash gain of about $31 million from the revaluation of its gold collar contracts, driven by a decline in the gold forward curve, which will increase reported earnings but not affect adjusted EBITDA or adjusted earnings. Lundin Mining is scheduled to release its second-quarter operational and financial results on August 5.

Lundin Mining Corporation said its 2026 production guidance remains unchanged. Based on the mid-point of the production guidance and on a forecast copper price of $5.50 per pound and forecast gold price of $4,000 per ounce, revenue for 2026 is expected to be approximately $4.5 billion with adjusted EBITDA of $1.7 billion and adjusted free cash flow from operations of $1.2 billion. From 2026 to 2030, cumulative adjusted EBITDA is projected at approximately $13.2 billion and cumulative adjusted free cash flow from operations at approximately $8.1 billion. From 2031 to 2035, based on long-term commodity prices of $5.50 per pound copper and $3,700 per ounce gold, cumulative adjusted EBITDA is forecast at approximately $22.3 billion and cumulative adjusted free cash flow from operations at approximately $15.5 billion. The company's goal is to reach annual production of over 500,000 tonnes of copper and 550,000 ounces of gold.