EarningsQ2 2026 Earnings Report
MX:LUNN Q2 2026 EPS Results
Actual EPS$5.45
Consensus EPS$6.25
Beat/MissMissed by -$0.80
One Year Ago EPS$2.18
MX:LUNN Q2 2026 Revenue Results
Actual Revenue$20.20B
Expected Revenue$21.68B
Beat/MissMissed by -$1.49B
YoY Revenue Growth+25.89%
Earnings Announcement Details
QuarterQ2 2026
Date08/05/2026
TimeAfter Close
Conference CallWednesday, August 5, 2026
MX:LUNN Upcoming Earnings
Lundin Mining's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:LUNN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented strong financial and operational results driven by very favorable copper prices, disciplined cost management and meaningful strategic progress (M&A, Vicuna regulatory approvals, Chapada sanctioning). These positives are tempered by significant short-term operational challenges from an extreme weather event at Caserones, diesel-driven cost headwinds, and an isolated metallurgical issue affecting moly recoveries. Management retains guidance and shows funding flexibility, but near-term execution and capital intensity remain areas to monitor.Company Guidance
Strong Quarterly and Year-to-Date Financial Performance
Revenue of ~$1.2B in Q2 2026; adjusted EBITDA of $658M for the quarter; adjusted operating cash flow of $495M in Q2; free cash flow from operations of $360M in the quarter. Year-to-date adjusted EBITDA ~$1.3B and adjusted operating cash flow ~$945M, tracking ahead of prior full-year guidance.
Robust Realized Copper Prices
Record realized copper price of $6.51/lb in the quarter vs $4.40/lb in the same quarter last year (approx. +48% YoY uplift), providing strong revenue leverage (copper ~88% of revenue).
Consistent Operational Production and On-Track Guidance
Consolidated copper production of ~76.9 kt in Q2 and ~107 kt YTD; Q2 gold production 33 koz (65 koz YTD). Company remains on track to meet 2026 guidance of 310-335 kt copper and 134-149 koz gold, noting portfolio is second-half weighted.
Strategic M&A and Shareholder Returns
Completed acquisition of an additional 5% interest in Caserones (bringing ownership to 75%) and a 31% interest in Los Helados (consideration ~$215M). Repurchased ~2.2M shares in the quarter (YTD ~6.1M) and returned ~$90M to shareholders in Q2 (dividends + buybacks).
Vicuna Project Milestones and Progress
Vicuna received RIGI approval (first copper project in Argentina to receive designation), secured a provincial long-term royalty/infrastructure trust framework (3% mining royalty and 1.5% gross revenue infrastructure trust), approval to build high-voltage power line, and is advancing a Stage 1 bottom-up estimate with potential sanction before year-end. An upfront provincial infrastructure contribution of $250M is expected to close in Q4 2026.
Chapada Expansion Sanctioned
Construction of an additional ball mill at Chapada (Saúva growth project) approved at Capital Markets Day; construction expected to commence by year-end with commissioning targeted for late 2027.
Disciplined Cost and Capital Management
Consolidated cash cost of $2.11/lb in Q2 (year-to-date $1.88/lb, below the low end of full-year guidance). Sustaining capex in Q2 was $111M; expansionary capex $83M (YTD expansionary $137M), with the majority of expansionary spend directed to Vicuna ($74M in Q2). Net cash position reported at $79M and available liquidity of $2.5B (facility to increase to $4.5B upon Vicuna Stage 1 sanction).
MX:LUNN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed