VANCOUVER, BC, Jan. 21, 2026 /CNW/ – (TSX:LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining” or the “Company”) is pleased to announce production results for the year ended December 31, 2025. The Company achieved guidance on all metals for the year on a consolidated basis. This represents the third consecutive year that Lundin Mining has achieved consolidated production guidance, reinforcing the Company’s commitment to operational and financial consistency.
In addition, the Company is pleased to release production guidance for the three-year period from 2026 through 2028, as well as cash cost, capital and exploration expenditure guidance for 2026. Unless otherwise stated, all numbers are in US dollars.
Jack Lundin, President and CEO, commented “I am proud to report that Lundin Mining has delivered production in line with guidance for the third consecutive year, reflecting the accuracy of our planning cycle and our disciplined focus on operational consistency. In the fourth quarter, we produced over 87,000 tonnes of copper and over 34,000 ounces of gold, capping a strong year across our three Latin American operations. Notably, Caserones produced over 15,000 tonnes of copper in December 2025, marking the best monthly performance since Lundin Mining took ownership of the operation.
“Looking ahead, our three-year production and one year cost outlook remains firmly on track with previously disclosed forecasts. Mine sequencing optimizations are expected to increase copper production by 20,000 tonnes in 2027, while the midpoint of 2026 has been adjusted by 5,000 tonnes, resulting in a net increase of approximately 15,000 tonnes over the two-year period. Operationally, we remain focused on delivering consistent performance through disciplined planning, which we believe will translate into stronger financial returns in a robust commodity price environment.
“Brownfield growth initiatives across our operations continue to progress, and the advancement of the Vicuña project remains on track. With the RIGI PEELP application submitted in December, the integrated technical report results forthcoming this quarter, and continued progress on upsizing our credit facility, 2026 is shaping up to be a pivotal year as Vicuña moves into an exciting new phase of development.”
Highlights for 2025 Production and 2026 – 2028 Guidance
2025 Production Results
The Company beat original1 copper production guidance and was within the revised copper, gold and nickel production guidance for the year.
- 2025 full year production results (100% basis):
- Copper production of 331,232 tonnes (t);
- Gold production of 141,859 ounces (oz);
- Nickel production at Eagle of 9,907 t;
- During Q4 2025, Caserones achieved its highest quarterly consolidated copper production since the Company has owned the mine, producing 39,612 tonnes, driven by higher copper head grades and cathode production.
Guidance
- Updated three-year production guidance remains in line with previous 2026 and 2027 guidance2. The company forecasts 2026 consolidated copper production of 310,000 to 335,000 tonnes and gold production of 134,000 to 149,000 ounces at a cash cost guidance3 of $1.90/lb to $2.10/lb.
- Forecasted consolidated copper production of 315,000 to 340,000 tonnes in 2027 and 290,000 to 315,000 tonnes in 2028.
- Sustaining capital expenditures4 of $550 million and expansionary capital expenditures4 of $445 million in 2026.
- Exploration expenditures are forecast to be $53 million primarily for in-mine and near-mine targets in 2026.
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1 Guidance as announced by news release “Lundin Mining Announces Record Production Results for 2024 & Provides 2025 Guidance” dated January 16, 2025. |
Summary of 2025 Production
The Company exceeded its original2 full year consolidated copper production guidance and was within the increased5 full year production guidance for 2025. Strong operational performance, particularly at Caserones drove production growth for the year.
Candelaria produced 145,471 tonnes of copper for the full year, benefiting from higher mill throughput due to softer ore.
Since Lundin Mining has owned the mine, Caserones achieved its highest quarterly copper production of 39,612 tonnes in the fourth quarter of 2025, supported by higher head grades and strong cathode production. For the full year, Caserones produced 132,881 tonnes surpassing original guidance.
Full year copper production at Chapada was 43,974 tonnes, which benefited from consistent grades and strong throughput during the year.
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Q4 2025 Production |
FY 2025 Production |
2025 Original Guidance2 |
2025 Revised Guidance5 |
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Copper (t) |
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|
Candelaria (100% basis) |
34,272 |
145,471 |
140,000 |
– |
150,000 |
143,000 |
– |
149,000 |
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|
Caserones (100% basis) |
39,612 |
132,881 |
115,000 |
– |
125,000 |
127,000 |
– |
133,000 |
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|
Chapada |
11,191 |
43,974 |
40,000 |
– |
45,000 |
40,000 |
– |
45,000 |
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|
Eagle |
1,957 |
8,906 |
8,000 |
– |
10,000 |
9,000 |
– |
10,000 |
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|
Total Copper |
87,032 |
331,232 |
303,000 |
– |
330,000 |
319,000 |
– |
337,000 |
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Gold (oz) |
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Candelaria (100% basis)6 |
19,055 |
80,528 |
78,000 |
– |
88,000 |
78,000 |
– |
84,000 |
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Chapada |
15,074 |
61,331 |
57,000 |
– |
62,000 |
57,000 |
– |
62,000 |
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Total Gold |
34,129 |
141,859 |
135,000 |
– |
150,000 |
135,000 |
– |
146,000 |
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Nickel (t) |
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|
Eagle |
2,174 |
9,907 |
8,000 |
– |
11,000 |
9,000 |
– |
11,000 |
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Total Nickel |
2,174 |
9,907 |
8,000 |
– |
11,000 |
9,000 |
– |
11,000 |
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2 |
Guidance as announced by news release “Lundin Mining Announces Record Production Results for 2024 & Provides 2025 Guidance” dated January 16, 2025. |
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3 |
This is a non-GAAP measure. For equivalent historical non-GAAP financial measure comparatives see the Historical Non-GAAP Measure Comparatives section of this press release. Please also see the Management’s Discussion and Analysis for the year ended December 31, 2024 and nine months ended September 30, 2025. |
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4 |
Sustaining capital expenditure is a supplementary financial measure and expansionary capital expenditure is a non-GAAP measure – see the Company’s Management’s Discussion and Analysis for the three and nine months ended September 30, 2025 and the Historical Non-GAAP Measure Comparatives at the end of this news release. |
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5 |
Guidance as most recently disclosed in the Company’s Management Discussion and Analysis for the three and nine months ended September 30, 2025. |
Three-Year Production Guidance 2026 – 2028
Copper production is forecast to remain stable at approximately 310,000 to 335,000 tonnes annually in 2026, consistent with 2025 production, after accounting for the sale of the Eagle Mine to Talon Metals Corp. (see press release dated January 9, 2026 entitled “Lundin Mining Completes the Sale of the Eagle Mine and Humboldt Mill to Talon Metals”).
Mine plan updates at the Company’s Candelaria operation result in modifications to the previous 2026 guidance. At Candelaria, 2026 copper and gold production guidance reflects lower underground mining rates in the first half of the year as the Company insources the underground mining contract.
The outlook for consolidated copper production in 2027 increases compared to the previous 2027 guidance from higher forecast production at Candelaria, Caserones and Chapada resulting in an increase to the cumulative consolidated copper production over 2026 and 2027 by 15,000 tonnes when compared to the previous guidance during the same period and based on the midpoint of the guidance ranges, after accounting for the sale of the Eagle Mine.
Gold guidance for 2026 is forecast to be 134,000 to 149,000 ounces which reflects lower underground mining rates at Candelaria as mentioned previously. In 2027, gold production is expected to increase by approximately 10,000 ounces year-on-year, driven by higher production at Chapada, resulting in the cumulative consolidated gold production over 2026 and 2027 to remain essentially flat when compared to the previous guidance and based on the midpoint of the guidance ranges.
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Production Guidance |
2026 |
2027 |
2028 |
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Copper (t) |
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|
Candelaria (100% basis) |
135,000 |
– |
145,000 |
157,000 |
– |
167,000 |
135,000 |
– |
145,000 |
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Caserones (100% basis) |
130,000 |
– |
140,000 |
115,000 |
– |
125,000 |
115,000 |
– |
125,000 |
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Chapada |
45,000 |
– |
50,000 |
43,000 |
– |
48,000 |
40,000 |
– |
45,000 |
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Total Copper |
310,000 |
– |
335,000 |
315,000 |
– |
340,000 |
290,000 |
– |
315,000 |
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Gold (oz) |
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