Lundin Mining Corp. (LUN.TO): 2026 CMD: Sustaining Operational Consistency to Underpin Growth Execution

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Lundin Mining Corp. (LUN.TO): 2026 CMD: Sustaining Operational Consistency to Underpin Growth Execution

Equity Research

18 June 2026 | 4:16PM BST

Lundin Mining Corp. (LUN.TO): 2026 CMD: Sustaining Operational

Consistency to Underpin Growth Execution; Buy

n LUN provided an update to its medium-term strategy, focused on building on Matt Greene

+44(20)7051-0489 |

continued operational delivery across the existing asset base and ongoing matt.greene@gs.com

Goldman Sachs International

growth options, with low cost brownfield growth (Caserones leach, Sauva), a

Riccardo D’Agata

progress update at Vicuna (RIGI PEELP approved) and early development options +44(20)7051-0958 | riccardo.dagata@gs.com

for Los Helados. The CMD was largely as we had expected. Goldman Sachs International

n Production guidance for 2026 is unchanged at 310-335kt Cu (GSe at 331kt) and

134-149koz Au (GSe at 141koz). Chapada cost guidance was lowered by

US$0.25/lb; however, group unit cost guidance remains unchanged at

US$1.90-2.10/lb (GSe at US$1.93/lb). Capex guidance increased modestly by

US$35mn to US$1.03bn on expansionary capex at Chapada (additional ball mill).

n Operational consistency has been a key area of focus for LUN, with the Full

Potential program delivering 5-10% cost reductions across the asset base so far.

Looking ahead, LUN is progressing to Full Potential 2.0, which will focus on

sustaining its efforts to date, with further efficiencies driven by digitalisation,

enhanced data analytics and AI implementation.

Medium-term production growth (2026-2030)

Sauva (Chapada): In line with our expectations, this project has been accelerated,

with first ore brought forward to Q1’29 (from 2030 at the prior CMD). The

US$110mn (~US$7.5k/t Cu capex intensity) project is split into two components:

1.