Lundin Mining (TSX: LUN) reported Q3 2025 revenue of $1.00 billion, up 15% year over year from $873.1 million. Management cited higher realized copper and gold prices and lower treatment charges, partly offset by lower sales volumes at Candelaria and higher depreciation.
Consolidated realized prices were $4.61 per pound for copper and $3,889 per ounce for gold. Copper sales volumes were 169.6 million pounds, down 4% from 176.0 million pounds in Q3 2024. The company said the increase in gross profit and lower interest expense from reduced net debt drove the earnings improvement.
Gross profit rose 31% to $347.7 million and net earnings from continuing operations increased 67% to $184.6 million from $110.7 million.
Attributable net earnings to shareholders were $143.3 million, up 71% from $84.0 million, or $0.17 per share versus $0.11 per share on continuing operations.
Adjusted earnings from continuing operations were $152.3 million, up 166% from $57.2 million, with adjusted EPS at $0.18 versus $0.07. Adjusted EBITDA was $489.7 million, up 27% from $385.3 million.
Cash provided by operating activities from continuing operations rose to $270.3 million from $81.4 million, up 232%, helped by a smaller working-capital build. Free cash flow from continuing operations improved to $110.1 million from a negative $77.8 million, while free cash flow from operations reached $168.9 million versus a negative $17.6 million. Sustaining capex was $109.1 million, essentially flat year over year, and expansionary capex was $51.1 million, little changed from $49.9 million.
Cash ended the quarter at $290.3 million versus $295.5 million a year ago. As of November 5, cash was about $225 million and net debt excluding leases was about $100 million.
Copper output from continuing operations was 87,353 tonnes versus 91,772 tonnes in Q3 2024, down 5%. Gold was 37,763 ounces versus 46,712 ounces, down 19%. Nickel increased to 2,724 tonnes from 893 tonnes, up 205%, and molybdenum was 574 tonnes versus 693 tonnes.
Consolidated copper cash cost fell to $1.61 per pound from $1.91 per pound, a decrease of $0.30 per pound or 16%, marking the company’s lowest quarterly cost this year. AISC per pound improved at Caserones to $2.74 from $3.95 and at Chapada to $1.58 from $2.34, while Candelaria’s AISC rose to $2.55 from $2.23. Eagle’s nickel AISC dropped to $4.96 per pound from $20.02.
The consolidated copper production guidance range moves to 319,000 to 337,000 tonnes from 303,000 to 330,000 tonnes, lifting the midpoint by roughly 11,500 tonnes on stronger cathode production at Caserones. Full-year consolidated copper cash cost guidance drops to $1.85 to $2.00 per pound from $1.95 to $2.15, with reductions at Caserones, Chapada and Eagle.
Capital expenditure guidance for 2025 falls to $750 million from $795 million, with sustaining capex reduced to $510 million from $530 million and Candelaria expansionary capex cut to $25 million from $50 million. Exploration guidance remains $40 million.
The company declared a quarterly dividend of $0.0275 per share.
Lundin Mining last traded at $22.69 on the TSX.
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