Q2 2026 Lundin Mining Corp Earnings Call Transcript
Key Points
- Strong financial performance with near-record revenue of $1.2 billion and adjusted EBITDA of $658 million in Q2 2026.
- Successful strategic acquisitions, including an additional 5% stake in Caserones and a 31% interest in Los Salados, enhancing growth potential.
- Vicuna project achieved key milestones: RIGI-PELT approval, long-term royalty agreement with San Juan, and power line approval, de-risking the project.
- On track to meet full-year production guidance despite weather disruptions, with strong first-half performance.
- Solid balance sheet with net cash position and $2.5 billion liquidity, supporting growth investments and shareholder returns.
- Caserones operations disrupted by severe winter storm, leading to a 12-day power outage and reduced production, now expected to hit lower half of guidance.
- Higher diesel prices increased costs by approximately $15 million in Q2, pushing consolidated cash cost above guidance range for the quarter.
- Molybdenum recoveries at Caserones are below expectations due to metallurgical challenges, with no improvement expected until next year.
- Candelaria cash costs rose to $2.65 per pound due to lower byproduct credits and higher stripping costs.
- Expansionary capital expenditure is tracking below guidance, with a higher spend rate required in the second half to meet full-year targets.
Ladies and gentlemen, thank you for standing by. Welcome to Lending Mining's second quarter 2026 financial results call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would like now to turn the conference over to Jack Lundin, President and Chief Executive Officer. Please go ahead.
Good morning and welcome to Lundin Mining's second quarter 2026 conference call. Thank you for joining us today. A press release and presentation summarizing the quarter's results are available on our website where a replay of this call will also be made available.
Before we begin, I would like to remind everyone that today's presentation and certain comments during the call, including our Q&A, will include forward-looking information that is subject to risks and uncertainties. I draw your attention to the cautionary statements on slide 2 and encourage you to review our MD&A and related filings available on SEDAR for a full description of the relevant risk factors. As
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