TSX-listed Lundin Mining achieved its fourth consecutive quarter of revenue exceeding $1-billion in the third quarter ended September 30, president and CEO Jack Lundin says.

Record realised copper prices drove another quarter of revenue above $1.1-billion, with $418-million of free cash flow from operations, putting the company in a net cash position of $237-million at quarter-end.

Copper production was 62 610 t at a consolidated cash cost of $2.01/lb, while gold production was 36 763 oz.

“Supported by record realised copper prices in the year to date, our adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) of $1.9-billion and free cash flow from operations of $1.2-billion have both already surpassed their full-year 2025 totals, positioning the company for what we expect to be another record beating financial year,” Lundin avers.

The Candelaria copper mining complex, in Chile, and the Chapada cooper/gold mine, in Brazil, delivered solid operational performance during the quarter, with the former’s copper production increasing by 13% from the second quarter and the latter achieving its highest quarterly copper and gold production of this year.

At the Caserones copper/molybdenum mine, in Chile, severe winter weather and the ongoing impacts of the Super El Niño season have continued to constrain openpit mining activities, requiring the company to further revise its full-year copper production guidance from the previously targeted 120 000 t to 130 000 t, to 105 000 t to 115 000 t.

“Importantly, these are deferred tonnes rather than lost production, and we expect to see a recovery in operational performance through 2027,” Lundin points out.

Lundin has also continued to advance its organic growth strategy.

At Chapada, earthworks and concrete pouring have started on the additional ball mill, with construction about 15% complete, and the company remaining on schedule for commissioning in late 2027.

At the Vicuña copper/gold district on the border of Chile and Argentina, Lundin secured a long-term provincial agreement with the province of San Juan and received approval to build the high-voltage powerline connecting the project to the national grid.

The Vicuña project comprises the Filo del Sol and Josemaria deposits and is held by Vicuña, a 50:50 joint arrangement between Lundin Mining and BHP.

“These are important milestones as we continue to advance the project toward a sanction decision before year-end,” Lundin avers.

“Despite the operational challenges encountered at Caserones, Lundin remains well positioned, with a strong balance sheet and an exceptional pipeline of organic growth opportunities. We remain focused on executing our strategy and achieving our ambition of becoming a top ten global copper producer,” he adds.

Following a series of severe winter storms during the quarter, full-year copper production guidance at Caserones was revised on August 18 to 120 000 t to 130 000 t, from 130 000 t to 140 000 t, and yearly cash cost per pound sold guidance was revised to $2.15/lb to $2.35/lb, from $2.05/lb to $2.25/lb.

The impact of the storms has continued into the fourth quarter, as snowmelt has reduced haulage rates and limited the volume of ore delivered to the mill.

As a result, Caserones’s full-year copper production guidance has been further revised to 105 000 t to 115 000 t, from 120 000 t to 130 000 t.

The consolidated copper production guidance for the company is now 285 000 t to 310 000 t, with cash cost guidance of $1.95/lb to $2.15/lb of copper for the year to end December 31.