Guidance & Outlook

This page contains non-GAAP measures and forward-looking information about expected future events and financial and operating performance of the Company. All dollar amounts are expressed in U.S. dollars, unless otherwise noted.

Production Outlook1

2026 Cash Cost Guidance2,3,4

Lundin's consolidated  C1 cash cost is forecast to be $1.90 - $2.10/lb of copper, after by-product credits.

  • Candelaria’s cash cost is forecast to be $2.05/lb - $2.25/lb of copper, after by-product credits. 
  • Caserones cash cost is forecast to be $2.05/lb – $2.25/lb of copper, after by-product credits.
  • Chapada's cash cost is forecast to be $1.00/lb – $1.20/lb of copper in 2025, after unencumbered gold by-product credits. 

Cash Cost

2026

 

Copper

 
 

Candelaria

$2.05/lb

-

$2.25/lb

 
 

Caserones

$2.05lb

-

$2.25/lb

 
 

Chapada

$1.00/lb

-

$1.20/lb

 
  Lundin Consolidated C1 Cash Cost  $1.90/lb - $2.10/lb  
           

2026 Capital Expenditure Guidance2

Capital Expenditures ($ millions)                              

2026

Sustaining Capital

 
 

Candelaria (100% basis)

$215

 

Caserones (100% basis)

$235

 

Chapada

$100

 

Total Sustaining Capital

$550

     

Expansionary Capital

$50

Vicuña (50% basis)

$395

     

Total Capital Expenditures

$995

2026 Exploration Expenditure Guidance

Exploration expenditures are planned to be $53 million in 2026, primarily for resource expansion at in-mine and near-mine targets at our operations. The largest portion of the planned expenditure will be at Caserones where drilling (39,800 m) and geophysical programs are planned. The drill program at Caserones will primarily focus on defining the size of the Angelica deposit, both in terms of leachable copper resources and the underlying copper/molybdenum sulphide mineralization, with a planned 26,900 m of drilling. Additional drilling at Caserones will be directed towards growing the size of the Caserones deposit laterally and testing at least two new district exploration targets (Centauro and Cordillera).  Significant drilling programs are also planned at Candelaria (16,000 m), and Chapada (13,700 m) with the goal of growing resources.  At Candelaria drilling is designed to continue expanding the underground resources, while also growing the shallow La Española deposit and neighboring La Portuguesa target area. At Chapada additional drilling at Saúva will continue to further define higher grade resources that will be incorporated into an updated resource estimate later this year.


1. Production guidance is based on certain estimates and assumptions, including but not limited to: Mineral Resources and Mineral Reserves, geological formations, grade and continuity of deposits and metallurgical characteristics.

2. Cash costs and expansionary capital expenditures are a non-GAAP measure. Please also see the Management’s Discussion and Analysis for the three and nine months ended September 30, 2025, for discussion of non-GAAP measures and other performance measures. 2026 cash costs and capital expenditures are based on various assumptions and estimates, including, but not limited to: production volumes, commodity prices (2026 - Mo: $20.00/lb, Au: $4,000/oz, Ag: $80.00/oz) foreign currency exchange rates (CLP/USD:900, USD/BRL:5.50).

3. 68% of Candelaria’s total gold and silver production are subject to a streaming agreement and as such cash costs are calculated based on receipt of $437/oz and $4.36/oz, respectively, on gold and silver sales in the year. No consideration has been made for the upfront payment recieved in the calculation of cash costs.

4. Chapada cash costs are calculated on a by-product basis and do not include the effects of copper stream agreements. Effects of copper stream agreements are reflected in copper revenue and will impact realized revenue per pound.