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Lundin Mining Maintained at Buy at Stifel Canada Following Q1 Results; Price Target Kept at C$40.00

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Stifel Canada on Thursday reiterated its buy rating on the shares of Lundin Mining (LUN.TO) and its C$40.00 price target following the company's first-quarter results.

"Lundin reported Q1/26 adjusted EPS of $0.31 vs. our $0.29 (consensus $0.32) and adjusted EBITDA of $627Mln vs. our $654Mln (consensus $642Mln) on copper production of 79.9Kt (in-line vs. our 80.1Kt; consensus 77.3Kt) at lower cash cost of $1.66/lb vs. our $1.99/lb (consensus $1.98/lb) and gold production of 31.5Koz. Cash cost benefited from higher by-product credits on stronger realized gold price. FY26 guidance was reaffirmed including 310-335Kt of copper and 134-149Koz of gold at copper cash cost of $1.90-2.10/lb and capex of $995Mln, including $395Mln for Vicuna ($52Mln spent in Q1/26). At Q1/26, LUN held cash of $565Mln (+$269Mln QoQ) and net cash of $249Mln (+$172Mln QoQ). As at May 6, 2026, net cash was $51Mln after funding for the JX/Los Helados (30.9%) and Caserones (5%) acquisition that closed on April 7. The Vicuna sanctioning decision is targeted as early as YE26," analyst Ralph Profiti wrote.

(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Price: $36.80, Change: $+0.46, Percent Change: +1.27%

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