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