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Lundin Mining’s refreshed fair value estimate edges to CA$38.90, down slightly from CA$39.14, putting it in the same general range as several C$ price targets that now sit between the mid CA$30s and mid CA$40s. This shift mirrors the split in recent analyst calls, where higher C$ targets and rating upgrades sit alongside SEK target cuts and downgrades that flag sector and macro risks. As you read on, you will see how to track these evolving targets and what they might mean for your own view on the stock.

Stay updated as the Fair Value for Lundin Mining shifts by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on Lundin Mining.

What Wall Street Has Been Saying 🐂 Bullish Takeaways

• Several Canadian brokers have lifted their C$ targets, including TD Securities moving to C$45 from C$42 and Desjardins to C$42 from C$35. This points to optimism around Lundin Mining’s ability to support higher valuations.
• CIBC has adjusted its view multiple times, most recently setting a C$39 target, while Scotiabank and Deutsche Bank have also raised C$ targets into the high C$20s to mid C$30s range. This suggests analysts see room for the shares to reflect Lundin’s project pipeline and execution.
• Canaccord’s and Stifel’s C$ target increases, along with Citi’s higher C$ target, reflect constructive views on Lundin’s exposure to copper and other metals. Analysts are focusing on how existing assets and future volumes could support the company’s long term growth profile.

🐻 Bearish Takeaways

• On the European side, JPMorgan and Morgan Stanley have cut SEK targets, with JPMorgan moving its target to SEK 190 from SEK 221 and turning Underweight. The firm cited sector wide concerns and a revised base case for copper and iron ore that weighs on valuation.
• National Bank has shifted to Sector Perform with a C$40 target, signalling that some analysts see risk and reward as more evenly balanced, particularly when factoring in macro risks flagged in recent European calls.

Do your thoughts align with the Bull or Bear Analysts? Perhaps you think there's more to the story. Head to the Simply Wall St Community to discover more perspectives!

TSX:LUN 1-Year Stock Price Chart

We've flagged 1 risk for Lundin Mining. See which could impact your investment.

What's in the News

• Lundin Mining agreed to acquire an additional 5% interest in SCM Minera Lumina Copper Chile, along with a 30.9% interest in the Los Helados Project and a 0.62% net smelter return royalty on Los Helados, from JX Advanced Metals and affiliates for total consideration of US$215 million. The transaction will be funded through its expanded revolving credit facility, with closing targeted for April 2026, subject to approvals.
• On completion of the transaction, Lundin Mining’s ownership in the Caserones copper molybdenum mine in Chile is expected to reach 75%. The company indicated that the additional interest is expected to contribute immediate free cash flow once the deal closes.
• For Q4 2025 and the three months ended March 31, 2026, the company indicated expected positive impacts on revenue from unaudited provisional pricing adjustments on prior period concentrate sales of about US$83 million and about US$22 million pre tax, respectively, mainly tied to copper and gold.
• Lundin Mining reported updated Mineral Resource and Mineral Reserve estimates effective December 31, 2025. These include consolidated Measured and Indicated Mineral Resources of 28,372 kilotonnes of contained copper, 48.2 million ounces of gold and 812 million ounces of silver, and Proven and Probable Mineral Reserves of 6,347 kilotonnes of contained copper, 4.2 million ounces of gold and 27.0 million ounces of silver.

How This Changes the Fair Value For Lundin Mining

• Fair value estimate is CA$38.90, compared with the prior CA$39.14 figure.
• Revenue growth assumption is 1.92%, compared with the previous 1.25% input.
• Net profit margin assumption is 22.80%, compared with the earlier 20.88% figure.
• Forward P/E multiple is 30.78x, reduced from 33.84x applied to projected earnings.
• Discount rate in the model is 7.67%, up from 7.62% as the required return input.

Never Miss an Update: Follow The Narrative

Narratives link a company's story, projects and risks to a financial forecast and fair value that update as new data comes in. They give you a single place to track how fresh information may change the long term outlook.

Head over to the Simply Wall St Community and follow the Narrative on Lundin Mining to stay up to date on:

• How the Vicuña project, Caserones expansion and other organic growth plans could affect future copper and gold production volumes.
• What Lundin Mining's ESG initiatives, asset sales and lower net debt might mean for its balance sheet flexibility and long term plans.
• Key risks from heavy South American copper exposure, capital intensive projects and potential regulatory or permitting setbacks.

This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
financial situation. We aim to bring you long-term focused analysis driven by fundamental data.
Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include LUN.TO.

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