Lundin Mining Corporation

LUNMF

Copper · Basic Materials

Price

$23.51

-0.34 (-1.42%)

Market Cap

$20.12B

Exchange

Other OTC

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+16.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 739.3M (2021) → 858.7M (2025)

Lundin Mining is a Canadian company that digs metals out of the ground and sells them to manufacturers and industrial buyers around the world. Its main product is copper, which is used in electrical wiring, electronics, and construction. The company also produces zinc, nickel, and gold from mines located in Chile, Brazil, the United States, Portugal, and Sweden.

Lundin makes money by selling the metals it mines at market prices, so its revenue rises and falls with commodity prices. It is a mid-to-large mining company with a market cap around $20 billion, and it has built a competitive position through a diversified portfolio of long-life mines with relatively low operating costs. The biggest growth driver is rising global demand for copper, especially from electric vehicles and power grid upgrades, but the main risk is that copper prices are set by global markets and can drop sharply, squeezing profits even when the company operates efficiently.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+20.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+106.3% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$5M/ year

↓ Declining (-19% vs prior year)

0.1% of revenue

Below sector average (3%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

20.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$674M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Lundin Mining Corporation is a rare growth stock that's already generating positive cash flow while growing at 20%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

46.4%

Healthy — 46.4% gross margin

Operating Margin

43.5%

Excellent — 43.5% operating margin

ROCE

7.0%

Weak — 7.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+17.1%

Fast-growing sales (17.1% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

114%

Turns 114% of profit into real cash

FCF Margin

23.7%

Converts sales into free cash efficiently (23.7%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.05

Conservative — low debt load (0.05)

Interest Cover

23.77x

Comfortably covers interest (23.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

13.8x

Attractive valuation — P/E 13.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

-6.8

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

0.32%

Small dividend — 0.32% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

-62.9%

Dividend cut (-62.9% YoY) — warning sign

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