Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

A buy-side analyst with over 18 years of experience investing in Asian markets and specializing in the mid-small cap space, emphasizing value investing in companies with good free cash flows/dividends and long-term holding horizons. 
Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd. It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity, Bottom-up Analyst

Copper Price Inflection To 14,000 USD/Ton And Three Stocks To Play It

Copper in Focus: US Tariff Risks Fuel Stockpiling; VBM IPO Hits Roadblock

Amerigo Resources (ARG CN): Copper Factory Tailings Processor That Sweeps Upside To Shareholders

Lundin Mining Corp (LUN CN) Q1 FY2026: Strong, No Major Diesel/Sulfuric Acid Concerns

Lundin Mining (LUN CN): Capital Markets Day, Bullish Copper Growth Story

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

<ul>
<li>Q2 revenue of $1,213M and adjusted EBITDA of $658M, both near records, driven by a $6.51/lb realized copper price against 77 kt of production.</li>
<li>Vicuna RIGI PEELP approval and the San Juan provincial royalty agreement de-risk the fiscal framework ahead of a Stage 1 sanctioning decision targeted for year-end.</li>
<li>At C$37.59, implied multiple of 7.0x FY26e EV/EBITDA and 16.8x P/E on $3,199M EBITDA, with 59.4% margin and net cash of $79M.</li>
</ul>


Q2 revenue of $1,213M and adjusted EBITDA of $658M, both near records, driven by a $6.51/lb realized copper price against 77 kt of production.
Vicuna RIGI PEELP approval and the San Juan provincial royalty agreement de-risk the fiscal framework ahead of a Stage 1 sanctioning decision targeted for year-end.
At C$37.59, implied multiple of 7.0x FY26e EV/EBITDA and 16.8x P/E on $3,199M EBITDA, with 59.4% margin and net cash of $79M.


Lundin Mining Corp (LUN CN) Q2FY26: Progress on Vicuña, 7x EV-EBITDA