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Can fashion’s changing of the guard revive an ailing industry?

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Galliano with models at his 1st haute couture collection show for Christian Dior, in 1997 (pics: Bloomberg)

Not since the 1990s have luxury brands gone to such lengths to turn around their fortunes 

by DANA THOMAS 

NEW York socialite Nan Kempner had been a Dior couture client for some 50 years when the iconic French fashion house replaced its lead designer with a splashy new talent in 1997. 

That year, as she watched daring new looks parade by, she commented wryly that her stately fellow audience members French first lady Bernadette Chirac and former first lady Claude Pompidou “looked like they had been hit in the face with a cold dead fish.” 

That designer was John Galliano and that year became known in the luxury fashion industry as the Big Bang. In the 1990s, business tycoons, such as LVMH Moët Hennessy Louis Vuitton SE’s Bernard Arnault, saw the immense financial potential of luxury in the age of globalisation and started snapping up old-fashioned and leather-goods companies. 

They then hired a cohort of young designers, with a mandate to reinvigorate — and rejuvenate — the creative side. The first was Tom Ford at Gucci in 1995. For his premiere he presented sexy velvet hipsters and jewel-tone silk blouses. 

In the two years that followed, Gucci sales increased 90%. Then, in 1997, almost a dozen designers had made their debut at stalwart houses, including Galliano at Dior, Alexander McQueen at Givenchy, Michael Kors at Celine, Narciso Rodriguez at Loewe, Marc Jacobs at Louis Vuitton (all LVMH companies), Stella McCartney at Chloé, Alber Elbaz at Guy Laroche, Nicolas Ghesquière at Balenciaga and Martin Margiela at Hermès. 

The impact was seismic. With their theatrical runway shows and radical offerings, these young designers — rechristened “creative directors” — transformed how fashion was marketed and sold worldwide. 

Almost 30 years later the luxury fashion business is going through a similar creative renaissance, or disorienting upheaval, depending on whom you ask. 

More than 10 designers, including Jonathan Anderson at Christian Dior, Demna at Gucci, Pierpaolo Piccioli at Balenciaga and Matthieu Blazy at Chanel, showed their first collections for their new houses during the Spring-Summer 2026 women’s wear shows in Milan and Paris this fall. 

“So many in one season — that has never happened before,” said Robert Burke, an American luxury retail consultant and former fashion director for Bergdorf Goodman. 

Several more, notably Sarah Burton at Givenchy, Haider Ackermann at Tom Ford and Peter Copping at Lanvin, presented their sophomore collections. Some houses also introduced new young brand ambassadors, such as Gen Z actresses Mikey Madison, at Dior and Ayo Edebiri, at Chanel. 

Modeling Dior’s ready-to-wear spring-summer 2026 collection, Jonathan Anderson’s 1st for the French house, which showed in Paris in October

The message was clear: Fashion is entering a new phase — generational, creatively and (the C-suite executives and investors hope) financially. 

And it’s not a minute too soon. Luxury has been on a whiplash-inducing ride. After Covid-19 lockdown restrictions were lifted, luxury sales boomed — on reopening day in 2020, Hermès’ flagship in Guangzhou, China, rang up an astounding US$2.7 million (RM11.4 million), the highest single-day tally ever for a boutique in the country.

Then so-called greedflation set in, with brands such as Hermès and Chanel hiking retail prices exponentially (HSBC Holdings plc reported the average price of personal luxury goods in Europe has risen more than 50% since 2019) on the assumption that there was virtually no ceiling on what people would pay for coveted brand items.

But interest stagnated and sales stalled. Chinese consumers, who account for about a third of luxury fashion purchases, soured on the sector. Bain & Co reported that revenue in mainland China declined 18% to 20% in 2024, in part because of “low consumer confidence.”

Middle-market shoppers in the West, hit by inflation and job loss, turned to lower-priced “accessible luxury” brands, such as the French leather-goods startup Polène.

Not even high-net-worth individuals — the 1% who traditionally account for 30% of luxury purchases — could spend enough to make up the difference. 

Overall, luxury fashion sales declined 2% worldwide in 2024, according to Bain & Co Chanel’s operating profits last year plummeted 30%. This year is better, but not much. In the first six months, sales for LVMH’s fashion and leather-goods division, which makes up roughly half of the luxury group’s total revenue, fell 8%; on Oct 14 the group reported an additional 2% loss for the division, to €8.5 billion (RM75.7 million). 

Bernstein, a global equity research and brokerage firm, predicts Dior will suffer a 10% decline for 2025. “After Covid-19, luxury consumers felt satiated for a while. But now you need to give them something new to get them excited and to part with their money again,” said Luca Solca, a luxury business analyst at Bernstein. “That’s why you need innovation.” 

Hence the designer shake-up and flurry of new creative directions. Some of the propositions were instant hits: The Chanel, Dior, Balenciaga and Loewe shows all received standing ovations. Anderson’s first Dior collections drew the hoped-for admiration from younger fans, Burke said. 

Others weren’t as well received. More than one critic described Versace designer Dario Vitale’s parade of ill-fitting streetwear in sherbet hues as overpriced Benetton. 

New Jean Paul Gaultier designer Duran Lantink made such a creative and graceless, left turn for the venerable French brand that Gaultier fans on social media called for his immediate ouster. 

Nevertheless the designers did exactly what they were mandated to do: Make noise. Launchmetrics, a global data and analytics company, reported that 48 hours after Paris Fashion Week had wrapped up, it had generated US$1.1 billion in media impact value, almost the same as this year’s Cannes Film Festival and “cemented Paris Fashion Week’s evolution from a trade event into a key cultural moment of the year.” 

That may be. “But what do these designers mean for brand perception?” Launchmetrics’ chief marketing officer Alison Bringé, asks pointedly. “And will they be able to convert it into sales?” Company executives certainly hope so. 

Some wonder if the musical-chairs-like designer changes at fashion houses have a secondary purpose: To kill off the costly “star” designer role created by Galliano, McQueen, Ford and their brethren (like the current crop of designers, that generation was almost all men). 

Chanel’s spring-summer 2026 women’s wear show, designed by Blazy

This, the thinking goes, would make the brand names stronger and let talent know they’re simply guns for hire. Indeed, LVMH last month announced it had moved former Dior creative director Maria Grazia Chiuri to the French couture house’s sister ready-to-wear brand, Fendi, in Rome — an assignment not regarded by fashion followers as a promotion. (Galliano, who worked for Maison Margiela for 10 years until last summer, was rumoured to be up for many of these posts, including a return to Dior, but is now currently jobless.) 

If such managerial machinations are real, they seem to be working. “The consumer loves the label, rather than the designers,” Burke said. 

But even that love can be fleeting. “Today fashion and luxury consumers aren’t very loyal at all,” Solca said. “They buy whatever is exciting. If you are a very important client” — those high-net-worth individuals who patronise luxury brands — “you get special treatment and that does create loyalty to a point. But the bulk of consumers buy from a large number of brands. They want to be surprised, they want a story to post on Instagram and WeChat. That’s how it works.” 

“What is most important is newness, irrespective of designer changes,” said Rickie De Sole, VP and fashion director for the US department-store chain Nordstrom. “Where the item comes from is not the point. 

It’s about what makes them feel stylish. Good product will always triumph.” 

That’s especially true in Asia, luxury’s largest market, with 40% of all sales. On Little Red Book, a Chinese social media and e-commerce hybrid platform that specialises in lifestyle and has more than 300 million users, “there is a luxury hierarchy: Hermès is top, then Chanel, then Dior, then Vuitton,” said Jasmin Zhu, a luxury brand consultant in Hong Kong. “And followers are deeply rooted in their brands.” 

After the shows this fall, the consumer perception of those brands shifted markedly: “Chanel is cooler and Dior is becoming more intelligent,” Zhu said. 

“Dior will sell a lot of leather goods accessories in China. Across the luxury market, handbags will likely drive the business.” 

Look no further than Anderson’s whimsical new take on Dior’s 1990s “it” bag, the Lady Dior, named for that era’s top style icon — and Galliano’s first Dior client — Princess Diana. 

After the royal was photographed carrying the boxy handbag in 1995 (a gift, as it happens, from first lady Chirac), the company sold 100,000 at US$1,000 apiece, helping raise Dior’s 1996 annual revenue by 20%. 

With ’90s nostalgia dominating today’s fashion and culture, a run on Anderson’s Lady Dior — decorated with cutesy bows and miniature daisies and priced from US$3,900 to US$10,000 — just might be enough to pull the brand out of its financial doldrums. Big Bang indeed. — Bloomberg

  • This article first appeared in The Malaysian Reserve weekly print edition

The post Can fashion’s changing of the guard revive an ailing industry? appeared first on The Malaysian Reserve.

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Life & ArtsNews

Kenyan designers transform used clothes into art

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Azedy rummages through piles of discarded garments at a local landfill in Nairobi (pics: AFP)

About 197,000 tonnes of secondhand clothes worth RM1.3b are imported into Kenya each year

by MARY KULUNDU 

IN A dusty alley in the heart of Kenya’s largest open-air market, fashion models strut down a makeshift runway in bold, upcycled outfits made from waste collected at dump-sites and market cast-offs — proof that even trash can dazzle. 

Every year, thousands of tonnes of used clothes from Europe, the US and beyond make their way to Kenya. 

In 2023, Kenya overtook Nigeria to become Africa’s largest importer of second-hand clothing according to a study from the US-based Massachusetts Institute of Technology (MIT). 

Thousands of these bales land in Gikomba market near central Nairobi where tin-roofed stalls stretch across a five-acre (2.02ha) labyrinth, one of the city’s major economic hubs. 

On a sunny afternoon a huge crowd gathered to watch models sashay and pivot, showcasing pieces from bales once discarded as unwearable or unsellable. 

“What? They’ve upgraded our clothes,” one of the traders said with delight as he watched the show. 

Gikomba Runway Edition brought together young, underground Kenyan designers and stylists for the first time, including 25-year-old “upcycling” specialist Morgan Azedy. 

“I always see the environment around me dirty… I wanted to control pollution,” he told AFP as he prepared his avant-garde outfits in his single-room home before the show. 

His “Kenyan Raw” collection featured streetwear denim and a gothic flair crafted entirely from recycled leather sourced from dumpsites and fashion rejects. 

Wasteland Gikomba Fashion transforms discarded textiles and secondhand clothing from Nairobi’s largest market, into new styles

Just Garbage 

Kenya imported about 197,000 tonnes of secondhand clothes worth US$298 million (RM1.26 billion) in 2023, according to the MIT study. 

The Environment for Development, a global research network, estimates that around a third are unusable items that end up in landfills — mostly made from plastic-based materials like nylon and polyester that does not biodegrade. Olwande Akoth, a designer showcasing her upcycled kimonos at the fashion show, once traded in secondhand bales but often felt disheartened by their poor quality.

“It’s just garbage… the clothes you can’t even wear, you wouldn’t even give to a beggar,” Akoth said.

The influx of secondhand clothes has employed hundreds of thousands of people across East Africa, from port handlers to traders and provided a lot of affordable clothing. 

But it has also made it hard for domestic textile firms to get off the ground. 

The East African Community of eight regional countries tried to impose a ban in 2016 in the hope of boosting local textile production. 

But it was opposed by recycling lobbyists in the US and Washington threatened to kick the East African nations out of a lucrative trade deal called the African Growth and Opportunity Act that allowed them to sell products duty-free into the US. 

Kenya, Tanzania, Uganda and others backed down. Only Rwanda held firm and was punished with a suspension from selling clothes under African Growth and Opportunity Act’s preferential rates. 

US President Donald Trump’s administration allowed African Growth and Opportunity Act to expire last month for the whole continent, although talks are underway to revive it. 

Uniqueness 

For Azedy, the downside of the trade deals — mountains of discarded clothes piling up in dumpsites — is a treasure trove for his creative eye. 

Buying new fabric, he said, is simply “too expensive”. 

On the runway, what was once an oversized pair of denim trousers has been transformed into a tiered, layered jacket paired with flared trousers and platform shoes. 

His drive for “uniqueness” in repurposed pieces earned him a place at Berlin Fashion Week last year. 

Having styled several regional musicians with his collection, Azedy now dreams of taking what others consider trash to the grand stages of New York and Paris. — AFP

  • This article first appeared in The Malaysian Reserve weekly print edition

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Life & ArtsNews

LA shoemaker holds Hollywood’s past in a dying art

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Francis, the shoemaker who makes shoes for Hollywood stars from the 1960s to the early 2000s (pics: AFP)

by PAULA RAMON 

IN A cobbler’s workshop in Los Angeles, California, the footprints of Hollywood history are stacked floor to ceiling, watched over by a man who said his profession is dying. 

Yellowing boxes hold the lasts — foot-shaped molds — used to create footwear for everyone who was anyone in America’s entertainment capital for more than half a century. 

Elizabeth Taylor lies toe-to-toe with Peter Fonda, Tom Jones and Harrison Ford. 

In another stack sit the lasts for Sharon Stone, Liza Minnelli and Goldie Hawn. 

Action heroes Sylvester Stallone and Arnold Schwarzeneggar are also present. 

“There’s a bit of everybody here,” said shoemaker Chris Francis, the custodian of the famous feet molds. 

Francis came into the collection a few years after the 2008 death of Pasquale Di Fabrizio, an Italian cobbler known in Los Angeles as the “shoemaker to the stars.” 

“Di Fabrizio made for everyone, from the casino owners to the actors, the performers in Vegas, Broadway, Hollywood, for film — just anybody you could think of who was performing from the 1960s until 2008.” 

Some of the aging boxes contain autographs or dedications from the A-listers. 

Others, like those of Sarah Jessica Parker or Sound of Music songstress Julie Andrews, hold drawings from television or film productions. 

Hollywood was once a haven for shoemakers, but the craft is dying, says Francis

Something That Nobody Else Had

Hollywood was once the ideal place for a shoemaker, said Francis, with its voracious creative industry that churned out a constant stream of people who needed to make themselves stand out from the crowd.

“Celebrities would brag about how much they paid for a pair of shoes and they would want something that nobody else had,” he said, pulling down a box containing the lasts of Adam West, the actor who played Batman in the original 1960s TV series.

Francis began his own couture journey making clothes and was given his first gig after being discovered stitching a leather jacket on a park bench. 

“Here in Los Angeles, it is easy to be in the right time in the right place,” he laughed. 

But it was footwear that he really wanted to create and began practicing in his kitchen at home. 

“They were sort of crude at first; I was just teaching myself how to do it,” he said. 

In search of someone to teach him the art, Francis traipsed around Los Angeles looking for an internship.

“These guys are all old Armenian, Russian guys. They’re all from like the old world — guys from like Iran, Syria. 

“They wouldn’t talk, or they didn’t speak very good English. So you just have to watch and learn, and then just learn by making over and over and over again.” 

And if you don’t pay attention, it can all go wrong, he said. 

“There’s no forgiveness in a shoe. If you miss a step, if you cut a corner, then the next 20 steps after that might suffer. So everything has to be on point the whole time.” 

Mass Production 

But in a changing world, such meticulous craftsmanship is not always rewarded. 

Where Burt Reynolds or Robert De Niro might once have been happy to shell out thousands of dollars for a pair of handmade shoes, the whole industry has been turned on its head. 

“I’m finding more and more celebrities wanting shoes for free, which is just killing shoemakers like me,” said Francis. 

With his aging rockstar looks, Francis said in darker moments he wishes he had taken the advice of some of the old cobblers who taught him the trade. 

“They told me to go join a band,” he said. 

“When I first started, (one man) said: ‘Why in the world do you want to be a shoemaker? They can buy shoes for US$20 (RM95) these days.’” 

Francis, 48, said some of the old-time shoemakers have given up trying to create footwear from scratch and now just fix the mass-produced shoes that have put them out of business. 

“As a profession, it’s extremely difficult to survive,” he said. — AFP 

  • This article first appeared in The Malaysian Reserve weekly print edition

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NewsOpinion

Brazil’s forests did better under Bolsonaro

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Climate change has wreaked havoc in the Amazon (pic: Bloomberg)

Trees, soils, plants and oceans have for decades been slowing the damage our industrial civilisation is doing to the climate 

WHATEVER happened to the saviour of the Amazon? 

Brazil’s President Luiz Inacio Lula da Silva once had a decent claim to that title. Deforestation decreased by about 80% during his first term in office from 2003 to 2011, driving a stunning 39% fall in emissions in a country whose carbon pollution is shaped above all by the state of its boundless jungles. 

At COP30 this month — the United Nations’ (UN) annual climate meeting, hosted this year in the port city of Belém at the gateway to Brazil’s rainforest — he’s promised to put forward “Amazonian solutions for climate change.” Last month, he pitched US$1 billion (RM4.19 billion) into a planned US$125 billion global fund to preserve tropical woodlands. 

“It is possible to make the forest worth more while standing than cut down,” he told a recent meeting in Bogotá. 

It’s a nice line, but the data tell a different story. Last year, some 4.4 million ha was lost in Brazil, including 2.8 million of untouched primary land. That’s the third-largest annual figure this century, and comfortably more than in any year under Lula’s predecessor Jair Bolsonaro, who revelled in the nickname “Captain Chainsaw.” 

Degradation — which includes damage and thinning out of existing woodland, as well as wholesale removal of entire stands — also rose to the highest level in two decades in 2024. About 6.64 million ha were affected, an area about the size of Ireland. Average annual losses of primary forest during Lula’s first two years were about 24% higher than during Bolsonaro’s administration. 

It’s possible to quibble about the extent that Lula is responsible. More than half of the loss last year came as a result of fires, rather than logging. While almost all of these are started by humans, the damage they do can be dependent on environmental factors. In 2023 and 2024, the Amazon basin was gripped by its most severe drought in more than 40 years, quickly turning blazes into infernos. 

Lula’s record also looks better if you confine your focus just to the Amazon, as opposed to the enormous but less charismatic areas of savannah and wetlands to the east and south such as the Cerrado and Pantanal. 

Deforestation in the legal Amazon this year, despite running far above levels during Lula’s first administration, remains well below the rates of the Bolsonaro era. 

The rainforest and global climate don’t care about such rationalisations, though. On plenty of areas under his control, Lula has fallen short. 

Last year’s devastating fires were likely worsened thanks to a strike by the country’s environment agencies, whose workers are often the first line of defense against deforestation. Brazil’s government took eight months to resolve the issue. State-owned Petrobras SA recently won approval to drill for oil in an offshore area not far from the mouth of the Amazon. In August, Lula signed a law radically loosening environmental protections, even as he vetoed some of the most egregious measures. The amount of land given over to soybeans and corn will hit record levels this year. 

For all of Bolsonaro’s lawlessness, there’s an uncomfortable degree of continuity between the two administrations. Lula’s ability to get things done depends on working together with more than a dozen parties in Congress, where rural electorates dominated by agribusiness are grossly over-represented and Bolsonaro allies still hold sway. Sacrificing the Cerrado to save the Amazon is central to that devil’s bargain. 

Nor is the problem confined just to Brazil. In many parts of the world where forests have recently spread to their widest extent in centuries, their potential to offset our emissions is running out. In Finland, one of the world’s most tree-covered countries, woodlands have become net emitters since 2021 as logging caught up with planting and a warming climate released carbon from the soil. 

Russia and Canada lost more tree cover than Brazil last year, as fires swept through boreal forests that were immune in a cooler climate. Indonesian President Prabowo Subianto wants to expand palm oil plantations, sugarcane fields and dairy farms. President Xi Jinping’s promised increase to China’s woods over the next decade would be enough to offset about five months’ worth of the country’s emissions. New plantings have slowed over the past decade, the UN’s Food and Agriculture Organisation (FAO) wrote last month. 

This backsliding is going to make all our efforts to avert the worst outcomes of climate change more difficult. 

Long before the recent backing away from commitments in the US, Europe and elsewhere, hopes to slow our freefall toward a warmer planet still depended heavily on the prospects of sucking up atmospheric carbon by planting more trees — the “net” bit in “net zero.” 

As world leaders gather in Belém this month, they’ll need to reckon with the fact that this parachute is looking worryingly threadbare. Trees, soils, plants and oceans have for decades been slowing the damage our industrial civilisation is doing to the climate. Their ability to act as an emergency brake is weakening, though. 

Forests, and erstwhile forest champions like Lula, aren’t going to save us anymore. — Bloomberg

  • This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners. 
  • This article first appeared in The Malaysian Reserve weekly print edition

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The K in K-pop is already silent. And that’s OK

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(pic: Bloomberg)

ANYONE with children endlessly rewatching KPop Demon Hunters might assume that South Korean content has already taken over the world. In fact, K-pop has enormous room to grow in a global music industry expected to be worth just under US$200 billion (RM838.2 billion) in 10 years. As it does, it should shake off any concerns about abandoning its roots. Like hip hop, there’s no reason why the genre can’t have a similarly inclusive trajectory while remaining true to its core. 

A co-production partnership between Warner Bros Discovery Inc and CJ ENM Co announced earlier last month is just the latest example of the strong international demand for Korean movies and TV shows. According to Netflix Inc, an early mover which arrived in 2016, over 80% of subscribers watch K-content. It’s part of a larger cultural movement of exports including music, beauty, food and fashion that was worth more than US$31 billion last year. For comparison, that’s just under half the value of all automobiles sold overseas. 

As a longtime observer of hallyu, or Korean wave, it has been fascinating to see it evolve from the 1990s, when shows were made almost entirely for local consumption with limited exports to Japan and Taiwan. Then came the 2000s when the musician Rain and TV series Jewel in the Palace won fans across Asia. 

Things really started to take off in the 2010s. Films and TV shows were marked by splashier, more expensive productions often taking place overseas. Space travel romance My Love From Another Star and military drama Descendants of the Sun were the smash-hit exemplars of this time. The programmes were so popular there were regular reports of fans suffering health problems after overindulging. BTS and Blackpink debuted in this era; Parasite won the Oscar for Best Film. 

Since the beginning of the current decade, we’ve been firmly in a “made beyond Korea” moment, according to Bernie Cho, president of DFSB Kollective, a Seoul-based artist and label services agency. The content is anchored in the culture, but the hands that make it may not belong to someone who is ethnically Korean or has a Republic of Korea passport. 

Blackpink’s Lisa, winner of numerous industry firsts and Labubu’s fairy godmother, is the most famous example. Born in Thailand, she moved to Seoul in 2011 as a teenager after being scouted by YG Entertainment Inc, one of the Big Four record labels. Bandmate Jennie was born in Seoul and lived in New Zealand. Rosé was born a Kiwi and raised in Australia. Only Jisoo has lived in South Korea all her life. 

Because growth is limited at home due to a shrinking population, it’s imperative for the K-culture industry to pivot abroad. Instead of fighting over scraps in the way so many Chinese industrial companies are doing, it makes sense to look beyond a 50-million fan base at home to the eight billion potential fans outside. 

In terms of music consumption, K-pop is already on that path. Audience data shows that there are now far more fans outside South Korea than at home. According to Chartmetric, the largest group of fans as measured by followers on Instagram and Youtube came from Indonesia, followed by the US and the Philippines. South Korea came in only fourth, just ahead of Thailand and Brazil. 

For decades, there were just three countries — the US, UK and Sweden — consistently exporting more music than they imported. South Korea has emerged as the fourth, according to Pivotal Economics. On YouTube, for every Korean subscribed to an overseas musician, there were 17 foreign fans watching a homegrown artist. 

This trend is reflected in the content. A Bloomberg News analy- sis of song lyrics last year showed that for the first time, almost half of K-pop singles released had English lyrics. The idea that the genre should drop the “K” in order to conquer the overseas market has been repeatedly popularised by Bang Si-Hyuk, founder of Hybe Co, the man behind BTS and the world’s fourth-largest record label. 

The concept has upset many fans, but he’s not talking about erasing what’s unique about the K-pop sound or ditching a business model where hopefuls undergo long periods of training before starting their careers. It’s a tonal shift to acknowledge the genre’s inclusiveness. Hybe and rival record labels are exporting that time-tested, quintessentially Korean system. K-pop isn’t being colonised. It’s the other way around. 

When first watching KPop Demon Hunters, I was confused. Here was a Westernised story told in English, set in Seoul and starring animated Korean characters. I wanted to put it in a box. Is it Kung Fu Panda or Ne Zha 2? 

Well, like K-pop itself, it’s a hybrid — a blend of a North American perspective underpinned by a Korean soul. 

And as the WBD-CJ ENM deal suggests, the way of the future is with people of different backgrounds involved in production. Being able to succeed in so many countries isn’t a problem, it’s a privilege. — Bloomberg

  • This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners. 
  • This article first appeared in The Malaysian Reserve weekly print edition

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PR Newswire

CBS ArcSafe® Introduces RSK-CSH-W Chicken Switch Hitter for Remote Switching of Pushbuttons and Control Switches

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DENTON, Texas, Nov. 5, 2025 /PRNewswire/ — CBS ArcSafe®, a leading manufacturer of remote racking and switching solutions for low- and medium-voltage switchgear, introduces the RSK-CSH-W Chicken Switch Hitter, a wireless remote switching kit designed to offer broad compatibility with single and dual pushbutton applications and breaker control switches.


A new era in operator safety: RSK-CSH-W Chicken Switch Hitter

The RSK-CSH-W expands on CBS ArcSafe’s Chicken Switch family of electrical safety devices. The solution operates pushbutton applications that are spaced 3 inches or less center-to-center and require less than 10 pounds of push force, and breaker control switches with pistol grip handles such as the Electroswitch Series 24/24P and GE SB-1. This versatility allows operators to safely complete multiple switching tasks with a single tool from up to 100 feet away, well outside the arc flash boundary.

Powered by Milwaukee M18 REDLITHIUM battery technology, the system attaches magnetically to switchgear without requiring modifications or equipment downtime. An integrated laser alignment system ensures precise positioning, while the motorized actuator and dual-adjustable linear actuators ensure reliable operation across various equipment setups from multiple OEMs.

The Chicken Switch Hitter’s design ensures compatibility with various equipment types, such as insulated case circuit breakers, air circuit breakers, vacuum circuit breakers, and motor control centers, from manufacturers including ABB, Eaton, General Electric, Schneider Electric, Siemens, and Square D. It offers standardized remote switching for facilities with diverse electrical equipment.

The RSK-CSH-W kit includes the actuator assembly, power/communications base, wireless handheld controller with 100-foot line-of-sight range, rechargeable battery, charger, and waterproof case.

All CBS ArcSafe products are manufactured in the United States at our facility in Denton, TX. For more information, visit CBSArcSafe.com or call 877-4-SAFETY.

About CBS ArcSafe
CBS ArcSafe offers the electrical industry’s largest inventory of remote racking and switching solutions for low- and medium-voltage switchgear. The systems operate without modification to existing electrical equipment and allow technicians to operate equipment from a safe distance of up to 300 feet away. All CBS ArcSafe equipment is manufactured in the United States at our Denton, TX facility. CBS ArcSafe offers 24/7/365 emergency support and is happy to develop custom remote racking and switching solutions for customers. Learn more at CBSArcSafe.com or call us toll-free at 877-4-SAFETY.

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The post CBS ArcSafe® Introduces RSK-CSH-W Chicken Switch Hitter for Remote Switching of Pushbuttons and Control Switches appeared first on The Malaysian Reserve.

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Lundin Mining Reports Third Quarter 2025 Results and Increases Full-Year Copper Production Guidance and Lowers Cost Guidance

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VANCOUVER, BC, Nov. 5, 2025 /CNW/ – (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining” or the “Company”) today reported its third quarter 2025 financial results. Unless otherwise stated, results are presented in United States dollars on a 100% basis. View PDF 

Jack Lundin, President and CEO commented, “We are pleased to report another solid quarter at Lundin Mining, with copper production, revenue, EBITDA, and earnings all exceeding results from the first and second quarters. The Company generated over $1 billion in revenue and delivered $383 million of adjusted operating cash flow. Consolidated copper cash cost of $1.61 /lb marks our lowest quarterly cost this year.

“We are updating our full-year guidance to reflect strong operational performance, particularly at Caserones. The midpoint of consolidated copper production is increasing by 11,500 tonnes to 328,000 tonnes, with a new range of 319,000 to 337,000 tonnes. Additionally, improved performance at Caserones and Chapada has resulted in the lowering of our overall consolidated copper cash cost guidance to a range of $1.85 to $2.00 /lb.

“Encouraging progress continues to be made with our near-term growth initiatives at our existing operations and with the large-scale Vicuña Project. We are thrilled to welcome Ron Hochstein as Chief Executive Officer of Vicuña Corp., joining a seasoned team with a proven track record of success. The Vicuña team is advancing parallel studies to support a multi-phased development plan, with an integrated technical study anticipated in Q1 2026.”

Third Quarter Operational and Financial Highlights

Continued strong operational performance drove earnings in the third quarter, supported by sustained higher gold prices. Consolidated copper guidance for the full-year is increasing to 319,000 – 337,000 tonnes of copper, reflecting stronger cathode production at Caserones. The balance sheet strengthened during the period, and the Company expects to continue to pay down debt throughout the fourth quarter. Full-year 2025 consolidated copper cash cost1 guidance is decreasing by approximately $0.125 /lb to $1.85 to $2.00 /lb.

Third Quarter Highlights:

  • Copper Production: 87,353 tonnes of copper production at a consolidated copper cash cost of $1.61 /lb.
  • Other Production: 37,763 ounces of gold and 2,724 tonnes of nickel.
  • Revenue: $1,007.0 million from continuing operations with a realized copper price1 of $4.61 /lb and a realized gold price1 of $3,889 /oz.
  • Net Earnings and Adjusted Earnings1: Net earnings from continuing operations attributable to shareholders of the Company was $143.3 million ($0.17 per share) and adjusted earnings from continuing operations was $152.3 million ($0.18 per share).
  • Adjusted EBITDA1: $489.7 million generated from continuing operations.
  • Cash Generation: Cash provided by continuing operations was $270.3 million and free cash flow from operations1 was $168.9 million. Adjusted operating cash flow from continuing operations1 was $382.9 million.
  • Net debt1: As at September 30, the net debt position of the Company was $107.9 million (excluding lease liabilities).
  • Growth: The Company is continuing to advance its growth initiatives as part of its strategic aspirations to become a global top-ten copper producer and achieve copper production of over 500,000 tonnes per year and gold production of over 550,000 ounces per year:

    • Underground contractor insourcing initiatives continued at Candelaria with the initial wave of contractors being brought onboard, insourcing will continue into next year.
    • Saúva Phase 1 mine plan development advanced and further discussions with authorities regarding permitting timelines continued, an update is expected in January.
    • Vicuña Corp. (“Vicuña”) announced the appointment Ron Hochstein as Chief Executive Officer of Vicuña. Mr. Hochstein has been an integral member of the Lundin Group for more than 30 years, holding a variety of leadership roles and building an outstanding track record of creating shareholder value. Vicuña is a 50/50 joint arrangement between Lundin Mining and BHP that holds the consolidated deposits of Filo del Sol and Josemaria (collectively, the “Vicuña Project”).
    • Vicuña continues to advance the Vicuña Project through drilling, tradeoff studies, engineering, cost estimation and permitting in preparation for the integrated technical study in the first quarter 2026.
  • Shareholder Returns: A quarterly dividend of C$0.0275 per share has been declared. During the quarter, no common shares were purchased under the NCIB. So far during 2025, Lundin Mining has acquired 12,629,000 common shares at a cost of approximately $104.0 million.
  • Outlook: The Company is pleased to be increasing and tightening its full-year copper guidance from 303,000 – 330,000 to 319,000 – 337,000 tonnes of copper. The Company is further improving cash cost guidance at Caserones, Chapada and Eagle which lowers full-year consolidated cash cost guidance for the Company to $1.85 – $2.00 /lb cash cost. Annual capital expenditure guidance is being reduced by deferrals at Candelaria and Caserones.

_______________________


1  These are non-GAAP measures. Please refer to the Company’s discussion of non-GAAP and other performance measures in its Management’s Discussion and Analysis (“MD&A”) for the three and nine months ended September 30, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

Summary Financial Results 


Three months ended


September 30,


Nine months
 ended


September 30,

(US$ millions continuing operations except where noted, except per share amounts)


2025

2024


2025

2024

Revenue


1,007.0

873.1


2,908.1

2,563.7

Gross profit


347.7

266.2


927.9

692.2

Attributable net earningsa


143.3

84.0


407.4

206.5

Net earnings


184.6

110.7


525.5

313.0

Adjusted earningsa,b (all operations)


152.3

72.5


398.4

239.7

Adjusted earningsa,b — continuing operations


152.3

57.2


344.4

196.9

Adjusted earningsa,b,c — discontinued operations


—

15.3


54.0

42.8

Adjusted EBITDAb (all operations)


489.7

457.7


1,336.5

1,281.4

Adjusted EBITDAb — continuing operations


489.7

385.3


1,272.5

1,093.7

Adjusted EBITDAb,c — discontinued operations


—

72.4


64.0

187.8

Basic earnings per share (“EPS”)a (all operations)


0.19

0.13


0.60

0.31

Diluted EPSa (all operations)


0.19

0.13


0.60

0.30

Basic and diluted EPSa — continuing operations


0.17

0.11


0.48

0.27

Basic and diluted EPSa,c — discontinued operations


0.02

0.02


0.13

0.04

Adjusted EPSa,b (all operations)


0.18

0.09


0.47

0.31

Adjusted EPSa,b — continuing operations


0.18

0.07


0.41

0.25

Adjusted EPSa,b,c — discontinued operations


—

0.02


0.06

0.06

Cash provided by operating activities (all operations)


270.3

139.3


781.7

898.6

Cash provided by operating activities – continuing operations


270.3

81.4


707.2

753.6

Cash provided by operating activities – discontinued operationsc


—

57.9


74.5

145.0

Adjusted operating cash flowb (all operations)


382.9

305.2


1,054.9

988.7

Adjusted operating cash flowb — continuing operations


382.9

243.0


997.1

828.2

Adjusted operating cash flowb,c — discontinued operations


—

62.2


57.8

160.5

Adjusted operating cash flow per shareb (all operations)


0.45

0.39


1.23

1.28

Adjusted operating cash flow per shareb — continuing operations


0.45

0.31


1.17

1.07

Adjusted operating cash flow per shareb,c — discontinued operations


—

0.08


0.06

0.21

Free cash flowb (all operations)


110.1

(61.7)


238.3

173.4

Free cash flowb — continuing operations


110.1

(77.8)


221.9

148.2

Free cash flowb,c — discontinued operations


—

16.1


16.4

25.2

Free cash flow from operationsb (all operations)


168.9

1.8


423.3

407.0

Free cash flow from operationsb — continuing operations


168.9

(17.6)


401.5

373.6

Free cash flow from operationsb,c— discontinued operations


—

19.4


21.8

33.4

Cash and cash equivalents


290.3

295.5


290.3

295.5

Net debt excluding lease liabilitiesb


(107.9)

(1,541.7)


(107.9)

(1,541.7)

Net debtb


(341.4)

(1,802.5)


(341.4)

(1,802.5)


a Attributable to shareholders of Lundin Mining Corporation.


b These are non-GAAP measures. Please refer to the Company’s discussion of non-GAAP and other performance measures in its MD&A for the three and nine months ended September 30, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release.


c Discontinued operations results include financial results to April 16, 2025 and the revaluation of contingent consideration at September 30, 2025.

Quarterly Financial Results

  • The Company generated revenue from continuing operations of $1,007.0 million (Q3 2024 – $873.1 million) which benefitted from higher realized copper and gold prices.
  • Gross profit from continuing operations of $347.7 million was $81.5 million higher than in the prior year comparable period of $266.2 million. The increase was primarily due to higher realized copper and gold prices and lower treatment charges, partially offset by lower sales volumes at Candelaria and increased depreciation expense.
  • Net earnings from continuing operations increased to $184.6 million from $110.7 million in the prior year comparable period primarily due to higher gross profit combined with lower interest expense from reduced net debt.
  • Adjusted earnings from continuing operations of $152.3 million increased from $57.2 million in the prior year comparable period primarily as a result of higher gross profit.
  • Cash provided by operating activities related to continuing operations of $270.3 million increased from $81.4 million in the prior year comparable period primarily due to higher gross profit and a lower working capital build.
  • Sustaining capital expenditures2 from continuing operations of $109.1 million were consistent with the prior year comparable period of $109.3 million.
  • Expansionary capital expenditures3 of $51.1 million were consistent with the prior year comparable period of $49.9 million.
  • Free cash flow2 from continuing operations of $110.1 million increased from negative free cash flow of $77.8 million in the prior year comparable period due to increased cash provided by operating activities related to continuing operations.
  • As at November 5, 2025, the Company had cash of approximately $225 million and net debt excluding lease liabilities of approximately $100 million.

Q3 2025 Operational Performance

Total Production

(Contained metal)a

2025

2024


YTD

Q3

Q2

Q1


Total

Q4

Q3

Q2

Q1


Continuing Operations

Copper (t)b


244,200


87,353

80,073

76,774

336,875

94,094

91,772

71,614

79,395

Gold (oz)b


107,730


37,763

38,118

31,849

158,436

46,456

46,712

32,439

32,829

Nickel (t)


7,733


2,724

2,713

2,296

7,486

1,617

893

1,721

3,255

Molybdenum (t)b


1,556


574

380

602

3,183

912

693

714

864


Discontinued Operations

C

Copper (t)


8,319


—

1,225

7,094

32,192

7,397

8,083

8,094

8,618

Zinc (t)


58,233


—

9,285

48,948

191,704

51,946

46,610

47,460

45,688

a – Tonnes (t) and ounces (oz).

b – Candelaria and Caserones production are on a 100% basis.

c – Discontinued operations results are to April 16, 2025.

_________________________


2  This is a supplementary financial measure. Please refer to the Company’s discussion of non-GAAP and other performance measures in its MD&A for the three and nine months ended September 30, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release.


3  These are non-GAAP measures. Please refer to the Company’s discussion of non-GAAP and other performance measures in its MD&A for the three and nine months ended September 30, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release.


4  This is a non-GAAP measure. Please refer to the Company’s discussion of non-GAAP and other performance measures in its MD&A for the three and nine months ended September 30, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release.


Candelaria (80% owned):
 Candelaria produced 37,129 tonnes of copper and 19,899  ounces of gold in concentrate on a 100% basis. Mining was focused on Phase 11 and production continued to benefit from strong throughput in the mill due to softer ore feed, finer ore size and higher ball mill runtime. Cash cost[4]of $1.87/lb was impacted by lower grades and higher mining costs, partially offset by higher metal prices for by-product credits and reduced treatment and refining charges.


Caserones (70% owned):
 Caserones produced 35,270 tonnes of copper and 574 tonnes of molybdenum on a 100% basis. Copper concentrate production was positively impacted by improved grades from Phase 6, while copper cathode production benefitted from increased material placed on the dump leach in previous periods. Cash cost of $1.86/lb benefitted from strong throughput and higher grades, increased by-product credits, decreased treatment and refining charges, and reduced contractor expenses. Revenue in the quarter was impacted by a shipment of copper concentrate scheduled for September that was delayed into October due to weather related issues. The shipment of approximately 5,100 tonnes of contained payable copper, valued at approximately $50 million, will be recognized as revenue in the fourth quarter.


Chapada (100% owned):
Chapada produced 12,600 tonnes of copper and 17,864 ounces of gold in concentrate. Ore from the North and South open pits continued to be mined and processed, prioritizing higher-grade material consistent with the planned mine sequence. Production also benefitted from strong throughput, which was the highest since Q3 2022. Cash cost of $0.50/lb was the lowest since Q4 2020 and benefitted from higher gold by-product credits as a result of increased realized gold prices, combined with higher throughput and grades.


Eagle (100% owned):
 Eagle produced 2,724 tonnes of nickel and 2,354 tonnes of copper. Production was positively impacted by strong throughput in the mill resulting in nickel cash cost of $2.11/lb.

Outlook – Annual Guidance Update

Production Guidance Update

Lundin Mining remains on track to meet or exceed its original consolidated annual production guidance for all metals, as published in the MD&A for the three and six months ended June 30, 2025.

  • Copper: The total annual production guidance range is increasing to 319,000 to 337,000 tonnes, with the midpoint rising by approximately 11,500 tonnes.

    • Candelaria: Narrowing both the lower and upper range for copper and the upper range for gold. Production is expected to remain consistent with previous quarters.
    • Caserones: Increasing copper guidance due to higher cathode production. Higher copper head grades in the third quarter are expected to continue into the fourth quarter, supporting revised production guidance.
    • Chapada: No changes to production guidance. Production is weighted to the second half of 2025. Fourth quarter copper grades and recoveries are expected to be in line with those of the third quarter.
  • Nickel: The lower range of guidance is increasing to reflect expected results aligned with the mine plan. Grades and mining rates are expected to remain stable in the fourth quarter.

Cash Cost Guidance Update

Cash cost guidance ranges are being reduced for Caserones, Chapada, and Eagle, driven by higher than expected sales volumes and by-product credits. Full-year consolidated copper cash cost guidance range is being reduced to $1.85 to $2.00 /lb.

  • Candelaria: Cash cost is tracking to the midpoint of guidance.
  • Caserones: Cash cost guidance is decreasing due to higher sales volume, lower labor costs and increased by-product credits.
  • Chapada: Cash cost guidance is reducing further due to higher gold prices.
  • Eagle: Cash cost guidance is decreasing due to reduced labor costs and increased by-product credits.

2025 Production and Cash Cost Guidancea


Guidancea


Revised Guidance

(contained metal)


Production


Cash Cost ($/lb)b


Production


Cash Cost ($/lb)b


Copper (t)

Candelaria (100%)

140,000 – 150,000

1.80 – 2.00c


143,000
 – 149,000

1.80 – 2.00c

Caserones (100%)

115,000 – 125,000

2.40 – 2.60


127,000
 – 133,000


2.15 – 2.25

Chapada

40,000 – 45,000

1.10 – 1.30d

40,000 – 45,000


0.90 – 1.00

d

Eagle

8,000 – 10,000


9,000
 – 10,000


Total

303,000 – 330,000

1.95 – 2.15


319,000
 – 337,000


1.85 – 2.00


Gold (oz)

Candelaria (100%)

78,000 – 88,000


78,000
 – 84,000

Chapada

57,000 – 62,000

57,000 – 62,000


Total

135,000 – 150,000


135,000
 – 146,000


Nickel (t)


Eagle

8,000 – 11,000

3.05 – 3.25


9,000
 – 11,000


2.30 – 2.40

a. Guidance as outlined in the Company’s Management Discussion and Analysis (“MD&A”) for the three and six months ended June 30, 2025. 

b. 2025 cash costs are based on various assumptions and estimates, including but not limited to: production volumes, commodity prices (Cu: $4.40/lb, Au: $3,500/oz, Mo: $20.00/lb, Ag: $40.00/oz), foreign exchange rates (USD/CLP:950, USD/BRL:5.50) and operating costs. Cash cost is a non-GAAP measure –  see the Reconciliation of Non-GAAP Measures section at the end of this news release.

c. 68% of Candelaria’s total gold and silver production are subject to a streaming agreement. Cash cost is calculated based on receipt of approximately $433/oz gold and $4.32/oz silver.

d. Chapada’s cash cost is calculated on a by-product basis and does not include the effects of its copper stream agreements. Effects of the copper stream agreements are reflected in copper revenue and will impact realized price per pound.

2025 Capital Expenditure Guidanceb,c

Annual capital expenditure guidance is being reduced to $750 million from $795 million with deferrals at Candelaria and Caserones.

($ millions)


Guidancea


Revisions


Revised Guidance

Candelaria (100% basis)

205


—

205

Caserones (100% basis)

200


(20)

180

Chapada

100


—

100

Eagle

25


—

25

Other

—


—

—


Total Sustaining


530


(20)


510

Expansionary – Candelaria (100% basis)

50


(25)

25

Expansionary – Vicuña Joint Arrangement (50% basis)

215


—

215


Total Capital Expenditures


795


(45)


750

a. Guidance as outlined in the Company’s Management Discussion and Analysis (“MD&A”) for the three and six months ended June 30, 2025. 

b. Sustaining capital expenditure is a supplementary financial measure, and expansionary capital expenditure is a non-GAAP measure – see the Reconciliation of Non-GAAP Measures section at the end of this news release.

c. Capital expenditures are based on various assumptions and estimates, including, but not limited to foreign currency exchange rates (USD/CLP: 950, USD/BRL: 5.50)

2025 Exploration Investment Guidance

Total exploration expenditure guidance for 2025 remains at $40 million.

Exploration

During the third quarter, exploration efforts were concentrated on in-mine and near-mine targets across all operating sites. A total of 17,390 metres were drilled across the four operations.

Candelaria

  • Total drilling: 930 metres.
  • Focus area: Candelaria Norte.
  • Objective: Continued evaluation of mineral potential in the northern zone.

Caserones

  • Total drilling: 5,152 metres.
  • Rig deployment:
    • 1 rig at the Caserones pit targeting deep, high-grade copper breccias.
    • 3 rigs at Angelica targeting copper sulphides beneath the oxide deposit.

Chapada

  • Total drilling: 3,847 metres.
  • Rig deployment:
    • 1 rig in the Saúva resource area focused on expanding high-grade resources.
    • 1 rig testing shallow targets outside Saúva and other near-mine prospects.

Eagle

  • Total drilling: 7,461 metres.
  • Targets:
    • 2 rigs at Boulderdash targeting extensions of the known nickel-copper mineralized intrusion.
    • 1 rig at Roland Lake exploring new mineralization zones.

Talon Agreement Update

In September 2025, the exclusivity agreement with Talon, announced March 5, 2025, was terminated. In October 2025, Talon issued 18,502,906 common shares to Lundin Mining at a deemed price of C$0.3762, as repayment of $5.0 million previously advanced from the Company. Prior to the agreement termination, a total of 9,424 metres (94%) was drilled of the initial 10,000 metre drill program.

Vicuña

During the quarter, Vicuña announced the appointment of Ron Hochstein as Chief Executive Officer (CEO) of Vicuña, effective November 7, 2025. Mr. Hochstein is currently CEO and Director of Lundin Gold Inc. guiding the development and successful operation of the Fruta del Norte gold mine in Ecuador.

In 2025, work continues to advance parallel studies supporting a multi-phased development concept pertaining to the Josemaria and Filo del Sol deposits. An integrated technical report is targeted to be complete by early 2026.

The Josemaria Environmental Impact Assessment (“EIA”) advanced through review by the San Juan authorities with a site visit scheduled for Q4 2025. Construction of the northern access road commenced during the quarter.

Drilling activities at Filo del Sol advanced with 14,587 metres completed during the quarter, bringing the year-to-date total to 48,992 metres across nine drill rigs.

Government relations activities continued with both the national and provincial governments, including discussions on provincial agreements. Work also progressed in the quarter on an application for the Argentinean Basis Law – Incentive Regime for Large Investments (“RIGI”). RIGI application documents are expected to be submitted in the coming months.  

Community investment programs were launched in 2025 with a focus on gender, youth training and cooperative development.

The Company spent $51.1 million in capital expenditures during the quarter, in line with $49.9 million in the prior year comparable period, and spent $126.0 million on a year-to-date basis compared to $193.0 million in the prior year comparable period. Both the quarter and year-to-date periods are impacted by the formation of Vicuña on January 15, 2025. From this date, the Company’s expansionary capital expenditures include 50% of Vicuña’s capital expenditures.

About Vicuña

On January 15, 2025, the Company completed the Filo Acquisition and the Joint Arrangement, resulting in the Company indirectly holding a 50% interest in Vicuña, an independently managed joint operation which owns the Josemaria deposit in Argentina and the Filo del Sol deposit in Argentina and Chile. BHP indirectly owns the remaining 50% interest in Vicuña.

An initial Mineral Resource estimate for the Filo del Sol sulphide deposit, an updated Mineral Resource estimate for the Filo del Sol oxide deposit, and an updated Mineral Resource estimate for the Josemaria deposit highlighted the combined Vicuña Project as one of the largest copper, gold and silver resources in the world. Details of the Vicuña Mineral Resource are set out in the Vicuña Technical Report.

The Filo del Sol and Josemaria deposits have significant high-grade mineralization that could provide the initial years of mining for the Project.

  • Filo del Sol high-grade core at cut-off of 0.75% copper equivalent (“CuEq”): 606 million Mt (M&I) at 1.14% CuEq[5] (0.74% Cu) for contained metal of 4.5 Mt copper at 0.74%, 9.6 Moz gold at 0.49 g/t and 259 Moz silver at 13.3 g/t.
  • Near surface Josemaria high-grade core at cut-off of 0.60% CuEq: 196 Mt (M&I) at 0.73% CuEq[6] (0.50% Cu) for contained metal of 978 kt copper at 0.50%, 2.4 Moz gold at 0.38 g/t and 11 Moz silver at 1.7 g/t.

The Filo del Sol deposit also contains copper oxide mineralization at surface.

  • Lower capital intensity heap leach oxide cap of 434 Mt (M&I) at 0.34% copper (1.5 Mt), 0.28 g/t gold (3.9 Moz) and 2.5 g/t silver (35 Moz)
  • High-grade oxides at a cut-off of 0.60% CuEq of 181 Mt (M&I) at 1.05% CuEq[7] (0.50% Cu) for contained metal of 911 kt copper at 0.50%, 2.3 Moz gold at 0.39 g/t and 230 Moz silver at 39.6 g/t.

Expansionary Projects

The Company has a number of brownfield expansionary projects that are expected to contribute to medium-term growth in its existing operating asset portfolio. Combined, these opportunities could add 30,000 to 40,000 tonnes of copper production growth and 60,000 to 70,000 ounces of annual gold production through low capital intensity growth projects.

Candelaria Underground Expansion

The Candelaria underground expansion project is expected to increase underground throughput capacity to ~22,000 tonnes per day from current levels of 12,000 to 14,000 tonnes per day targeting an increase in annual copper production of approximately 14,000 tonnes of copper per year. The opportunity includes insourcing of the Company’s underground mining contract and an increase in the number of active mining stopes. Internal recruitment has begun as part of the underground internalization process at Candelaria, initial crews have been onboarded and additional crews are expected to be insourced by the end of the year. It is anticipated that by mid-2026 the internalization of underground mining contractors will be completed.

Projects are also ongoing to support the mine life extension under the Environmental Impact Assessment (“2040 EIA”).

Caserones Cathode Plant Utilization

Caserones cathode plant capacity is approximately 35,000 tonnes of cathode production per year, currently the plant is producing 20,000 to 25,000 tonnes of cathode per year representing an opportunity to increase production through higher utilization rates of the cathode plant.

Year to date Caserones cathode production has increased, improving utilization rates of the cathode plant. Additional oxide material placed on the dumps over the last 18 months and improved leaching practices are expected to lead to higher cathode production. Hydrometallurgical leaching models on the dump leach have been updated and will be reflected in production guidance going forward.

___________________________


5  Filo del Sol CuEq assumes average metallurgical recoveries of 78% for copper, 62% for gold and 62% for silver, and metal prices of $4.43/lb Cu, $2,185/oz Au and $28.80/oz Ag. The CuEq formula is: CuEq= Cu% + (0.59 * Au g/t) + (0.008 * Ag g/t).


6  Josemaria high-grade core CuEq assumes metallurgical recoveries of 84% for copper, 67% for gold and 63% for silver, and metal prices of $4.43/lb Cu, $2,185/oz Au and $28.80/oz Ag. The CuEq formula is: CuEq= Cu% + (0.58 * Au g/t) + (0.007 * Ag g/t).


7  Filo del Sol oxide CuEq assumes average metallurgical recoveries of 78% for copper, 62% for gold and 62% for silver, and metal prices of $4.43/lb Cu, $2,185/oz Au and $28.80/oz Ag. The CuEq formula is: CuEq= Cu% + (0.59 * Au g/t) + (0.008 * Ag g/t).

Chapada – Saúva Deposit

The Saúva deposit is approximately 15 kilometres from the Chapada mine and represents a near mine opportunity to add approximately 15,000 to 20,000 tonnes of copper production per year and 50,000 to 60,000 ounces of gold production per year. The project would include the installation of additional grinding capacity and higher grade ore from Saúva to offset lower grade material currently being mined at Chapada.

Permitting and technical work is ongoing to further define the project, the Company is expected to provide an update in January 2026 on timelines and production profiles.

About Lundin Mining

Lundin Mining is a diversified Canadian base metals mining company with projects or operations focused in Argentina, Brazil, Chile and the United States of America, and primarily producing copper, gold and nickel.

The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below on November 5, 2025 at 15:35 Vancouver Time.

Technical Information 

The scientific and technical information in this document pertaining to the Vicuña Mineral Resource is based on the Vicuña Technical Report. The Vicuña Technical Report was prepared by Luke Evans, M.Sc., P.Eng. of SLR Consulting (Canada) Ltd, Paul Daigle, P.Geo. of AGP Mining Consultants Inc., Sean Horan, P.Geo. of Resource Modeling Solutions Ltd., Jeffrey Austin, P.Eng. of International Metallurgical and Environmental Inc., and Bruno Borntraeger, P.Eng. of Knight Piésold Ltd, each of whom reviewed, verified and approved the scientific and technical information pertaining to the Vicuña Mineral Resource that is related to his respective scope of responsibility. Each of the foregoing individuals is a “Qualified Person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and independent of the Company.

The scientific and technical information in this document other than that pertaining to the Vicuña Mineral Resource has been reviewed and approved in accordance with NI 43-101 by Eduardo Cortés, Registered Member (Comisión Calificadora de Competencias en Recursos y Reservas Mineras (Chilean Mining Commission)), Vice President, Mining & Resources at Lundin Mining, a “Qualified Person” under NI 43-101. Mr. Cortés has verified the data disclosed in this document and no limitations were imposed on his verification process.

The Vicuña Mineral Resource estimates are shown on a 100% basis and have an effective date of April 15, 2025. For further information related to the Vicuña Mineral Resource, including the key assumptions, parameters, and methods used to estimate the Vicuña Mineral Resource, risks and cautionary statements, see the Vicuña Technical Report and the Company’s News Release “Lundin Mining Announces Initial Mineral Resource at Filo Del Sol Demonstrating One of the World’s Largest Copper, Gold, and Silver Resources” dated May 4, 2025.

Reconciliation of Non-GAAP Measures  

The Company uses certain performance measures in its analysis. These performance measures have no standardized meaning within generally accepted accounting principles under International Financial Reporting Standards and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. For additional details please refer to the Company’s discussion of non-GAAP and other performance measures in its Management’s Discussion and Analysis for the three and nine months ended September 30, 2025 which is available on SEDAR+ at www.sedarplus.com.

Cash Cost per Pound and All-in Sustaining Cost (“AISC”) per Pound can be reconciled to Production costs on the Company’s Condensed Interim Consolidated Statements of Earnings as follows:


Three months ended September 30, 2025


Continuing operations


Candelaria


Caserones


Chapada


Consolidated


Eagle


Total –
continuing
operations1

($ millions, unless otherwise noted)


(Cu)


(Cu)


(Cu) 


(Cu)


(Ni)

Sales volumes (contained metal):

Tonnes                    

36,041

26,896

13,997

76,934

1,921

Pounds (000s)

79,457

59,295

30,858

169,610

4,235

Production costs     

199.2

158.5

96.4

454.1

35.2

490.5

Less: Royalties and other

(4.5)

(8.6)

(6.1)

(19.2)

(3.5)

(23.8)

194.7

149.9

90.3

434.9

31.7

466.7

Deduct: By-product credits2

(50.0)

(39.6)

(76.3)

(165.9)

(22.8)

(188.7)

Add: Treatment and refining

3.5

(0.3)

1.5

4.7

—

4.7

Cash cost

148.2

110.0

15.5

273.7

8.9

282.7


Cash cost per pound ($/lb)


1.87


1.86


0.50


1.61


2.11

Add: Sustaining capital         

46.9

29.4

26.1

6.6

Royalties

3.9

8.3

4.6

3.6

Reclamation and other closure accretion and depreciation

1.9

(0.2)

1.7

1.1

Leases & other

2.1

15.1

1.0

0.8

All-in sustaining cost

203.0

162.6

48.9

21.0


AISC per pound ($/lb)


2.55


2.74


1.58


4.96


1 Includes immaterial amounts related to other segments.


2 By-product credits are presented net of the associated treatment and refining charges.

 


Three months ended September 30, 2024


Continuing operations


Candelaria


Caserones


Chapada


Consolidated


Eagle


Total –
continuing
operations1

($ millions, unless otherwise noted)


(Cu)


(Cu)


(Cu) 


(Cu)


(Ni)

Sales volumes (contained metal):

Tonnes                    

45,430

22,044

12,380

79,854

393

Pounds (000s)

100,155

48,599

27,293

176,047

866

Production costs     

189.1

169.4

84.5

443.0

12.5

455.8

Less: Royalties and other

(6.8)

(6.4)

(3.8)

(17.0)

(0.3)

(17.6)

182.3

163.0

80.7

426.0

12.2

438.2

Deduct: By-product credits2

(46.2)

(26.0)

(49.8)

(122.0)

(6.0)

(128.0)

Add: Treatment and refining

18.9

7.0

6.4

32.3

—

32.3

Cash cost

155.0

144.0

37.3

336.3

6.3

342.5


Cash cost per pound ($/lb)


1.55


2.96


1.37


1.91


7.24

Add: Sustaining capital         

60.1

22.9

20.5

7.9

Royalties

4.5

6.3

2.7

0.1

Reclamation and other closure accretion and depreciation

2.4

1.1

2.4

1.5

Leases & other

1.6

17.8

1.0

1.5

All-in sustaining cost

223.6

192.1

63.9

17.3


AISC per pound ($/lb)


2.23


3.95


2.34


20.02


1 Includes immaterial amounts related to other segments.


2 By-product credits are presented net of the associated treatment and refining charges.


Three months ended September 30, 2024


Discontinued operations


Neves-Corvo


Zinkgruvan


Total –
discontinued
operations

($ millions, unless otherwise noted)


(Cu)


(Zn)

Sales volumes (contained metal):

Tonnes

7,707

15,124

Pounds (000s)

16,991

33,342

Production costs

95.2

30.1

125.3

Less: Royalties and other

(1.6)

—

(1.6)

93.6

30.1

123.7

Deduct: By-product credits1

(64.5)

(29.2)

(93.7)

Add: Treatment and refining charges

7.2

4.3

11.5

Cash cost

36.3

5.2

41.5


Cash cost per pound ($/lb)


2.13


0.16

Add: Sustaining capital expenditure

26.3

15.5

Royalties

1.3

—

Reclamation and other closure accretion and depreciation

1.4

1.1

Leases and other

0.1

0.1

All-in sustaining cost

65.4

21.9


AISC per pound ($/lb)


3.84


0.66


1 By-product credits are presented net of the associated treatment and refining charges.

 


Nine months
 ended September 30, 2025


Continuing operations


Candelaria


Caserones


Chapada


Consolidated


Eagle


Total –
continuing
operations1

($ millions, unless otherwise noted)


(Cu)


(Cu)


(Cu) 


(Cu)


(Ni)

Sales volumes (contained metal):

Tonnes                    

107,618

93,153

32,627

233,398

5,895

Pounds (000s)

237,257

205,367

71,930

514,554

12,996

Production costs     

557.3

607.2

234.9

1,399.4

112.7

1,514.0

Less: Royalties and other

(9.5)

(32.0)

(17.4)

(58.9)

(12.7)

(73.4)

547.8

575.2

217.5

1,340.5

100.0

1,440.6

Deduct: By-product credits2

(136.3)

(108.0)

(162.4)

(406.7)

(66.0)

(472.7)

Add: Treatment and refining

17.3

6.4

4.6

28.3

—

28.3

Cash cost

428.8

473.6

59.7

962.1

34.0

996.2


Cash cost per pound ($/lb)


1.81


2.31


0.83


1.87


2.62

Add: Sustaining capital         

144.9

99.5

75.7

17.4

Royalties

11.4

26.7

10.2

9.9

Reclamation and other closure accretion and depreciation

6.0

2.4

5.1

3.4

Leases & other

5.2

49.7

3.1

2.6

All-in sustaining cost

596.3

651.9

153.8

67.3


AISC per pound ($/lb)


2.51


3.17


2.14


5.18


1 Includes immaterial amounts related to other segments.


2 By-product credits are presented net of the associated treatment and refining charges.


Nine months
 ended September 30, 2025


Discontinued operations1


Neves-Corvo


Zinkgruvan


Total –
discontinued
operations

($ millions, unless otherwise noted)


(Cu)


(Zn)

Sales volumes (contained metal):

Tonnes                    

6,745

20,698

Pounds (000s)

14,870

45,631

Production costs     

90.2

36.9

127.1

Less: Royalties and other

(1.3)

—

(1.3)

88.9

36.9

125.8

Deduct: By-product credits2

(67.0)

(23.3)

(90.3)

Add: Treatment and refining

5.4

7.2

12.6

Cash cost

27.3

20.8

48.1


Cash cost per pound ($/lb)


1.84


0.46

Add: Sustaining capital         

27.7

30.4

Royalties

1.2

—

Reclamation and other closure accretion and depreciation

0.7

0.3

Leases & other

0.9

—

All-in sustaining cost

57.8

51.5


AISC per pound ($/lb)


3.89


1.13


1 Discontinued operations results are to April 16, 2025.


2 By-product credits are presented net of the associated treatment and refining charges.

 


Nine months
 ended September 30, 2024


Continuing operations


Candelaria


Caserones


Chapada


Consolidated


Eagle


Total –
continuing
operations1

($ millions, unless otherwise noted)


(Cu)


(Cu)


(Cu) 


(Cu)


(Ni)

Sales volumes (contained metal):

Tonnes                    

108,965

87,117

29,415

225,497

4,574

Pounds (000s)

240,226

192,060

64,849

497,135

10,084

Production costs     

525.7

576.0

218.3

1,320.0

90.8

1,411.8

Less: Royalties and other

(13.8)

(24.5)

(10.2)

(48.5)

(7.2)

(56.7)

511.9

551.5

208.1

1,271.5

83.6

1,355.1

Deduct: By-product credits2

(116.5)

(98.1)

(108.5)

(323.1)

(44.3)

(367.4)

Add: Treatment and refining

43.1

28.4

14.0

85.5

0.6

86.1

Cash cost

438.5

481.8

113.6

1,033.9

39.9

1,073.8


Cash cost per pound ($/lb)


1.83


2.51


1.75


2.08


3.96

Add: Sustaining capital         

220.2

101.0

74.9

16.0

Royalties

11.0

24.4

5.9

6.7

Reclamation and other closure

6.4

3.2

7.8

5.0

Leases & other

7.7

51.8

2.5

4.3

All-in sustaining cost

683.8

662.3

204.7

71.9


AISC per pound ($/lb)


2.85


3.45


3.16


7.13


1 Includes immaterial amounts related to other segments.


2 By-product credits are presented net of the associated treatment and refining charges.


Nine months
 ended September 30, 2024


Discontinued operations


Neves-Corvo


Zinkgruvan


Total –
discontinued
operations

($ millions, unless otherwise noted)


(Cu)


(Zn)

Sales volumes (contained metal):

Tonnes

21,491

49,459

Pounds (000s)

47,379

109,038

Production costs

250.0

92.9

342.9

Less: Royalties and other

(4.8)

—

(4.8)

245.2

92.9

338.1

Deduct: By-product credits1

(156.6)

(73.2)

(229.8)

Add: Treatment and refining charges

19.2

24.1

43.3

Cash cost

107.8

43.8

151.6


Cash cost per pound ($/lb)


2.28


0.04

Add: Sustaining capital expenditure

76.6

43.2

Royalties

3.2

—

Reclamation and other closure accretion and depreciation

4.0

3.3

Leases and other

0.4

0.2

All-in sustaining cost

192.0

90.5


AISC per pound ($/lb)


4.06


0.83


1 By-product credits are presented net of the associated treatment and refining charges.

Adjusted EBITDA can be reconciled to Net earnings (loss) on the Company’s Condensed Interim Consolidated Statements of Earnings as follows:


Three months ended


September 30,


Nine months
 ended


September 30,

($ millions)


2025

2024


2025

2024

Net earnings from continuing operations


184.6

110.7


525.5

313.0

Add back:

Depreciation, depletion and amortization


168.8

151.1


466.2

459.7

Finance costs, net


16.7

36.7


81.0

103.2

Income taxes expense


98.9

91.2


219.3

195.2


EBITDA — continuing operations


469.0

389.7


1,292.0

1,071.1

Unrealized foreign exchange (gain) loss


(8.5)

11.4


(0.6)

(0.2)

Unrealized losses (gains) on derivative contracts


25.5

(28.0)


(21.2)

(0.8)

Ojos del Salado sinkhole expenses (recoveries)


11.4

0.9


12.6

0.6

Revaluation gain on marketable securities


(8.1)

(4.0)


(9.7)

(6.5)

Gain on partial disposal and contribution to Vicuña


—

—


(3.0)

—

Partial suspension of underground operations at Eagle


—

14.8


—

24.6

Revaluation of Caserones purchase option


—

—


—

(11.7)

Write-down of assets


—

0.8


—

18.0

Other


0.4

(0.3)


2.4

(1.4)

Total adjustments — EBITDA


20.7

(4.4)


(19.5)

22.6


Adjusted EBITDA — continuing operations


489.7

385.3


1,272.5

1,093.7

Including discontinued operations:

Net earnings from discontinued operations


19.6

17.2


108.3

30.1

Add back:

Depreciation, depletion and amortization


—

49.0


—

122.5

Finance costs, net


—

2.4


4.7

8.0

Income taxes expense


—

5.7


5.4

8.5


EBITDA — discontinued operations


19.6

74.3


118.4

169.1

Unrealized foreign exchange loss (gain)


—

1.4


1.5

0.8

Unrealized losses (gains) on derivative contracts


—

(2.6)


(0.1)

19.1

Asset impairment


—

—


65.7

—

Gain on disposal of subsidiaries


—

—


(106.4)

—

Contingent consideration revaluation


(19.6)

—


(16.4)

—

Other


—

(0.7)


1.3

(1.2)

Total adjustments — EBITDA discontinued operations


(19.6)

(1.9)


(54.4)

18.7


Adjusted EBITDA — discontinued operations


—

72.4


64.0

187.8


Adjusted EBITDA (all operations)


489.7

457.7


1,336.5

1,281.4

Adjusted Earnings and Adjusted EPS can be reconciled to Net earnings (loss) attributable to Lundin Mining Shareholders on the Company’s Condensed Interim Consolidated Statements of Earnings as follows:


Three months ended


September 30,


Nine months
 ended


September 30,

($ millions, except share and per share amounts)


2025

2024


2025

2024

Net earnings attributable to Lundin Mining shareholders — continuing operations


143.3

84.0


407.4

206.5

Add back:

Total adjustments – EBITDA


20.7

(4.4)


(19.5)

22.6

Tax effect on adjustments


1.8

(8.1)


(2.7)

(1.9)

Deferred tax arising from foreign exchange translation


(11.3)

(12.4)


(46.1)

(32.4)

Deferred tax arising from partial disposal and contribution to Vicuña


—

—


9.0

Non-controlling interest on adjustments


(2.2)

(1.9)


(3.7)

2.2

Total adjustments


9.0

(26.8)


(63.0)

(9.5)


Adjusted earnings — continuing operations


152.3

57.2


344.4

196.9

Including discontinued operations:

Net earnings attributable to Lundin Mining shareholders – discontinued operations1


19.6

17.2


108.3

30.1

Add back:

Total adjustments – EBITDA – discontinued operations


(19.6)

(1.9)


(54.4)

18.7

Tax effect on adjustments


—

—


0.1

(6.0)

Total adjustments


(19.6)

(1.9)


(54.3)

12.7


Adjusted earnings — discontinued operations


—

15.3


54.0

42.8


Adjusted earnings (all operations)


152.3

72.5


398.4

239.7


Basic weighted average number of shares outstanding


856,091,613

776,794,756


855,301,352

774,574,731

Net earnings attributable to Lundin Mining shareholders – continuing operations


0.17

0.11


0.48

0.27

Total adjustments


0.01

(0.03)


(0.07)

(0.01)


Adjusted EPS — continuing operations


0.18

0.07


0.41

0.25

Net earnings attributable to Lundin Mining shareholders – discontinued operations


0.02

0.02


0.13

0.04

Total adjustments


(0.02)

—


(0.06)

0.02


Adjusted EPS — discontinued operations


—

0.02


0.06

0.06

Net earnings attributable to Lundin Mining shareholders


0.19

0.13


0.60

0.31

Total adjustments


(0.01)

(0.04)


(0.14)

—


Adjusted EPS (all operations)


0.18

0.09


0.47

0.31


1 Represents Net earnings attributable to Lundin Mining Corporation shareholders less Net earnings from continuing operations attributable to Lundin Mining Corporation shareholders.

Free Cash Flow from Operations and Free Cash Flow can be reconciled to Cash provided by operating activities on the Company’s Condensed Interim Consolidated Statements of Cash Flows as follows:


Three months ended


September 30,


Nine months
 ended


September 30,

($ millions)


2025

2024


2025

2024

Cash provided by operating activities related to continuing operations


270.3

81.4


707.2

753.6

Sustaining capital expenditures


(109.1)

(109.3)


(337.6)

(412.4)

General exploration and business development


7.7

10.3


31.9

32.4


Free cash flow from operations — continuing operations


168.9

(17.6)


401.5

373.6

General exploration and business development


(7.7)

(10.3)


(31.9)

(32.4)

Expansionary capital expenditures


(51.1)

(49.9)


(147.7)

(193.0)


Free cash flow — continuing operations


110.1

(77.8)


221.9

148.2

Cash provided by operating activities from discontinued operations


—

57.9


74.5

145.0

Sustaining capital expenditures


—

(41.8)


(58.1)

(119.8)

General exploration and business development


—

3.3


5.4

8.2


Free cash flow from operations — discontinued operations


—

19.4


21.8

33.4

General exploration and business development


—

(3.3)


(5.4)

(8.2)


Free cash flow — discontinued operations


—

16.1


16.4

25.2


Free cash flow from operations (all operations)


168.9

1.8


423.3

407.0


Free cash flow (all operations)


110.1

(61.7)


238.3

173.4

Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share can be reconciled to Cash provided by operating activities on the Company’s Condensed Interim Consolidated Statements of Cash Flows as follows:


Three months ended


September 30,


Nine months
 ended


September 30,

($ millions, except share and per share amounts)


2025

2024


2025

2024

Cash provided by operating activities from continuing operations


270.3

81.4


707.2

753.6

Changes in non-cash working capital items


112.6

161.6


289.9

74.6


Adjusted operating cash flow — continuing operations


382.9

243.0


997.1

828.2

Cash provided by operating activities related to discontinued operations


—

57.9


74.5

145.0

Changes in non-cash working capital items


—

4.3


(16.7)

15.5


Adjusted operating cash flow — discontinued operations


—

62.2


57.8

160.5


Adjusted operating cash flow (all operations)


382.9

305.2


1,054.9

988.7

Basic weighted average number of shares outstanding


856,091,613

776,794,756


855,301,352

774,574,731


Adjusted operating cash flow per share — continuing operations


$              0.45

0.31


$              1.17

1.07


Adjusted operating cash flow per share — discontinued operations


—

0.08


$              0.06

0.21


Adjusted operating cash flow per share (all operations)


$              0.45

0.39


$              1.23

1.28

Net debt and Net Debt Excluding Lease Liabilities can be reconciled to Debt and lease liabilities, Current portion of debt and lease liabilities and Cash and cash equivalents on the Company’s Condensed Interim Consolidated Balance Sheets as follows:

($ millions), continuing operations


September 30, 2025

December 31, 2024

Debt and lease liabilities


(378.6)

(1,610.9)

Current portion of debt and lease liabilities


(249.0)

(395.2)

Less deferred financing fees (netted in above)


(4.1)

(7.7)

Add debt and lease liabilities related to liabilities classified as held-for-sale


—

(16.3)


(631.7)

(2,030.1)

Cash and cash equivalents


290.3

357.5

Add cash and cash equivalents related to assets classified as held-for-sale


—

74.8


Net debt


(341.4)

(1,597.8)

Lease liabilities


233.5

249.1

Lease liabilities related to liabilities classified as held-for-sale


—

16.3


Net debt excluding lease liabilities


(107.9)

(1,332.4)


Cautionary Statement on Forward-Looking Information

Certain of the statements made and information contained herein are “forward-looking information” within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company’s plans, prospects, business strategies and strategic vision and aspirations and their achievement and timing; the Company’s guidance on the timing and amount of future production and its expectations regarding the results of operations; expected financial performance, including expected earnings, revenue, costs and expenditures and other financial metrics; the Company’s growth and optimization initiatives and expansionary projects, and the potential costs, outcomes, results and impacts thereof and timing thereof; permitting requirements and timelines; timing and possible outcomes of pending litigation and disputes, including tax disputes; the results of any Preliminary Economic Assessment, Pre-Feasibility Study, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; remediation and reclamation obligations, including their anticipated costs and timing; anticipated market prices of metals, currency exchange rates and interest rates; the Company’s shareholder distribution policy, including with respect to share buybacks and the payment and amount of dividends and the timing thereof; the development and implementation of the Company’s Responsible Mining Management System; the Company’s liquidity, contractual obligations, commitments and contingencies, and the Company’s capital resources and adequacy thereof; the Company’s tax obligations; the Company’s ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities, including potential outcomes, results, impacts and timing thereof; the Company’s integration of acquisitions and expansions and any anticipated benefits thereof, including the anticipated project development and associated costs and timing,  and other plans and expectations with respect to the Vicuña Project and the 50/50  joint arrangement with BHP; mineral resource estimation for the Vicuña Project, including the parameters and assumptions related thereto; the operation of Vicuña with BHP; the realization of synergies and economies of scale in the Vicuña district; the development and future operation of the Vicuña Project, including expected costs and timing; the timing and expectations for future regulatory applications (including the RIGI application), studies and technical reports with respect to the Company’s operations and projects, including the Vicuña Project and the Saúva Project; the potential for resource expansion; the terms of the contingent payments in respect of the completion of the sale of the Company’s European assets and expectations related thereto; and expectations for other economic, business, and/or competitive factors. Words such as “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “goal”, “aim”, “intend”, “continue”, “budget”, “estimate”, “may”, “will”, “can”, “could”, “should”, “schedule” and similar expressions identify forward-looking information.

Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, gold, zinc, nickel and other metals; anticipated costs; currency exchange rates and interest rates; ability to achieve goals; the prompt and effective integration of acquisitions and the realization of synergies and economies of scale in connection therewith; that the political, economic, permitting and legal environment in which the Company operates will continue to support the development and operation of mining projects; timing and receipt of governmental, regulatory and third party approvals, consents, licenses and permits and their renewals; positive relations with local groups; the accuracy of Mineral Resource and Mineral Reserve estimates and related information, analyses and interpretations; and such other assumptions as set out herein as well as those related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management’s experience and perception of current conditions and expected developments, such information is inherently subject to significant business, economic, political, regulatory and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; risks relating to geotechnical incidents; risks relating to tailings and waste management facilities; risks relating to the Company’s indebtedness; challenges and conflicts that may arise in partnerships and joint operations; risks relating to development projects, including Filo del Sol and Josemaria; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile; the impact of global financial conditions, market volatility and inflation; business interruptions caused by critical infrastructure failures; challenges of effective water management; exposure to greater foreign exchange and capital controls, as well as political, social and economic risks as a result of the Company’s operation in emerging markets; risks relating to stakeholder opposition to continued operation, further development, or new development of the Company’s projects and mines; any breach or failure information systems; risks relating to reliance on estimates of future production; risks relating to disputes, litigation and administrative proceedings (including tax disputes) which the Company may be subject to from time to time; risks relating to acquisitions or business arrangements; risks relating to competition in the industry; failure to comply with existing or new laws or changes in laws; challenges or defects in title or termination of mining or exploitation concessions; the exclusive jurisdiction of foreign courts; the outbreak of infectious diseases or viruses; risks relating to taxation changes; receipt of and ability to maintain all permits that are required for operation; minor elements contained in concentrate products; changes in the relationship with its employees and contractors; the Company’s Mineral Reserves and Mineral Resources which are estimates only; uncertainties relating to inferred Mineral Resources being converted into Measured or Indicated Mineral Resources; payment of dividends in the future; compliance with environmental, health and safety laws and regulations, including changes to such laws or regulations; interests of significant shareholders of the Company; asset values being subject to impairment charges; potential for conflicts of interest and public association with other Lundin Group companies or entities; activist shareholders and proxy solicitation firms; risks associated with climate change; the Company’s common shares being subject to dilution; ability to attract and retain highly skilled employees; reliance on key personnel and reporting and oversight systems; risks relating to the Company’s internal controls; counterparty and customer concentration risk;  risks associated with the use of derivatives; exchange rate fluctuations; the terms of the contingent payments in respect of the completion of the sale of the Company’s European assets and expectations related thereto; and other risks and uncertainties, including but not limited to those described in the “Risks and Uncertainties” section of the Company’s MD&A for the three and nine months ended September 30, 2025, the “Risks and Uncertainties” section of the Company’s MD&A for the year ended December 31, 2024, and the “Risks and Uncertainties” section of the Company’s Annual Information Form for the year ended December 31, 2024, which are available on SEDAR+ at www.sedarplus.ca under the Company’s profile.

All of the forward-looking information in this document is qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward‐looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.

For further information, please contact: Stephen Williams, Vice President, Investor Relations +1 604 806 3074; Robert Eriksson, Investor Relations Sweden: +46 8 440 54 40

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The post Lundin Mining Reports Third Quarter 2025 Results and Increases Full-Year Copper Production Guidance and Lowers Cost Guidance appeared first on The Malaysian Reserve.

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RW&CO Enters a New Era as Reitmans (Canada) Limited Accelerates Its Retail Transformation

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RW&CO ushers in a new chapter of design, experience, and purpose with the launch of its first flagship store, reflecting RCL’s multi-brand retail vision.

SAINT-BRUNO, QC, Nov. 5, 2025 /CNW/ – Canadian retailer RW&CO, one of three distinctive brands under Reitmans (Canada) Limited (“RCL” or the “Company”) (TSXV: RET) (TSXV: RET-A), is entering a bold new phase of its evolution. Guided by RCL’s long-term transformation strategy, RW&CO has redefined its visual identity, in-store experience, and customer approach to better align with the values and lifestyle of today’s consumer.


Pictured: RW&CO’s new flagship storefront at Promenades Saint-Bruno. The store features refined neutrals and deeper hues for a sleek, modern retail experience, designed to inspire and elevate the customer journey. (CNW Group/Reitmans (Canada) Ltd)

This transformation comes to life through a newly opened flagship concept at Promenades Saint-Bruno, located approximately 20 km from Montreal’s downtown core. Spanning 7,800 square feet, the flagship is RW&CO’s largest store to date. It features curated collections, modern design elements, and a lounge-inspired fitting area that supports comfort and discovery. The space captures RW&CO’s modernized visual identity, revealed in September as part of the brand’s next chapter.

Designed with intention in Canada, each piece is crafted from elevated materials that combine quality, comfort, and style. RW&CO creates collections that evolve with its customers, offering refined essentials that blend seamlessly into the rhythm of modern life.

“This moment represents much more than a rebrand. It marks a pivotal milestone in our five-year strategic plan and it’s a reimagining of what RW&CO stands for,” said Margaret Thouez, GM of RW&CO. “We’ve evolved to meet our customers where they are today and where they aspire to be tomorrow, blending innovation, design, and connection to create experiences that are authentic and inspiring. Our commitment remains the same: to craft modern, refined collections for men and women – urban professionals, creative thinkers, and style-conscious individuals who value quality, versatility, and confidence in every aspect of their lives.”

Beyond its design and physical footprint, the flagship reflects RW&CO’s commitment to building a purpose-driven retail environment that fosters creativity and community. RW&CO will use this platform to host brand collaborations, spotlight local talent, and deepen connections with Canadian consumers, reinforcing RCL’s mission to craft meaningful, lasting experiences across its brands.

The opening of the Saint-Bruno store is only the beginning. It stands as a symbol of RW&CO’s renewed direction and of RCL’s vision for the future of modern Canadian retail: dynamic, connected, and built to evolve.


About RW&CO

RW&CO is a work-from-anywhere fashion brand for style-savvy men and women. Prioritizing fit, fabric quality and versatility, RW&CO builds collections that help customers look put together anywhere, whether they are working from home or at the office. The brand is available in over 84 stores across Canada and online at rw-co.com.


About Reitmans (Canada) Limited

Reitmans (Canada) Limited is one of Canada’s leading specialty apparel retailers for women and men, with retail outlets throughout the country. The Company operates 391 stores under three distinct banners consisting of 221 Reitmans, 86 PENN., and 84 RW&CO.

For more information, visit www.reitmanscanadalimited.com.

For further information, please contact:

Alexandra Cohen

VP, Corporate Communications

Reitmans (Canada) Limited

Telephone: (514) 384-1140

Email: [email protected]

Caroline Goulian

EVP & Chief Financial Officer

Reitmans (Canada) Limited

Telephone: (514) 384-1140

Email: [email protected]


Forward-Looking Statements

Statements made in this news release, other than statements of fact that are independently verifiable at the date hereof, may be forward-looking in nature. The reader should not place undue reliance on any forward-looking statements included herein. The Company cannot guarantee that any forward-looking statement will materialize, or if any of them do, what benefits the Company will derive from thßem. Numerous risks and uncertainties could cause the Company’s actual results to differ materially from those expressed, implied or projected in the forward-looking statements. Factors that could cause results to vary include those identified in the Company’s filings with Canadian securities regulatory authorities. All forward-looking statements presented herein should be considered in conjunction with such filings. The Company does not undertake to update any forward-looking statements; such statements speak only as of the date made.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


RW&CO Saint Bruno store (CNW Group/Reitmans (Canada) Ltd)


RW&CO Saint Bruno store (CNW Group/Reitmans (Canada) Ltd)

SOURCE Reitmans (Canada) Ltd

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Class Action Reminder: JHX Investors with Large Losses Should Contact Robbins LLP for Information About Leading the James Hardie Industries plc Class Action

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SAN DIEGO, Nov. 5, 2025 /PRNewswire/ —


Robbins LLP - Shareholder Rights Law Firm (PRNewsfoto/Robbins LLP)

Company: James Hardie Industries plc (NYSE: JHX) provides exterior home and outdoor living solutions and markets itself as the number one producer of high-performance fiber cement building solutions in the United States.

Class Period: May 20, 2025 – August 18, 2025

The Case: Robbins LLP reminds stockholders that a class action was filed on behalf of all investors who purchased or otherwise acquired James Hardie Industries plc because the Company allegedly misled investors regarding inventory destocking

For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.

The Allegations: According to the complaint, defendants made false statements during the class period. Despite starting to see North America Fiber Cement customers destocking inventory in April and early May 2025, defendants made numerous statements on May 20 and 21, 2025, falsely assuring investors that the segment remained strong despite the challenging market environment and expressly denying that inventory destocking was occurring. Investors remained unaware that sales in James Hardie’s largest business segment were experiencing inventory loading by channel partners, with the hallmarks of fraudulent channel stuffing, and not sustainable customer demand as represented.

Plaintiff alleges that on August 19, 2025, James Hardie shocked investors by belatedly disclosing that sales in North America Fiber Cement declined by 12% due to the customer destocking first discovered by defendants “in April through May.” The company’s CEO and Executive Director explained that the results reflect a “normalization of channel inventories” that was expected to impact sales for at least the next two quarters.  On this news, the price of James Hardie’s common stock dropped by over 34%, or $9.79 per share, from a closing price of $28.43 per share on August 18, 2025 to $18.64 per share on August 20, 2025.

What Now: You may be eligible to participate in the class action against James Hardie Industries plc. Shareholders who wish to serve as lead plaintiff for the class must submit their papers to the court by December 23, 2025. The lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation.  You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.


All representation is on a contingency fee basis. Shareholders pay no fees or expenses. 

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. 

To be notified if a class action against James Hardie Industries plc settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

Attorney Advertising.  Past results do not guarantee a similar outcome.  

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SOURCE Robbins LLP

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Stockholder Alert: Robbins LLP Informs Investors of the Fiserv, Inc. Class Action Lawsuit

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SAN DIEGO, Nov. 5, 2025 /PRNewswire/ — Robbins LLP informs stockholders that a class action was filed on behalf of all investors who purchased or otherwise acquired Fiserv, Inc. (NYSE:FI) securities between July 23, 2025 and October 29, 2025. Fiserv is a Milwaukee, Wisconsin-based global payments and financial technology provider.


Robbins LLP - Shareholder Rights Law Firm (PRNewsfoto/Robbins LLP)

For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.

The Allegations: Robbins LLP is Investigating Allegations that Fiserv, Inc. (FI) Mislead Investors Regarding its 2025 Financial Growth

According to the complaint, in July 2025, Fiserv revised its 2025 guidance, including lowering its organic revenue growth guidance based on a review, termed a “re-underwrit[ing],” of the Company’s new initiatives and products.  The Company told investors that although certain of those initiatives and projects were delayed, they were fundamentally sound.

However, the complaint alleges that Fiserv’s representations to the market in July 2025 were false and misleading.  On October 29, 2025, Fiserv announced disappointing third quarter 2025 financial results and admitted that the Company’s 2025 guidance disclosed in July 2025 was based on “assumptions . . . which would have been objectively difficult to achieve even with the right investment and strong execution.” In addition, Fiserv disclosed that it had during the third quarter conducted a full review of its new initiatives and products—conceding that the prior “re-underwrit[ing]” was incomplete—and “made the decision to deprioritize the short-term revenue and expense initiatives.” On this news, the price of Fiserv’s common stock plummeted $55.57 per share, or 44%, from a closing price of $126.17 per share on October 28, 2025 to a closing price of $70.60 on October 29, 2025.

What Now: You may be eligible to participate in the class action against Fiserv, Inc. Shareholders who wish to serve as lead plaintiff for the class must submit their papers to the court by January 5, 2026. The lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation.  You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.


All representation is on a contingency fee basis. Shareholders pay no fees or expenses. 

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. 

To be notified if a class action against Fiserv, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

Attorney Advertising.  Past results do not guarantee a similar outcome.  

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/stockholder-alert-robbins-llp-informs-investors-of-the-fiserv-inc-class-action-lawsuit-302606294.html

SOURCE Robbins LLP

The post Stockholder Alert: Robbins LLP Informs Investors of the Fiserv, Inc. Class Action Lawsuit appeared first on The Malaysian Reserve.

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