Capital Structure and Funding Strategy

Our guests today are Jack and Adam Lundin, of the renowned Lundin Family, a name synonymous with value creation and long-term thinking in the mining sector.  

We were fortunate to record a conversation that delves into their philosophy and vision for the future. 

Among many topics, we cover: 

• Their approach to creating sustainable value in mining investments 

• Why the Vicuña joint venture is truly special, with insights on the Josemaría and Filo del Sol projects 

• The remarkable rise of Lundin Gold in Ecuador and the lessons learned 

• What they’ve learned working alongside Chinese miners  

Please enjoy the chat! 

This was recorded on 11/11/2025.   

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TIMESTAMPS  

(00:00) Introduction
(05:09) Lundin Gold: Betting on Ecuador
(11:50) Building Josemaria: Lessons from Others
(14:33) Meeting Milei
(18:41) Financing Vicuña
(28:03) Tenke and the DRC
(32:03) NGEx and the Birth of Lunar Royalties
(37:11) Lundin Gold: Single Asset Risk
(43:48) Legacy: Building for the Next Generation
(46:39) Staying Lean: Culture Over Bureaucracy
(48:10) "The Lundin Put"
(49:31) Canada vs Australia: Capital Markets

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