Newly listed Lumina in talks with Poland’s KGHM over potential supply deal

Staff Writer | May 5, 2026 | 9:10 am Markets Canada Europe Copper Silver

Nowa Sól is Lumina Metals’ flagship copper-silver project in the Lubuskie Region of Western Poland. Credit: Lumina Metals

Newly listed Lumina Metals (TSX: LMCU) says it has entered talks with Polish mining giant KGHM over a potential supply deal involving the company’s flagship copper project.

In a press release on Tuesday, the Canadian miner said it has signed a letter of intent with KGHM to discuss technical and commercial terms related to the future supply of copper concentrates from its Nowa Sól project.

Nowa Sól represents a major underground project covering 120 sq. km of Poland’s Northern copper belt. It is situated near KGHM’s existing copper-silver mine operations, which constitute Poland’s only producers of the metals and host one of Europe’s key copper processing facilities.

The letter with KGHM, says Lumina’s CEO Jordan Pandoff, represents an “important step in reinforcing the Polish metal mining industry” and in advancing the company’s strategy to position Nowa Sól as “a cornerstone of copper and silver supply” within both Poland and the European Union.

“We are delighted to open discussions with KGHM, a globally recognized European leader in copper mining and smelting, as we continue to advance the project toward development leveraging Polish local content of the highest quality,” he added.

Since its initial discovery in 2014, Lumina has completed over 51,000 metres of drilling, from which it outlined a measured and indicated resource of 604 million tonnes grading 1.24% copper and 38 g/t silver. This resource, according to the company, makes Nowa Sól one of the world’s most significant undeveloped copper projects and one of the largest undeveloped silver projects.

To advance the project further, Lumina recently completed an initial public offering of its common stock on the Toronto Stock Exchange, raising C$406.2 million ($297 million). The company also said it plans to list its stock on the Warsaw exchange.

The TSX-listed shares traded at around C$11.50 by midday Tuesday, about C$1 off its IPO price. The company has a market capitalization of approximately C$1.2 billion ($90 million).