Copper and silver miner Lumina’s Toronto IPO raises $297 million

Lumina Metals Corp. and one of its shareholders raised C$406.2 million ($297 million) in an upsized Canadian initial public offering.

The copper and silver mining company sold 25 million shares and Executive Chairman Ross Beaty’s charitable foundation sold 7.5 million shares for C$12.50 each, according to a regulatory filing. The company had previously marketed 22 million shares and the shareholders offered 5 million shares, an earlier filing showed.

The pricing gives Lumina Metals a market value of as much as roughly C$1.3 billion based on the outstanding shares listed in its filing. Accounting for employee stock options and restricted stock units, the company would have a fully diluted value of up to about C$1.4 billion.

The IPO is multiple times oversubscribed, people familiar with the matter have said. 

Proceeds from the offering will fund the development of three copper and silver projects in southwestern Poland. The sites collectively represent one of the most significant copper-silver discoveries in Europe in recent decades, according to the company’s preliminary prospectus. 

The listing comes as more North American mining companies look to go public to capture surging demand for their metals. Sunshine Silver Mining & Refining Corp. is pursuing an IPO to help reopen an Idaho mine, people familiar with the matter have said. Barrick Mining Corp. is exploring a listing of its North American gold mines and McEwen Copper Inc. aims to raise about $300 million in an IPO by year end for an Argentina project.

Lumina Metals had a net loss of C$11.98 million in 2025, compared with a net loss of C$7.75 million in 2024, according to the filing.

Beaty, who previously founded Pan American Silver Corp., heads the Vancouver-based Lumina Group. Lumina has founded or developed several mineral development companies over the past two decades including Equinox Gold Corp. After the IPO, Kestrel Holdings Ltd., a vehicle controlled by Beaty, will hold 41% of outstanding common shares in Lumina Metals.

Nowa Sol, Lumina Metals’ most advanced project, is located near the mines of state-controlled KGHM Polska Miedz SA, Poland’s sole copper and silver producer. Shares of KGHM gained 162% in the last 12 months, tracking the rising prices of the metals. Lumina Metals’ filing also highlighted the presence of existing industrial infrastructure nearby including smelting facilities.

Lumina estimates it needs $6.4 billion to bring the Nowa Sol into production, while the facility’s average annual output of copper equivalent is seen at 390,000 tons in the first 10 years.

The company also said it won’t proceed with the construction of the Nowa Sol mine without an exemption or further amendments to Poland’s copper and silver mineral extraction tax, linked to volume and prices. Poland announced last year introduction of investment reliefs while keeping mechanism penalizing for higher output.

The IPO adds to a revival in first-time share sales in Canada, after activity hit a two-decade low in 2023 when the country saw just a single listing raising more than $50 million, data compiled by Bloomberg show. AGT Food & Ingredients Inc. debuted in a C$449.5 million IPO earlier this year, and generic drugmaker Apotex Inc. is seeking to raise as much as C$1 billion in a deal that could come in the first half of this year, Bloomberg News reported.  

Lumina Metals’ offering is being led by Bank of Montreal, National Bank Financial Inc., Morgan Stanley, Royal Bank of Canada and Canadian Imperial Bank of Commerce. The company is set to debut on the Toronto Stock Exchange and plans to pursue a listing on the Warsaw Stock Exchange, the filing shows.

(By Stephanie Hughes)