Lumina Metals, shareholder seek $251 million in Toronto IPO

Lumina Metals Corp. and one of its shareholders are seeking to raise C$343.7 million ($251 million) in an initial public offering in Toronto, building on a modest recovery in Canadian market debuts.

The copper and silver mining company and the Sitka Foundation are marketing 27.5 million shares in aggregate for C$12.50 each, according to a filing late Thursday with Canadian regulators. Lumina is offering 22 million shares and Sitka is offering about 5.5 million shares, the filing shows.

Lumina would have a market value of as much as C$1.3 billion based on the outstanding shares listed in its filing. On a fully diluted basis, the company would have a value of as much as C$1.4 billion.

Lumina began operations in Poland in 2011, which resulted in the discovery of three copper-silver deposits in the western part of the country. The company’s biggest shareholder is an affiliate of executive chairman Ross J. Beaty, who heads the Vancouver-based Lumina Group. Lumina Group has founded or developed several mineral development companies over the past two decades including Lumina Copper Corp. and Equinox Gold Corp.

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.

On or prior to the IPO closing, Beaty’s Kestrel Holdings Ltd. will donate about 5.5 million Lumina Metals shares to the Sitka Foundation, a nature conservation foundation which he is co-founder, president and director of. After the IPO, Kestrel will hold 41.3% of outstanding common shares. The offering is expected to price the week of April 20, the filing shows.

The offering is being led by BMO Capital Markets, National Bank Financial Inc., Morgan Stanley Canada Ltd., RBC Capital Markets and CIBC World Markets Inc. The company expects its shares to trade on the Toronto Stock Exchange, and also intends to apply to the Warsaw Stock Exchange for listing, the filing shows.

(By Stephanie Hughes)