As the company informed in a press release quoted by PAP Biznes, the Canadian company Lumina Metals has filed an updated prospectus. The owner of the Nowa Sól copper field is planning an initial public offering in Toronto and a parallel listing of shares on the Warsaw Stock Exchange.
According to the company's latest announcement, Lumina Metals Corp. has filed an updated prospectus with Canadian regulators. This document modifies earlier plans and brings the company closer to an initial public offering on the Toronto Stock Exchange (TSX). What is important for domestic investors, the Management Board's plans also include the so-called dual listing, i.e. parallel listing of securities on the Warsaw Stock Exchange.
According to the information contained in the prospectus, the planned offer will consist of two pillars. The first is the debut issue of new shares, from which the Canadian company intends to raise most of the necessary capital. The second part is a secondary offering of securities belonging to the current shareholder, the Sitka Foundation fund. The total gross value of the entire operation is estimated at more than 343 million Canadian dollars, which is equivalent to approximately 251 million US dollars. The price of a single share was set at 12.50 Canadian dollars.
The company's authorities clearly indicated in the document that they intend to submit an application for admission of ordinary shares to trading on the Warsaw Stock Exchange. However, this will be possible only after the Polish version of the prospectus has been approved by the Polish Financial Supervision Authority. At the same time, the announcement stipulates that any delays or problems with the debut in Poland will not affect the main process of entering the Toronto Stock Exchange, which is running independently.
IPO of Lumina Metals: millions for Polish copper
The funds obtained from the issue of new shares are to be fully invested in the development of operational activities in our country. As we wrote in the analysis of foreign investments in the Polish mining sector, the company's management board prioritizes the flagship and most advanced Nowa Sól project. The fresh capital will be used there to finance the necessary permits, continue exploration and drilling work, and cover the costs of specialized technical tests. The remaining part of the funds will be directed to the development of two other projects – Sulmierzyce and Mozów – as well as to current general and administrative costs.
It is worth recalling that the process of preparing for going public has been going on for a long time. In April 2026, Lumina Metals filed an initial, extended prospectus in the Canadian provinces. According to the stock exchange information at the time, the offer was supervised by a consortium of well-known financial institutions, which included, among others, BMO Capital Markets, Morgan Stanley Canada, National Bank Financial and RBC Capital Markets. The company itself has been operating in Poland since 2011, consistently exploring deposits of copper and silver in the south-western part of the country.
Potential of copper deposits in Poland
The current stock exchange plans are a natural consequence of the progress in geological works that the management board has reported on in the past. In June 2025, the company's CEO, Jordan Pandoff, in an interview with PAP Biznes, said that the Nowa Sól deposit had received the C1 category. The head of the company then announced the start of the procedure for applying for a mining concession. According to him, the aim of these activities is to build one of the largest copper mines in Europe. It was then that the first public signals about the desire to raise capital from Polish investors appeared.
The scale of the project is significant in the context of the entire national raw material resources. According to official data from the Polish Geological Institute, at the end of 2023, the total balance copper reserves in Poland were estimated at about 57 million tons. According to the latest report on the country's geological resources, the projects developed by the Canadian company make up a significant part of this volume. The three deposits documented by Lumina Metals contain a total of about 20 million tons of raw material, of which over 10 million tons are for the project in Nowa Sól alone.
