Lumina Metals Corp. delivered a Preliminary Economic Assessment for the Nowa Sól Project in western Poland, outlining two underground mine shaft complexes designed to produce 290,000 tonnes of copper and 28 million ounces of silver annually during the first 10 years of operation.

The study projects a 24-year mine life and an initial capital intensity of US$16,416 per tonne for the first decade. At metal prices of US$4.75 per pound copper and US$37.50 per ounce silver, the Nowa Sól assessment yields a post-tax net present value at a 7% discount rate of US$1.6 billion and a post-tax internal rate of return of 10.8%, alongside average annual EBITDA of US$2.5 billion and all-in sustaining costs of US$1.17 per pound for the first 10 years.

At higher prices of US$6.00 per pound copper and US$90.00 per ounce silver, the post-tax net present value rises to US$9.3 billion with a 21.8% post-tax internal rate of return and US$4.8 billion in average annual EBITDA.

Financial liquidity strengthened following the completion of an upsized and oversubscribed initial public offering and dual listing on the Toronto Stock Exchange and Warsaw Stock Exchange. As at June 30, 2026, the company reported cash of $344.0 million and working capital of $342.9 million, compared with cash of $48.9 million and working capital of $48.7 million as at December 31, 2025.

The company has commenced a Pre-Feasibility Study for Nowa Sól alongside Fluor Corporation, with completion scheduled for the second half of 2027. Concurrently, an ongoing 2026 drilling program uses two rigs operating across approximately 8,200 metres in four holes to increase geological confidence and support the study, alongside resource growth drilling programs at the Sulmierzyce and Mozów projects in western Poland.

Lumina also executed a non-binding letter of intent with KGHM Polska Miedź S.A. to establish a framework for discussions regarding the potential future supply of copper concentrate from Nowa Sól to KGHM’s Polish smelting operations.

“The first half of 2026 marked a transformational period for Lumina Metals. With a strong treasury and major engineering, environmental, and permitting work underway, we are focused on advancing and de-risking Nowa Sól while continuing to expand our resource inventory at the Sulmierzyce and Mozów Projects. We are encouraged by the increasing recognition within Poland of the strategic importance of developing new domestic copper and silver resources. We look forward to building on this momentum through continued constructive engagement with the Government, local communities, and other key stakeholders.”

— Jordan Pandoff, CEO

Read the full announcement: Lumina Metals Reports Q2 2026 Results