The biggest Canadian mining IPO since 2010 is betting on a country few investors associate with mining: Poland.On this episode of In the Money with Amber Kanwar, Amber sits down with Jordan Pandoff, CEO of Lumina Metals, to discuss the IPO which raised over $400 million, and the investment case behind one of the world's largest undeveloped copper and silver projects. Backed by mining legend Ross Beaty, Lumina spent more than a decade advancing the project before taking the company public.Jordan explains why...
The biggest Canadian mining IPO since 2010 is betting on a country few investors associate with mining: Poland.
On this episode of In the Money with Amber Kanwar, Amber sits down with Jordan Pandoff, CEO of Lumina Metals, to discuss the IPO which raised over $400 million, and the investment case behind one of the world's largest undeveloped copper and silver projects. Backed by mining legend Ross Beaty, Lumina spent more than a decade advancing the project before taking the company public.
Jordan explains why Poland is emerging as a critical minerals powerhouse. The country already produces more than 500,000 tonnes of copper and 40 million ounces of silver annually, has more copper in the ground than any other NATO country, and more silver in the ground than any country in the world. If Poland's punitive mining tax regime is reformed, it could move from just outside the world's top 10 copper-producing nations into the global top five.
The conversation also explores why governments, institutional investors, and the military are suddenly laser-focused on critical minerals. From supply chain security and NATO to Europe's growing dependence on imported copper, Jordan explains how geopolitics has transformed mining into a strategic industry—and why government officials and global investors are paying closer attention than ever before.
Finally, Jordan discusses Lumina's path to production, the key catalysts investors should watch over the next several years, how the company plans to finance one of the world's largest mining projects, and whether Ross Beaty's ultimate strategy is to build the mine—or follow his proven playbook of de-risking the asset before selling it.
Timestamps
00:00 Trailer
02:20: Intro
03:40 The biggest mining IPO in Canada since 2010
05:00 From Glencore to Lumina
06:20 Working with legendary miner Ross Beaty
08:20 The size and scale of Lumina’s mine in Poland
11:20 Hamilton Enhanced Mixed Asset Allocation ETF- MIX
13:30 The trouble with Poland’s tax regime
17:10 Lumina IPO & stock price
19:45 Capital markets support in the U.S. and Canada
23:00 Why are investors waking up to the mining sector?
24:20 How do the ongoing issues in Ukraine impact Lumina?
25:30 When will first production start?
27:20 How will Lumina raise funds to build the project?
29:00 Beaty’s permit, de-risk, sell playbook
30:05 Thank you to our partners at ATB Financial
30:30 How often do copper and silver go together
31:30 Are copper prices in a bubble?
33:20 The excitement for base metals
35:00 Glencore war stories
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