On April 30, 2026, Lumina Metals Corp. (TSX: LMCU) completed its upsized, oversubscribed initial public offering and secondary offering of common shares, the largest Canadian mining IPO since 2021. The offering comprised a treasury offering by the company for gross proceeds of C$312,470,000 and a secondary offering of shares held by a selling securityholder for gross proceeds of C$93,742,500, in each case at a price of C$12.50 per share, for total gross proceeds of C$406,212,500.
The company also granted the underwriters an over-allotment option to purchase up to an additional 4,874,550 common shares from treasury at C$12.50 per share for additional gross proceeds of C$60,931,875. If exercised in full, the over-allotment option would bring total gross proceeds to approximately C$467.1 million. The shares began trading on the Toronto Stock Exchange on April 30, 2026, implying a market capitalization of up to approximately C$1.3 billion.
Lumina Metals is a development-stage copper and silver company whose principal assets include a copper-silver project in Poland. Proceeds from the treasury offering are earmarked primarily for project development. The scale of the financing has been viewed as a signal that institutional capital has returned to Canadian resource equity markets following a prolonged slowdown.
The offering was managed by a syndicate of underwriters, with BMO Capital Markets, National Bank Financial Inc., Morgan Stanley Canada Limited, RBC Capital Markets, and CIBC Capital Markets acting as co-lead underwriters and joint bookrunners, together with Trigon Dom Maklerski S.A., Canaccord Genuity Corp., Haywood Securities Inc., SCP Resource Finance LP, and Stifel Canada.
Borden Ladner Gervais LLP (BLG) acted for Lumina Metals with a team that included Fred R. Pletcher, Graeme Martindale, Salvador Pimentel, and Ashley Wong. Skadden, Arps, Slate, Meagher & Flom LLP acted as US counsel, and White & Case LLP and Sołtysiński Kawecki & Szlęzak (SSW) acted as Polish counsel to the company. Blake, Cassels & Graydon LLP acted as Canadian counsel to the underwriters, with Paul, Weiss, Rifkind, Wharton & Garrison LLP acting as US counsel to the underwriters.