Lumina Metals (LMCU) Q2 2026 earnings summary

Executive summary

• Completed a robust Preliminary Economic Assessment (PEA) for the Nowa Sól Project, outlining significant copper and silver production potential and positioning the company as a future top-three global silver producer.

• Successfully executed a $421 million upsized and oversubscribed IPO, resulting in dual listing on the TSX and WSE, and significantly strengthening the treasury.

• Commenced a Pre-Feasibility Study (PFS) for Nowa Sól, with completion targeted for H2 2027, and advanced drilling programs at Nowa Sól, Sulmierzyce, and Mozów.

• Signed a Letter of Intent with KGHM for potential future copper concentrate supply, supporting strategic cooperation and domestic industry integration.

• Engaged with the Polish government on mining investment frameworks and benefited from new fiscal incentives for mining projects.

Financial highlights

• Cash increased to $344.0 million and working capital to $342.9 million as of June 30, 2026, up from $48.9 million and $48.7 million at year-end 2025, primarily due to IPO proceeds.

• Total assets rose to $346.4 million from $50.1 million over the same period.

• PEA projects average annual EBITDA of $2.5 billion for the first 10 years at base case prices, rising to $4.8 billion at higher price scenarios.

Outlook and guidance

• PFS for Nowa Sól remains on schedule for completion in H2 2027, with ongoing drilling and technical studies to support resource growth and project optimization.

• Assay results from current drilling expected later in 2026; additional drilling planned to expand resources at Sulmierzyce and Mozów.

• Continued constructive engagement with government and stakeholders to advance permitting and fiscal support.