Welcome everyone. I'm Jordan Pandoff, CEO of Lumina Metals, and we're developing three large-scale copper silver assets in Western Poland. We are a newly listed company under the symbol LMCU on both the Toronto and Warsaw stock exchanges. Today, I will show you why the combination of scale, grade, and infrastructure make us one of the most exciting new resource investments globally. I'll be making forward-looking statements. Please read the disclaimer. Poland is blessed with a geological anomaly called the Kupferschiefer, which exists nowhere else on this planet. What makes the Kupferschiefer a geological anomaly is three things. First, it's big in both copper and silver. Second, it's high grade, over 2% copper equivalent. Third, it's surrounded by world-class infrastructure.
As you can see on the screen, there is more copper in the ground in Poland than any other NATO country, and there is more silver in the ground in Poland than any country in the world. Poland is also a large producer of rhenium as a copper by-product. For those of you who don't know, rhenium is a critical metal used in military jet engines, missiles, and rockets. We as Lumina Metals began exploration in 2011 as a private company, and we have contributed significantly to the exploration success over the last 15 years in Poland. Ross Beaty and our Polish geological team have made three major copper silver discoveries. Today, those discoveries contain 15 million tons of copper and 1.2 billion ounces of silver. This is one-third of the total metal resource of the entire country.
To put that scale into terms familiar to this audience, we currently have over 60 million ounces of gold equivalent, making Lumina one of the largest mineral discoveries in the last two decades and the largest discovery in Europe since 1950. At our flagship Nowa Sól project, which you can see here drilling on the screen, our 2026 PEA outlined an average annual copper production of 290,000 tons of copper and 28 million ounces of silver over the first 10 years. Once in production, we would not only be a large copper producer, but we would also rank as the third largest silver mining company globally. So we have scale. Second, we have grade. Our deposits have an average grade of about 1.5% copper and 35 grams per ton silver, making them some of the highest grade projects that exist. Third, we are surrounded by world-class infrastructure.
They are not in remote areas where you need to build an entire region around the mine. Our Nowa Sól project is 25 kilometers from KGHM's existing copper smelter and benefits from power, rail, highways, ports, skilled labor, and an established copper mining industry in Poland with over 65 years of operating history. That's exactly why Poland has significant advantages relative to other emerging jurisdictions like Africa or South America. Poland is already one of the world's largest copper and silver producers and has a trillion-dollar economy with low debt and unemployment. 2026 was a transformational year for us at Lumina. In April, we completed a $300 million U.S. IPO, which was four times oversubscribed and anchored by high-quality investors such as Capital Group and the Lundin family. Today, we're well-funded for the next stage of development. We're advancing a pre-feasibility study at Nowa Sól.
We're drilling at all three of our projects to grow our mineral resource inventory, and we've signed a letter of intent with KGHM for strategic cooperation and the potential supply of copper concentrate to their Polish smelters. We currently have seven institutional brokers who cover us, and we will be expanding our capital markets presence next year through a listing on the New York Stock Exchange. We will be targeting a growing retail investor base with that listing. We have a very experienced team behind these projects. Ross Beaty and the Lumina Group have a proven track record of mineral development success, with nine companies returning over $2.5 billion to investors. Lumina Metals is our tenth and final company of the Lumina Group.
For those of you who don't know me, I was previously a senior executive at Glencore, where I led business development activities and a number of investments in transactions over 10 years. Our broader management team brings significant technical and operational experience from Glencore, Anglo American, and KGHM. 90% of our employees are based in Poland as we prioritize working with Polish companies, Polish contractors, and academic institutions. Our deposits are the northwest extension of the existing Polish copper silver district. As you can see in the figure, our Nowa Sól project is 25 kilometers from KGHM smelter, and Poland has a long-established track record and a 65-year operating history, currently mining over 400,000 tons of copper and 40 million ounces a year of silver.
The orange line in the figure is the Kupferschiefer mineral horizon. This horizon is 3-5 meters in width and runs continuous for hundreds of kilometers. As I said, the horizon is continuous, but what's unique is it allows for bulk underground mining very similar to a potash mine or an underground coal mine. As you can see in the figure, the future of the district in the next 65 years will continue to go deeper. Our current copper inventory across the company of 15 million tons ranks us among the largest developers globally, with grades nearly four times the average of our peers. More grade means moving less tons, which translates into less waste and less surface footprint. Many of these large publicly listed copper assets have been acquired in recent years, leaving this investment landscape very limited. Then there's silver.
Our current silver inventory of 1.2 billion ounces currently ranks us as the largest publicly traded silver developer globally. Once in production, we would be the third largest silver mining company, producing 28 million ounces per year. Between 40% and 50% of our revenue comes from silver at today's prices, and we will unlock the value of this silver over the next few years, as we have many options. We can sell a silver stream to fund almost an entire development of a copper mine. We can also spin out a silver streaming company to our existing shareholder base. To give you a sense of scale and value, streaming only 10%-20% of the silver that we have would be worth multiples of our current market cap. Our Nowa Sól project is surrounded by world-class infrastructure.
As I mentioned, we are 25 kilometers from the smelter, which you can see in the top left, and we have access to highway, rail, ports, and power infrastructure in all of these pictures. The existing railway line runs right past Nowa Sól and directly to the smelter. That is the picture in the top in the middle. Today, Poland is importing nearly 30% of its copper concentrate, so it lacks nearby available feed. The European Union as a whole imports over 50% of its copper concentrate, which leaves the region heavily reliant and at risk. Poland also has a very strong labor force with 100,000 underground miners between copper and coal mining. As coal mining is reduced over time, many of these workers will be transitioned to the copper industry.
As a result of all of the physical and human infrastructure that you see, our capital intensity to build a mine is significantly less than other large greenfield projects. We are only building a mine, not building an infrastructure project. Earlier this year, we completed a PEA on our Nowa Sól project. The PEA outlined an average annual production of 290,000 tons of copper and 28 million ounces of silver. One of the key attributes of our project is its flexible and modular development. Construction would consist of two independent mining operations, which could be built simultaneously or sequentially to limit upfront funding requirement and provide optionality. At our base case metal prices of $4.75 per pound copper and $37 silver, the pre-tax NPV is $8.3 billion.
We are working with the Polish government around a revised fiscal and tax regime, and we will be competitive to other NATO countries. The most recent tax amendment was completed in December 2025, but further work is required and ongoing. Given that Nowa Sól will be the single largest foreign direct investment in Poland's history, we are confident we will reach a successful outcome to incentivize the full-scale development of this project. At metal prices of $6 per pound copper and $90 per ounce silver, the pre-tax NPV nearly triples to $22 billion and the revenue split becomes nearly 50/50. As you can see, Nowa Sól is a true copper silver asset and the silver exposure is way too big to ignore. As I mentioned already, given the Nowa Sól project is surrounded by world-class infrastructure, the capital intensity is lower than other greenfield projects.
We will construct two identical shaft locations, each costing just over $3 billion, and each complex could be built simultaneously or sequentially, again, giving us that funding flexibility for a company of our size. You can see on the graph on the right the split of a brownfield versus greenfield, as well as the Nowa Sól initial capital intensity. One question we sometimes get is, "Well, what about the depth?" The fact is, underground mining continues to go deeper. The feasibility of mining at depth is already proven globally with a number of existing mines already deeper than Nowa Sól. The economics of mining at depth are driven by both metal prices and operating costs. As metal prices rise, open pits can mine lower grade and underground mine can go deeper. Our Nowa Sól project is just the beginning.
Our second project, the Sulmierzyce project, is about 125 kilometers from Nowa Sól and currently has a resource of 308 million tons at 2% copper equivalent and 32 grams per ton silver. To date, we have only drilled five holes into this project, and going forward, we will be focused on growing this resource base, and we think it could rival the scale of the Nowa Sól resource. We believe there is significant optionality within this project, including the potential to spin it out as a newly focused growth company next year when we list in the U.S. Why now for Lumina? I will finish where I started. We have large scale, high grade, and existing infrastructure. That is what makes us different. There is a number of catalysts and unrealized value that will be locked within our company over the next 12-18 months.
At Nowa Sól, we have drilling results this year, ahead of a pre-feasibility study next year. At Sulmierzyce, we will have drilling results this year focused on that resource growth and a potential spinout next year. We will be listing in the U.S. and growing our copper and silver investor base. We are constantly evaluating options to unlock the value of the silver, which could be through a sale for cash or a spinout into a new silver streaming company. Most importantly, we will continue negotiation with the Polish government to reform the Polish copper tax as we advance towards a mining concession at Nowa Sól in the next few years. Thank you, and I would be happy to take any questions.
Fantastic presentation. Thanks, Jordan.
My understanding is, the Kupferschiefer has been mined since Roman times, and it extends from the-
Sorry, just a bit louder.
Yeah. The Kupferschiefer has been mined since Roman times, and it's been the gift that keeps giving. It's about 600,000 square kilometers. You've got something that has longevity, but I missed the point on the second project. What is the geological structure of that, and is it also in the same system?
Yeah. All of western Poland, eastern Germany is the Kupferschiefer. This one big sedimentary basin that, as you said, was mined in Germany in the 1200s. There's a number of companies exploring on the German side of the border and on the Polish side of the border, including all of the existing KGHM mines, they all sit within that one mineral basin. They started mining in Poland down at about 500, 600 meters, and today they're down at 1,450 meters. Between the third yellow dot and our Nowa Sól, that is the future of where KGHM will be mining. They have a number of licenses and projects immediately adjacent to us, which is between the star, the copper smelter, and our deposit. This is just one mineralized area, one big basin, very continuous.
Every hole that you drill has very similar mineralization between 1.5% copper and 30-40 gram per ton silver. It's just a question about, as you go deeper, do the economics and the price really support that mining? 20, 30 years ago, people wouldn't be thinking about mining down at 1,400, 1,500 meters in Poland. But where prices are today and where things are going, I think the industry has really realized this is the future.
Thank you. Any other questions? Maybe a couple from me then. The silver you said is hard to ignore, completely agree. Is the chronology right in the sense that you go for the pre-feasibility study and then assess options for what you do with the silver stream?
Yeah, assessing the silver is always a question of what's the silver price, right?
Yeah.
Pre-feasibility study won't determine silver price. But yes, as we finish our pre-feasibility study next year, we'll have a better handle on how much silver we produce, what is the mine plan, and ultimately, what is the value to unlock the silver. If we're building a mine, a big chunk of the silver will fund the copper mine and reduce significantly any equity or other dilution. If the market doesn't value the silver appropriately, we can always spin that silver into a new company and give it to our shareholders.
Yeah. I love the spin co idea. I think that's fantastic. There's so many positives in this presentation that we could talk about and focus on, but just on the tax regime in Poland and engagement with the government on that, how open and how's the dialogue with them, and how amenable are they to changing that?
Yeah. The government's made 10 amendments to this copper tax since it was put in place back in 2012. Namely, because it's hurt KGHM and the existing copper mining industry in Poland. The existing copper mining industry in Poland used to mine 600,000 tons of copper. Today, they mine 400,000 tons. That production decline, as a result of not reinvesting 15 years later since implementing this tax, has woken up policy makers.
The next question is: How is Poland going to grow its standing within NATO, within the G20 in critical minerals production? Not just copper and silver. We talked about rhenium. Every F-35 that flies and protects the country of Poland uses rhenium. Poland's already the third-largest rhenium producer. I think the government has recognized that this tax reform is not just for us and for our project. It's to unlock the entire basin that KGHM has and the next 60 or 70 years of life where they're going to be mining below 1,700 meters.
And presumably to keep the 100,000 ex-coal miners and other people in the industry employed.
That's what's unique. The copper and silver tax in Poland does not apply to other extractive industries, whether it's gold, whether it's coal, these kinds of commodities. The reason being, when the government put this tax in place back in 2012, they only wanted to target two specific metals because only the government mines those two metals. It's very much a left pocket, right pocket transfer from a government mining company to the government.
Great. Thank you.
Thank you very much.
Any other questions? Fantastic. Thank you, Jordan.
Thank you.
That's great.