Jordan Pandoff

Lumina Metals: Europe's Largest Copper-Silver District | Jordan Pandoff and Jimmy Connor

• Top takeaway The guest argues Poland's Kupferschiefer is a one-of-a-kind geological anomaly: large sedimentary copper-silver deposits grading ~2% copper-equivalent, set in a country with 65 years of mining history, ~100,000 underground miners, and full infrastructure (roads, rail, power, ports, smelters).
• He contends Poland ranks sixth globally in copper resource endowment — more than any other NATO country — and holds more silver in the ground than Mexico or Peru, making Nova Sul's near-50:50 copper-to-silver revenue mix at today's prices uniquely valuable versus typical copper-only peers.
• He frames Poland's ~70% effective copper tax (introduced in 2012) as uncompetitive versus Chile, Canada, the US, and Australia at 30-40%, and identifies fiscal reform as the single biggest hurdle to developing Nova Sul on schedule.
• He highlights Lumina's silver leverage: at $90/oz silver the PEA NPV rises to nearly $10 billion versus the $37 base case, and he argues Lumina should be valued as both a copper and a precious-metals company rather than copper-only.
• He outlines a catalyst-rich 12-month path — NYSE listing next year, Warsaw listing in June, spin-out of the Sul Mirjitsa asset into a separate resource-growth company, and broader retail marketing — intended to close Lumina's valuation gap to peers.

An interview with Lumina Metals CEO Jordan Pandoff on the post-IPO status of the Nova Sul flagship copper-silver project in Poland's Kupferschiefer basin, the Polish fiscal regime challenges, and the path to a mining concession by the end of the decade.

FREE Master Class on Investing in Copper and Copper Stocks | Jimmy Connor

• Top takeaway Jordan Pandoff argues the Polish Kupferschiefer is a geological anomaly with 65 years of mining history, more silver in inventory than any country globally, and a 70:30 copper-to-silver ratio.
• He notes Nova Sul would be the world's third-largest silver producer at full production alongside its primary copper output.
• Pandoff frames Poland's copper tax reform (currently 70% effective rate) as the single most important factor for developing Nova Sul competitively.
• He highlights that all-in sustaining costs swing from $1.17/lb copper at $37 silver to negative $1.12/lb at $90 silver, making silver price the project's biggest value driver.
• Pandoff says Lumina's IPO was four times oversubscribed with a focus on highest-quality institutional investors; only 10% was allocated to retail.

UBS projects a 520,000-ton copper deficit by 2027 and a $15,000/ton price, framing the supply-demand squeeze that drove this conference. Chile produces roughly a quarter of global copper but output peaked in 2018, as falling ore grades and longer development timelines pressure new supply. AI data centers, EVs (150 lbs vs 50 lbs in gas cars), and renewable build-out are reshaping demand — together already making up 32% of copper use. Major supply disruptions at Cobre Panama, Grasberg, and Kamoa Kakula hit at the same time as demand acceleration, exposing the fragility of the supply base. Eight copper-focused company conversations cover developers (ATEX, Faraday, Highland, Lumina), a tailings processor (Amerigo), a royalty platform (Evolve), and Sprott's physical and ETF vehicles.