In short: Cited as evidence, not a stance — the Ross Beaty-funded Kupferschiefer discovery in Poland ("high-grade, gigantic, but it's deeper"), which he says IPO'd at ~$600M; its geologist is ex-Midnight Sun. Proof big discoveries still happen, but not near surface.
30:38— Totally. And — we're nowhere near that. — Nowhere near that. And where on earth can that happen, right? Where are there enough discoveries? Okay, there's a massive discovery with Lumina Copper. This is the new one they have in Poland, funded by Ross — Beaty. That's right.
In short: Involved in the IPO (discloses it). Ross Beaty's Polish copper company IPO'd at C$12.50 and trades ~10.50–11 (~C$1B cap) after raising $400M — "that's how dysfunctional this market is." World's largest silver deposit (1.5Boz): a 3–5Moz stream could be worth the whole market cap, plus a spin-out project. "Copper with a big silver kicker" that hasn't moved; visiting site Oct 22–23.
Lumina is a new company from mining entrepreneur Ross Beaty with a giant copper deposit in Poland that also contains a huge amount of silver. It went public at C$12.50 a share and has slipped to about C$11. Kovacevic, who took part in the IPO, argues the silver alone could be sold as a "stream" (an upfront payment in exchange for future silver) for about what the whole company is worth today — so buyers get the copper for little. It's a long-dated development story, and he has a personal stake.
10:15So, I have been involved with the recent IPO of Lumina Metals. This is Ross Beaty's new company. It has not taken off out of the gate. It IPOed at 12.50 a share and it's now trading around 10.5, 11 bucks, market cap I don't know, something like a billion dollars. They raised $400 million. That's how dysfunctional this market is right now.
In short: (His own company — promotional.) The Nowa Sól deposit would be the world's largest copper-silver mine and 3rd-largest silver mine; more copper in the ground than any NATO country, more silver than any country on Earth. A "generational" asset priced below its C$12.50 IPO; value comes from de-risking, permits and a tax cut well before first metal (mid-2030s). Optionality (build, sell, or stream silver) "not reflected today in the value of our company."
Lumina Metals is a brand-new Toronto- and Warsaw-listed mining company built around one giant copper-and-silver deposit ("Nowa Sól") in western Poland. It just did the biggest Canadian mining IPO since 2010, raising over C$400 million. The rock is unusual — a "Kupferschiefer" (copper-in-shale) formation that carries both a lot of copper and a lot of silver in the same ore, which almost never happens together at scale.
The catch: nothing gets mined until the mid-2030s. So the whole pitch is that value is created before any metal comes out — by getting permits, finishing studies, and, most importantly, getting Poland to cut its punishing ~70% mining tax down to the 30–40% that other countries charge. Pandoff argues Poland will do it because a lower rate means more mines get built and the government actually collects more tax overall (he points to Ecuador and Argentina doing the same). Other selling points: Poland already has the roads, power, rail, smelters and trained miners (so it's cheaper and less risky than a mine in Africa), the project can be built in two smaller US$3B phases that pay for each other, and Western governments now treat copper as a strategic "critical mineral" and promise to help fund such projects — a "floor" under the value.
Two big cautions, which he admits: the stock already trades below its C$12.50 IPO price, and the tax cut is a bet, not a certainty. And the source is the company's own CEO — this is his sales case, not an outside analyst's. Backer Ross Beaty (who controls ~41%) could either build the mine or, following his usual "permit, de-risk, sell" pattern, flip it to a major.
8:18The size and scale and what it could be compared to major copper or silver assets around the world. So this would
8:25be the largest copper silver mine in production. When it's in production, it would be the third largest silver mine
Nothing matches this filter.
Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.