National Bank of Canada Initiates Coverage of Lumina Metals

10:58 AM EDT, 05/20/2026 (MT Newswires) -- National Bank of Canada initiated coverage of Lumina Metals (LMCU.TO) with an outperform rating and C$20 price target, according to a Wednesday note.

The bank derived the price target from a 0.70x net asset value (NAV) multiple on a fully financed project NAV plus corporate adjustments at par.

The outperform rating is anchored by the large-scale nature of Lumina's flagship Nowa Sol copper-silver project in Poland, which is considered as one of the largest undeveloped copper-silver projects globally, the bank said.

"We view the large silver resource as adding significant value and optionality to Lumina as a potential funding opportunity through the sale of a stream to fund Nowa Sol construction," National Bank said.

"Given the large project scale and potential exploration upside combined with the Lumina Group's long record of M&A, we see Lumina Metals as well positioned to be an acquisition target as the company continues to derisk and advance its projects," the bank added.

Lumina traded at $11.95 per share at last look Wednesday on the Toronto Stock Exchange.

Price: 12.00, Change: +0.05, Percent Change: +0.42

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