Reach for the moon

The Lundin Group is pleased to launch LunR, a new company purpose-built to capture value in the mining royalty and streaming space.

The Lundin Group’s success in creating meaningful value in the resource sector has been founded on the simple formula of being entrepreneurial in identifying opportunities underpinned by both quality and scale. LunR will apply this same mindset to royalty and streaming opportunities.

 

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The Lundin Group’s success in creating meaningful value in the resource sector has been founded on the simple formula of being entrepreneurial in identifying opportunities underpinned by both quality and scale. LunR will apply this same mindset to royalty and streaming opportunities.

 

Leadership

Led by President, CEO and Chair Adam Lundin, LunR will leverage the Lundin Group’s extensive network, deal flow and expertise to unlock value.

Management

Adam Lundin
Adam Lundin
President & CEO
Adam Lundin
Adam Lundin
President & CEO

Adam has extensive experience in capital markets and public company management across the natural resources sector. His background includes oil & gas and mining technology, investment advisory, international finance and executive management. Adam has played a leadership role in the development of the Vicuña District, an emerging copper district. 

Adam is the former President, CEO and a Director of Josemaria Resources Inc. He was also previously President, CEO and Director of Filo Corp. and later served as Chair. He now serves as the Chair of the Board of Directors of Lundin Mining Corp. and Fireweed Metals Corp. He also currently serves on the Board of Directors of Lucara Diamond Corp., NGEx Minerals Ltd., and the Lundin Foundation. 

Peter Hemstead
Peter Hemstead
CFO
Peter Hemstead
Peter Hemstead
CFO

Peter has over 25 years of management and finance experience in the mining industry. He was appointed as President, CEO and Chair of the Board of Bluestone Resources Inc. after serving as the CFO of Bluestone since 2016. Prior to that, Peter spent 10 years in a senior financial executive role at Capstone Mining Corp. (now Capstone Copper Corp.), leading the finance team through the successful expansion from an exploration and development stage mining company to an intermediate copper producer with multiple operations, including within the Yukon Territory. 

Peter is a Chartered Professional Accountant with an Honours Bachelor Degree in Economics from the University of Western Ontario. 

Trevor D’Sa
Trevor D’Sa
Chief Investment Officer
Trevor D’Sa
Trevor D’Sa
Chief Investment Officer

Trevor is a mining finance professional with 15 years of experience in capital markets, with a focus on corporate strategy, mergers and acquisitions, and investor relations. He most recently served as VP Corporate Development and Investor Relations at Filo Corp. from June 2021 until the C$4.5 billion joint acquisition of Filo by BHP and Lundin Mining in January 2025. He joined Filo from a corporate development role at GT Gold, after its acquisition by Newmont. Prior to joining GT, he held investment banking roles of increasing seniority focused on the metals and mining sector, with both Canaccord Genuity and Macquarie Capital Markets. Trevor holds a Bachelor of Commerce degree from the University of British Columbia and an MBA degree from the University of Cambridge. 

Connor Mackay
Connor Mackay
VP Corp. Dev. & IR
Connor Mackay
Connor Mackay
VP Corp. Dev. & IR

Connor has over 10 years of experience in the natural resources sector, with roles spanning operations, project development and capital markets. He was most recently a publishing research analyst at one of Canada's largest independent investment firms, with coverage of the base and precious metals sectors encompassing mid-cap operators, developers/explorers and royalty companies. Prior to that, Connor spent several years working at an international engineering firm, completing mine assessments and designs for a wide array of global projects. Connor holds a Bachelor of Applied Science degree from the University of British Columbia and is registered as a Professional Engineer in the province of British Columbia.  

Board of Directors

Adam Lundin
Adam Lundin
Chair
Adam Lundin
Adam Lundin
Chair

Adam has extensive experience in capital markets and public company management across the natural resources sector. His background includes oil & gas and mining technology, investment advisory, international finance and executive management. Adam has played a leadership role in the development of the Vicuña District, an emerging copper district. 

Adam is the former President, CEO and a Director of Josemaria Resources Inc. He was also previously President, CEO and Director of Filo Corp. and later served as Chair. He now serves as the Chair of the Board of Directors of Lundin Mining Corp. and Fireweed Metals Corp. He also currently serves on the Board of Directors of Lucara Diamond Corp., NGEx Minerals Ltd., and the Lundin Foundation. 

Jamie Beck
Jamie Beck
Director
Jamie Beck
Jamie Beck
Director

Jamie is incoming President, CEO and director of Lundin Gold Inc., effective as of Nov. 7, 2025. Under his six-year leadership as President & CEO Filo Corp., Jamie delivered the discovery of one of the largest copper, gold and silver deposits in the world, culminating in the $4.5 billion acquisition of Filo by BHP and Lundin Mining in January 2025. During Mr. Beck’s tenure, Filo Corp. delivered an approximate 1,700% return for its shareholders. Since joining the Lundin Group in 2009, Mr. Beck has held numerous senior roles including at NGEx Resources, Filo Mining, Josemaria Resources, Lundin Mining. Mr. Beck is a registered Professional Engineer in the Province of Ontario, holds a Bachelor of Applied Science in Mechanical Engineering from Queen’s University, and an MBA from the University of British Columbia. 

Martino De Ciccio
Martino De Ciccio
Director
Martino De Ciccio
Martino De Ciccio
Director

Martino has over 15 years of experience in the mining industry with a strong value creation track record and significant knowledge across strategy, capital markets, corporate finance, and ESG, coupled with a profound understanding of the African mining landscape. Martino most recently served as Deputy CFO and Head of Investor Relations at Endeavour Mining, a position he assumed in January 2023. He joined Endeavour Mining in 2015 as Vice President, Strategy and Investor Relations. He played a pivotal role in Endeavour’s transformation from a $250 million market cap company to a FTSE100 listed company and one of the largest gold producers in the world. During this time, he garnered more than 25 investor relations achievement nominations, including numerous awards for best-in-class investor relations in the gold industry and across all sectors. Martino earned a B.Com in Finance from McGill University in Montreal and is a CFA charterholder. 

Wojtek Wodzicki
Wojtek Wodzicki
Director
Wojtek Wodzicki
Wojtek Wodzicki
Director

Wojtek has a doctorate in Geosciences from the University of Arizona and over 30 years of experience in international mineral exploration and corporate management. Wojtek is currently President and CEO of NGEx Minerals Ltd. As CEO, he oversees the company-wide strategic and operation risks, including those related to technical and sustainability matters. He has led successful exploration teams throughout the world and has managed large scale projects from the generative stage through to engineering studies. Teams led by Wojtek are responsible for several significant discoveries including Los Helados, Josemaría, Filo del Sol, El Limon-Guajes, and most recently NGEx Minerals Ltd.’s Lunahuasi deposit. Wojtek has worked for the Lundin Group since 2007 and was previously CEO of Josemaria Resources Inc. (formerly NGEx Resources Inc.), Filo Corp. and Sanu Resources Ltd., and has served as a director of several public companies. He was responsible for the spinout of NGEx Minerals Ltd. and Filo Corp. from Josemaria Resources Inc. and is a former director of Filo Corp. acquired by BHP/Lundin Mining for $4.5 billion and Josemaria Resources acquired in 2022 for $625 million. 

Assets

With a history spanning three generations in the resource industry, the Lundin Group takes a long-term view on assets with a focus on quality. LunR’s initial royalties include two of the largest and most exciting undeveloped copper-gold projects in the world, located in the emerging Vicuña District: Lunahuasi (House of the Moon) and Los Helados. 

Los Helados

Los Helados

  • Location: Region III, Chile 
  • Ownership: 69% NGEx, 31% Nippon Caserones Resources 
  • Deposit Type: Copper-Gold Porphyry 
  • Mineralization: Copper-Gold-Silver 
  • Royalty: 1.38% NSR (attributable to LunR) 

Los Helados is one of the largest undeveloped copper-gold resources in the world. The deposit is located approximately 17 kilometres from the operating Caserones mine, where NGEx Minerals’ 31% partner at Los Helados also holds a minority interest. In addition, Los Helados is approximately 10 kilometres from Lundin Mining’s Josemaria project which is under development in San Juan Province, Argentina.

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Lunahuasi

Lunahuasi

  • Location: San Juan Province, Argentina 
  • Ownership: 100% NGEx 
  • Deposit Type: High-sulphidation epithermal system 
  • Mineralization: Copper-Gold-Silver 
  • Royalty: 1% NSR 

Lunahuasi is the most recent discovery in the emerging Vicuña District which encompasses the Caserones mine, and the Josemaria, Filo del Sol and Los Helados deposits. Drilling to date at Lunahuasi has returned the highest grades ever encountered in the Vicuña District with significant upside as NGEx continues to explore the large mineralized system.

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Note to LunR Shareholders

LunR Royalties Corp. completed its previously announced spin-out transaction from NGEx Minerals Ltd. on October 23, 2025. Further information on the spin-out transaction can be found below:

October 23, 2025NGEx Announces Closing of Spin-out of LunR Royalties

October 16, 2025NGEx Announces Proposed Effective Date of Spin-out; Adam Lundin Appointed as President & CEO of LunR Royalties

July 22, 2025: NGEx Minerals to Spin-Out Royalties to Shareholders