Financing led by Lionhead advances restart of Nevada underground mine and prepares Southwest Open Pit for development
TORONTO and LONDON, Sept. 25, 2025 /PRNewswire/ — Kinterra Capital Corp. (“Kinterra”) today announced the completion of a US$80 million strategic equity financing (the “Financing”) led by Lionhead. Proceeds from the Financing, completed in the second quarter of 2025, will be used to support the restart of the Pumpkin Hollow underground mine and to advance the adjacent Southwest Open Pit copper project toward construction readiness.
“Kinterra’s restart of Pumpkin Hollow and the advancement of the Southwest Open Pit are pivotal milestones for our large and growing U.S. copper portfolio and for U.S. copper supply chains,” said Cheryl Brandon, Co-Managing Partner at Kinterra. “Within the next 24 months, we expect to have a producing and cash flow generating underground copper mine and a shovel-ready open pit, all in Nevada. On an annualized basis, these two assets have the potential to supply approximately 228 million pounds of copper per year, which represents roughly 5–6% of current U.S. copper demand. Kinterra, Lionhead and our partners are positioned to deliver domestically sourced copper that is essential for energy security, advanced manufacturing, artificial intelligence, and national defense.”
“Pumpkin Hollow is exactly the type of investment that Lionhead seeks to invest in: a high-quality asset with a clear path to restart and a management team with a proven ability to execute,” said Paul Quirk, Co-Founder and Managing Partner at Lionhead. “We are proud to partner with Kinterra and to bring our operating experience, mining expertise and global networks to accelerate delivery of reliable domestic copper supply at a time when the U.S. needs it most.”
Pumpkin Hollow restart
With more than US$800 million in installed infrastructure, Kinterra expects Pumpkin Hollow to restart copper production within 24 months. The project hosts an estimated 1.7 billion pounds of copper resources, is fully permitted, and carries no debt or stream obligations. With core infrastructure in place, restart activities are now focused on closing pre-existing gaps, conducting comprehensive data collection and trade-off studies, and advancing engineering across all disciplines to industry standards. This work includes a complete geological resource update, incorporating advanced core scanning to improve mineral identification and geological interpretation. In parallel, Kinterra is advancing offtake financing discussions with downstream partners.
Southwest Open Pit
Within the same 24-month period, Kinterra plans to complete trade-off studies and a Feasibility Study for the Southwest Open Pit located adjacent to Pumpkin Hollow. The project contains approximately 3.6 billion pounds of copper and is expected to have a 20-year mine life. All major project permits are in place and trade-off studies that support the Feasibility Study have commenced in earnest. Key initiatives include Audio Frequency Magnetics and Direct Current Resistivity and Induced Polarization geophysical surveys, construction of a new three-dimensional geologic model targeted for completion in the third quarter of 2025, and ongoing metallurgical test work to optimize recovery. Grid connection studies with NV Energy and cultural site evaluations are also underway.
Kinterra portfolio’s contribution to the United States supply chain
Together, Pumpkin Hollow, the Southwest Open Pit, and the recently acquired Antler Copper Project in Arizona (an underground copper project with over 400 million pounds of contained copper and approximately 1.3 billion pounds of zinc) form a development stage western United States copper portfolio that is designed to provide stable and tariff-free domestic copper supply. Global copper use is projected to grow significantly through 2035, as domestic supply deficits widen, making United States production more critical than ever. Kinterra’s execution plan is expected to contribute meaningfully to local economies and create approximately 1,000 jobs during restart and construction and nearly 600 permanent operating roles.
Gneiss Energy acted as financial advisor on the strategic equity raise for Pumpkin Hollow and the Southwest Open Pit.
About Kinterra Capital
Kinterra Capital is a private equity firm that invests in the people, ideas, critical materials, and strategic infrastructure necessary to accelerate the development of the modern economy. With nearly 20 years of mining investment experience, Kinterra leverages significant domain specific technical and transactional expertise to source and manage investments that create value for its stakeholders, all while supporting the communities within which we operate through meaningful partnerships. At Kinterra, we focus on creative ideation, rigorous analysis and executing with excellence to make investments that will create sustainable, strong and secure supply chains. For more information about Kinterra Capital, please visit www.kinterracapital.com.
About Lionhead
Lionhead is a private investment firm that partners with world-class sponsors and operators to unlock value in critical industries, focusing on opportunities where its expertise, global networks, and hands-on involvement can accelerate growth. In mining, Lionhead targets projects essential to global supply chains and national security, with a focus on copper and other critical minerals that underpin the energy transition. Lionhead brings an institutional approach to investment execution while maintaining the speed, flexibility, and partnership ethos of a family office.
Media Contacts: Kinterra Capital, Mairi MacEachern, [email protected], [email protected]; Lionhead, Press Inquiries, [email protected], London: +44 777 887 11722, Cape Town: +27 21 422 4072
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SOURCE Kinterra Capital Corp
