From LED Screens to Gold Mines: Captivision's $750M Domestic Mining Pivot

MIAMI, FL – December 02, 2025

In one of the most audacious corporate transformations seen in recent years, Nasdaq-listed LED manufacturer Captivision Inc. has announced its intention to leave the world of architectural glass and lighting behind, pivoting into the capital-intensive, earth-moving business of precious metals mining. The company has executed a letter of intent to acquire Montana Tunnels Mining, Inc. in a deal that values the mining subsidiary at a colossal $750 million.

The transformative acquisition will see Captivision, currently valued at $50 million, completely reinvent itself. It will be renamed Montana Gold Inc., adopt the new ticker symbol “MGI,” and emerge as a U.S.-based, publicly traded, diversified mining company. This strategic shift from high-tech manufacturing to hard-asset extraction isn't just a change in business model; it’s a bold bet on the future of domestic resource security and the enduring value of gold, silver, and critical minerals.

The Great Corporate Reinvention

For a company rooted in the technology of light, the move into the darkness of underground mining is a stark departure. Captivision, known as a pioneering manufacturer and global provider of LED solutions, is effectively shedding its entire legacy identity. The announcement confirms plans to “evaluate strategic alternatives” for its architectural media glass and LED businesses, signaling a complete operational overhaul. This follows a series of strategic moves throughout 2025, where the company indicated it was exploring an “asset-light operational model,” including the potential divestiture of its Korean subsidiary.

The pivot is being steered by Captivision's Chairman and CEO, Gary Garrabrant, who will continue as CEO and become Co-Chairman of the new Montana Gold Inc. In the official announcement, Garrabrant framed the move as a strategic capitalization on market trends. “Montana Gold’s portfolio of permitted, proven assets – entirely within the United States – uniquely positions the combined company to capitalize on the enduring value and growing demand for precious metals, critical minerals, and rare earth elements,” he stated.

However, swapping circuit boards for ore bodies is fraught with complexity. The company must navigate the intricate process of discontinuing its established tech operations and resolving associated liabilities while simultaneously integrating a massive mining enterprise. This venture into a completely new sector requires not just a change in strategy but a fundamental shift in corporate DNA, from tech innovation cycles to the long-term, capital-intensive timelines of mineral exploration and production.

A Strategic Play for the Domestic Supply Chain

This acquisition is more than just a corporate restructuring; it’s a direct response to a powerful geopolitical and economic current: the urgent need to secure domestic supply chains for critical resources. For years, the U.S. has been heavily reliant on imports for a vast array of minerals essential for everything from national defense to green energy and consumer electronics. This deal aims to create a significant, U.S.-domiciled player to help fill that gap.

The assets being acquired are not speculative prospects but established properties with a significant track record. The Montana Tunnels Mine, located near Jefferson City, Montana, has a 22-year production history, having already processed nearly 100 million tons of ore and recovered minerals valued at over $6.2 billion at today's prices. The new entity, Montana Gold Inc., will take control of an operation with substantial proven and probable reserves. Recent ore-delineation drilling has confirmed reserves valued in excess of $1.4 billion, including over 500,000 ounces of gold and 9 million ounces of silver, alongside commercially significant quantities of lead and zinc.

Crucially, the agreement also includes a right of first refusal on other Montana Goldfields assets, such as the permitted Diamond Hill and Golden Dream mines. This positions the new company for future growth and further solidifies its footprint in Montana's rich mineral landscape. Furthermore, recent tests suggesting the presence of other critical minerals and rare earth elements at the Montana Tunnels site could dramatically increase the strategic value of these assets, aligning the company perfectly with federal initiatives to reduce foreign dependence on these materials.

Unpacking the Deal and the Path Forward

The financial structure of the deal is an all-stock transaction based on a relative pre-transaction valuation of $750 million for Montana Tunnels and $50 million for Captivision. This effectively means that Montana Goldfields, the parent of the acquired subsidiary, will become a dominant shareholder in the newly formed public company, blending Captivision’s public market access with Montana Goldfields’ deep mining expertise.

While Captivision's leadership will remain at the helm, the operational know-how will come from the seasoned Montana Goldfields team, which includes executives with decades of experience in mining operations, geology, and environmental engineering. This fusion of public company governance and on-the-ground operational experience is critical for navigating the path to restarting production. The development plan involves an 18 to 24-month period of removing waste rock to access the primary ore body in the mine's M-Pit expansion. Once financed and operational, the project is expected to create 160-190 jobs.

The established infrastructure, including a largely intact milling complex, is a major advantage, reducing the time and capital required to recommence operations. Yet, the road ahead is not without significant hurdles. The company's own forward-looking statements acknowledge numerous execution and financing risks, the challenge of raising future capital, and the inherent volatilities of the mining industry, from geological uncertainties to fluctuating commodity prices.

Riding Favorable Market Tailwinds

The timing of this pivot appears exceptionally calculated to ride powerful market tailwinds. The outlook for precious metals and key industrial minerals is overwhelmingly bullish. Analysts at major financial institutions like JPMorgan and Goldman Sachs are forecasting gold prices to potentially surge toward $4,000 per ounce by mid-2026, driven by persistent investment demand, central bank buying, and global geo-economic uncertainty.

Beyond gold, the demand for copper—another mineral present in the Montana assets—is projected to skyrocket. The global energy transition, powering electric vehicles and renewable energy infrastructure, alongside the expansion of AI and data centers, is creating an insatiable appetite for the red metal. Some analysts project copper prices could hit $12,000 per ton by early 2026 amid a looming supply deficit. While the forecast for zinc is more moderate in the short term, its long-term role in battery and renewable technologies remains strong.

By transforming into Montana Gold Inc., Captivision is positioning itself at the intersection of these powerful trends. The company is betting that securing a large-scale, domestic source of these coveted materials will provide a competitive edge and attract significant investor interest in a market increasingly focused on resource security and tangible assets. The success of this ambitious reinvention will depend on flawless execution, stable commodity markets, and the successful fusion of two vastly different corporate cultures, but if it succeeds, it will stand as a landmark case of strategic disruption in the American industrial landscape.