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Canada's NVRO Metals raises $24.7 million to fund critical metals hub in Australia

By Reuters News

Nov 10 (Reuters) - Canada's NVRO Metals NVRO.V said on Tuesday it had raised C$35 million ($24.7 million) to help fund a planned critical metals hub in Australia's Northern Territory aimed at extracting metals from mining waste through its proprietary technology.

Among the investors were Hecla Mining HL.N, North America's largest silver producer, Switzerland-based commodity trader Transamine SA, and insurer KEWA Financial, which together invested about C$18.5 million.

Here are some details:

  • The raised cash will help NVRO complete its acquisition of Northern Territories Resources (NTR), owner of the hub.

  • Hecla agreed to supply tailings, a mining waste with fine particles of dirt and metals, from its Alaska operations to the hub under a five-year agreement beginning with the first shipment. The deal covers up to 750,000 metric tons annually, subject to certain conditions.

  • NVRO's proprietary process uses small amounts of nitric acid as a catalyst to break sulfide bonds in tailings and free metals like gold, silver and copper.

  • Transamine, a Geneva-based commodity trader and raw materials sourcing company, signed a non-binding offtake term sheet to buy the processed metal products at the hub.

  • Transamine also signed a binding offtake deal for all copper cathode from the hub's oxide deposits. It will provide up to $10 million in prepayment financing for commissioning and a $5 million working capital facility.

  • NVRO will pay A$14.6 million to or through NTR's deed administrators, expecting the deal to be closed by November 13.

  • NVRO expects copper cathode and cobalt-nickel production in the fourth quarter of 2027. It estimates this will generate C$44 million a year from about three years of initial reserves.

($1 = 1.4193 Canadian dollars)

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