Canada's NVRO Metals raises $24.7 million to fund critical metals hub in Australia
HL•NVRO Metals raised C$35 million ($24.7 million) to help fund a planned critical metals hub in Australia's Northern Territory and complete its acquisition of Northern Territories Resources. Hecla Mining invested as part of a group contributing about C$18.5 million and agreed to supply up to 750,000 metric tons of tailings annually under a five-year agreement.
1. Funding and acquisition
NVRO Metals said it raised C$35 million ($24.7 million) to help fund its planned critical metals hub and complete its acquisition of Northern Territories Resources, which owns the hub. Hecla Mining, Transamine SA and KEWA Financial together invested about C$18.5 million. NVRO expects to pay A$14.6 million to or through NTR's deed administrators and expects the acquisition to close by November 13.
2. Supply and offtake deals
Hecla agreed to supply tailings from its Alaska operations under a five-year agreement starting with the first shipment. The deal covers up to 750,000 metric tons annually, subject to conditions. Transamine signed a non-binding term sheet to buy processed metal products and a binding deal for all copper cathode from the hub's oxide deposits; it will provide up to $10 million in prepayment financing and a $5 million working capital facility.
3. Production plans
NVRO's proprietary process uses small amounts of nitric acid as a catalyst to break sulfide bonds in tailings and free metals including gold, silver and copper. The company expects copper cathode and cobalt-nickel production in the fourth quarter of 2027, estimating annual revenue of C$44 million from about three years of initial reserves.
