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Emerging metals processing company NVRO Metals (TSXV: NVRO) has completed a $C35 million ($A35.8m) private placement backed by major strategic investors, clearing a key financing hurdle for its planned critical minerals processing hub near Darwin.
The raising will enable NVRO to complete its acquisition of Northern Territories Resources (NTR), owner of the site earmarked for the NVRO metals hub, where the company plans to deploy its proprietary hydrometallurgical processing technology.
The transaction marks a significant step in NVRO’s transition from technology development towards commercial metals production, supported by new supply, offtake and financing arrangements.
NVRO issued 269.2 million units at $C0.13 each, raising approximately $C35 million through brokered and non-brokered subscriptions.
Strategic investors Hecla Mining Company, commodity trading group Transamine SA and KEWA Financial contributed a combined $C18.5 million.
Existing institutional investor Pala also participated, extending its support following an initial investment in October 2025.
The NTR acquisition is expected to close around November 13, positioning NVRO to advance installation of its processing technology and establish initial copper, cobalt and nickel production.
Strategic partnerships strengthen development pathway
Alongside the placement, NVRO has secured several commercial agreements designed to underpin the proposed hub’s operations.
A five-year agreement with Hecla provides for NVRO to purchase up to 750,000 tonnes annually of tailings from the Greens Creek mine in Alaska for processing in the Northern Territory.
NVRO has also signed a binding copper cathode offtake and prepayment agreement with Transamine covering all copper cathode production from the hub’s oxide deposits.
Under the arrangement, Transamine will provide a prepayment debt facility of up to $US10 million for commissioning activities, alongside a working capital facility of up to $US5 million.
Both facilities remain subject to conditions precedent and carry interest at the three-month CME Term SOFR plus seven percentage points.
NVRO estimates the facilities will provide the capital required to bring copper cathode production online.
The companies have separately signed a non-binding term sheet covering future offtake from Greens Creek tailings processing, working capital support and potential additional prepayments.
Commercialisation moves closer
The Northern Territory hub is intended to become the first industrial deployment of the NVRO Process, a low-temperature, low-pressure hydrometallurgical technology designed to recover valuable metals from mine waste and complex materials.
The technology has previously demonstrated gold and silver recoveries of 99 per cent and 98 per cent respectively, while potentially reducing acid mine drainage by more than 95 per cent.
NVRO’s acquisition of the former Browns copper oxide project provides access to existing infrastructure and approvals, potentially reducing development costs and timelines.
“In the case of the old Browns oxide project, we’ve got 80 per cent of the equipment we need installed and permitted,” NVRO chief operating officer Royston Denysschen previously told Australian Resources & Investment.
“That’s advanced our schedule by at least four years and it’s probably saved us around $100 million.”
NVRO is targeting initial copper cathode and cobalt-nickel production in the fourth quarter of 2027, with estimated annual revenue of $C44 million over approximately three years of initial mineral reserves.
Read more: NVRO takes mine-waste technology towards commercial scale
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