Maverick Metals, a pioneering North American specialty chemical solutions provider, has announced a significant $19 million equity funding round to accelerate the commercialization of its groundbreaking LithX technology. This novel lixiviant promises to transform the critical metals recovery landscape, addressing the urgent need for a stable and sustainable supply of copper and other essential minerals.

The funding is led by Olive Tree Capital, with participation from prominent investors Y Combinator, Hanwha Group, Liquid 2 Ventures, Nomadic Venture Partners, Soma Capital, and TechNexus Venture Collaborative.

LithX distinguishes itself by enabling higher recovery rates of critical metals at ambient temperatures, significantly reducing operating costs by minimizing acid consumption and reagent expenses. This breakthrough technology facilitates the efficient extraction of copper from chalcopyrite and other refractory sulfides, as well as valuable byproducts like molybdenum, gold, and silver, from low-grade ore, tailings, and smelter slag.

The global demand for copper is projected to double by 2035, reaching an astounding 50 million metric tons per year. Traditional mining and processing methods face challenges due to declining ore grades, rising costs, and stringent environmental regulations. LithX offers a sustainable alternative, achieving higher recovery without extreme heat or large volumes of harsh acids, thereby enhancing efficiency, cost-effectiveness, and environmental responsibility.

Eric Herrera, Co-Founder and CEO of Maverick Metals, emphasized the technology's strategic importance, stating, "As the U.S. accelerates its push for domestic critical metals production, LithX provides a scalable, commercially viable path to securing essential materials. By increasing recovery rates and making it economically viable to extract metals from previously uneconomical deposits, low-grade ores, and waste streams, LithX delivers a practical solution for operators seeking to maximize production and lower OPEX."

The technology's versatility extends beyond copper, demonstrating its ability to unlock gold from refractory ores without cyanide, enhance gallium and rare earth element recovery, and extract lithium from various sources with minimal acid use. Additionally, LithX valorizes coal fly ash waste, recovering rare earth elements and gold, and produces ultra-pure silica and metallurgical-grade silicon for semiconductor manufacturing.

To validate LithX's efficacy, Maverick Metals has secured contracts with major mining companies for real-world pilot deployments. Jesse Evans, Co-Founder and Chief Operating Officer, highlighted the promising results from these trials, stating, "As we advance field trials with major mining companies, we continue to focus on optimizing performance at scale and ensuring seamless integration into existing operations. The results so far are promising, and we’re excited to collaborate with industry leaders to expand LithX across the critical metals processing sector."