Maverick Metals secures $19M seed funding for copper extraction tech

Maverick Metals, a US-based technology firm that specializes in minerals extraction and processing, has secured $19 million in seed funding led by Olive Tree Capital.

The funding, says Maverick, will support the commercialization of LithX — a novel lixiviant chemistry designed to improve the recovery of copper at reduced costs.

LithX enables heap leaching of chalcopyrite and other refractory sulfides and solubilizes valuable byproducts such as molybdenum, gold and silver, transforming low-grade ore, tailings and smelter slag into high-value feedstock and expanding the accessible copper supply.

According to the Texas-based firm, LithX provides a “powerful solution” to extract significantly more copper from ore and waste materials without requiring extreme heat or large amounts of harsh acid.

This is significant given that copper miners are facing declining ore grades, rising processing costs and increasing environmental regulations constrain production growth while demand for the metal is projected to double by 2035, the company noted.

“LithX is demonstrating its ability to realize significant value across multiple critical metals – without the high capital costs and environmental impact of conventional methods,” said Jesse Evans, co-founder and chief operating officer of Maverick Metals.

“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.”

To further validate LithX, Maverick said it has secured contracts with several major mining companies to integrate the technology into real-world operations, testing the product’s ability to increase recovery, improve efficiency, and reduce environmental impact.

As demand for critical metals surges, LithX, which requires no acid addition, offers a scalable solution to transform low-grade ore, tailings, and smelter slag into high-value feedstock and expand the accessible copper supply, the company stated.

“As the US accelerates its push for domestic critical metals production, LithX provides a scalable, commercially viable path to securing essential materials,” Maverick’s CEO Eric Herrera said in a news release. “Securing this significant equity funding validates the groundbreaking potential of our technology to support global supply chain resilience.”

Other investors in the funding include Y Combinator, Hanwha Group, Liquid 2 Ventures, Nomadic Venture Partners, Soma Capital and TechNexus Venture Collaborative.