NVRO Metals (NVRO.V) announced the proposed acquisition of Northern Territories Resources Pty Ltd. (NTR), an Australian exploration and mining company by NVRO's unit NVRO Metals (Australia) Pty Ltd for C$27.9 million, on Wednesday.
Once the deal is completed, NTR's assets will become the "NVRO Metals Hub", a critical minerals production platform utilizing the NVRO Process, located in Australia's Northern Territory, it said. The consideration comprises a specified contribution of C$14.3 million payable within 75 days of execution of the deed of company arrangement in Australia (DOCA), an environmental bond top-up of about C$2.3 million earmarked for the Northern Territory Government's environmental bond requirements, a payment of C$10 million to the secured creditor and about C$1.3 million for transaction costs including stamp duty.
In connection with the pending resources statement and Phase 1 development, the clean technology company's strategy is focused on near term production of copper cathode and cobalt/nickel intermediate products by heap leach, solvent extraction and electro winning (SX-EW) and precipitation of cobalt and nickel. Production is expected to start by the fourth quarter of 2027.
The company is planning a drilling campaign to obtain samples of both oxide and sulphide orebodies for further testing. The sulphide resource will undergo pilot scale testing through the micro NVRO pilot plant at its Western Australia facility in the second half of 2026, it added.
"The NVRO Metals Hub provides a pathway to near-term cash flow and production and provides a foundation for sustainable growth," said NVRO Metals Chief Executive Grant Freeman. "We believe the NVRO Metals Hub expands the Company's commercial opportunities and positions us for critical minerals production from sulphide minerals."
Shares of NVRO Metals closed up 5.1% to $0.205 on Tuesday on the TSX Venture Exchange.