XtremeX Mining Technology Announces Plans for First Deployment of Its Revolutionary Mineral Drilling Rig with Ivanhoe Electric Following an $11M Series-A Financing Led by GoGreen Partners
XtremeX Mining Technology (XMT) has announced plans to deploy its innovative AC-electric automated drilling rig with Ivanhoe Electric (NYSE: IE) at the Santa Cruz copper project in Arizona. The company recently secured an $11M Series-A financing led by GoGreen Partners.
The revolutionary hybrid drilling system, which adapts oil and gas technology for mining, will target depths up to 2,000 meters. Under the agreement, Ivanhoe Electric gains exclusive access to three XMT rigs for up to five years. The technology promises faster, safer, and more sustainable drilling operations with improved core recovery and high-fidelity drill chips.
The project involves collaboration with strategic partners including Precision Drilling, Baker Hughes, and the Mines Venture Fund 1, LP. The field trial at Santa Cruz will test the rig's capabilities in accelerating the drilling process and reducing costs for mineral exploration.
XtremeX Mining Technology (XMT) ha annunciato piani per schierare il suo innovativo impianto di perforazione automatizzato AC-elettrico con Ivanhoe Electric (NYSE: IE) presso il progetto copper di Santa Cruz in Arizona. L'azienda ha recentemente ottenuto un finanziamento di Serie-A da 11 milioni di dollari guidato da GoGreen Partners.
Il rivoluzionario sistema di perforazione ibrido, che adatta la tecnologia del petrolio e del gas per l'industria mineraria, punterà a profondità fino a 2.000 metri. In base all'accordo, Ivanhoe Electric ottiene accesso esclusivo a tre impianti XMT per un massimo di cinque anni. La tecnologia promette operazioni di perforazione più veloci, sicure e sostenibili, con un miglior recupero del nucleo e chip di perforazione ad alta fedeltà.
Il progetto implica collaborazione con partner strategici tra cui Precision Drilling, Baker Hughes e il Mines Venture Fund 1, LP. La prova sul campo a Santa Cruz testerà le capacità dell'impianto nell'accelerare il processo di perforazione e ridurre i costi per l'esplorazione mineraria.
XtremeX Mining Technology (XMT) ha anunciado planes para implementar su innovadora plataforma de perforación automatizada de corriente alterna eléctrica junto con Ivanhoe Electric (NYSE: IE) en el proyecto de cobre de Santa Cruz en Arizona. La compañía obtuvo recientemente un financiamiento de Serie A de 11 millones de dólares liderado por GoGreen Partners.
Este revolucionario sistema de perforación híbrido, que adapta la tecnología del petróleo y gas para la minería, tiene como objetivo profundidades de hasta 2,000 metros. Según el acuerdo, Ivanhoe Electric obtiene acceso exclusivo a tres plataformas XMT por hasta cinco años. La tecnología promete operaciones de perforación más rápidas, seguras y sostenibles, con una mejor recuperación del núcleo y chips de perforación de alta fidelidad.
El proyecto implica colaboración con socios estratégicos como Precision Drilling, Baker Hughes y Mines Venture Fund 1, LP. La prueba de campo en Santa Cruz evaluará las capacidades de la plataforma para acelerar el proceso de perforación y reducir los costos de exploración mineral.
XtremeX Mining Technology (XMT)는 Ivanhoe Electric (NYSE: IE)와 함께 애리조나의 Santa Cruz 구리 프로젝트에 혁신적인 AC 전기 자동 천공 장비를 배치할 계획을 발표했습니다. 이 회사는 최근 GoGreen Partners가 주도하는 1,100만 달러 규모의 시리즈 A 자금 조달을 확보했습니다.
석유 및 가스 기술을 채굴용으로 조정한 혁신적인 하이브리드 천공 시스템은 최대 2,000미터 깊이를 목표로 합니다. 계약에 따르면, Ivanhoe Electric은 최대 5년 동안 3대의 XMT 장비에 대한 독점 접근 권한을 행사하게 됩니다. 이 기술은 더 빠르고 안전하며 지속 가능한 천공 작업을 약속하며, 향상된 코어 회수와 고충실도 드릴 칩을 제공합니다.
이 프로젝트는 Precision Drilling, Baker Hughes 및 Mines Venture Fund 1, LP와 같은 전략적 파트너와의 협업을 포함합니다. Santa Cruz에서의 현장 시험은 천공 과정을 가속화하고 광물 탐사 비용을 줄이는 데 있어 장비의 능력을 테스트할 것입니다.
XtremeX Mining Technology (XMT) a annoncé des plans pour déployer sa rig de forage automatisée à courant alternatif électrique innovante avec Ivanhoe Electric (NYSE: IE) sur le projet de cuivre de Santa Cruz en Arizona. L'entreprise a récemment sécurisé un financement de série A de 11 millions de dollars dirigé par GoGreen Partners.
Le système de forage hybride révolutionnaire, qui adapte la technologie pétrolière et gazière pour le secteur minier, visera des profondeurs allant jusqu'à 2 000 mètres. Dans le cadre de l'accord, Ivanhoe Electric obtient un accès exclusif à trois machines XMT pour une durée maximale de cinq ans. La technologie promet des opérations de forage plus rapides, plus sûres et plus durables, avec une meilleure récupération des noyaux et des échantillons de forage haute fidélité.
Le projet implique une collaboration avec des partenaires stratégiques tels que Precision Drilling, Baker Hughes et Mines Venture Fund 1, LP. L'essai sur le terrain à Santa Cruz testera les capacités de la rig à accélérer le processus de forage et à réduire les coûts d'exploration minérale.
XtremeX Mining Technology (XMT) hat Pläne angekündigt, seine innovative AC-elektrische automatisierte Bohrmaschine zusammen mit Ivanhoe Electric (NYSE: IE) im Kupferprojekt Santa Cruz in Arizona einzusetzen. Das Unternehmen hat kürzlich eine 11-Millionen-Dollar-Serie-A-Finanzierung unter der Leitung von GoGreen Partners gesichert.
Das revolutionäre hybride Bohrsystem, das Öl- und Gasttechnologie für den Bergbau adaptiert, wird Tiefen von bis zu 2.000 Metern anstreben. Im Rahmen der Vereinbarung erhält Ivanhoe Electric exklusiven Zugang zu drei XMT-Geräten für bis zu fünf Jahre. Die Technologie verspricht schnellere, sicherere und nachhaltigere Bohrvorgänge mit verbessertem Kernrückgewinnung und hochpräzisen Bohrchips.
Das Projekt beinhaltet eine Zusammenarbeit mit strategischen Partnern, darunter Precision Drilling, Baker Hughes und den Mines Venture Fund 1, LP. Der Feldversuch in Santa Cruz wird die Fähigkeiten der Bohranlage testen, den Bohrprozess zu beschleunigen und die Kosten für die Mineralausforschung zu senken.
- $11M Series-A funding secured for technology development
- 5-year exclusive contract with Ivanhoe Electric for three rigs
- Strategic partnerships with established industry leaders
- Technology promises cost reduction and improved drilling efficiency
- Technology remains unproven in field conditions
- Significant capital investment required for commercialization
Insights
The partnership between XtremeX Mining Technology and Ivanhoe Electric marks a transformative development in mineral exploration technology. The new hybrid drilling system combines AC-electric automated coiled tubing with diamond core drilling - a significant technological leap that addresses key industry pain points. The
The system's ability to reach depths of 2,000 meters while improving drilling speed and core recovery represents a step-change in exploration capabilities. Traditional diamond drilling methods typically face limitations in depth penetration and speed, making this innovation particularly valuable for deep deposit exploration. The integration of oil and gas industry technology into mining applications demonstrates clever cross-industry innovation that could accelerate critical mineral discovery rates.
This deal presents multiple revenue streams and strategic advantages for Ivanhoe Electric (IE). The exclusive access to three XMT rigs provides IE with a significant competitive edge in exploration efficiency. The agreement's structure - starting with a funded field trial at Santa Cruz and potentially extending to a five-year exclusive contract - offers a measured approach to technology adoption while securing long-term advantages.
The involvement of established industry players like Precision Drilling (PDS) and Baker Hughes adds credibility to the venture and reduces technological risk. The
The environmental implications of this technology are significant for the mining sector's sustainability goals. The AC-electric powered system aligns with the industry's push toward electrification and reduced carbon footprint. This is particularly relevant as mining companies face increasing pressure to improve their ESG metrics while meeting growing demand for critical minerals essential to the green energy transition.
The system's improved efficiency and automated controls should result in reduced resource consumption per meter drilled. This combination of operational efficiency and environmental considerations positions the technology well for markets where regulatory and stakeholder pressures demand more sustainable exploration practices.
The XMT rig adapts proven oil and gas technology for the mining sector, enabling faster, safer, and more sustainable drilling. This patented hybrid drilling system builds on the success of an earlier prototype developed by the XMT team, offering a revolutionary approach to identifying critical minerals. By improving drilling speed, core recovery, and producing anticipated high-fidelity drill chips, the XMT rig is designed to deliver a versatile and efficient solution that surpasses conventional methods.
The XMT Series-A funding of
XMT Founder and Chairman, Tom Wood, stated, "We are excited to collaborate with GoGreen Partners and a group of leading oil and gas technology companies, combined with mining sector technology providers to introduce this innovative hybrid coiled tubing and diamond core rig to the mining industry. The XMT team has a history of developing and commercializing some of the most advanced coiled tubing drilling systems. XMT’s proven track record, coupled with Precision Drilling’s rig technology and land drilling market position creates a formidable team to build our first rig. Additionally, GoGreen's introduction of Ivanhoe Electric, an innovator and world leader in mineral exploration, to test the rig at its
XMT CEO, Matt Porter, added that "This hybrid coiled tubing rig will combine AC-electric power with highly automated controls enabling diamond core, rotary, and coiled tubing drilling. It offers a versatile solution for mineral exploration and delineation drilling. This technology provides a compelling value proposition by delivering faster, safer drilling operations and generating more information per dollar spent.”
GoGreen Partners CEO, John Dowd, expressed confidence in XMT's potential, stating "Tom and the XMT team have spent the past 28 years developing, commercializing and monetizing innovative coiled tubing drilling rig technology in the oil and gas industry. In each instance selling the technology to larger market leading providers. As the demand for critical minerals intensifies to support the global energy transition, there is a race to identify new technologies to make mineral discovery and development faster, safer and more sustainable. We believe the XMT hybrid drill rig will be an essential tool in this enormous mining-industry challenge.”
Govind Friedland, co-founder of GoGreen Partners and a seasoned mining entrepreneur, added, "As an alumnus of Colorado School of Mines, I’m especially excited to have the Mines Venture Fund as a strategic partner. As the number one ranked Mineral and Mining Engineering University in the QS World Rankings (2024), their industry-leading expertise, top-tier faculty and extensive network will be invaluable in helping us launch this venture."
Graham Boyd, Ivanhoe Electric’s Senior Vice President of Exploration, highlighted the importance of the partnership with XMT in driving exploration innovation, adding “While mineral exploration has seen remarkable progress in areas like geoscience, geophysics, geochemistry, and advanced data processing, drilling remains a fundamental step in testing our concepts. Conventional diamond drilling—particularly for deep targets—is both the slowest and most expensive aspect of exploration, making it ripe for innovation. XMT’s hybrid coiled tubing and diamond core rig represents a promising innovation, offering the potential to significantly accelerate the drilling process and reduce costs, enabling us to test more targets efficiently. With a successful trial at our
Today’s announcement was made at the Future Minerals Forum taking place this week in
About XMT
XMT is a technology-driven hybrid coiled tubing drilling company specializing in adapting oil and gas innovations for the mining industry. XMT's hybrid drilling technology platform is poised to transform the mining exploration industry's approach to exploring for the next generation of energy transition and precious metals.
About GoGreen Partners
GoGreen Partners is a private equity firm established to harness the power of financial markets to accelerate the energy transition with a focus on building resilient, western-aligned supply chains. GoGreen finances enterprises that produce essential materials and bring market innovations that will advance the clean energy transition. GoGreen is committed to ensuring its projects utilize best-in-class technology and adhere to the highest environmental, social and governance standards.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250113080687/en/
Matt Porter
XtremeX Mining Technology
Phone: +1 (832) 499-2171
Email: mporter@xtremexmining.com
Website: www.xtremexmining.com
John Dowd
GoGreen Partners
Phone: +1 (617) 365-8595
Email: john.dowd@gogreenpartners.com
Website: www.gogreenpartners.com
Source: XtremeX Mining Technology Inc.
FAQ
What is the value of XtremeX Mining Technology's Series-A financing with Ivanhoe Electric (IE)?
How deep can XtremeX's new drilling rig reach at Ivanhoe Electric's Santa Cruz project?
What is the duration of Ivanhoe Electric's (IE) exclusivity agreement for XtremeX rigs?
Which major industry partners are involved in XtremeX's drilling technology deployment?
Where will Ivanhoe Electric (IE) first deploy XtremeX's new drilling technology?
