NV5 Awarded $10 Million in Critical Mineral Geospatial Projects by U.S. Geological Survey

Rhea-AI Summary

NV5 has secured $10 million in contracts from the U.S. Geological Survey (USGS) to provide high-precision geospatial services supporting the Earth Mapping Resources Initiative (Earth MRI) program. The projects aim to identify and manage critical minerals across multiple U.S. regions, reducing dependence on international suppliers.

The contracts include:

• Magnetic and radiometric data acquisition across 11,100 square miles in Western Texas, including Big Bend National Park
• Survey of 7,300 square miles in New Mexico using fixed-wing aircraft and helicopters
• Geophysical survey in Michigan's Lake Superior region
• Processing of 22,000 linear miles of data in the Colorado Mineral Belt

These initiatives support domestic critical mineral exploration, important for energy independence and national resource security.

HOLLYWOOD, Fla., Dec. 16, 2024 (GLOBE NEWSWIRE) -- NV5, a provider of technology, certification, and consulting solutions, announced today that it has been awarded $10 million in contracts by the U.S. Geological Survey (USGS) to provide high-precision geospatial services to support essential geological research across multiple regions. These contracts will provide USGS with the critical data needed to advance the Earth Mapping Resources Initiative (Earth MRI) program, supporting the identification and management of critical minerals in the United States. Demand for critical minerals is growing to support the energy independence transition, and identification of domestic sources reduces dependence on international suppliers.

“The increasing importance of geospatial data in supporting vital mineral exploration highlights the growing need for advanced data acquisition and analysis,” said Kurt Allen, President, Geospatial at NV5. “As the leader in geospatial data analytics, NV5 is proud to partner with USGS on these initiatives and contribute to the advancement of critical mineral resources management, which plays a key role in the nation’s economic growth and resource security.”

NV5 was awarded a contract to acquire and process high-precision magnetic and radiometric data across 11,100 square miles in Western Texas, expanding upon the existing Trans-Pecos survey to include Big Bend National Park and key critical mineral regions. NV5 will also conduct a high-precision magnetic and radiometric survey using fixed-wing aircraft and helicopters across 7,300 square miles of New Mexico.

In Michigan, NV5 will conduct a high-resolution geophysical survey and analytics using electromagnetic and magnetic data to image geological structures and assess critical mineral potential in Lake Superior. NV5 will also acquire and process high-precision geophysical data of 22,000 linear miles in the Colorado Mineral Belt.

About NV5
NV5 Global, Inc. (NASDAQ: NVEE) is a provider of technology, certification, and consulting solutions for public and private sector clients supporting utility, infrastructure, and building assets and systems. The Company primarily focuses on six business verticals: Utility services, infrastructure engineering, construction quality assurance, buildings & technology, environmental health sciences, and geospatial services. NV5 operates out of more than 100 offices nationwide and abroad. For additional information, please visit the Company’s website at www.NV5.com. Also visit the Company on Twitter, LinkedIn, Facebook, and Vimeo.

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the “Risk Factors” set forth in the Company’s most recent SEC filings. All forward-looking statements are based on information available to the Company on the date hereof, and the Company assumes no obligation to update such statements, except as required by law.

Investor Relations Contact
NV5 Global, Inc.
Jack Cochran
Vice President, Marketing & Investor Relations
Tel: +1-954-637-8048
Email: ir@nv5.com

Source: NV5 Global, Inc.

FAQ

What is the value and scope of NV5's (NVEE) new USGS contracts?

NV5 has been awarded $10 million in contracts by the USGS to provide high-precision geospatial services across multiple U.S. regions, including Texas, New Mexico, Michigan, and Colorado.

How many square miles will NV5 (NVEE) survey in Western Texas?

NV5 will survey 11,100 square miles in Western Texas, including Big Bend National Park and key critical mineral regions.

What specific services will NV5 (NVEE) provide in New Mexico?

NV5 will conduct a high-precision magnetic and radiometric survey across 7,300 square miles in New Mexico using fixed-wing aircraft and helicopters.

How many linear miles will NV5 (NVEE) analyze in the Colorado Mineral Belt?

NV5 will acquire and process high-precision geophysical data covering 22,000 linear miles in the Colorado Mineral Belt.

What is the purpose of NV5's (NVEE) geospatial projects for USGS?

The projects support the Earth Mapping Resources Initiative (Earth MRI) program, aiming to identify and manage critical minerals in the United States and reduce dependence on international suppliers.

What regions are covered in NV5's (NVEE) new USGS contracts?

The contracts cover Western Texas (including Big Bend National Park), New Mexico, Michigan's Lake Superior region, and the Colorado Mineral Belt.