Private specialty chemicals company Maverick Metals has raised US$19 million in a seed funding round led by Olive Tree Capital to accelerate the commercialization of its flagship lixiviant technology, LithX.
Unlike traditional acid-based processes, LithX enables cost-effective, ambient temperature leaching of refractory ores like chalcopyrite, unlocking metals previously considered uneconomical or too environmentally burdensome to process.
“As the US accelerates its push for domestic critical metals production, LithX provides a scalable, commercially viable path to securing essential materials,” said Eric Herrera, co-founder and CEO of Maverick.
The US$19 million funding round includes participation from high-profile investors such as Y Combinator, Hanwha Group, Liquid 2 Ventures, Nomadic Venture Partners, Soma Capital and TechNexus Venture Collaborative.
The capital will enable the company to expand pilot deployments in collaboration with major mining companies and scale its commercialization efforts.
Meeting rising metals demand with tech solutions
Global copper demand is expected to double by 2035, reaching approximately 50 million metric tons annually, driven largely by energy transition technologies, electric vehicles and infrastructure development.
But even as mining companies race to keep pace, challenges like declining ore grades, environmental restrictions and rising costs continue to limit production.
Maverick states that its proprietary lixiviant works at ambient temperatures and neutral pH levels, offering a safer, cheaper and more sustainable alternative to traditional acid leaching.
The technology enables the recovery not only of copper, but also valuable by-products such as molybdenum, gold, silver and even rare earths from a variety of unconventional sources — including tailings, smelter slag and coal fly ash.
According to Maverick, its LithX technology has demonstrated a range of benefits that could reshape the economics and the overall environmental footprint for metals processing.
For instance, the technology increases recovery rates at ambient temperatures, significantly reducing energy costs. It also eliminates the need for acid addition, offering a safer and more sustainable alternative to traditional methods.
In addition, Maverick notes that the process mitigates the risk of acid contamination and hazardous reagent exposure, enhancing worker safety — a key concern in traditional mining operations.
“We are pleased to announce our investment in and support of Maverick Metals,” said Nichola Eliovits, managing partner at Olive Tree Capital, in the company’s release. “We believe LithX has the potential to significantly increase the range of viable resources available to help alleviate global supply constraints.”
While copper remains a primary focus, LithX has shown versatility for a range of critical metals, such as high lithium extraction from spodumene and enhanced rare earths and gallium recovery from minerals like allanite and monazite.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.