XtremeX Mining Technology, a Bellaire, TX-based company providing drilling solutions, raised $11M in Series A funding.
The round was led by GoGreen Partners.
The company intends to use the funds to drive the development and field deployment of the first hybrid rig at Santa Cruz.
Led by CEO Matt Porter, XMT is a technology-driven hybrid coiled tubing drilling company specializing in adapting oil and gas innovations for the mining industry. Its patented hybrid drilling system identifies critical minerals, improves drilling speed, core recovery, and produces high-fidelity drill chips.
This technology will perform a funded field trial with Ivanhoe Electric (NYSE: IE ; TSX: IE) at the Santa Cruz copper project in Arizona, targeting depths of up to 2,000 meters by twinning historic holes. Under the agreement, Ivanhoe Electric secures exclusivity on three XMT rigs for contracts lasting up to five years.
FinSMEs
14/01/2025