NVRO Metals Files Independent NI 43-101 Technical Report and Maiden Oxide Mineral Reserve Estimate for the NVRO Metals Hub Pathway confirmed by oxide Mineral Reserve estimate to near-term copper cathode production; Mineral Reserve extension program commences immediately.
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NVRO Metals Files Independent NI 43-101 Technical Report and Maiden
Oxide Mineral Reserve Estimate for the NVRO Metals Hub
Pathway confirmed by oxide Mineral Reserve estimate to near-term copper cathode
production; Mineral Reserve extension program commences immediately.
VANCOUVER, BC – July 23, 2026 – NVRO Metals Limited (TSXV: NVRO | OTCQB: ESGLF | FSE: YGK)
(“NVRO Metals” or the “Company”), a company focused on the recovery of precious and critical
metals using its proprietary NVRO Process™, is pleased to announce, further to its news releases
dated June 10, 2026 and June 18, 2026, the filing of a National Instrument 43-101 – Standards of
Disclosure for Mineral Projects (“NI 43-101”) Technical Reportfor the NVRO Metals Hub located in
Australia’s Northern Territory (the “NVRO Metals Hub”).
As announced in the Company’s June 10, 2026 news release, the assets underlying the NVRO
Metals Hub are held by Northern Territories Resources Pty Ltd. (“NTR”), an Australian exploration
and mining company, which the Company is in process of acquiring pursuant to a creditor-approved
deed of company arrangement in Australia. The Company’s transaction with NTR is expected to
close in Q3 2026 (at which time the Company will acquire full ownership). Closing of the Company’s
acquisition of NTR remains subject to a number of conditions, including any necessary corporate
and regulatory approvals and other customary closing conditions.
The Technical Report establishes a maiden oxide Mineral Reserve estimate and demonstrates the
economic viability of near-term copper cathode production, with cobalt and nickel intermediate
products as by-products. A key feature of the Technical Report is the high level of geological
confidence underpinning the oxide Mineral Resource estimate, with approximately 87% classified in
the Measured Mineral Resource (~6%) and Indicated Mineral Resource (~81%) categories and
approximately 13% classified in the Inferred Mineral Resource category. The oxide Mineral Reserve
estimate has been established based on the mine plan and is supported by only a portion of the
broader oxide Mineral Resource estimate outlined in the Technical Report.
The technical report titled “NVRO Metals Hub Australia Project NI 43-101 Technical Report” with an
effective date of July 23, 2026 (the “Technical Report”) has been filed under the Company’s profile
on SEDAR+ (www.sedarplus.ca) and is also available on the Company’s website
(www.nvrometals.com).
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Strategic Overview
NVRO Metals is building a scalable critical minerals business using its proprietary NVRO Process™.
The Company's strategy is to commercialize the technology through owned, centralized processing
hubs, complemented by selective licensing opportunities at stand-alone plants as it scales across
Tier-1 jurisdictions. The proposed acquisition of NTR’s mining assets in Australia’s Northern Territory
(now the NVRO Metals Hub) is the first step in that strategy, and upon completion is expected to
provide the Company with:
1. Industrial-scale infrastructure. A permitted, fully constructed hydrometallurgical plant,
incorporating solvent extraction and electrowinning (SX-EW) and resin-in-pulp circuits together
with established site infrastructure, that allows the Company to deploy the NVRO Process™ at
full industrial scale, its natural next step. NTR is being acquired for C$27.6m with the price
including:
• Existing plant with an inflation-adjusted installation cost of approximately C$350m. Based on
the infrastructure required to execute the Company's strategy, management estimates the
acquisition avoids approximately C$150m of capital expenditure together with approximately
four years of permitting and construction. It also opens the way to processing higher value
imported and domestic third-party feedstock containing precious and critical metals on a
merchant or tolling basis.
• All Mineral Tenements.
• Circa A$39m of tax losses.
2. Near-term copper, cobalt and nickel production. The acquisition also includes a near-term
oxide development project supported by the results of the Technical Report. First oxide
production is targeted for Q4 2027, with initial capital contributions of approximately C$18m.
Based on the economic analysis contained in the Technical Report, the NVRO Metals Hub is
expected to generate annual free cash flow of circa C$45m over the approximately 3 years of
production mining the current oxide Mineral Reserve-backed mine plan. The current oxide
Mineral Reserve estimate supports three years of production; however, the broader oxide
Mineral Resource estimate outlined in the Technical Report identifies additional mineralization
that may provide opportunities for future Mineral Reserve growth through the Mineral Reserve
extension program described below.
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3. Longer-term sulphide development. The Technical Report supports a total Mineral Resource
estimate of 78.00Mt at 1.68% CuEq, of which approximately 94% sits in the Measured Mineral
Resource (~52%) and Indicated Mineral Resource (~42%) categories and approximately 6% in
the Inferred Mineral Resource category. Included within this Mineral Resource estimate is a
sulphide Mineral Resource estimate of 61.67 Mt grading 1.86% CuS Eq, of which approximately
96% sits in the Measured Mineral Resource (~64%) and Indicated Mineral Resource (~32%)
categories and approximately 4% in the Inferred Mineral Resource category, which may provide
a source of future feedstock for the NVRO Process as the NVRO Metals Hub advances. The
sulphide Mineral Resource estimate represents a potential longer-term development
opportunity; however, Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability and there is no certainty that such Mineral Resources will be
converted to Mineral Reserves.
4. Integrated metal production. Once deployed on site, the NVRO Process converts sulfide sulfur
into sulfuric acid, which in turn leaches the oxide resource at no acid cost. As acid typically
represents 30% to 50% of oxide operating costs, this integration materially improves margin
resilience through the commodity cycle.
5. A replicable model for tier-1 jurisdictions. The NVRO Metals Hub in Australia is the reference
plant for a hub strategy the Company intends to replicate in the United States and Canada,
supported by aligned critical minerals policy and funding mechanisms across all three
jurisdictions, against which the Company has identified specific targets.
The Company’s approach is to execute one step at a time; while positioning each stage to enable the
next.
Technical Report Highlights
• Installed Plant and historically proven plant. The installed plant includes Solvent Extraction
(SX, Electro-winning (EW) and Ion-exchange (IX) infrastructure. The SX and EW circuits that were
historically successful in producing copper cathode remain in place and in management’s
assessment are largely operable today with ordinary course updating.
• High geological confidence Mineral Resource estimate base. Approximately 94% of the total
Mineral Resource estimate is classified in the Measured Mineral Resource (~52%) and Indicated
Mineral Resource (~42%) categories and approximately 6% in the Inferred Mineral Resource
category, reflecting a high level of geological confidence.
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• Mineral Reserve and Mineral Resource estimates supported by dense drilling. Confidence is
underpinned by 112,777 meters of drilling across 1,967 holes, including mine grade-control
drilling completed at spacings as close as 10m × 10m, a data density well beyond that of a
typical development-stage project.
• Maiden oxide Mineral Reserve estimate. 2,320,000 tonnes at 0.74% Cu (plus 0.09% Co and
0.10% Ni) for 17,200 tonnes of contained copper (of which 75% is recoverable), classified as a
Proven & Probable Mineral Reserve, with 930,000 tonnes in the Proven Mineral Reserve category
and 1,390,000 tonnes in the Probable Mineral Reserve category.
• Robust near-term economics. The Financial Model is to a Pre Feasbility Study (“PFS”) Level.
After-tax NPV8% of C$64m, IRR of 45%, and payback of 28 months from July 1, 2026 (breakeven
cashflow is anticipated to be achieved during the 13th months of mining operations), generating
circa C$43m of free cash flow per annum on an initial capital contribution of circa C$18m,
supported by an existing, fully constructed hydrometallurgical plant already on site. The NPV
accounts for the acquisition purchase price of C$27.6M. The NVRO Metals Hub is anticipated to
generate revenues of C$138M over the initial Mineral Reserve life.
• Low-cost production. Average annual production is estimated at 4,280 tonnes of copper
cathode, plus cobalt/nickel intermediate, at a C1 cash cost (net of by-product credits) of
US$0.73/lb and an all-in sustaining cost of US$1.03/lb. on a copper equivalents basis.
• Financing-aligned by design. The Mineral Reserve-backed mine plan supports the payback of
the proposed Transamine SA copper cathode offtake and financing package of up to US$25
million (non-binding; as announced in the Company’s news release dated June 15, 2026).
• Near-term catalyst. Initial production targeted for Q4 2027 via well proven heap leach and
solvent extraction and electrowinning (SX-EW).
• Cash flows reflect only the current Mineral Reserve-backed mine plan of approximately 3
years. Any extension of mine life is dependent upon the successful conversion of Mineral
Resources to Mineral Reserves.
• Growth runway defined. The broader oxide Mineral Resource estimate may provide
opportunities for future Mineral Reserve growth. Mineral Reserve extension work is planned to
evaluate opportunities for future Mineral Reserve conversion.
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Mineral Tenements.
100% owned by Northern Territories Resources Pty Ltd which, upon closing of the
Company’s proposed acquisition thereof, will be a 100% held subsidiary of NVRO
Metals
A key characteristic of the NVRO Metals Hub is the level of geological confidence reflected in the
Mineral Resource estimate. Approximately 87% of the oxide Mineral Resource estimate is classified
in the Measured Mineral Resource (~6%) and Indicated Mineral Resource (~81%) categories, the
two higher-confidence categories under CIM definitions, leaving only a small residual in the Inferred
Mineral Resource category (~13%).
That confidence is the product of significant historical and recent drilling. The Mineral Resource
estimate is informed by 112,777 meters of drilling across 1,967 holes and includes mine grade-
control drilling completed at very close spacings of 10m × 10m across the Brown’s Oxide Open Pit.
This drilling density provides a detailed understanding of local grade distribution and geological
continuity that is uncommon in development-stage projects.
The extensive drilling database and high proportion of Measure Mineral Resources and Indicated
Mineral Resources provides a strong basis for the Mineral Resource estimate, oxide Mineral Reserve
estimate and mine plan outlined in the Technical Report.
A reserve deliberately designed for prompt payback
The maiden oxide Mineral Reserve estimate forms the basis of the mine plan evaluated in
theTechnical Report and supports the repayment profile contemplated under the proposed
Transamine SA offtake and financing package.
The oxide Mineral Reserve estimate represents only a portion of the broader oxide Mineral Resource
estimate and underpins the initial production schedule and associated cash flows outlined in the
Technical Report. The balance of the oxide Mineral Resource estimate may provide opportunities for
future reserve growth through the Mineral Reserve extension program described below.
The Company’s arrangements with Transamine SA are set out in a non-binding Heads of Agreement
and remain subject to due diligence, the negotiation and execution of definitive agreements, and
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applicable conditions and approvals. Further details are provided in the Company’s news release
dated June 15, 2026.
Economic outputs
The Technical Report returns the following headline results, on the Mineral Reserve basis. All figures
are stated on a 100% project basis in Canadian dollars (C$) unless otherwise noted.
Metric Result
Mine life (reserve-based) circa 3 years
Ore processed 2.32M tonnes at 0.74% Cu
Average annual copper cathode production 4,280 tonnes
Cobalt / nickel intermediate 1,834 tonnes / 657 tonnes
Copper recovery 75%
C1 cash cost (net of by-product credits) US$0.3/lb Cu
AISC (C1 + royalties + sustaining CAPEX) US$1.03/lb Cu
AIC1 (AISC plus CAPEX) US$1.47/lb Cu
AIC2 (AIC1 plus Acquisition Cost) US$2.21/lb Cu
Initial capital circa C$18m
Average annual free cash flow during production circa C$45m
After-tax NPV 8% C$64m
After-tax IRR 45%
After Tax Free Cash Flow $138m
Payback period 28 months
These cash flows are generated from only circa 3 years of production supported by the current
oxide Mineral Reserve estimate and should not be viewed as representing the full potential of the
NVRO Metals Hub. The oxide Mineral Reserve estimate has been constrained to the existing mining
lease area. Any extension of mine life or associated cash flows is dependent upon the successful
conversion of Mineral Resources to Mineral Reserves through future Mineral Reserve extension
work. A meaningful advantage of the NVRO Metals Hub is that this production is planned through an
existing, fully constructed hydrometallurgical plant, which reduces the capital and time required to
reach first production relative to a greenfield development.
Separately, the broader oxide Mineral Resource estimate outlines material that may provide
opportunities for an extended mine life beyond the current Mineral Reserve-backed mine plan. Such
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production potential is not yet supported by the oxide Mineral Reserve estimate and is subject to
future technical studies and the successful conversion of Mineral Resources to Mineral reserves.
Reserve extension program
Work will commence immediately to evaluate opportunities to expand the oxide Mineral Reserve
estimate. The broader oxide Mineral Resource estimate outlines material that may provide
opportunities for an extended mine life beyond the current Mineral Reserve-backed mine plan. The
near-term objective is to evaluate portions of the Measured Mineral Resources and Indicated
Mineral Resources for potential conversion to Mineral Reserves through ongoing Mineral Reserve
extension work.
Given the density of existing drilling data, including the grade-control drilling referenced above, and
the fact that approximately 94% of the total Mineral Resource estimate already sits in the Measured
Mineral Resource (~52%) and Indicated Mineral Resource (~42%) categories, the deposit provides a
strong basis for evaluating future Mineral Reserve growth opportunities. The Company will provide
updates as this work progresses in due course.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability, and
there is no certainty that they will be converted into Mineral Reserves.
Management commentary
Grant Freeman, CEO NVRO Metals said “This Technical Report confirms what our technical work has
consistently indicated: the NVRO Metals Hub hosts a well understood, high-confidence oxide
Mineral Resource estimate, supported by an extensive drilling database and a high proportion of
Measured Mineral Resources and Indicated Mineral Resources. The maiden oxide Mineral Reserve
estimate provides the basis for a near-term production plan utilizing existing infrastructure that is
already on site. The current oxide Mineral Reserve estimate represents only a portion of the broader
oxide Mineral Resource estimate, and the Company intends to undertake Mineral Reserve extension
work to evaluate opportunities for future Mineral Reserve growth. The advantage of acquiring existing
plant and infrastructure on a historically permitted and operating site cannot be understated for its
time, cost and operational advantages. This underpins management’s assessment of the immense
value in the proposed acquisition”
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Qualified Person
The scientific and technical information in this news release has been reviewed and approved by
James Marshall, (BE (Mining), MBA, MAusIMM(CP), GAICD), an independent technical advisor of the
Company.
Corporate Update
The Company also provides the following corporate update
Appointment of Corporate Secretary. NVRO Metals is pleased to announce the appointment of
Karina Nott as Corporate Secretary. Ms. Nott will continue in her role as Chief Financial Officer, in
which she has made a significant contribution to the Company's financial management, reporting
discipline, corporate systems and governance processes.
Ms. Nott's appointment brings the Corporate Secretary function in-house, streamlining governance
administration, improving day-to-day coordination between finance, management and the board of
directors of the Company (the “Board”), and supporting more efficient execution of the Company's
corporate and regulatory obligations. Her financial expertise, attention to detail and close
involvement in the Company's operations make her well placed to assume this additional
governance responsibility.
The Company also advises that Leah Dionne, the current Corporate Secretary, will step down from
the role and transition into a significant ongoing support role with NVRO Metals. The Board and
management sincerely thank Ms. Dionne for her years of dedication, professionalism and support.
Ms. Dionne has made a valued contribution through multiple stages of the Company's development,
and NVRO Metals is pleased to continue benefiting from her experience, corporate knowledge and
ongoing support in her new capacity.
"This appointment is a strategic step forward for NVRO Metals," said David Cam, Executive Chair. "It
strengthens Board alignment, brings key governance functions closer to management, and supports
the Company's ability to execute efficiently at an important stage of growth. We are continuing to
build the leadership and corporate structure required to support NVRO's growth ambitions and the
significant opportunities ahead."