Cuprum Metals announced that it has raised $19.4 million in Series A funding. The round was led by the Lundin Family Office, with support from Woodline Partners and BHP Ventures.
Cuprum Metals said the funding will support the scaling of its patented leaching technology, which has demonstrated strong performance in pilot campaigns across primary, secondary, and oxide ores in heap- and vat-leach systems.
The company’s technology uses a water-based chemical leach and can operate using seawater. Cuprum said the process is designed to achieve high recovery rates at significantly faster processing times while reducing operating and capital costs.
The technology enables leaching of chalcopyrite and other minerals that have historically been difficult to leach.
Cuprum said its technology has demonstrated effectiveness at room temperature and pressure with sulfide ores. Recoveries typically exceed 75% from predominantly chalcopyrite ore within 100 days.
The company said its approach is ore-agnostic and effective with oxide ores while consuming less acid compared to standard oxide leach processes. Test work has been conducted on mines in South Africa, the U.S., Chile, and Australia.
Cuprum’s technology is also applicable to primary sulfide and secondary sulfide tailings. The company said the process eliminates the need for heating and creates new pathways to recover copper from previously processed materials.
The funding will support continued commercial deployment, expansion of technical capabilities, hiring of key personnel, and growth of the company’s customer base.
Cuprum Metals was founded in 2024 by chemical professionals who developed the technology from a chemistry and chemical engineering perspective. The company describes its technology as a chemical tool kit that can be fine-tuned for a variety of ores and tailings.
KEY QUOTES:
“With support from our investors, we are now focused on scaling the technology and expanding its application across a broader set of copper assets.”
Roger Pettman, Founder, Chairman and Chief Executive Officer of Cuprum Metals
“As the Lundin Family Office, we are pleased to be leading this investment in Cuprum Metals and support the advancement of a leaching technology that has the potential to deliver meaningful benefits across the copper industry. As demand for copper continues to grow, technologies that can unlock greater value from existing resources and improve operating efficiency will play an increasingly important role. We look forward to supporting Cuprum’s continued development alongside Woodline Partners and BHP Ventures.”
Lundin Family Office
“Technologies that can unlock more value from existing resources and improve processing efficiency are an important focus for BHP Ventures. Cuprum Metals’ approach to chemical leaching has the potential to expand recovery pathways and support more flexible development options across different ore bodies.”
Laurel Buckner, Vice President of BHP Ventures
“Woodline is pleased to support Cuprum in advancing what we believe to be one of the most flexible solutions to the copper industry’s supply gap. From sulfide ores to smelter slags and tailings, we have been impressed by Cuprum’s ability to rapidly recover copper from a diverse range of feedstocks without the use of heat or biological processes. We look forward to supporting the team as they continue to build and scale this innovative approach.”
Andrew Pizzi, Portfolio Manager at Woodline Partners
