XtremeX Mining Technology (XMT), a leader in innovative drilling solutions, announced an AC-electric automated coiled tubing and electric top-drive diamond core drilling rig. And the company revealed it raised $11 million in Series A funding led by GoGreen Partners.
This technology will be used for a funded field trial with Ivanhoe Electric 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.
This XMT rig adapts proven oil and gas technology for the mining sector, enabling faster, safer, and more sustainable drilling. And this hybrid drilling system builds on the success of an earlier prototype developed by the XMT team, offering a revolutionary approach to identifying critical minerals. By enhancing drilling speed and core recovery and producing anticipated high-fidelity drill chips, the XMT rig is designed to deliver a versatile and efficient solution that surpasses conventional methods.
The XMT Series-A funding will drive the development and field deployment of the first hybrid rig at Santa Cruz. To support the successful manufacture and launch of this rig, GoGreen Partners have assembled a consortium of companies to collaborate, such as Precision Drilling, preferred supplier Baker Hughes, and other strategic partners, including the Mines Venture Fund 1, LP.
KEY QUOTES:
“We are excited to collaborate with GoGreen Partners and a group of leading oil and gas technology companies, combined with mining sector technology providers to introduce this innovative hybrid coiled tubing and diamond core rig to the mining industry. The XMT team has a history of developing and commercializing some of the most advanced coiled tubing drilling systems. XMT’s proven track record, coupled with Precision Drilling’s rig technology and land drilling market position creates a formidable team to build our first rig. Additionally, GoGreen’s introduction of Ivanhoe Electric, an innovator and world leader in mineral exploration, to test the rig at its Santa Cruz copper project is an exciting opportunity to prove the technology in the field.”
- XMT Founder and Chairman Tom Wood
“This hybrid coiled tubing rig will combine AC-electric power with highly automated controls enabling diamond core, rotary, and coiled tubing drilling. It offers a versatile solution for mineral exploration and delineation drilling. This technology provides a compelling value proposition by delivering faster, safer drilling operations and generating more information per dollar spent.”
- XMT CEO Matt Porter
“Tom and the XMT team have spent the past 28 years developing, commercializing and monetizing innovative coiled tubing drilling rig technology in the oil and gas industry. In each instance selling the technology to larger market leading providers. As the demand for critical minerals intensifies to support the global energy transition, there is a race to identify new technologies to make mineral discovery and development faster, safer and more sustainable. We believe the XMT hybrid drill rig will be an essential tool in this enormous mining-industry challenge.”
- GoGreen Partners CEO John Dowd
“As an alumnus of Colorado School of Mines, I’m especially excited to have the Mines Venture Fund as a strategic partner. As the number one ranked Mineral and Mining Engineering University in the QS World Rankings (2024), their industry-leading expertise, top-tier faculty and extensive network will be invaluable in helping us launch this venture.”
- Govind Friedland, co-founder of GoGreen Partners and a seasoned mining entrepreneur
“While mineral exploration has seen remarkable progress in areas like geoscience, geophysics, geochemistry, and advanced data processing, drilling remains a fundamental step in testing our concepts. Conventional diamond drilling—particularly for deep targets—is both the slowest and most expensive aspect of exploration, making it ripe for innovation. XMT’s hybrid coiled tubing and diamond core rig represents a promising innovation, offering the potential to significantly accelerate the drilling process and reduce costs, enabling us to test more targets efficiently. With a successful trial at our Santa Cruz project—a high-grade underground copper deposit on private land in Arizona—Ivanhoe Electric will gain exclusive access to up to three XMT rigs for the next five years.”
- Graham Boyd, Ivanhoe Electric’s Senior Vice President of Exploration
