Maverick Metals, a U.S.-based startup developing chemical solutions for critical metals recovery, has raised $19 million in equity financing to accelerate the commercialization of its proprietary lixiviant technology, LithX™. The round was led by Olive Tree Capital and included participation from investors such as Y Combinator, Hanwha Group, and Liquid 2 Ventures.

The company’s announcement comes amid mounting global pressure to secure domestic supplies of critical minerals—particularly copper—as governments and industries work to reduce reliance on foreign sources. Maverick’s LithX technology aims to address these challenges by offering a more efficient and environmentally friendly way to extract metals from low-grade ore and mining waste.

Maverick has already signed contracts with several major mining companies to begin pilot deployments of LithX, which it claims can improve recovery rates while reducing processing costs and environmental impact. The technology is designed to extract metals from traditionally hard-to-process materials, including tailings, smelter slag, and low-grade chalcopyrite—without the need for added acid or high-temperature processing.

“With demand for copper expected to double by 2035, there’s a growing need for solutions that can make more of what we already mine,” said Eric Herrera, Co-Founder and CEO of Maverick Metals. “LithX enables operators to recover valuable metals from deposits that were previously considered uneconomical, while also reducing operating costs and safety risks.”

According to Maverick, laboratory studies of LithX have shown the potential to recover copper, gold, silver, molybdenum, and even rare earth elements at ambient temperatures and neutral pH levels—removing the need for harsh chemicals or high heat. The company also notes that the technology can be integrated into existing mining infrastructure with minimal capital investment.

The push for technologies like LithX reflects growing concern over how to meet future demand for copper and other key metals, which are essential for electric vehicles, clean energy infrastructure, and advanced manufacturing. But the mining industry continues to face challenges, including declining ore grades, rising production costs, and tightening environmental regulations.

Jesse Evans, Co-Founder and COO of Maverick Metals, said the company is focused on demonstrating LithX at scale through its pilot projects. “The early results are promising. We’re working closely with mining partners to optimize performance and prove that LithX can be deployed seamlessly and cost-effectively in real-world operations,” he said.

The investment also positions Maverick as part of a broader trend in materials innovation. Beyond copper, the company claims LithX has applications for unlocking metals such as lithium, gallium, and rare earth elements from minerals like monazite and allanite—potentially aiding U.S. efforts to build domestic supply chains for defense, semiconductors, and renewable energy technologies.

Nichola Eliovits, Managing Partner of Olive Tree Capital, said Maverick’s approach could help expand the pool of economically viable mineral resources. “As governments and companies look to shore up supply chains, LithX offers a novel and scalable way to unlock value from underused resources,” she said.

While still in the early stages of deployment, Maverick’s approach could play a role in reshaping how critical metals are sourced—especially in North America, where geopolitical pressures are driving efforts to bring more production onshore.