The Venture Codex

Led · Series A · Jan 2025

XtremeX Mining Technology (XMT) develops a patented hybrid AC-electric automated coiled-tubing and electric top-drive diamond-core drilling rig that adapts oil-and-gas technology for the mining sector. The rig is built to perform diamond core, rotary, and coiled-tubing drilling while delivering faster, safer, and more sustainable operations with improved drilling speed, core recovery and high-fidelity drill chips. XMT will use its $11M Series-A financing, led by GoGreen Partners, to build and field-deploy its first hybrid rig. The initial deployment is a funded field trial with Ivanhoe Electric at the Santa Cruz copper project in Arizona, targeting depths up to 2,000 meters by twinning historic holes. Under the trial agreement, Ivanhoe Electric secures exclusivity on up to three XMT rigs for contracts lasting up to five years. GoGreen has assembled a consortium to support manufacture and launch that includes Precision Drilling, preferred supplier Baker Hughes and the Mines Venture Fund 1, LP. The XMT team cites an earlier prototype and roughly 28 years of experience developing coiled-tubing drilling systems as the basis for the hybrid platform.