Investor Insight
With tightening cyanide regulations and rising demand for sustainable mining, Innovation Mining offers a compelling investment opportunity, poised to disrupt the market and lead in cleantech gold extraction.
Overview
Innovation Mining is a clean-tech company with an innovative technology that promises to transform the gold mining industry. The company has developed RZOLV, a breakthrough water-based hydrometallurgical formula that effectively recovers gold from ores, concentrates and tailings without the environmental and regulatory burdens associated with cyanide.
While cyanide has been the industry standard for over a century, its toxic nature has led to bans in several countries and costly permitting challenges for mining companies. RZOLV offers similar cost and performance metrics as cyanide, but with a non-toxic and sustainable profile. The company is currently focused on validating its technology through a series of 100-tonne industrial tests, after which full commercialization efforts will begin.
Company Highlights
- Clean-Tech Innovation: Innovation Mining has developed RZOLV, a proprietary, non-toxic, water-based formula that provides a sustainable, cost-effective and safe alternative to the $2.5B of sodium cyanide consumed annually for 90% of global gold extraction.
- Cost-Competitive & Scalable: RZOLV offers a competitive reagent cost and a relatively seamless transition from cyanide without complex infrastructure changes, making adoption cost-competitive and operationally efficient.
- Proven Performance: Tested at both small and large scale, including several 100-kilogram to 250-kilogram pilots, RZOLV has delivered high gold recovery rates, rapid leach kinetics, and performance comparable to cyanide while eliminating toxic waste risks.
- A 100-tonne leach test is underway, and results are expected in the coming months to validate scalability further and reinforce its economic advantages.
- Versatile Applications: RZOLV is effective across a range of ores, concentrates and tailings potentially unlocking previously untapped gold resources.
- Regulatory & ESG Benefits: By eliminating cyanide, RZOLV unlocks previously stranded resources, simplifies regulatory approvals, reduces compliance risks, improves social license to operate, and enhances ESG standing—appealing to investors and stakeholders focused on responsible mining.
- TSXV Debut: Innovation Mining is preparing to list on the TSX Venture Exchange, offering investors exposure to a clean-tech gold disruptor.
Technology Value Propositions
Innovation Mining is a clean-tech company dedicated to the research, development and commercialization of RZOLV, a revolutionary, water-based hydrometallurgical formula for gold recovery.
As a safe, non-toxic and cost-competitive alternative to cyanide, RZOLV addresses a long-standing industry challenge, enabling mining operations to transition toward sustainable and high-performance gold extraction without compromising profitability.
RZOLV has shown high gold recoveries, rapid leach kinetics, and cyanide-comparable performance in extensive lab tests. Its water-based formula enables scalable deployment without major infrastructure changes, and recent modifications have made it cost-competitive with cyanide. Further savings come from reduced insurance, elimination of cyanide circuits, and lower monitoring and remediation costs. Applicable to both vat and heap leaching, RZOLV greatly improves the economics of eco-friendly gold extraction
In the near term, Innovation Mining plans to conduct a 100-tonne leach test to validate its industrial-scale applicability. With increasing regulatory restrictions on cyanide and a growing demand for sustainable mining practices, Innovation Mining is positioned to disrupt the market and establish the company as a leader in clean-tech gold extraction.
Competitive Advantages
Innovation Mining’s RZOLV formula presents several distinct advantages over traditional cyanide-based gold extraction methods:
- Non-toxic and Eco-friendly: Water-based chemistry with no hazardous byproducts, significantly reducing environmental impact and permitting challenges.
- Effective & High-Performance: Delivers high-performance gold recovery rates and fast leach kinetics, making it a reliable alternative to cyanide.
- Stability: RZOLV is a chemically stable solution, ensuring consistent performance and reliability over time.
- Seamless Integration: Requires no major infrastructure overhauls, enabling easy adoption for miners
- Scalability: Proven in lab tests and undergoing industrial-scale validation to demonstrate commercial viability.
- Cost-effective: Comparable costs to cyanide while lowering permitting, remediation, and operational expenses.
- Regulatory Benefits: Allows for easier permitting due to non-toxic nature, reducing compliance risks.
- Versatile Gold Recovery: Effectively extracts gold from low-grade ore, concentrates, and tailings, unlocking additional value.
- Commercialization: Industry interest and strategic partnerships under development to accelerate commercialization.
- Strong Executive Leadership: Backed by a highly experienced team with a track record of success in mining, metallurgy, and business development.
Management Team
Chester F. Millar – Executive Chairman, Director
An inductee of the Canadian and Mexican Mining Hall of Fame, Chester Millar has a distinguished career in building junior mining companies. He discovered and founded the Afton Mine served as Founder and Chairman of Glamis Gold and was sold to Goldcorp for $8.6B. He is the true pioneer of heap & vat leaching which now accounts for 50% of all global gold production.
Duane A. Nelson – Director, CEO
Founder of Innovation Mining, Duane Nelson brings extensive experience in clean-tech innovation and mining operations. He was a co-founder and past director of EnviroMetal Technologies, SilverMex Resources, Quotemedia.com and has a proven track record in leading successful ventures in the mining sector.
Joseph Ovsenek – Director
Joseph Ovsenek was president and CEO of Pretium Resources, where he led the advancement of the high-grade gold Brucejack Mine which has been operating profitably since commercial start-up in 2017. Ovsenek began his nine-year tenure at Pretium in 2011 as chief development officer and led the over $2 billion financing. Prior to Pretium he served for 15 years in senior management roles for Silver Standard Resources Inc., lastly as Senior Vice President, Corporate Development responsible for the sale of the Brucejack and Snowfield assets to the newly created Pretium Resources Inc.
Grant Bond – Chief Financial Officer
Grant Bond is a chartered professional accountant with more than 12 years of financial management experience in the mining industry. His expertise includes financial reporting, risk management and SOX compliance.
Hanif Jafari – CTO
Hanif Jafari holds a Master of Engineering in Mining and Mineral Processing from the University of British Columbia. He is proficient in construction, value chain analysis, and strategic growth planning across diverse domestic and international markets. Jafari has over eight years in hydrometallurgical research.
Bruce Bried – Director
Bruce Bried is a mining engineer with over 28 years’ experience in the engineering, development, operation, reclamation and management of producing mines, including Dickenson Mines (now Goldcorp) and the KamKotia Arthur White Mine in Red Lake.
Darryl J. Yea – Director
Darryl Yea has over 35 years of diverse experience in operations, investment banking, corporate finance and venture capital with public and private companies in several industries. He was president and chief executive officer of C.M. Oliver (TSX:OLV), a national financial services organization.
Michael Cowin – Director
Michael Cowin has 20 years of investment banking and investment experience. Since 2007, he has been a director of Northcape Capital, a boutique investment fund based in Australia which manages over A$8 billion.
William R. Sheriff – Advisory Board
William Sheriff is an entrepreneur and visionary with over 40 years’ experience in the minerals industry and the securities industry and has been responsible for significant capital raises along with corporate development. He is currently the executive chairman of enCore Energy, USA’s largest uranium producer.
Keith Peck – Advisory Board
Keith Peck is a consultant with Holnik Capital. He was previously chairman and chief executive officer of Lincoln Peck Financial. Peck has over 35 years of investment banking experience, including as vice-president and director of RBC Dominion Securities and Haywood Securities, and vice-chairman of Yorkton Securities.
Janet L. Sheriff – Advisory Board
Janet Sheriff brings 25 years of senior management experience in the mining industry. She previously served as chief executive officer of Golden Predator Mining and president of enCore Energy.