Mr. Grant Freeman reports

NVRO METALS AND HECLA SIGN AN MOU TO PROCESS 35,000-TONNES AT THE NVRO METALS HUB IN THE NORTHERN TERRITORY, AUSTRALIA

NVRO Metals Ltd. has entered into a non-binding memorandum of understanding dated June 23, 2026 (the MOU), with Hecla Greens Creek Mining Company, a subsidiary of Hecla Mining Company, the largest silver producer in the United States and Canada.

Under the MOU, the parties will endeavour to establish the technical and commercial framework for a proposed industrial-scale processing campaign of approximately 35,000-tonne Hecla tailings for feedstock to be processed at the NVRO metals hub using the NVRO Process. The company announced the proposed acquisition of the assets comprising the metals hub on June 10, 2026, and completion of that acquisition remains subject to conditions but is expected to close in August, 2026.

The MOU represents an important milestone in the commercialization of the NVRO Process as an industrial-scale mineral processing technology and establishes a potential pathway toward industrial-scale demonstration of the technology using customer feedstock. The successful completion of the campaign would represent a further step toward technology readiness level 9 (TRL9) for the NVRO Process.

Management believes the MOU also provides an early opportunity to demonstrate the role the NVRO metals hub is intended to play within the company's broader critical minerals supply chain strategy. The NVRO metals hub is being developed as a centralized critical minerals processing platform capable of supporting industrial-scale third party processing opportunities using the NVRO Process.

Conditions and next steps

The MOU is non-binding and remains conditional upon successful completion, to Hecla's satisfaction, of the company's current production demonstration campaign on the previously announced 20 tonnes of Hecla feedstock at the company's Perth, Western Australia, facility. A further condition is the completion of the company's acquisition and commissioning of the company's previously announced NVRO metals hub. These conditions are required to be satisfied on or before Dec. 30, 2026, unless otherwise agreed between the parties.

"We are honoured to continue working with Hecla Greens Creek Mining. This MOU establishes a pathway toward industrial-scale deployment of the NVRO Process using customer feedstock and represents an important step in the commercialization of our technology and the important role that the NVRO Metals Hub can play as a centralized critical minerals processing platform," said Grant Freeman, chief executive officer of NVRO Metals.

About NVRO Metals Ltd.

NVRO Metals is a mineral process technology company focused on the recovery of precious and critical metals from mine waste, tailings and complex sulphidic materials. Through its proprietary NVRO Process, centralized processing infrastructure and commercial deployment strategy, the company is building a scalable critical minerals production, processing and recovery platform supporting global supply chain security.

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