Novamera

About Novamera

Novamera Inc. is a mining technology company that provides a turnkey solution to unlock the value of mineral deposits previously considered uneconomic. The company was founded in 2019 after being spun off from Anaconda Mining, a junior gold producer in Newfoundland. The impetus for Novamera's creation came from a direct operational challenge faced by its founders, Dustin Angelo and Allan Cramm, while at Anaconda. They struggled to find a profitable way to mine the high-grade, steeply dipping Romeo and Juliet gold deposit due to its narrow-vein structure. This challenge led them to conceptualize a new extraction method, initially called Sustainable Mining by Drilling (SMD).

The founders' backgrounds are deeply rooted in the mining industry. Dustin Angelo, the President and CEO, has extensive experience in mining, capital markets, and business strategy, having served as President and CEO of Anaconda Mining. He holds a BSBA from Georgetown University and an MBA from Columbia Business School. Co-founder Allan Cramm, VP of Innovation, has a background in mining operations and served as the General Manager for Anaconda, providing the practical insights that sparked the company's core idea. The concept gained significant traction after being a finalist at the 2019 Disrupt Mining innovation contest, revealing a widespread industry need for such a solution.

Novamera's core offering is its "Surgical Mining™" technology, a suite of hardware and software that integrates with conventional drilling equipment. This system enables a precise, three-phase extraction process analogous to keyhole surgery. First, the proprietary Guidance Tool, a downhole sensor, is used to map the orebody in high-resolution 3D, capturing significantly more data than traditional methods. Second, AI and machine learning algorithms process this data to calculate the optimal drilling path. Finally, a Smart Drilling System, featuring a course correction device and positioning control, guides a large-diameter drill to extract the ore with precision, minimizing waste and maximizing recovery. This method produces 95% less waste, reduces GHG emissions, and uses a closed-loop water system.

The company targets mining operators, particularly junior miners, with stranded or uneconomic narrow-vein deposits of precious and critical minerals. Its business model combines recurring revenue from its imaging service and software with one-time sales of its hardware components, functioning as a Hardware-as-a-Service model. Novamera also partners with clients, sometimes taking a revenue share in projects. Since its inception, the company has achieved key milestones, including a successful field trial in 2021 and securing multiple rounds of funding from venture capital firms like Chrysalix Venture Capital and BDC Capital.