EnviroGold Global (CSE: NVRO | OTCQB: ESGLF | FSE: YTK) continues to redefine the mining industry’s approach to mine waste, transforming mine tailings into a source of precious, base, and critical metals through its proprietary NVRO Process™. Since our first company review, found here, the company has reached significant milestones in technology optimization, strategic partnerships, and commercialization. With global demand for critical metals soaring and environmental regulations tightening, EnviroGold’s scalable, license-based model offers a compelling solution for miners on different Tier levels. This follow-up article is slightly overdue with the company’s recent achievements, risk mitigation strategies, growth prospects, and projected income, highlighting why EnviroGold could attract more investor attention in the second half of 2025.

EnviroGold’s recent milestones underscore its transition from a technology developer to a commercial enterprise ready to capitalize on the market potential of unrecovered metals locked in global tailings estimated to be around US$3.4 trillion.

Key achievements include:

Technology Optimization: The NVRO Process™ has achieved significant efficiency gains, validated through pre-concentration test work and third-party engineering studies. Achieving 87% gold recovery and 78% recovery of other metals in pre-concentration tests.
Strategic Partnerships: Collaborations with industry leaders ANDRITZ for AI Technology and process simulation, Hatch, and Fraser Alexander enhance scalability and credibility.
Commercial Readiness: Two clients’ tailings are in final validation at the Perth demonstration plant, with the NVRO Process™ ready for additional licensing.
Financial Progress: Raised over CAD$4 million in upsized private placements, reflecting strong investor confidence.

Find below a quick Recap of major news items, summarizing the milestones that have been achieved:

Date	Milestone	Description	Link
June 10, 2025	Scalable License-Based Model Update	EnviroGold outlined a scalable licensing model, reporting process optimizations and partnerships, aiming for first license within nine months.	LINK
May 30, 2025	Engages Hatch for NVRO Commercialisation	EnviroGold appointed Hatch for an engineering study to support NVRO commercialization, with two clients in advanced deployment phases.	LINK
May 27, 2025	Signs Revenue Contract with Second Client	EnviroGold secured a revenue-generating deal with a North American mining company, advancing the NVRO Process via the Expedited Deployment Pathway.	LINK
May 15, 2025	Advances NVRO Process Toward Commercialisation	EnviroGold highlighted strategic milestones, moving toward scalable operations with its proprietary NVRO technology.	LINK
February 4, 2025	Process Optimization Breakthrough	EnviroGold doubled project NPV10 and IRR through pre-concentration, boosting gold and metal recovery efficiency while enhancing environmental performance.	LINK
January 27, 2025	Strategic Alliance with Fraser Alexander	EnviroGold partnered with tailings expert Fraser Alexander to advance sustainable mining, targeting up to three customer opportunities for metal recovery.	LINK

Table 1: EnviroGold Milestones since our first company review

De-Risking the NVRO Process on the Path to Commercial Validation

Commercializing a new technology is rarely smooth, not in mining or other markets, but EnviroGold has done the heavy lifting to meaningfully de-risk the NVRO Process™. The Perth demonstration plant proves the technology works, while third-party validations from Hatch and ANDRITZ clear up last technical barriers and doubts. The Fraser Alexander JV adds significant potential to execute at scale, backed by a strong partner and a fast deployment pathway.

Combined with a capex-light, license-based model, EnviroGold avoids the financial burden typical of traditional mining ventures. Regulatory approvals, client customised ore testing, remain relevant challenges, especially in globally different jurisdictions where the NVRO Process is applied. The licensing model will entail that these risk are shared with partners and have to be mutually overcome. With key risks addressed and commercial interest building, the company now enters a phase where consistent execution could unlock meaningful, scalable upside.

Anticipated Growth

EnviroGold’s growth trajectory is underpinned by a robust pipeline and a scalable business model. The company has identified US$225 billion in legacy tailings as direct potential candidates for the NVRO Process™. The tailings of this scope of customers is highly likely to be suitable for processing. This first outlined list of potential projects still represents only a fraction of the wider potential of global tailings. The list is s outlined in their company presentation.

EnviroGold plans to secure its first commercial license within 9 months, followed by two licenses per year for the next two years, scaling to four per year thereafter. This roadmap leverages the demonstration plant’s success and partnerships with Hatch and Fraser Alexander to accelerate deployment.

Beyond gold and base metals, EnviroGold is exploring nickel recovery and iron beneficiation technologies, expected to be commercialized in 2025. These additions diversify revenue streams and align with demand for battery metals. With ESG considerations driving industry trends, EnviroGold’s focus on environmental remediation and low-carbon metal production positions it to meet the needs of this market.

Projected Income Based on Customer Contracts

The latest news for application of the EnviroGold’s license-based revenue model, found here, is outlining an impressive growth trajectory. The application of the licensing model would generate high-margin, recurring income with minimal capital expenditure. Very typical for technology companies that have crossed over from R&D Stage into actual application of their technology. An article published by Terra Studio, here, has extrapolated the figures for the coming 20 Years, with anticipated Enterprise Value / EBITDA Ratio. The figures are more than encouraging to underscore that EnviroGold is strongly moving to commercial succes. Find below a quick recap.

Each license agreement is projected to deliver at least US$12 million in annual recurring revenue (ARR) over an average project life of 8 years. The company’s commercialization timeline forecasts:

Year 1: First license within 9 months, generating US$12 million ARR.
Years 2–3: Two licenses per year, reaching US$36 million ARR by year 3.
Year 4 Onward: Four licenses per year, scaling to US$96 million ARR by year 5.

This high-margin model supports EnviroGold’s ambitious goal of delivering recurring dividends for shareholders. Risks, such as delays in contract execution or lower-than-expected recovery rates, could impact projections. However, the validated technology and growing client pipeline provide a solid foundation for achieving the targets.

Year	Target Year	Total Licenses	Revenue (AUD$m)	Recurrent Revenue (AUD$m)	EBITDA (AUD$m)	EBITDA Multiple (5x)	Implied Market Cap (CAD$m)	Growth vs Current Cap
1	2026	1	3	12	5.7	28.5	27	0%
3	2028	5	17	60	46.5	232.5	221	689%
5	2030	9	31	108	84.5	422.5	401	1,332%
10	2035	19	62	228	174.5	872.5	829	2,861%
15	2040	29	92	348	264.5	1,322.5	1,256	4,386%
20	2045	39	122	468	354.5	1,772.5	1,684	5,914%

Table 2: Projected growth figures post commercialisation

Note: These are forward-looking estimates, extrapolated from EnviroGold's news releases and an accompanied research report by TerraStudio. High risks exist that these figures may never come to fruition. LNL is not responsible or can be held liable for any investment decisions, and readers are cautioned.

The accompanying Table 2, reflecting a lower-to-medium range scenario with a 5x multiple, nevertheless it underscores an extraordinary risk/reward potential. Its highlighting the immense upside possible even under more cautious assumptions, given the company’s progress toward commercialization and strategic positioning.

Licensing Model & Value Realization

EnviroGold’s commercial pipeline is gaining momentum, with 10 projects under assessment and two in final validation at the Perth demonstration plant. The company targets its first commercial license within 9 months, supported by its Rapid Deployment Pathway and partnerships with Hatch, Fraser Alexander, and ANDRITZ. These alliances enhance execution efficiency and credibility, positioning EnviroGold and the NVRO Process at the forefront of the tailings reprocessing market.

From a valuation perspective, EnviroGold’s capital-light model and scalable revenue streams offer significant upside. The ambitious goal stated by EnviroGold, is to aim for four commercial licenses generating US$48 million in ARR by 2028. This being realised a projected enterprise value of C$500M may sound like an insane increase from today, it also reflects the very assymetric risk / reward ratio for the company. The company’s low execution risk, driven by its license-based model and strategic partnerships, mitigates downside, making it an attractive opportunity in the clean technology sector.

Risks and Barriers

The future growth of EnviroGold Global faces potential barriers, including execution delays or investor concerns over the highly diluted share structure, which could cap upside potential unless a reverse split is implemented to consolidate shares. The company’s success critically depends on achieving operational scalability and securing widespread market acceptance of the NVRO Process™, while the risk of funding for license agreements and capital expenditures by potential clients may be mitigated by rising global metal prices.

The significant dilution, with approximately 459.32 million fully diluted shares, may suppress per-share gains and hinder share price appreciation unless offset by substantial revenue growth or a share consolidation strategy. Despite the management’s impressive track record in converting the business plan into commercial agreements, the company has yet to generate its first revenue. The next month will be pivotal to convert bookeeping accounts receivable into actual revenue.

The achievements over the past month strongly suggest an optimistic outlook. Although there is no direct evidence to support this, considering the effective decision-making demonstrated by management over the past month, it could be the case that they have already prepared strategies to address the identified risks.

EnviroGold - Start-Up Lift

In comparison to the last status reflected in our first company review, find here, its no longer a high-risk start-up gamble and has crossed the inflection point. With the demonstration plant successfully validating technical performance, and further third-party endorsements from Hatch and ANDRITZ, EnviroGold has done the heavy lifting to meaningfully de-risk its technology. The license-based, capex-light model sidesteps the capital intensity typical of mining start-ups, further flattening the risk curve.

On the reward side, the trajectory is sloping upwards, EnviroGold targets the first license within 9 months, unlocking US$12M ARR, followed by a ramp to US$36M by year 3 and US$96M by year 5—with upside beyond US$100M ARR thereafter.

This combination of sharply falling risk and anticipated compounding revenue potential reflects the asymmetry now captured in EnviroGold’s current status. Its a declining risk profile intersecting with an accelerating reward curve, as reflected in Figure 1.

**Figure 1:** Update for June 2025; NVRO on the Start-up Lift

Technical Chart Set-up

The high-volume resistance starts at 0.15 going up to 0.23 CAD based on the weekly chart, it suggests a technical hurdle in this area. A breakout above 0.10 CAD could catalyze momentum to at least reach this resistance. From the break-out of the long lasting resistance line, going back some 10+ Years, also reflected in our last Technical Analysis - here, the SP has been backtesting this line and held at this former resistance, which is now robust support. The momentum has been lagging and catching breath, which could also be interpreted as a positive sign for the next move. A consolidation phase, where momentum has appeared to lag and stabilize and signals a healthy pause. The RSI is on the cusp of a bullish transition and to reflect strengthening momentum.

The current chart set-up suggests a favorable risk-reward profile, with greater upside potential than downside vulnerability. The price is currently testing resistance, poised for a potential breakout, while the RSI hints at shifting momentum. Additionally, the formation of a bullish flag pattern over the past few weeks, characterized by a defined channel, further supports the possibility of an upward surge. External factors, such as rising metal prices or favorable company developments could catalyze a successful resolution of this technical setup, re-igniting the stock’s upward trajectory.

**Figure 1:** Zoomed in Chart, NVRO + Long Term view

Next potential Catalysts

A first license agreement, as it validates the commercial viability of the NVRO Process™.
Further strength in metals & commodity prices, allowing for sufficient funding and capital expenditure of mining projects
EnviroGold’s current market valuation appears undervalued relative to its growth potential.
Potential Listing on the ASX - Australian Stock Exchange
Additional license agreements
Positive Test client test runs and demo plant results

Final Conclusions

As emphasized in our first company review, EnviroGold had very unique assets to potentially capitalize on. The company has delivered impressive progress since the beginning of 2025, to accomplish exactly that. EnviroGold is at a transformative stage, with a validated NVRO Process™, a robust project pipeline, and strategic partnerships driving its path to commercial success. Given the pace of the recent progress, investors should watch closely for upcoming catalysts. To name a few, additional license agreements, demo plant results, a new technical refinement or a listing on the ASX exchange, which could all ignite further momentum. Forward-looking estimates always carry risk, in the case of EnviroGold the capex light model to enter into license agreement provides a built-in backstop. On the reward side, relative to the remaining risks, the setup presents a compelling asymmetric opportunity.

Disclaimer

At the time of writing this Article, LnL-Research.com, published by L&L Consulting GmbH & Managing Director: Daniel Lütten; owned shares of EnviroGold Global, purchased through Private Placement and as Consulting Fees from a Consulting Agreement in 2024. EnviroGold Global does not currently have an active paid advertising, investor relations or paid research relationship with LnL-Research.com. The articulated views in this article are to be considered biased in favour of EnviroGold Global. LnL-Research.com may choose to buy or sell at any time without notice. This article does not constitute investment advice and is not a solicitation for any investment. LnL-Research.com does not provide general or specific investment advice and the information on LnL-Research.com should not be considered a recommendation to buy or sell any security, nor any other possible investment vehicle. Each reader is encouraged to consult with his or her personal financial advisor and perform their own comprehensive investment due dilligence. The content provided is for information and entertainment purposes only. Each reader is encouraged to consult with his or her personal financial advisor and perform their own comprehensive investment due dilligence. By opening this page, each reader accepts and agrees to LnL-Research.com`s terms of use and full legal disclaimer. LnL-Reserach.com does not endorse or recommend the business, products, services or securities of any company, or other investment opportunities, mentioned.

Platform/Exchange	Details
🌐 WEB	https://envirogoldglobal.com
🖥️ X.COM	https://x.com/EnvirogoldG
💹 CSE	NVRO
📈 OTCQB	ESGLF
📈 FSE	YGK
📈 WKN	A3CU5T
📈 ISIN	CA29408C1005

EnviroGold Global: Accelerating Toward a Sustainable Future in Metals Recovery

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EnviroGold Global: Accelerating Toward a Sustainable Future in Metals Recovery

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