Modern Mining Technology Corp. has raised nearly US$40 million through its initial public offering, giving the electronic-waste recovery company public-market funding to expand its metal-processing capacity and develop its proprietary aqueous-based technology. The company sold 9.41 million common shares at US$4.25 apiece and said its shares are expected to begin trading on the NYSE American under the ticker MDRN on November 13, 2026. The listing arrives as growing volumes of discarded electronics create opportunities for businesses that can recover valuable metals and return them to industrial supply chains.

Modern Mining Technology Corp. has completed a US$39.999 million initial public offering, securing fresh capital to expand its electronic-waste processing operations and advance a technology designed to recover gold and other valuable metals from discarded electronics.

The company sold 9,411,764 common shares at US$4.25 each. Its shares are expected to begin trading on the NYSE American under the ticker symbol MDRN on November 13, 2026.

The offering was conducted through a US Regulation A Tier 2 offering and a Canadian prospectus offering. Digital Offering, LLC acted as the lead selling agent in the United States, while Research Capital Corporation served as the Canadian agent.

For Modern Mining, the IPO marks a transition from a development-focused business toward its next stage of commercial expansion. The company says it intends to use the proceeds to increase processing capacity, expand operations and continue improving its proprietary aqueous-based metal recovery process.

Turning electronic waste into a source of industrial metals

Modern Mining’s business model is built around recovering valuable materials from discarded electronic equipment rather than relying exclusively on newly extracted mineral resources.

Electronic waste contains a mixture of metals, plastics, glass and other materials. Circuit boards and electronic components can contain gold, silver, palladium and copper, alongside other metals that may have value in industrial supply chains.

The company sources electronic waste from qualified suppliers and processes the material using its aqueous-based technology. The resulting metal concentrates can be sold as partially refined products or subjected to further processing to isolate and enrich individual metals for commercial sale.

Modern Mining describes its approach as an alternative source of commodity materials, with the potential to recover metals already present in products that have reached the end of their useful lives.

President and CEO Jeet Basi said the company views electronic waste as an above-ground resource. He also highlighted the potential for valuable metal concentrations in certain electronic-waste feedstocks to exceed those found in traditionally mined ore.

That comparison is relevant to the economics of urban mining, although actual recovery performance depends on the composition of incoming material, processing costs, metal prices and the efficiency of the extraction process.

A growing global waste stream creates a resource opportunity

The broader market opportunity is substantial. The Global E-waste Monitor 2024, produced through the International Telecommunication Union and the United Nations Institute for Training and Research, estimated that the world generated 62 million tonnes of electronic waste in 2022.

Only 22.3% of that material was documented as formally collected and recycled. The report projects that annual e-waste generation could reach 82 million tonnes by 2030 if current trends continue.

The gap between discarded electronics and formal recycling represents both an environmental challenge and a potential source of recoverable commodities.

For manufacturers, recovering metals from end-of-life electronics could help diversify sourcing and support recycled-material targets. For specialist recyclers, the opportunity lies in developing processes that can extract commercially valuable materials from complex waste streams while controlling processing costs and environmental risks.

However, the existence of a large waste stream does not automatically translate into a profitable supply of recoverable metals. Companies must secure consistent feedstock, establish reliable collection channels, manage material composition and demonstrate that recovered products can meet buyers’ specifications.

Modern Mining’s ability to expand its supplier network and maintain dependable processing economics will therefore be as important as the technology itself.

IPO proceeds will support the next stage of development

The US$40 million financing provides capital for the company to move beyond its existing pilot and demonstration operations.

Modern Mining’s offering circular outlined an intended allocation of net proceeds that included approximately 50% for capital expenditure, 30% for working capital and general corporate purposes, 15% for marketing and 5% for research and development. The company estimated net proceeds of approximately US$34.8 million after offering expenses and commissions, assuming the maximum offering amount was raised.

The capital expenditure allocation points to a priority on infrastructure and processing capacity. In metal recovery, scaling operations involves more than installing additional equipment. It requires dependable feedstock supply, process controls, product quality management, environmental safeguards and established routes to market.

The company’s existing facility in Greenville, North Carolina, has been used as a pilot and demonstration plant. Its offering circular describes the site as a research and development facility where the company has conducted trial campaigns to optimize its process and generate products for sale.

The IPO therefore provides funding for a business that still needs to demonstrate how effectively its technology can translate from pilot operations into sustained commercial production.

Commercial readiness remains the central test

Despite the size of the capital raise, Modern Mining’s financial disclosures show that it remains at an early stage of commercial development.

Its offering circular reported no revenue for the six months ended June 30, 2026, and no revenue for the 2025 financial year. The company reported a net loss of US$28.17 million for the first half of 2026 and US$38.37 million for 2025. The reported losses included substantial unrealized losses associated with warrant liabilities, so they should not be interpreted as a direct measure of cash operating expenditure.

The filing also states that sales generated through trial campaigns at the demonstration facility were not considered ordinary-course revenue under the applicable accounting treatment. SEC

These disclosures make the next phase particularly important. Investors and potential commercial partners will be looking for evidence of consistent processing throughput, recoverable metal yields, customer demand and repeatable unit economics.

The company will also need to show that its aqueous-based process can operate reliably at greater volumes while meeting applicable environmental and industrial requirements.

Technology and sustainability are connected, but not interchangeable

Aqueous-based metal recovery is part of a wider group of hydrometallurgical approaches used to extract metals from complex materials. Such processes use liquid-based chemical systems to dissolve, separate or concentrate selected metals.

The approach can offer flexibility when dealing with mixed electronic feedstocks, but its environmental performance depends on the chemicals used, energy and water consumption, recovery efficiency, waste treatment and management of residual materials.

Modern Mining describes its technology as a proprietary process, but the IPO announcement does not provide independently verified commercial-scale recovery rates, detailed operating costs or a full environmental performance assessment. Those measures will be important in evaluating the technology’s long-term competitiveness.

The wider electronic-waste industry also faces collection and traceability challenges. The World Health Organization has warned that improperly managed e-waste can release hazardous substances and create risks for workers and surrounding communities.

For specialist recyclers, responsible sourcing and processing practices are therefore central to building a commercially credible operation.

Public listing brings greater visibility and scrutiny

The NYSE American listing will give Modern Mining access to public equity markets and a wider investor audience. It also places the company under greater scrutiny regarding financial reporting, operating milestones and the use of newly raised capital.

The IPO was conducted through Regulation A Tier 2 in the United States alongside a Canadian prospectus offering. Investors should distinguish this offering structure from a conventional registered US IPO: the SEC’s qualification of a Regulation A offering statement does not mean the regulator has endorsed the investment or assessed its commercial merits.

Modern Mining now faces a clear execution challenge: converting its technology and capital base into scalable operations and recurring commercial revenue.

The global e-waste market offers a potentially valuable source of secondary metals, but the company’s longer-term prospects will depend on proving that its recovery process can deliver reliable yields, competitive costs and consistent product quality at commercial scale.

The IPO supplies the financial runway for that effort. The next milestones will be operational.

Market Landscape

The electronic-waste recovery sector sits at the intersection of mining, materials processing, recycling and circular-economy infrastructure. Demand for metals used in electronics and industrial equipment creates an incentive to recover materials from discarded products, but commercial success depends on collection networks, processing economics and the quality of recovered output.

Top Insights

• Modern Mining raised approximately US$40 million by selling 9.41 million shares at US$4.25 each through its public offering.
• The company’s proprietary aqueous-based process targets gold, palladium, silver, copper and potentially other metals recovered from discarded electronics.
• Its existing Greenville facility has supported pilot operations and process optimization, but the business has not yet reported ordinary commercial revenue.
• The offering circular allocated approximately half of anticipated net proceeds to capital expenditure, emphasizing infrastructure and processing expansion.
• Commercial success will depend on processing capacity, feedstock availability, recovery yields, operating costs and reliable customer demand.

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