DryFlow Magnetics Raises Funds for Waterless Mining Technology

Just four months after securing a substantial $10 million Seed funding round, Australian cleantech innovator DryFlow Magnetics is actively seeking additional investment. The company, which has developed a groundbreaking waterless magnetic processing technology for iron ore and critical minerals, aims to accelerate the fabrication of its processing plants to meet growing industry demand.

The initial Seed round, closed in December, saw participation from prominent venture capital firms including Orion Industrial Ventures, Virescent Ventures, and Taronga Ventures. These investors recognized the significant potential of DryFlow's technology to address critical bottlenecks in the global mining sector. The company has also benefited from grant funding from organizations like CSIRO and the South Australian government's Seed-Start program, underscoring the strategic importance of its innovation.

DryFlow Magnetics, established in 2024, is poised to revolutionize the processing of iron ore concentrate and the recovery of valuable minerals. Its proprietary magnetic separation method operates without water, a stark contrast to conventional wet processing techniques that are notoriously water and energy-intensive. This is particularly significant for Australia, a nation grappling with water scarcity in its vast, remote mining regions. The global market for upgrading iron ore to higher grades for green steel production is projected to reach an impressive $386 billion annually by 2060, more than tripling its current value.

The company's technology is designed to unlock vast quantities of mineral resources previously deemed inaccessible due to water constraints. DryFlow CEO Brett Boynton highlighted the urgent need for high-purity iron ore concentrate, essential for the burgeoning green steel industry, a product Australia currently struggles to produce domestically. "Our technology changes the future for the industry here," Boynton stated. "We can unlock billions of tonnes of stranded mineral resources and produce the exacting high-grade iron ore concentrate steelmakers are switching to. By removing the need for process water, we also do it more efficiently, cost effectively and sustainably."

Commercial interest in DryFlow's solution is already evident, with the company recently signing its first customer in the United States and initiating several research collaborations with major global mining corporations. A significant milestone is the upcoming installation of its first commercial pilot plant at Peak Iron Mines' Buzzard Mine and Hawks Nest iron ore project in South Australia. This real-world deployment will validate the technology's efficacy and scalability in a live mining environment.

The implications of DryFlow's waterless approach extend beyond operational efficiency. Iron and steel production are significant contributors to global carbon emissions, accounting for up to 9% of the total. By enabling the production of higher-grade iron ore concentrate sustainably, DryFlow's technology plays a crucial role in decarbonizing the steel industry, a sector identified by Virescent Ventures' Blair Pritchard as one of the most significant commercial opportunities of the coming decade. "A critical piece of that puzzle is efficiently and sustainably securing high-grade iron ore concentrate," Pritchard commented. "DryFlow solves that problem while also ensuring Australian iron ore exported now can meet the high standards of our major export partners, helping to secure the future of our largest export industry."

Orion Industrial Ventures' Mark Frayman added that DryFlow's innovation has the potential to resolve a major global processing hurdle, enabling the monetization of stranded assets and waste streams at a significantly reduced capital and operational expenditure compared to existing methods.