The upstream bet: why invest in INORE

Every battery, motor, and transmission line starts as rock, and the world is about to need far more of it. The International Energy Agency projects that under stated policies alone, lithium demand grows fivefold by 2040, graphite and nickel demand doubles, and copper, the largest mineral market of all, grows by 30%.^[1]

The supply side isn’t keeping up. The IEA’s own analysis shows announced projects falling short of 2035 demand by roughly 30% for copper and 40% for lithium.^[1] Closing the gap requires more than $750 billion of investment in mining and refining by 2040^[2], while the market value of key transition minerals more than doubles toward $770 billion a year.^[3]

Here is the problem that capital keeps underwriting around: the deposits that close those gaps are deeper, hotter, lower-grade, and farther from any workforce than the ones before them. The industry’s proven answer is autonomy, and the early, retrofit-era numbers are already striking. Caterpillar reports its autonomous haulage can cut operating costs by around 20%, lift productivity about 30%, and halve accident rates^[4]; peer-reviewed analysis finds autonomous trucks operating roughly 700 more hours a year than manned units.^[5]

Those gains come from bolting autonomy onto machines designed for drivers. INORE’s bet is that the full prize belongs to machines designed without a seat at all, vehicle, autonomy stack, and fleet operation built as one system, proven in the harshest environment on Earth, with an expansion path no retrofit competitor can follow: off it.

The founding round closed in Q1 2027. Series A opens on Perth field data in 2028. If you want the telemetry before the raise, start here.