Finnish-listed Betolar is strengthening its partnership with investment group ScaleWolf through a financing arrangement designed to advance the commercial development of technology for recovering titanium, vanadium and iron from historic mine tailings.
ScaleWolf will invest €2 million directly into two newly established Betolar subsidiaries and subscribe for an additional €1 million in convertible capital notes issued by the parent company. Under the agreement, €1 million will be invested in Metal Extraction Technology (MET) at a €25 million pre-money valuation. A further €1 million will go into Critical Infrastructure Protection, which has been valued at €10 million. The MET investment is particularly relevant to Betolar’s mining strategy because the business is developing metal-recovery technology for the Otanmäki mine-tailings project in Finland.
Otanmäki Tailings Hold Titanium, Vanadium and Iron
Betolar has secured 20-year access rights to approximately 10 million tonnes of historic tailings at Otanmäki. The material contains an estimated 49.1 kilograms of titanium per tonne, alongside vanadium and iron. ScaleWolf has also indicated plans to invest a further €8 million in MET and an associated project company by the end of 2026, subject to the completion of definitive agreements. If completed, the additional investment would move the partnership toward a dedicated commercial structure focused on recovering metals from the Otanmäki tailings rather than remaining primarily at the technology-development stage.
The project reflects a wider European effort to recover critical and strategic raw materials from mine waste, tailings and industrial residues. Such projects can provide an alternative source of metals without depending exclusively on the development of new mines. Historic tailings may offer an operational advantage because the material has already been extracted and crushed, potentially reducing some mining and initial comminution requirements. At the same time, old mine waste can represent an environmental liability, creating the potential to combine metals recovery with the rehabilitation of former mining areas.
Metallurgy Remains Central to Commercial Viability
The commercial potential of Otanmäki will ultimately depend on the project’s metallurgical performance and processing economics. Recovering titanium and vanadium from complex tailings requires a process capable of achieving adequate metal recoveries and producing materials that meet required specifications while keeping processing costs below the value generated by the recovered metals.
Betolar therefore faces the challenge of progressing its technology from laboratory and pilot-scale validation to a reliable industrial process. The establishment of a separately financed MET business provides a more defined corporate structure for the extraction technology. External equity also establishes a market-based valuation for the business and could support efforts to secure additional financing for project development.
Strategic Metals for European Industry
Both titanium and vanadium have important industrial applications. Titanium is used in aerospace, defence, chemicals and advanced manufacturing, while vanadium is used in specialist steel production and energy-storage technologies. European supply chains for both metals remain exposed to imported material, increasing the relevance of projects aimed at developing additional regional sources.
If ScaleWolf proceeds with its proposed additional €8 million investment, attention will increasingly turn to the technical and economic evidence required to support commercial deployment at Otanmäki. Key development milestones will include establishing metal recovery rates, product specifications, capital requirements and the structure of a full-scale processing facility. For Betolar, the financing marks a shift in the Otanmäki initiative from technology development toward demonstrating whether Finnish mine tailings can become a commercially viable source of strategic metals.
