Mentioned:
One of the most disruptive startups in mining has landed a new deal with a publicly traded company for critical minerals exploration.
What’s happening:
- Aurion Resources (TSXV: AU) and KoBold Metals have announced a new deal to allow KoBold Metals to explore Aurion Resources’ flagship property the Risti Property in Finland
By the numbers:
- KoBold Metals can earn a 75% interest in all commodities discovered other than gold or silver at the Risti Property by investing $12M USD into exploration
- KoBold Metals has also committed to immediately investing $1M USD into exploration focused on critical minerals within the next 18 months as part of the new deal with Aurion Resources
- Aurion Resources will maintain 100% ownership of any gold or silver discoveries made at the Risti Property
Why it matters:
- KoBold Metals has developed some of the world’s most advanced technology for mining that leverages artificial intelligence, machine learning and data science to dramatically accelerate the process of exploring for new discoveries and large scale deposits
Going deeper:
- KoBold Metals has also landed some of the largest investors and venture capital funds in the world as backers, including Bill Gates founded Breakthrough Energy Ventures, T. Rowe Price and even Amazon (NASDAQ: AMZN) founder Jeff Bezos
- Midnight Sun Mining (TSXV: MMA) and KoBold Metals previously cut a similar joint venture deal focused on making new copper discoveries in Zambia
