Can you provide a brief background of InnovExplo and elaborate on some recent milestones of the company?

InnovExplo was established in 2003 with the original services being exploration and resource estimation. The company has experienced significant growth over the years, and our team has expanded from only two people to now having approximately 25 people. We have also added mining engineering services to our portfolio, as well as environmental and sustainable development expertise. The types of project we are involved in have also changed over time. We started with small projects for junior exploration companies, but as we grew, we gained access to bigger projects with major mining companies. For the larger projects, we assist clients with pre-feasibility and feasibility studies. We are able to offer a full solution to our clients.

InnovExplo’s team has great competencies in the engineering and geology spaces. The company also has a sustainable mining certification that allows us to offer coaching and consulting services to mining operations in the region. In addition, we audit the sustainability strategies of companies. Our environmental sustainability services relate to health and safety advice, environmental permitting, drill site inspection and rehabilitation, idependent environmental audit, operations manual writing, procedures manual writing and social acceptability.

InnovExplo has a large global footprint. Can you elaborate on your geographical footprint?

InnovExplo mostly has operations in Canada, West Africa, Central America and South America. In 2018, the company has also had a mandate in Peru, and we had operations in Sweden and in Mali. We are always looking to expand our presence into new countries.

In the current market, junior mining companies have found it difficult to attract funding. Is this reflected in InnovExplo’s client base?

The difficulties that junior companies are currently experiencing are definitely reflected in our clients. Today, established producers such as IAMGold, Goldcorp and Glencore make up one third of our client base. The junior companies that we currently serve are companies that are already in advanced exploration or pre-feasibility stages, and they still have some financing. We used to have a good amount of junior exploration companies in our portfolio, but the number of these clients has been declining since 2013 as this segment continuously struggles to attract investment. 

What are some of the benefits of turning to mining contractors, such as InnovExplo, for external expertise?  

Outsourcing to mining contractors is beneficial for mining companies as the contractors already have the workforce and expertise. Mining companies can use contractors to avoid the pains of building their own internal teams. It is also required from producers to have an independent report, and this is where a contractor can play a significant role. When outsourcing to contractors and consultants, mining companies are also investing in the different types of expertise that the contractor can offer. 

What are some discernable trends in demand for your services?

InnovExplo has seen a significant decrease in the demand for fieldwork since 2013. Our services are currently in greater demand at advanced projects where senior expertise is required. In terms of technological advances in the mining industry, InnovExplo needs to understand what innovations are available on the market. We need to include automation or innovation impacts in our reports and thus need to be up to date with developments within the industry. Developments in innovation are occurring extremely fast within the mining industry, and our clients expect us to be aware of all relevant technologies when we are conducting studies and completing reports on their projects.

Where does InnovExplo see the most opportunity for expansion?

In Canada, the regions of Québec, BC and Ontario are very promising. We are also looking at opportunities to further expand our footprint into the South American market. West Africa does hold a significant amount of opportunity, but the security challenges in some of those countries are concerning. Nonetheless, West Africa is a good place to expand into because we are familiar with the regulatory framework and the region is also French speaking.

In terms of commodities, initially InnovExplo had a focus on precious metals and base metals, but now we try to have mandates in all types of mining commodities. We want to expand into different types of minerals in order to have a good commodity balance for when prices fluctuate. As a service company, we have the ability to diversify our commodity focus quite easily.