"With traditional methods, only 1 in 1,000 exploration projects become a mine. VerAI’s platform is 100 times more accurate, 20 times faster, and 20 times cheaper."

Amitai Axelrod

COO & CO-FOUNDER, VERAI DISCOVERIES

July 10, 2024

Can you introduce VerAI’s operations and how Chile fits into your strategic framework?

VerAI Discoveries is an Artificial Intelligence (AI) based mineral asset generator, aiming to revolutionize the discovery of critical minerals and metals essential for global energy transformation. Our approach involves deploying AI, particularly machine learning (ML), to significantly enhance the likelihood of uncovering concealed mineral deposits. This technology represents a paradigm shift in the industry, enabling us to explore areas previously inaccessible or overlooked by traditional methods.

Chile holds a pivotal position in our strategy, serving as a focal point for our operations in Latin America. With a rich mineral endowment and a conducive regulatory environment, Chile offers immense potential for mineral discovery and development. Our portfolio in Chile comprises a diverse range of projects, including copper, gold, silver, molybdenum, and more. These projects span over 80,000 acres and are strategically located in the Antofagasta region, in proximity to existing deposits as El Peñon, Guanaco and El Salvador.

We have established partnerships with third-party entities in Chile and Peru further expanding our reach and project portfolio. These collaborations aim to leverage our AI technology to develop high-probability targets and accelerate the exploration and development process.

What is the added value of AI and ML in mineral exploration?

AI and ML enable us to navigate the challenges of discovering concealed deposits in covered areas. With traditional methods, only 1 in 1,000 exploration projects become a mine. VerAI’s platform is 100 times more accurate, 20 times faster, and 20 times cheaper. AI accelerates the exploration process, making it more sustainable and economically viable by reducing time and de-risking investments. VerAI can shrink the traditional targeting window from three or four years to two months, while significantly cutting costs. Our scalability allows us to generate multiple asset portfolios across various jurisdictions and commodities, ultimately de-risking decisions and facilitating better outcomes for mining financiers. 

From an environmental perspective, our discovery process primarily occurs in the data space, significantly reducing our footprint on the environment compared to traditional methods. We avoid the need for extensive drilling and physical access to remote areas, minimizing disturbance to ecosystems and local communities.

Can you provide a detailed description of VerAI’s AI/ML Discovery Platform?

Using ML with customized datasets and an exclusive catalog of profiles of known economic ore bodies, we identify, with a high level of probability, the location of new economic mineral deposits. This approach, primarily focused on geophysics data, produces drill-ready targets across multiple jurisdictions and commodities, and specifically in underexplored covered terrain. 

What are the current challenges in the junior mining sector?

The junior mining sector faces significant challenges in discovering new deposits, exacerbated by the depletion of easily accessible resources. This difficulty in discovery hampers fundraising efforts and limits scalability. VerAI addresses these challenges by utilizing scalable AI-driven solutions that enhance the probability of discovering concealed mineral deposits, at scale. 

How has the mining industry’s stance on AI and ML changed in recent years? 

We have observed a growing acceptance of AI and ML within the mining industry, driven by the recognition of the challenges in discovering new deposits and the global success of AI and similar technologies in almost any other sector and industry. VerAI is at the forefront of this shift, leveraging AI technology to address the industry's pain points and increase the probability of success in mineral exploration. 

Can you discuss VerAI’s collaboration with research centers like MIT?

Our partnership with MIT facilitates our collaboration with companies deploying AI in diverse domains, allowing cross-industry learning and application. This exposure to similar ideas and solutions is invaluable, considering our ambition to introduce proven technologies to our specific discovery challenge. Interdisciplinary efforts, exemplified by collaborations with institutions like MIT, foster innovation by bringing insights from other sectors. These collaborations encourage a systemic and systematic approach to problem-solving, which is essential for scalability and replicability. 

What are VerAI’s expansion goals in South America?

We are already well-positioned in North and South America with projects and mineral assets across various commodities. We aim to expand further, particularly in Latin America, leveraging our experience and strong partnerships. Our primary objective is to extract significant value by scaling our mineral portfolios and forming new strategic alliances and partnerships with exploration companies and financiers to develop these assets. 

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