"We believe that cracking the code of unexplored cover terrains is the key to the next major mineral discoveries, and our thesis suggests that our portfolios of AI-generated, high-probability targets in Arizona and Nevada will lead to the discovery of new clusters of mineral resources."

Yair Frastai

CEO & CO-FOUNDER, VERAI DISCOVERIES

November 20, 2023

Could you introduce us to VerAI Discoveries and its business model?

VerAI Discoveries is an AI-based mineral asset generator dedicated to sourcing critical minerals for the green energy transition by cracking the code of concealed mineral deposits in the geophysical data space. Our primary focus lies in targeting covered areas in mature mining jurisdictions, which remain largely unexplored. We firmly believe these untapped terrains are the key to the next major mineral discoveries, and our thesis suggests that the potential findings will extend beyond individual deposits, leading to new clusters of mineral resources. Our core business model revolves around the potential upside of mineral discoveries rather than providing services or selling technology. Our approach involves staking claims on the land, owning the assets to 100%, and subsequently seeking a suitable partner to collaborate with.

What is VeriAI’s current portfolio and mineral diversity?

We currently own 73 exploration projects for critical minerals, with a total of 217,000 acres in five mining jurisdictions. Our projects are divided into eight portfolios of different commodities. In Ontario, we have three portfolios, each focusing on cobalt, nickel and lithium. Additionally, we have a copper portfolio in Arizona, specifically in the southern region of Tucson, which is currently undergoing advanced review and commercial discussions with several majors. Moreover, we possess a substantial gold-silver portfolio in Nevada and are actively seeking potential partners to collaborate with us on this opportunity. On the other hand, we are operating in South America, with ongoing projects in Peru, while in Chile we have two portfolios comprising secured assets that are ready for partnership.

How certain is the use of AI for exploration?

Using AI and machine learning brings a distinct advantage by offering an objective and measurable approach to mining exploration. Unlike subjective hypotheses put forth by human experts, the data-driven nature of this technology allows for continuous improvement through an iterative process of feeding more data into the model as part of a feedback loop testing process. This technology is achieving a success rate of two orders of magnitude better than the industry, which is facing an alarmingly low success rate: Roughly 1 in every 1,000 projects successfully transitions into a functioning mine, and existing exploration methodologies fall short in effectiveness, economic viability, and scalability.

When we applied our techniques to trace porphyry copper-molybdenum deposits (PCDs) in Arizona, we achieved a success rate of approximately 1 in 7, a solid foundation for building a successful business model around this approach.

Should the government provide enhanced support and resources to mining start-ups to foster the success of new mines?

Securing the domestic supply chain for critical minerals has become a national interest for the US, where the government is working closely with Canada, Australia and Chile to achieve its long-term goals. These can only be achieved through making new discoveries and developing mining operations. Investors have acknowledged this shift, and there has been a notable change in how people perceive the challenge and the desired solutions. However, the support in the US has primarily focused on downstream activities by establishing battery plants, with limited emphasis on sourcing the production materials. To fully realize the potential of the energy transition, the government must provide substantial support for the upstream sector, including the licensing process for new mines and supporting exploration efforts.

How does VerAI contribute to a better ESG performance?

Our remote-based technology enables us to engage with the communities and other stakeholders in a completely different manner, emphasizing the importance of ethical and responsible conduct during the exploration phase.

A key aspect of our approach is targeting without the need of land acquisition, which grants us greater control over potential considerations and risks in specific areas. By adopting this strategy, we minimize our footprint and proactively engage with stakeholders, creating favorable conditions for their involvement from the earliest stage of the process.

This is a great opportunity to invite the First Nations communities, investors, and exploration teams to engage with us to generate value from high-performing and responsible AI targeting processes of critical minerals in mining jurisdictions with challenging vast cover terrain.

INTERVIEWS MORE INTERVIEWS

"By investing in smart technologies and systems, Henkel Thailand is leveraging digitalization and Industry 4.0 technologies to strengthen its manufacturing excellence."
"We want to invest in infrastructure and local talent, making sure that the resources bring real benefits to the local communities."
"Leading mining companies are transitioning from trucks to conveyor belt systems that are managed remotely from control centers, requiring minimal human oversight."
"Our new biannual mandate starts with a focus on maximizing the opportunities related to the energy transition, as well as leveraging the professional development and technologies that will shape the mining industry."

RECENT PUBLICATIONS

Southeast Asia Chemicals 2024

In an era of low-priced commodities and an uncertain geopolitical landscape, logistics companies are prioritizing the long-haul business, not just because it is probably the most profitable, but also because their customers are searching for new markets out to sea.

MORE PREVIOUSLY PUBLISHED

MACIG

"We plan to double our copper production by the end of the decade. There remains significant upside potential in the gold industry, and the copper operations are strategic and additive to that."

SUBSCRIBE TO OUR NEWSLETTER