KoBold Metals, a mineral exploration company that harnesses AI and machine learning, has signed a joint venture with Bluejay Mining to carry out a minerals exploration project for electric vehicle (EV) materials in Greenland.
The exploration company is expected to channel $15m into exploration funding, receiving a 51% stake in return. The funding will reportedly cover initial evaluation and drilling, with metals such as nickel, cobalt, copper and platinum on the company’s radar.
Bluejay’s Disko-Nuussuaq project is located in central West Greenland, an area the firm has said it represents ‘one of the last underexplored mineral regions’ with the potential to contain globally significant resources.
In a statement KoBold CEO Kurt House said: “The Disko region has seen the rare convergence of events in earth’s history that could have resulted in forming a world-class battery metal deposit.
“KoBold’s technology is perfectly suited to discovering new resources at Disko. Our proprietary library of analytical tools, Machine Prospector, will enable effective deployment of exploration capital and maximize our chances of discovery at Disko-Nuussuaq.”
“We are excited to invest in Greenland’s emerging mineral sector and to partner with Bluejay in light of their strong track record in Greenland and the outstanding potential of the Disko project,” he added.
KoBold’s data platform – TerraShed – collects data, while its suite of algorithms – Machine Prospector – analyses the data using machine learning. Combined, the technologies work to predict the terrain of potential mining and exploration sites, helping to inform decisions of where and how to drill for ore deposits.
On the agreement, Bo Stensgaard, CEO of Bluejay, said: “This Agreement is transformative for Bluejay. We are delighted to have a partner at the pinnacle of technical innovation for new exploration methods, backed by some of the most successful investors in the world.”
Indeed, KoBold has already attracted some high-profile investors, including climate and technology fund Breakthrough Energy Ventures. The fund is supported by a host of big names in business, including Microsoft co-founder Bill Gates, Bloomberg founder Michael Bloomberg, and Amazon founder Jeff Bezos. Other investors include Silicon Valley venture capital firm Andreessen Horowitz, and Norwegian energy firm Equinor.