Canadian explorer Latin Metals, AI specialist to sift through Argentina exploration dataset
TSX-V-listed Latin Metals has entered into a services, data use and royalty agreement with Geomorphic AI Corporation to apply its AI and geoscience platform to Latin Metals' extensive proprietary exploration database in Argentina.
Latin Metals aims to have Geomorphic, as a private North American AI-driven minerals prospect generator with a unique geoscience platform, identify, evaluate and rank new mineral exploration opportunities for potential acquisition.
Latin Metals and its predecessor companies have assembled extensive exploration data across Argentina over the past 25 years.
Upon receiving the ranked exploration targets, Latin Metals intends to evaluate the highest-priority opportunities and, where warranted, secure the associated mineral rights and advance them as new projects.
The ultimate goal is to place more projects with high-quality partners and increase the overall level of partner-funded investment across Latin Metals' Argentine project portfolio.
Latin Metals CEO Keith Henderson says fully assessing such a large dataset and generating exploration targets using conventional methods could have taken years, however, Geomorphic's platform provides an opportunity to dramatically accelerate this process.
"By applying AI to our existing database, we can reduce the time required to identify and rank prospective targets to a fraction of what would otherwise be required. This allows Latin Metals to move more quickly from data analysis to the acquisition of the highest-priority opportunities."
Henderson adds that the value proposition of the partnership extends beyond simply adopting AI; rather it is about saving time, accelerating decisionmaking and fast-tracking the extraction of value from a proprietary dataset that Latin Metals has already invested considerable time and capital to build.
The commercial terms between Latin Metals and Geomorphic state that if Latin Metals or an affiliate acquires mineral rights within or adjacent to a target area identified by Geomorphic during the applicable five-year royalty qualification period, then Geomorphic will receive a perpetual net smelter return royalty equal to 0.5% of the net smelter returns attributable to Latin Metals or its affiliate in the acquired property.
Geomorphic will also receive a $5000 success fee in respect of each target area in which Latin Metals acquires qualifying mineral rights and, likewise, Latin Metals will receive a $5000 success fee in respect of each released target area in which Geomorphic acquires mineral rights.
