What have been the key sites and most relevant projects of Veracio in the Chilean mining sector recently?

One of the major milestones was the completion of our primary scanning project at Sierra Gorda. We successfully delivered the results and identified improvement opportunities. Simultaneously, we formed a strategic alliance with Bureau Veritas, which materialized into a project with Codelco at the Ministro Hales division. This collaboration began as a proof of concept in mid-2024 and transitioned into full operational implementation in the last quarter of the year. How is the adoption of technology in Chile’s mining sector, and what is the outlook for 2025?

Chile has shown increasing interest in adopting our technology, transitioning from curiosity in 2024 to full-scale contracts in 2025. Companies are now incorporating our solutions into their workflows, recognizing their value within the mining industry. This shift marks a significant evolution in the market, indicating that 2025 will be a pivotal year for the widespread adoption of our technologies. Why is Chile considered conservative in adopting new mining technologies, and how does this compare to other markets?

Chile follows a conventional technological adoption curve. If we were to place Chile on a timeline from 2015 to 2025, the country is currently at an inflection point where adoption is accelerating. Markets like the US, Canada, and Australia are more mature in this regard.

Cultural factors play a significant role. Chilean mining companies often wait for new technologies to be tested and validated in Canada and Australia before implementing them locally. This cautious approach is influenced by the fact that many Chilean mining operations are owned by foreign investors from these countries. Once technologies prove successful in headquarters, they are then transferred to Latin American operations. Despite this, Chile remains the largest hub for technological integration in Latin America, surpassing countries like Argentina, Peru, and Colombia. How does Veracio support sustainability in mining?

Veracio contributes to sustainability by providing real-time geological data processed using AI and machine learning, which allows mining companies to make informed decisions that enhance efficiency and reduce environmental impact.

For instance, in a production setting, our solutions can identify and separate contaminated material before processing, preventing the inclusion of harmful substances like arsenic. Traditionally, contamination is only detected after laboratory tests, by which time the material has already been processed, leading to unnecessary environmental damage. By enabling immediate corrective actions, our technology helps mining companies minimize their footprint and improve sustainability. Could you elaborate on the collaboration between Veracio and Bureau Veritas?

Our partnership with Bureau Veritas is in its early stages, beginning in Chile with the Codelco Ministro Hales project. Their expertise lies in destructive testing, while Veracio focuses on non-destructive, AI-driven data collection.

This collaboration is highly complementary. Bureau Veritas understands that our technology does not replace their services but enhances it by offering faster, automated data collection. They challenge us to develop more advanced solutions, integrate additional sensors, and scale operations to handle multiple projects simultaneously. As a result, this partnership has the potential to expand regionally and even globally.

By integrating Veracio’s technology into Bureau Veritas’ existing services, mining companies can more readily adopt our solutions, benefiting from Bureau Veritas’ industry credibility. Could you tell us about Scan by Veracio, its launch timeline, and how it differs from the previous version?

Scan by Veracio represents a major advancement in our scanning technology. It incorporates a hyperspectral camera with VNIR and SWIR sensors, in addition to our existing XRF scanning capabilities. This enhancement allows us to provide mineral abundances along with traditional elemental data.

Unlike traditional hyperspectral solutions that capture vast amounts of data over entire core samples, our approach focuses on a line-scanning method integrated with XRF. This significantly reduces processing time and resource requirements, allowing us to deliver actionable insights within 24-48 hours rather than weeks or months.

The first commercial prototype of the Scan with hyperspectral analysis was deployed for Newmont in early 2024, where we successfully validated its effectiveness. We are now moving from prototype to commercial deployment, with the first full-scale system being assembled in Chile. We anticipate its commissioning and operational launch in early April 2025.