Joel Jeangrand, Managing Director, GEOTIC
“Geotic provides the platform that does the initial work but has partnered with GoldSpot to deliver more AI and analytics capabilities to simplify and enhance our product offerings to customers.”
What are Geotic’s core products for the mining sector?
Geotic has been in business for more than 20 years as a supplier of software solutions – from drilling to data capturing and 3D modeling. Our ecosystem is unique as an integrated, customizable, and easy to use solution for the mining industry. We have three core software solutions that have been streamlined – GeoticLog for efficient data input and logging; GeoticSection for creating 2D plans and section books; and GeoticMine for 3D modeling.
Can you provide an overview of the synergies at play between Geotic and GoldSpot Discoveries?
The birth of Geotic sprouted from a geologist that had a need to properly log data right with confidence and integrity. In 2021, the company was acquired by GoldSpot Discoveries, which brings additional tools for capturing and analyzing large amounts of data to help clients with decision making. The beauty of partnering with a company like GoldSpot is that they are at the cutting edge of new technologies and exploration techniques. They also want to move gradually towards software as a service with all the solutions they are developing. One thing that we have done since the acquisition is that we introduced Geotic as subscription based rather than perpetual licensing. This means that there are lower upfront costs for licensing and more flexible subscription options, either monthly or annually – so if your project is not moving forward, then you do not need to keep our license. GoldSpot’s main income comes from consulting for juniors and majors, and they will now introduce Geotic as the preferred logging software. This will allow users to input data on the same basis with the same structure, and then when using their AI and machine learning tools afterwards keeping data consistent and coherent.
How do Geotic’s tools complement the solutions offered by GoldSpot Discoveries?
Until now, data input into GeoticLog was done manually, but GoldSpot’s LithoLens platform, an AI core imaging technology creating an industry-first core logging and AI imaging cloud solution, provides users the ability to log and linearize data directly from pictures, also driving deeper and actionable analytics for customers. Geotic provides the platform that does the initial work but has partnered with GoldSpot to deliver more AI and analytics capabilities to simplify and enhance our product offerings to customers. The AI and machine learning components of this solution means the more it is used, the more it will train itself and become more accurate.
How can companies integrate GeoticMine into their pre-existing workflows?
For a company or individual to model properly, the key is good quality data. When we designed the Geotic ecosystem, we created GeoticLog to collect data and log it with integrity. At the back of GeoticLog there is a database, which is where GeoticSection and GeoticMine come into play. As soon as you have your data properly logged and validated into the database, you can start creating 2D sections and perform 3D modeling. The advantage of GeoticMine is that because it is linked to the database, any changes you make you see in an instant. This solution is the ideal tool for complex 3D geological modelling at an affordable price.
What do you see driving growth for Geotic over the next few years?
Data is showing a decrease in exploration expenditure, and we expect to face some tough times ahead. That said, Geotic aims to continue growing and remain a profitable business through investing in technologies to improve our solutions and offering to the market. We are partnering with technology companies and integrating new tools into our solutions to give us a competitive advantage in the market. The Québec mining industry is our main market, and until last year, Québec had the highest exploration expenditures in the country. We need to build on this success and expand our footprint to other provinces in Canada in the coming years. Covid and geopolitics is making our country the new destination to explore.