Orion and Cobalt Collaborate on Exploration of Finnish Project

According to MiningWeekly, Canadian exploration company Aurion Resources has signed an agreement with US-based KoBold Metals to advance critical mineral exploration in part of its Risti mining rights in Finland.

Over the next five years, if KoBold invests 12 million US dollars in exploration and spends no less than 1 million US dollars in the first 18 months, it will hold a 75% stake in the Risti project. The project, fully controlled by Aurion, covers an area of 35 square kilometers.

Aurion will retain the right to sell any gold or silver deposits discovered within the project area and can continue to explore alongside KoBold.

After KoBold achieves profitability, the two companies will form a joint venture, with Aurion holding a 25% share. If either party's interest in the joint venture is diluted below 10%, it will convert to a 2% net smelter return royalty.

Matti Talikka, CEO of Aurion, stated that the joint venture will leverage KoBold's expertise in data-driven exploration while allowing Aurion to focus on gold and silver exploration.

“The split commodity structure of the agreement allows Aurion to retain full exploration and ownership rights over significant gold and silver discoveries, while also utilizing KoBold’s experience in critical mineral exploration,” said Talikka.

KoBold, supported by investors including Bill Gates' Breakthrough Energy Ventures, specializes in integrating AI with geoscience to accelerate the exploration of metals crucial for the energy transition.

Daniel Enderton, Chief Strategy Officer of KoBold, highlighted Aurion's extensive operational track record. “We look forward to the exploration team arriving on site in the coming months.”

The region has significant base metal potential, with several large deposits nearby, including Boliden's Kevitsa copper-nickel-PGE deposit and Anglo American's Sakatti discovery, located 12 kilometers from the Risti mining rights.