52. Redefining Exploration Business Models - Changing Perceptions and Attracting Capital

Alternative business models in mineral exploration and mining can build value for communities, benefit resource companies and influence perceptions in our industry. This episode highlights two innovative companies who are changing the business of mining: Nations Royalty and VRIFY.

Nations Royalty, a TSXV-listed royalty company, is focused on creating royalty diversification for indigenous people. Kody Penner, VP of Corporate Development at Nations Royalty, joined host Halley Keevil to explain the background and the business model. First, he tells his own story as an indigenous person growing up surrounded by British Columbia’s mining industry. The company, Nations Royalty, is the first indigenous-owned mining royalty company, and their indigenous ownership and management make them unique. He elaborates on how they balance corporate goals with indigenous goals and values, how they are creating wealth for indigenous groups, and what is next for the company in the future.

Next, Steve de Jong, CEO of VRIFY, talks about the company’s history and how they came to their current business model as an AI-focused mineral exploration and software service provider. Launching at PDAC in 2024 with just 4 clients, VRIFY now has 30 clients and gains 5-7 new clients per month. Steve discusses how their team of geoscientists and machine learning experts utilize every scrap of data from a company in order to build predictive models that deliver targets to their clients. He reviews the many ways in which VRIFY is unique in the industry, including the symbiotic relationship they have with clients, enabling them to use their proprietary software alongside the VRIFY team. He hints at some exciting current and future successes that the listener should stay tuned for. Steve believes we are about to enter into a period where AI will be ubiquitous in the mining industry, and VRIFY will be ahead of the game.

Theme music is Confluence by Eastwinds

eastwindsmusic.com

Come join us in Salt Lake City, Utah for SEG 2026, September 30th to October 3rd.

You can expect world-class technical content, including iconic ore deposits and the geological processes of North American Cordillera. The program balances applied case studies, framework geology, and technological innovation. The conference offers a unique opportunity to connect, learn, and help shape the future of economic geology. See you there.