Introduction

Kobold Metals, a trailblazer in using artificial intelligence to find critical minerals for the energy transition, has made headlines after its CEO announced the discovery of what could be one of the most significant high-grade copper deposits in history. This groundbreaking find has the potential to yield hundreds of thousands of metric tons of copper each year.

Funding Success

Fast forward to just eight months later, and Kobold is on the verge of raising over half a billion dollars—$491 million raised so far out of a targeted $527 million funding round, as per SEC filings. This follows a previous round that garnered $195 million, achieving a post-money valuation of $1 billion. Now, with ambitions reaching for a $2 billion valuation, the company is poised for a major leap forward.

AI in Mineral Discovery

Kobold’s innovative approach leverages AI to sift through vast amounts of data in search of mineral deposits crucial for clean energy technologies. Copper, along with lithium, nickel, and cobalt, is at the heart of this endeavor. Historically, mineral prospecting has been a high-risk venture with an abysmally low success rate—approximately three successful discoveries out of every 1,000 attempts. However, by harnessing the power of AI, Kobold aims to transform these odds and boost discovery rates significantly.

Significant Discovery in Zambia

The discovery of the colossal copper deposit in Zambia marks a turning point for Kobold, validating their AI-driven approach and early promises. The company is not resting on its laurels; it is also overseeing about 60 other exploration projects. In a notable strategic pivot, Kobold plans to independently develop the Zambian resource, a venture expected to cost around $2.3 billion.

High-Profile Support

The backing of high-profile investors like Bill Gates, Jeff Bezos, and Jack Ma, among others, underscores the enormous potential they see in Kobold's vision. As the world shifts towards greener energy sources, the race to secure critical minerals will undoubtedly intensify, making Kobold Metals a key player in this pivotal industry.

Conclusion

Stay tuned as Kobold navigates this ambitious journey—could they become the next giants in the mineral discovery landscape?