305 Physical World AI = AI-Driven Mining Exploration (KoBold Metals) = Reversing Trend in Exploration Inefficiency KoBold Metals AI-Driven Mining Exploration Source: KoBold Metals, Wired (12/22) Mineral Deposit Discoveries per $B of Exploration Spend – 1975-2023, per KoBold Metals We're looking to expand and diversify the supply of these metals all over the world, but we're taking a totally different approach [from conventional mining companies]. Two-thirds of our team are software engineers or data scientists. - KoBold Metals Co-Founder & CEO Kurt House, 12/22 KoBold’s Machine Prospector technology combines never before used datasets with conventional geochemical, geophysical, & geological data in statistical association models to identify prospects. KoBold’s technology accelerates exploration by efficiently screening large regions & makes our search more effective by identifying the most promising locations. - KoBold Metals Website Discoveries per $B of Exploration Spend 0 4 8 12 16 1975 1983 1991 1999 2007 2015 2023 AI & Physical World Ramps = Fast + Furious KoBold Metals Industry Average