Opportunities 

The accelerating pace of technology, especially AI, has created fascinating new possibilities when it comes to the discovery, analysis, and excavation of materials. These include:

Fieldwork analysis 

Once a promising site is identified, detailed on-the-ground work begins. 

Manual sampling in challenging terrains, weeks-long delays in laboratory analysis, and the inherent risks of on-site geological surveys have historically made this phase prospecting an expensive and uncertain endeavour.

Ideas we’re excited by: 

• Instant analysis: Portable analysis tools could give near-instant chemical data out in the field, letting geologists make decisions on the spot.

• Automated sample collection: Using autonomous vehicles to collect samples, combined with in-field analysis, could lower human risk and speed up timelines.

• Data connectivity: In remote areas, better connectivity and edge computing can help process data in real time.

Challenges

While these opportunities are exciting, building a startup in mining exploration comes with its own unique set of obstacles. Here are some of the key barriers and challenges to be aware of:

Data management: Exploration generates mountains of data—terrabytes at a time. But much of it remains unstructured, siloed, or underutilised. Without clean, standardised datasets, even the smartest algorithms can deliver flawed results. Startups need the skills to clean up and standardise this data to make sure any analysis actually means something. 

Access to proprietary data: There’s a real hierarchy when it comes to valuable exploration data—from direct drilling samples to historical exploration records. While satellite data is easy to get hold of, the real competitive edge comes from accessing better proprietary data. 

Regulatory challenges: Mining exploration is a heavily regulated industry, and delays due to permitting are common, accounting for nearly 40% of project slowdowns. That said, geopolitical trends like the EU’s Critical Raw Materials Act signal growing support for domestic exploration initiatives.

Macro-economic challenges: One of the key risks is the commodity price cycle whereby if tech allows more discoveries to be made, then supply will rise and pricing will fall, which could ultimately put startups out of business. Startups will need to mitigate that risk by integrating horizontally (across the mining chain), or vertically (exploration to extraction).