Interview with Gary Agnew, CEO, Co-Founder and Director of IDEON Technologies

Recording date: 7th November 2023

Overview of IDEON's Novel Subsurface Imaging Technology

IDEON Technologies utilizes a new subsurface imaging technique called muon tomography to help mining companies precisely locate ore deposits and optimize extraction. As explained by CEO GA, muon tomography functions analogously to medical imaging like X-rays or CT scans. It provides a high-resolution 3D model of density variations underground by detecting muons, subatomic particles that constantly bombard Earth.

This technology enables accurate identification and pinpoint localization of mineral deposits and anomalies. In an initial blind trial validation process, IDEON delivers density models for a test area based solely on its muon scanning, while the client provides drill hole data. Matching IDEON's imaging against hundreds of historical drill results establishes accuracy and builds confidence.

Transition to Multi-Year Commercial Relationships
After successful blind trials, IDEON transitions clients like BHP and Glencore to multi-year subscription contracts. The company handles all hardware, software, communications, analysis, and data delivery, providing a streamlined “full stack solution.” This simplifies adoption for the mining company and reduces contractual risks.

Importantly, IDEON does not take equity positions or seek royalties based on resource value unlocked. The company focuses entirely on providing premium subsurface imaging capabilities as an excellent technology partner. Its goal is recurring revenue growth through long-term subscription clients, not competing with or threatening the core business of miners.

Current Commercial Traction
IDEON now has 8 major mining companies as active clients. All have progressed beyond initial blind testing. The company is expanding adoption site-by-site with each customer.

While starting in greenfield exploration, IDEON currently focuses on brownfield exploration and active mining operations. Its data integrates with and enhances legacy gravity, electromagnetic, and seismic data sets through multiphysics inversion. This leverages prior mining investments while providing new, high-value insights.

Unlocking Substantial Value for Miners
By optimizing drilling programs, IDEON reduces clients’ largest operational cost. More accurate targeting also increases ore recovery while leaving waste rock undisturbed. This boosts profitability and minimizes environmental impacts.

Further, faster discovery and analysis accelerates the timeline from initial exploration to production for in-demand resources. With explosive demand growth projected for critical minerals like copper and cobalt, unlocking supply faster creates immense value.

Introduction to IDEON's Novel Subsurface Imaging Technology
Muon tomography provides 3D mineral density data, like medical CT scans
Blind trials validate accuracy against hundreds of drill hole results
Transition to Multi-Year Commercial Relationships

After trials, clients adopt multi-year subscription model
Focus is excellent technology service, not competing with clients
Current Commercial Traction

8 major mining companies now active clients beyond trials
Expanding adoption site-by-site with each existing customer
Unlocking Substantial Value for Miners

Optimizing drilling investment, improving targeting
Increasing ore recovery, decreasing waste rock
Accelerating discovery-to-production timeline
Growth Prospects and Market Potential

While currently focused on brownfield and active mine sites, CEO GA noted muon tomography could provide value across the entire mining lifecycle. IDEON takes a customer-centric approach to identifying the most critical problems to solve across exploration, development, and production.

Rather than seeking a percentage of the immense potential value unlocked, IDEON believes its contribution merits a reasonable premium price point. Maintaining commercial pragmatism and partnerships will enable growth.

If IDEON can leverage its innovative technology to optimize mining operations, unlock supply of key mineral resources, and scale customer adoption through a value-focused approach, the company may present a compelling investment opportunity. Subsurface imaging capabilities that accelerate discovery and extraction of critical minerals could prove valuable for mining companies and decarbonization efforts alike.

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