Lessons From a Failed Billion-Dollar Bet, AI in Mineral Exploration, and Looking for Copper Giants in Serbia
Last Week on Resource Talks:
VRIFY’s Steve de Jong and Jean-Philippe Paiement talked to me about AI in mineral exploration, whether it is more than a buzzword, how it fits (or doesn’t) with industry culture, whether it adds genuine value or just marketing sheen, and how we can separate science from storytelling as companies begin drilling AI-generated targets in 2025,
Luc ten Have walked me through a billion-dollar gold discovery’s story to better understand what brought the stock from about $12 to now under $1.50, and
Electrum Discovery told me about their efforts to find a large copper-gold deposit in Serbia.
Is AI in Junior Mining Just Marketing or Does it Actually Work?
VRIFY is a private technology company that builds AI-driven tools for mineral exploration, combining predictive modeling, geoscience consulting, and 3D data visualization. This conversation with CEO Steve de Jong and Head of Geoscience Jean-Philippe Paiement covered how VRIFY’s platform leverages artificial intelligence to interpret complex geological datasets, generate exploration targets, and update predictive models in near real-time. We talked about whether AI is more than a buzzword in mining, how it fits (or doesn’t) with industry culture, whether it adds genuine value or just marketing sheen, and how investors can separate science from storytelling as companies begin drilling AI-generated targets in 2025.
TL;DR
VRIFY uses AI to analyze multi-layered geological datasets and generate mineral exploration targets, aiming to enhance (not replace!) geoscientific interpretation.
The platform is built to be transparent, offering users visibility into what data influenced predictions and allowing iterative modeling as new information becomes available.
AI is only as good as the data it receives, and VRIFY addresses this by aggregating and anonymizing data from multiple projects to train more robust models.
The company emphasizes that AI adoption in mining depends on education and integration into workflows, not on replacing geological expertise.
Several companies are drilling VRIFY-generated or AI-validated targets in 2025, which will provide the first tangible test of the technology’s effectiveness in the field.
Lessons From a Failed Billion-Dollar Gold Discovery
This conversation dissected the psychology, pitfalls, and decision-making frameworks behind speculating in early-stage discovery stocks, using the rise and fall of New Found Gold as a case study. Luc ten Have and I explored why retail investors chase hype, how to identify overvaluation, when to sell, and how to separate real geological promise from promotional noise. We covered valuation metrics, drill result interpretation, the role of marketing, insider signals, and the importance of metallurgical data, all aimed at answering a brutal but necessary question: how not to be the exit liquidity in a speculative market.
TL;DR
Most of a discovery stock’s upside is typically gone once the company reaches a billion-dollar valuation without a clear path to production.
Effective derisking includes selling partial positions early, even if the story appears strong, because failure is the norm and should be the expectation in mineral exploration.
High-grade drill results alone are not sufficient. Continuity, geometry, and recovery are equally critical to long-term value.
Marketing is necessary but should be weighed against technical disclosure and the credibility of who is delivering the message.
Retail investors need a clear strategy, emotional discipline, and at least a basic understanding of geology, metallurgy, and financials to lower their chances of losing money.
Looking for Giants in Serbia | Electrum Discovery CEO & GEO Interview
Electrum is an exploration company focused on copper and gold projects in Serbia’s Western Tethyan Belt, notably the Timok East and Novo Tlamino projects. The company is advancing exploration at Timok East, aiming to identify a new porphyry-skarn system, and has been selected for BHP’s 2025 Xplor Accelerator Program, which provides funding and technical support. In this conversation, CEO Dr. Elena Clarici and Senior Exploration Geologist Jake Garland discussed the company’s leadership, geological team, exploration strategies, financial position, and plans for future drilling, emphasizing their methodical approach to unlocking the region’s mineral potential.
TL;DR
Electrum is exploring a potential porphyry-skarn system at Timok East in Serbia, supported by early geological indicators and ongoing structural and geophysical work.
The company has been selected for BHP’s 2025 Xplor program, receiving a non-dilutive US$500,000 grant to advance target definition but not drilling.
Early drilling at the Bambino target intercepted distal skarn mineralization, prompting further work to vector toward a possible porphyry center.
Novo Tlamino hosts an inferred 670,000 oz gold equivalent resource, but limited capital has delayed further advancement.
They will need to raise more money soon, because with approximately $800,000 in treasury, Electrum can fund only one more drill hole. They may consider JV or asset-level partnerships to support deeper or broader programs.
Upcoming Interviews
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