Australian startup Earth AI has made a significant breakthrough in the mining industry, uncovering promising deposits of critical minerals in regions that had been previously overlooked. The company's innovative approach, which combines artificial intelligence with field data, has led to the discovery of copper, cobalt, and gold deposits in the Northern Territory, as well as silver, molybdenum, and tin deposits in New South Wales.

This development comes on the heels of another mining startup, KoBold, which made headlines last summer with the discovery of one of the world's largest copper deposits in over a decade. While the size of Earth AI's discoveries is yet to be determined, the news suggests that future supplies of critical minerals are likely to emerge from a combination of technological advancements and field data analysis.

According to Roman Teslyuk, founder and CEO of Earth AI, the real frontier in mining is not geographical, but rather technological. Teslyuk, a native of Ukraine, developed the concept for Earth AI during his graduate studies at the University of Sydney, where he became familiar with the mining industry in Australia. In Australia, the government owns the rights to mineral deposits and leases them in six-year terms, with exploration companies required to submit their data to a national archive since the 1970s.

Teslyuk recognized the potential of this data, which had largely gone untapped, and set out to develop an algorithm that could absorb the knowledge and learn from the failures and successes of millions of geologists in the past. This algorithm would enable the company to make more accurate predictions about where to find minerals in the future.

Initially, Earth AI focused on developing software to make predictions about potential deposits, approaching customers who might be interested in exploring sites further. However, the company faced resistance from customers who were hesitant to invest in unproven technology. To overcome this hurdle, Earth AI decided to develop its own drilling equipment to prove the viability of its predictions.

The company's efforts paid off, with Earth AI being accepted into Y Combinator's spring 2019 cohort and subsequently raising $20 million in Series B funding in January. This investment has enabled the company to refine its hardware and software, leading to the recent discoveries in Australia.

Teslyuk emphasizes that Earth AI's approach differs from that of KoBold, with the company's algorithms trained to scan wide areas quickly and efficiently to find deposits that might otherwise have been overlooked. This approach is critical in today's fast-paced world, where waiting decades for discoveries is no longer feasible.

The implications of Earth AI's discoveries are significant, with the potential to revolutionize the mining industry and ensure a stable supply of critical minerals. As the industry continues to evolve, it will be interesting to see how companies like Earth AI and KoBold shape the future of mining and exploration.

With its innovative approach and commitment to harnessing the power of AI, Earth AI is poised to make a lasting impact on the mining industry. As the company continues to explore and develop its discoveries, it will be exciting to see the full extent of its potential and the role it will play in shaping the future of critical mineral supply.