KoBold Metals, the US-based company backed by billionaire Bill Gates, is now valued at close to $3 billion after closing its latest funding round.
The most recent financing secured $537 million in equity funding, valuing the company at $2.96 billion.
KoBold specializes in using artificial intelligence to identify deposits of critical minerals such as copper, lithium, and nickel.
The company said the funds will be used to expand exploration efforts, advance high-potential projects like its Mingomba copper mine in Zambia, and enhance research and development.
KoBold CEO Kurt House told the Financial Times that approximately 40% of the new funding will be directed toward advancing existing projects into full-fledged mining operations, with the Zambian initiative receiving a significant portion of that investment.
House also hinted at plans for a public listing within the next three to five years, according to the Financial Times.
KoBold’s approach leverages generative AI and traditional machine learning algorithms to analyze vast datasets, enabling the identification of mineral deposits that would otherwise remain undiscovered. The company is investing over $100 million annually in more than 70 projects across five continents.
Its successes include a $2 billion copper deposit in Zambia, which is projected to produce at least 300,000 tonnes of copper annually by the 2030s.
KoBold is also collaborating with other mining companies to enhance exploration efforts. In partnership with Canadian-listed Midnight Sun Mining Corp (TSX-V:MMA, OTCQB:MDNGF), the company plans to explore the Dumbwa target within the Solwezi copper project in Zambia.
Under the agreement, KoBold will invest $15 million in exploration expenses over the next four and a half years and launch a drilling campaign in 2024.