Canadian explorer Aurion Resources has signed a deal with US-based KoBold Metals to advance critical minerals exploration on a portion of its Risti property in Finland.

The agreement grants KoBold the right to earn a 75% stake in a 35 km² section of Aurion's wholly owned Risti property by investing $12-million in exploration over five years, with an initial $1-million commitment within the first 18 months. 

Aurion will retain full rights to any gold or silver discoveries within the project area and can continue exploring alongside KoBold during both the earn-in and joint venture (JV) phases.

Following KoBold’s fulfilment of the earn-in terms, the companies will form a JV, with Aurion holding a 25% stake. Should either party’s interest in the JV dilute below 10%, it will convert to a 2% net smelter returns royalty.

Aurion CEO Matti Talikka said the partnership capitalised on KoBold’s expertise in data-driven mineral exploration while allowing Aurion to focus on its gold and silver prospects. "The agreement with a split commodity structure enables Aurion to retain full exploration and ownership rights over significant gold and silver discoveries while leveraging KoBold’s capabilities in critical minerals exploration," Talikka said.

KoBold, backed by investors including Bill Gates’ Breakthrough Energy Ventures, specialises in integrating AI and geoscience to accelerate the search for metals vital to the energy transition. 

KoBold chief strategy officer Daniel Enderton highlighted Aurion’s strong operating experience. "We are looking forward to getting the exploration teams on the ground in the coming months."

The region’s base metal potential is underscored by major nearby deposits, including the Kevitsa nickel/copper/platinum group elements mine operated by Boliden and Anglo American’s Sakatti discovery, located 12 km from the Risti property.