About

Wheaton Precious Metals launched its Future of Mining Challenge in September 2024, inviting companies from around the world to propose industry solutions aimed at improving operational efficiencies while minimizing environmental impacts and contributing to climate solutions. The award for the winning venture is US$1 million to advance their technology.

There is a growing demand for the critical minerals needed by society. The raw materials mining provides are embedded into almost every aspect of modern life ranging in applications such as infrastructure, transportation, electronics, and medicine to precious metals providing economic stability through tangible stores of value for financial systems. The role of mining will continue to be important in the future, and demand for critical minerals is expected to soar with the transition to a greener, low carbon economy.

However, mining can have a significant impact on the environment and although the industry continues to improve its practices, constant innovation is essential to responsibly meet the growing global demand for minerals and metals.

As a metals streamer in the mining sector, Wheaton seeks to support the industry to continue to deliver essential commodities and materials in a more sustainable manner. We know it can take a long time to integrate new technology across global mining operations and it requires industry support to get there. The Future of Mining Challenge seeks to inspire and foster the development of technology that can help increase efficiencies in mining operations and reduce environmental impacts, awarding the winning venture with funds to help propel their innovative solution forward toward commercialization.

Wheaton’s Future of Mining Challenge is supported by Foresight Canada.

The Challenge

2024/2025 Focus Area

For our inaugural Future of Mining Challenge in 2024/2025, we focused on finding innovative, scalable technologies that have the potential to reduce greenhouse gas emissions across mining operations. In alignment with Wheaton's business model, the proposed solutions needed to be applicable for base and/or precious metal mining and scalable globally, with the aim of future implementation at operating mines.

We sought proposed solutions focused on the improvement of mining efficiency and production processes that:

  • Demonstrate a pathway to scope 1 and 2 emissions reduction
  • Boost efficiency at existing base metals and precious metals mines
  • Have a clear, actionable path to implementation
  • Demonstrate a deep understanding of end-user needs and market demands

Timeline

Applications Opened: September 16, 2024

Informational Webinar: October 8, 2024

Applications Closed: November 22, 2024

Finalist Pitches: Mid-February 2025

Finalists Announced: Late-February 2025

Winner Announced: March 4, 2025

Eligibility and Evaluation

Eligibility Criteria for the 2024/2025 Future of Mining Challenge

  • Demonstrated pathway to scope 1 and 2 emissions reduction
  • Applicable to base metal and precious metal mining
  • Scalable on a global perspective
  • Technology Readiness Level (TRL): 5-7

Evaluation Criteria for the 2024/2025 Future of Mining Challenge

Eligible applications were assessed based on the following evaluation criteria and scored by a panel of reviewers.

Impact (40%)

Applications were evaluated on the technology's potential for significant, cost-effective, and timely reduction of GHGs and improved production in base metal and precious metals mining, as well as the market opportunity and end-user engagement.

Innovation Opportunity (35%)

Applications were evaluated on the merits of the technology's overall strengths, novelty, technical feasibility, and adoption, as well as its competitive advantage relative to existing technologies or practices in the global mining industry.

Implementation (25%)

Applications were evaluated on the technology development and implementation plan, financing plan, and the capacity of the team. This includes evaluating proposals on the current TRL relative to the proposed implementation timeline, project budget, and financial plan, as well as the team's expertise to achieve the proposed plan.

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Winning Solutions

On Tuesday, March 4, during the 2025 Prospectors and Developers Association of Canada’s annual conference, Wheaton Precious Metals announced the winner of its inaugural Future of Mining Challenge.

The 2025 winner of the Future of Mining Challenge is ReThink Milling Inc. for its Conjugate Anvil Hammer Mill and MonoRoll technologies, which have the potential to revolutionize the milling process. This innovative grinding technology demonstrates immense potential to deliver greater efficiency with significantly lower energy use, leading to reduced greenhouse gas emissions and operating costs.

Learn more about ReThink Milling’s Conjugate Anvil Hammer Mill and MonoRoll technologies.

About Wheaton Precious Metals

Wheaton Precious Metals is the world’s premier precious metals streaming company, providing shareholders with access to a high-quality portfolio of low-cost, long-life mines around the world. Through strategic streaming agreements, Wheaton partners with mining companies to secure a portion of their future precious metals production. Committed to responsible mining practices, Wheaton employs industry-leading due diligence practices with a goal of unlocking long-term value for shareholders while supporting the broader mining industry to deliver the commodities society needs through access to capital. Wheaton’s shares are listed on the Toronto Stock Exchange, New York Stock Exchange and London Stock Exchange under the symbol WPM. Learn more about Wheaton Precious Metals at www.wheatonpm.com or follow us on social media.

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