Earth AI, Legacy Minerals make first greenfield palladium discovery using artificial intelligence
The companies announced the verified discovery of one of the largest palladium mineral systems in Australia.
Shares in Australia’s Paladin Energy (ASX: PDN) jumped on Wednesday after the company announced it had increased its interest in the Michelin uranium project, in Labrador, Canada, to 100% from 75% previously.
As a result of the funding and dilution provisions of the Michelin joint venture agreement, the Michelin nominees have surrendered their 25% participating interest to Paladin’s subsidiary Aurora Energy Limited, it said.
Paladin’s stock rose on the news as much as 4.32% to A$0.965, its biggest intraday percentage gain since Oct. 11. It closed 2.7% higher at A$0.95 each, which gives it a market capitalization of A$2.83 billion ($1.8bn).
The company said the Michelin exploration project is located in a premier mining jurisdiction, with more than $75 million of in-ground exploration work previously undertaken.
Paladin has recently completed an extensive geological review, including an on-ground review of historic data and an airborne gravity-gradiometry survey.
The company has also re-opened an office in St John’s Newfoundland and has successfully recruited an in-country exploration team.
With its joint venture partners now out of the picture, Paladin said it will work on defining a path forward for the project. It noted it expects to update investors in the first half of next year.
