Achieving Your Goals in the Mineral Exploration Industry Through Entrepreneurship
Entrepreneurship in the mineral exploration industry involves designing, launching, and managing new ventures to make a profit. Success requires dealing with risks like funding shortages, poor decisions, or market challenges. This overview covers intrapreneurs, independent entrepreneurs, historical achievements, and personal progress in the field.
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Reaching YOUR Individual Goals within the Mineral Exploration Industry ENTREPRENEURSHIP
Summary: Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business. Entrepreneurship has been described as the "capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit". While definitions of entrepreneurship typically focus on the launching and running of businesses, due to the high risks involved in launching a start-up, a significant proportion of start-up businesses have to close due to "lack of funding, bad business decisions, an economic crisis, lack of market demand or a combination of all of these. Reaching YOUR Individual Goals within the Mineral Exploration Industry ENTREPRENEURSHIP
Types of entrepreneurs Intrapreneurs Work within a company Entrepreneurs Work independently
History a summary Fundamentals Progress in the Geology Track Types of entrepreneurs Psychological makeup Entrepreneurship Training and Education Resources and Financing Contents
History Basics 10 years in Nevada, Idaho, California Discoveries as Employee Magistral, Sinaloa 1995 Ocampo, Chihuahua 1996 Discoveries as Entrepreneur Palmarejo, Chihuahua 2003 Commonwealth, Arizona 2011 Cerro Hermoso, Peru 2016 - Copalquin, Durango 2016 -
Progress as Intrapreneur History Man on Foot Exploration 2003 Grubstake agreement Palmarejo discovery Within company Bolnisi Gold First Attempt as Entrepreneur Minera El Tascate - 2004 Santa Gertrudis Company failed Progress as Entrepreneur Commonwealth Silver - 2011 Successful discovery Successful sale of company Puno Gold Corp 2016 Exploration drilling STILL pending Successful sale of company Sun Minerals PTY, LTD Copalquin, Durango 2016 UstedGuarda New industry Project currently drastically overbudget
Fundamentals Where are you now? Degree in Geoscience About 5 years of experience Starting to see the difference between Academia and Industry Where do you want to go? Project Team Leader Exploration Management Company Director Company Founder
Basic Exploration Skills Most scientists are button-sorters and bottle- washers Soil sampling/Gridding Core logging/Chip logging Accurate, Neat Data Recording Field Skills Computer Skills/Instrumentation -Robert Heinlein Fundamentals
Steps along the Geology Career Track Learn the Process, not just the Practice Sampling Spacing, Extent, Field Sample Prep Drilling Basic Geostatistics, Resource Classification Hand drawn cross sections Remote Sensing and Geophysics Analytical Techniques Mapping, mapping, mapping Level:5 10 years
Steps along the Geology Career Track Get MORE TRAINING Geologic Modeling Mapinfo, ArcMap, Leapfrog, Vulcan, Minesight Database validation, data import, vetting against paper records Camp skills First aid, cooking, survival Management techniques Gantt charts scheduling Specific times for calls, emails Level: 5 15 years
Steps along the Geology Career Track Build your list of contacts Cat Operators Drillers Assay Lab Managers Landmen (Peritos Minero) and Surveyors Lawyers Remote Sensing and Drone companies Software Developers Geophysicists Concession Owners Level: start today!
Steps along the Geology Career Track Become a true professional Get Registered AIPG SME AusIMM Get Published Peer reviewed journals Other publications Attend International Conferences PDAC conference (Toronto, February) Vancouver Gold Show Florida Gold Show London Gold Show Level: 10 15 years
Getting an Internationally Recognized Professional Registration AIPG Certified Professional Geologist 4 year degree in Geosciences Verification of curriculum 8 years progressively responsible experience 3 sponsors, 2 of which must be CPGs Level the playing field, increase salary Participate in writing Technical Reports (NI 43-101) Benefits
Risk takers Psychological makeup Already involved in Research and Development Optimists Leaders
95% of people 5% of wealth 5% of people 95% of wealth Be prepared before moving between quadrants B E You own a system People work for you You have a job Robert Kiyosaki s Cash Flow Quadrants I S Investor Money works for you You own a job
Pieces of the Puzzle Idea Intellectual Capital Usually centered around an Exploration Project Business structure Corporation Team Partners and employees Money Financial Capital
Entrepreneurial Education and Training Intrepid Explorer J. David Lowell Exploration Cannons Sig Muessig Rich Dad Poor Dad and Cash Flow Quadrants Robert Kiyosaki Entrepreneurial Education Programs World Bank Find a Mentor
Resources and FIFOMI Financing Exploration Companies Grubstake Agreements Investment Banks will invest in newly established companies Individual Investors Risky Reduce your personal financial exposure, but do not expect to start a company without some of your own capital
