Wheaton Precious Metals Future of Mining Challenge
This year, $1 million was awarded to a solution that targets the reduction of greenhouse gases and carbon intensity at base and precious metals mines, with funds being used to help further advance the winner's technology
2024/25 Focus Area
The Wheaton Precious Metals Future of Mining Challenge seeks to support efficiencies in mining while minimizing its environmental impact. This year, $1 million was awarded to a solution that targets greenhouse gases and carbon intensity reduction at base and precious metals mines, with funds being used to help further advance the winner's technology.
We believe innovation is fundamental to creating a more sustainable and efficient future for mining.
The Future of Mining Challenge spotlights innovative ideas and also demonstrates the role mining can play in addressing some of the world’s most pressing climate challenges, while responsibly meeting demand for essential resources that society needs.
Challenge Background & Objective
Mining is an essential driver of our society, with the raw materials it provides embedded into almost every aspect of modern life. From mined materials used in applications ranging from infrastructure, transportation, electronics, and medicine, to precious metals providing economic stability through tangible stores of value for financial systems, mining’s role will continue to be invaluable in the transition to an innovative, greener, and prosperous economy.
The new annual Wheaton Precious Metals Future of Mining Challenge seeks to support the mining industry in its continued delivery of these essential commodities and materials in a more sustainable manner.
Successful solutions focused on the improvement of mining efficiency and production processes that:
- Demonstrate a pathway to scope 1 and 2 emissions reduction;
- Boosting efficiency at existing base metals and precious metals mines;
- Have a clear, actionable path to implementation; and
- Demonstrate a deep understanding of end-user needs and market demands.
Wheaton launched its Future of Mining Challenge in September 2024, inviting companies from around the world to propose industry solutions aimed at improving operational efficiencies and minimizing environmental impacts. The inaugural challenge focused on finding innovative, scalable technologies that have the potential to reduce greenhouse gas emissions across mining operations.
The winner of the 2025 challenge was awarded $1 million to continue to advance their technology at the annual Prospectors and Developers Association of Canada (PDAC) Convention in Toronto in March 2025, the world’s largest mining conference.
Evaluation & Eligibility:
Eligibility Criteria:
- Demonstrate a 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
- Generally, applicants anywhere in the world were eligible to apply
Evaluation Criteria
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 removal 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.
2025 Wheaton Precious Metals Future of Mining Challenge Winner
Wheaton Precious Metals and Foresight Canada are proud to announce the winner of the inaugural Future of Mining Challenge, a global initiative designed to accelerate innovation in the mining industry.
ReThink Milling, a Toronto-based cleantech company, has been awarded US $1 million for its Conjugate Anvil Hammer Mill (CAHM) and MonoRoll technologies, which will 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.
After 35 years in the industry, this project stands out as the most rewarding experience of my career. Over the past six years, we've been developing the CAHM Platform Technology, collaborating directly with our mining industry partners—those who will ultimately become our clients. This level of close cooperation is rare, and it’s been a true game-changer for us.
Winning the Wheaton Challenge isn’t just a win for ReThink Milling—it's a breakthrough for the entire mining industry. The funds from this victory are a catalyst, allowing us to scale the CAHM Platform Technology and bring it closer to a real-world mine site demo, paving the way for eventual commercialization.
Timeline
Applications Open: September 16, 2024
Informational Webinar: October 8, 2024
Applications Close: November 22, 2024
Finalists Announced: Mid January, 2025
Finalist Pitches: Mid February, 2025
Winner Announced: March, 2025
Additional Resources
Applications are now closed. Watch the informational webinar. Have more questions? Contact us.
About Wheaton Precious Metals
Wheaton Precious Metals is a leading precious metals streaming company, providing shareholders with access to a 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 metal production. Committed to responsible mining practices, Wheaton utilizes industry-leading due diligence practices to unlock long-term value for shareholders while supporting the broader mining industry in delivering the commodities society needs through access to capital.
Find Market-Ready Innovation without the Risk
We connect industry with the world's best clean technologies. From agriculture to water to oil and gas, our Challenge program works to connect end-users with cleantech solutions to overcome sustainability and operational hurdles.