We are driven by discovery and are passionate about transforming data into usable information and actionable insights. Our mission is to help our clients leverage their existing data assets to become more successful at what they do.
OreFox brings intelligence augmentation to exploration and mining, combined with a team which has a breadth of experience from geology and geophysics to prospecting and data science. We believe this balanced approach is the secret to our success. We feel the most effective way forward for exploration is the combining of an objective computer-based analysis - that leverages big and small data - with a subjective human geological interpretation, operating on a first-principles approach.
Our team has the skills and experience to deliver projects irrespective of an companies size or technology mix.
We have worked in exploration at all levels, from rock-kicker to board member. The company has a deep insight and holistic understanding of our customer's needs due to years of experience in the exploration industry. We are driven by discovery, and have a diverse and aligned team of innovative thinkers determined to make exploration more successful and We’re an agile company with an experienced, passionate team
Over the past four years, our founders have undertaken an extensive R&D program to explore the possibility of successfully using AI to identify mineral deposits. This research phase has led to the development of OreFox, a system that utilises a hybrid artificial intelligence capability to analyse huge amounts of geological data and then collate patterns in that data. The patterns uncovered by this process are patterns that a human geologist could never see. The data sets are simply too large and complex for a human to make sense of.
We are currently focused on gold as this is where our expertise lies. However we are researching the application of our artificial intelligence to copper and other mineral deposits.
Our major partners are The Queensland University of Technology (also a major shareholder) and Esri, creators of powerful mapping and spatial data analytics technology.
WHAT IS THE HISTORY OF OREFOX?
OreFox AI is the commercialization of the research conducted by Quantum Geology Pty Ltd Quantum Geology was started by Warwick Anderson and his fiancée Sheree Burdinat.
Research on the system started in 2014, when the couple were asked to interrogate a large historic mining database. This lead to an investigation of using machine to parse the data, which led to the creation of a broader artificial intelligence system. In June 2017 the research paid off, and the hybrid artificial intelligence system started predicting gold mines accurately.
WHAT ARE THE KEY PRODUCTS OF OREFOX?
OREFOX'S main product is its hybrid artificial intelligence system. Orefox processes data for a clients exploration area, and produces prospectivity maps, showing the area’s most likely to contain economic mineral deposits.
Clients also receive up to 30 maps that they would have to normally produce themselves or pay to have produced by a geographic information system or Remote sensing specialist
The OreFox Deep Learning system helps predict geology and other elements of exploration, allowing a faster way to vector in on economic mineralisation. The DL system is designed for a company to upload via internet their new data, and have it processed and mapped. They can then quickly make decisions on how to proceed with the next phase of their exploration program.
WHO USES OREFOX'S PRODUCTS?
The OreFox system is aimed at Australian exploration companies and International exploration companies currently exploring within Australia.
WHERE ARE THE OPERATIONS OF OREFOX LOCATED?
OreFox is based in the city of Brisbane, State of Queensland, Australia. It has an office at The Queensland University of Technology, in the heart of the city.
DOES INVESTMENT IN ATTRACT ANY TAX INCENTIVES FOR INVESTORS?
OreFox has applied to the Australian Tax Office for a private ruling on qualifying as an early stage innovation company (ESIC). The tax incentives for early stage investors (sometimes referred to as 'angel investors') are contained in Division 360 of the Income Tax Assessment Act 1997. The tax incentives provide eligible investors who purchase new shares in an ESIC with a: non-refundable carry forward tax offset equal to 20% of the amount paid for their qualifying investments. This is capped at a maximum tax offset amount of $200,000 for the investor and their affiliates combined in each income year modified capital gains tax (CGT) treatment, under which capital gains on qualifying shares that are continuously held for at least 12 months and less than ten years may be disregarded. Capital losses on shares held less than ten years must be disregarded. The maximum tax offset cap of $200,000 doesn't limit the shares that qualify for the modified CGT treatment. Investors that don't meet the 'sophisticated investor' test under the Corporations Act 2001 won't be eligible for any tax incentives if their total investment in qualifying ESICs in an income year is more than $50,000.
CAN OREFOX GET THE R&D TAX INCENTIVE?
OreFox has applied for the R&D Tax incentive. The R&D Tax Incentive provides a tax offset for some of a company's cost of doing eligible research and development (R&D) activities by reducing a company's income tax liability. Tax offsets of 43.5% or 38.5% are available for costs incurred on eligible activities depending on a company’s annual aggregated turnover. The 43.5% benefit is a refundable offset.