[Letter from the CEO] Unlocking Mining’s Potential: VRIFY’s Communication Tools for the Digital Age
A Letter from the VRIFY CEO
Some moments in history mark the beginning of sweeping change. New tracks are laid, and old ways of working are thrust into an era of reinvention. For mining companies, today’s market shifts are driving such a change.
When I started VRIFY in 2017, I knew something had to change in the way our industry communicates. Fast forward to today, and I've never been more certain that mining is at a critical inflection point, and that mining professionals as a collective have to be the ones to drive a transformation in the way we communicate with our investors and stakeholders.
Change is hard
The critical minerals market is booming, the price of gold is near its all-time high, and the spotlight is on mining companies to step up and deliver on rising demand. But mining leaders are navigating more uncertainty than ever.
Investors are updating capital allocation strategies, earmarking dollars for selective future-facing commodities like copper and lithium. And profitability is tight. Global net profit margins in the mining industry declined from 25% in 2010 to 15% in 2021, drawing more scrutiny around investments.
As the landscape shifts, mining leaders cannot afford to stick to the status quo – 41% of mining CEOs believe their companies will not be around in ten years if they continue on their current course. To thrive amidst the change, attracting investment is key. But the mining industry has a problem: communication with investors is broken.
The Problem With Mining Communications Today
Every year, mining companies spend millions of dollars on traditional marketing materials to stand out in hopes of securing financial backing. Yet many still struggle to communicate the value of their assets.
The industry-standard paper and one-way presentations are outdated and difficult to consume. Meetings often shower investors with a deluge of technical information in a monologue, leaving listeners with more questions than answers. This needs to change.
We see a future where both mining companies and investors are equipped with tools that drive dialogue, clarity, and confidence around project investments. One where companies can communicate their project value with ease, and investors don’t struggle to grasp the potential.
At VRIFY, we’re on a mission to create this change. As the only digital content and communications platform putting essential tools for two-way dialogue and rich project visualization under one roof, we’re equipping the industry to thrive in a period of reinvention.
Shifting Communication Expectations
Between the explosion of AI-powered tools, and a steady stream of technological innovation, expectations around content and communications are shifting. Video-led content is becoming the norm.
Over 90% of the public now prefers video to other learning formats, and more people expect hyper personalized content that is tailored to individual needs. For mining leaders who hope to reach investors outside the traditional industry, traditional corporate pitch decks and stacks of paper don’t cut it anymore.
Companies who want to win investment dollars also need to consider the changing demographics of the mining industry. Historically dominated by boomers, the number of workers in mining over 55 years old is shrinking every year. In fact, 46% of the mining workforce are boomers who are likely to retire within five years.
It’s urgent that mining leaders replace ‘boomer tech’ with more informative, visual content that appeals to fresh leadership and investors entering the scene. iPads are replacing paper print-outs. In-person site tours are not being replaced but are being supplemented with virtual tours accessible from a remote office. And dynamic, 3D videos are bringing life to static press releases, and plain quarterly updates.
The digital revolution and changing landscape of mining is making effective storytelling one of the most valuable skills for the next wave of mining leaders. And to get it right, companies need a new set of tools.
The Solution: A Smarter Way to Communicate
Since launching VRIFY in 2017, we’ve been hard at work building a platform that transforms the way both mineral exploration and mining companies communicate.
This month, we launched a suite of updates to the platform to elevate communication and make investment meetings even more effective. With our new deck editor, VRIFY users can now easily update their 3D presentations and 360 degree photographic content on a web browser enabled platform in real time from any device.
We also add the ability to turn any VRIFY 3D presentation into a shareable video. We’re creating a world where every response to an investor inquiry can be a personalized 3D animated video which the company can create in less time than it takes to write an email.
Another platform update includes refreshing the capabilities for in-person meetings. We’ve made it easier for users to cast high-res presentation content to multiple iPads instantaneously, to keep everyone on the same page. Investors can follow along with your deck on their iPads, without fussing with individual downloads or wifi, with content controlled from your fingertips.
Alongside these feature releases, we’ve launched an updated look and feel to the VRIFY website and brand. The update embodies the spirit of innovation and change we aim to foster in the industry, and includes a first-of-its-kind industry resource centre with training and tips to help mining CEOs improve their communication.
We’ve invested heavily into these updates to make sure the VRIFY platform facilitates rich dialogue through interactive features. And the feedback we’ve seen from mining companies and investors is validation that we’re on the right track:
We are excited to continue driving transformation in the industry, and setting a new standard for mining CEOs, investors, and partners in the process.
To stay up to date on news and insights in mining and where we’re headed, sign up for the VRIFY newsletter. If you’re interested in checking out any of VRIFY’s newly launched features, head to a free demo of the updated platform.