Official Prospect Generation Challenge Rules (the Rules)
~ Updated January 26, 2024
Introduction
The Prospect Generation Challenge (the Challenge) is a “Dragons’ Den” style live event at the Prospectors and Developers Association of Canada (PDAC) Convention which aims to get students and early-career individuals excited about the mineral exploration industry, to create jobs for students and early-career individuals in this sector, and to educate the general public about how this industry is evolving and improving. It is a catalyst to springboard the mineral exploration industry into a generation of renewed growth by bridging the gap between academia and industry, and by nurturing socially conscious entrepreneurs who want their mineral projects to have a sustainable benefit for all stake holders. The Challenge is presented by Next Gen Geo.
Selection and Awards
Subject to the terms outlined in these Rules, Finalists (as defined herein), as selected by and at the sole discretion of representatives of Next Gen Geo Inc. (Next Gen Geo), will be eligible to attend and present at the “Shark Tank” style event on Saturday, March 2, 2024 in Toronto, Canada. Finalists proposed project sites may be staked by Next Gen Geo, in which case the team members involved with the proposal will be awarded 50% of the first tranche of any cash payment received, minus staking costs, if the property is optioned within 2 years. The exact level of investment and terms for investment, if any, in mineral claims that have already been staked by teams are at Next Gen Geo’s sole discretion and subject to completion of appropriate due diligence. The participating cash prizes are (i) 1st Place $3,000; (ii) 2nd Place $2,250; (iii) 3rd Place $1,750; (iv) 4th Place $1,250; (v) 5th Place $1,000; and (vi) 6th Place $750.
The odds of being selected depend upon the number and calibre of eligible entries received during the Submission Period (as defined herein).
Finalists must accept their selections as awarded, which cannot be transferred, assigned, sold, substituted or redeemed for cash. In the event that your selection consists of or includes attendance at an event that is cancelled, delayed or rescheduled for any reason whatsoever, substitute equivalents will not be provided.
The Finalists may appear at the Challenge, as applicable, after they have been successfully contacted and notified of their selection, have complied with the Rules and have executed and returned any waivers, releases and/or documents that may be requested by Next Gen Geo. A maximum of three attempts will be made to contact each Finalist. If a Finalist is unreachable during the period of 72 hours, or declines the offer of continued participation, an alternate Finalist may be selected.
Finalists: Finalists are the individuals or teams who are selected by Next Gen Geo or its representatives to participate in the Challenge on Saturday, March 2, 2024, and who have accepted such invitation and have agreed in writing to the associated terms and conditions. In order to remain an eligible Finalist and compete for a prize, at least one team member shall travel to Toronto, Canada, during the 2024 Prospectors and Developers Association of Canada (PDAC) Convention at the participants’ own cost, and present in person at the Challenge on Saturday, March 2, 2024. All Finalists will have to pay for their own PDAC Convention registration costs. Note that access to the Finals event will require a PDAC Convention badge.
Submission Period and Key Dates
Submissions will be accepted by email at challenge@nextgengeo.ca from Friday, November 1, 2023 until Sunday, February 4, 2024 at 8:59 pm PST / 11:59 pm EST. Late submissions will not be accepted.
Prospect Generation Challenge Timeline
- Sunday, February 4, 2024: Deadline for submissions
- Friday, February 9, 2024: Selected teams notified
- Saturday, March 2, 2024: Prospect Generation Challenge Finals event
Submission Requirements
- Each team member must fill out a Submission Form. Attach all forms to your submission email.
- Report submission PDF:
- Maximum of six 8.5” by 11” pages; minimum 12-point font size; minimum margins are one inch; text in tables and figures must be no smaller than 9-point font size.
- Email as a single unlocked PDF document or link to document stored in the cloud, 20 MB maximum. Embedded hyperlinks to external content can be included but may not be reviewed.
- Optional: A Pitch Video, no longer than 10 minutes, uploaded to YouTube as a private video, shared with challenge@nextgengeo.ca
- Optional: 1-page annotated list of supplementary data with links to reports/data sources
The report submission must include the following within the six-page limit and follow this template:
- Executive Summary
- Brief biographies of each member of the team
- Claim/Mineral Tenure map showing open ground for proposed staking or already staked claims
- Explanation of why you believe this land is worth staking
- Proposal for the work you would do on the claim to test your hypothesis and add value to the project. Assume a budget of $30,000 CAD and a timeframe of May – August 2024.
Submission Scoring
Submission scoring will be broken down into five categories. The questions within each category are intended to be advisory in nature; they should not be interpreted as specific judging criteria. Suggestions have been made in each category by our judges as sections or practices to consider including. They are not mandatory.
1. Data – 20%
- How much historical data has been found for the proposed project?
- Considerations include:
- Drilling (# of holes, total length)
- Location of historic core?
- Geophysics?
- Soil Sampling?
- Surface work (stripping/trenching)
- Quality of assessment files (level of detail, completeness, scan quality, georeferencing suitability)
- Has the team explored alternative sources of data e.g. calling regional geologists to get data not available online, calling companies that have previously worked in the area, etc.
2. Geology/Mineralization – 20%
- How prospective is the proposed project from a geological perspective?
- Considerations include:
- Best grade/interval?
- Repeatability of high grades?
- Identified geologic/structural controls?
- Size: strike length, depth, width
- Any historic resource figures?
- Strike relationships to other deposits?
- Is there a lack of data but a good reason to think the ground could be prospective?
3. Location & Access – 20%
- Is the proposed location open for staking or has it already been staked by the team?
- If it is open, does the team understand the process for staking a claim in the relevant jurisdiction?
- Is the location of the project amenable to cheap exploration and mine development?
- Considerations include:
- Infrastructure (road/trail/boat/air, water rights, electricity/power)
- Deposit access (Surface exposure? Blind deposit? Lies beneath swamp?)
4. Social & Environmental – 20%
- Does the group demonstrate an understanding of the social and environmental issues that could impact exploration work?
- Considerations include:
- Staking restrictions
- Native consultation
- Local communities
- Environmental permits/liabilities
5. Presentation Quality – 20%
- How well did the group present their idea?
- Considerations include:
- Fluent and knowledgeable, clearly articulate ideas, appropriate use of vocabulary at a general level, engaging, body language, organized, easy to follow, good use of visuals, enthusiastic & convincing
Upon completion of your submission you will receive an email to confirm we’ve received it. If you do not receive a confirmation email, please email jamal@nextgengeo.ca before the submissions close.
Submission deadline has been extended and will now close at 8:59 pm PST / 11:59 pm EST on Sunday, February 4, 2024. Late submissions will not be accepted.
Basis for Judging
Judging will be conducted by a team that will be composed of individuals with varying backgrounds. Next Gen Geo team members and partners from Universities will grade submissions using the scoring rubric to select six Finalists who will be invited to attend the Challenge event during the 2024 Prospectors and Developers Association of Canada (PDAC) Convention in Toronto.
Please do not contact any of our judges directly. Only requests sent to jamal@nextgengeo.ca will be responded to. Please allow two business days for a response before following up.
Due to the anticipated large number of applications submitted, feedback will not be provided to applications that do not move forward as finalists.
The decisions of Next Gen Geo, University partners and the judging panel are final and binding. Next Gen Geo reserves the right at any time, at its sole discretion, to disqualify any entry that it determines does not comply with the criteria stated below or with these official Rules generally.
Communication
English is the official language for submissions, proposals, presentations, and all communications.
Applicants may be asked for follow-up information; telephone or Zoom interviews may be requested. Where such information is requested, applicants must consent to such requests as a condition of eligibility for the Challenge. By entering the Challenge and voluntarily providing certain personal information required by the entry form, applicants consent to the collection, use and disclosure by Next Gen Geo of the applicant’s information to administer this Challenge.
Eligibility
The Challenge is open to current undergraduate and graduate students enrolled in geoscience programs at recognized universities, as well as graduates of such programs up to 31 years of age, and their projects can be anywhere in the world.
For persons who do not meet the eligibility criteria, you are welcome to submit your ideas to us for our review, notwithstanding the fact that you are ineligible to participate in the Challenge.
Teams may participate, but each member of a team must meet all of the above criteria. Members of a team must designate one (1) team member who will serve as the point of contact during the Challenge (referred to as the “Designated Representative”), and by doing so, each team member authorizes the Designated Representative to act on the team’s behalf. Each team member may be required to separately agree to these terms within three business days of Next Gen Geo’s first attempted notice to the team member by email at the email address for the participant provided by the Designated Representative at the time of entry (“Team Confirmation”). Any team submissions that do not comply with the Team Confirmation requirements may not be eligible for participation in the Challenge and/or may be disqualified from participation and ineligible to earn an opportunity to negotiate their prize from Next Gen Geo. Teams cannot comprise more than three members.
The mineral exploration project being proposed must either be on open ground or the mineral claims for the proposed project site must be held 100% by the team members or by a corporation that is 100% controlled by the team members.
Next Gen Geo reserves the right, at its sole discretion, to disqualify any participant who is (i) found to be tampering with the entry process or with the operation and administration of the Challenge; (ii) acting in an unsportsmanlike or disruptive manner, or with the intent to disrupt or undermine the legitimate operation of the Challenge; (iii) or in violation of the Rules.
Automated entries sent via bots will be disqualified. Automated and/or repetitive electronic submissions (including but not limited to entries made using any script, macro, bot or contest service) will be automatically disqualified and transmissions from these or related accounts may be blocked. Next Gen Geo reserves the right to seek damages and other remedies from any such entrant to the fullest extent permitted by law, including but not limited to criminal prosecution.
Participants must comply with these Rules. Participants will be deemed to have received, understood and agreed to these Rules through their participation in the Challenge.
No purchase or payment of any kind is necessary to enter or win. No skill testing question is required.
Travel and Awards
At least one member of each Finalist team must be available to be in Toronto, Canada, on Saturday, March 2, 2024 to participate in the Challenge event. Each Finalist team member is solely responsible for obtaining any requisite visas or travel documents, and for his or her own insurance arrangements. Registration for the PDAC Convention is required to enter the Finals Event. All Finalists are solely responsible for payment of any taxes owing as a result of their receipt of any cash distributions or investment.
The Prize Pool consists of $100,000. Cash prizes totaling $10,000 will be awarded to Finalists according to judges scoring as follows: 1st Place $3,000; 2nd Place $2,250; 3rd Place $1,750; 4th Place $1,250; 5th Place $1,000; 6th Place $750.
The remaining $90,000 in the Prize Pool will be invested into the Finalists projects, with the amount allocated to each project decided by the judges. The terms and conditions of any money invested in a project will be defined in a Funding Agreement. Each Funding Agreement shall include an origination fee in favour of Next Gen Geo equal to five percent (5%) of the transaction value, payable at each tranche and stage as may be payable under an earn-in or acquisition agreement for same.
Intellectual Property Rights and Disclaimer
Any submission submitted in connection to the Challenge must be submitted by participants who have all necessary rights in and to the submission.
The submission must not infringe upon or violate any laws or any third-party rights, including, but not limited to, copyright, patent, trademark, industrial design, trade secret, privacy, publicity or confidentiality rights or other proprietary or contractual rights, and must not include material that is libelous, defamatory, obscene or tortious. Participants agree to indemnify Next Gen Geo for any damages that Next Gen Geo may incur as a result of a breach of the foregoing requirement.
Participants making submissions acknowledge that disclosure of their idea to Next Gen Geo or the public in connection with the Challenge may impact the intellectual property protection and mineral tenure available for the idea in Canada and in other countries. Participants should seek independent legal advice prior to disclosure of their idea to the Challenge. Information about Finalists and their idea may be used or reproduced in broadcasts, presentations or other marketing materials in connection with the Challenge.
Next Gen Geo and its partners in the Challenge assume no liability whatsoever for any damage, direct, indirect, consequential or otherwise, that a participant may incur as a result of disclosure of any idea, concept, trade secret, confidential information or any other proprietary material, in connection with the Challenge, including but not limited to any damage arising from a transaction, arrangement or agreement entered into by a Finalist with a third party at or following the Challenge.
TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTICIPANT HEREBY WAIVES ALL RIGHTS TO CLAIM PUNITIVE, INCIDENTAL, AND CONSEQUENTIAL DAMAGES AND ANY OTHER DAMAGES, AND ANY AND ALL RIGHTS TO HAVE DAMAGES MULTIPLIED OR OTHERWISE INCREASED. SOME JURISDICTIONS DO NOT ALLOW THE LIMITATION OR EXCLUSION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES, SO THE ABOVE MAY NOT APPLY TO YOU.
In addition to the above, all participants further agree and acknowledge that subsequent to the completion of the Challenge, any and all information and data supplied by you in the context of the Challenge may be used by Next Gen Geo for its own benefit and use, and any profits derived therefrom shall ascribe to and for the sole and exclusive benefit of Next Gen Geo.
Collection of Personal Information
By entering the Challenge, it shall automatically evidence your consent for Next Gen Geo to collect, use and disclose your personal information for the purpose of determining eligibility for the Challenge, for assessing other grants and funds that may be available to you, and for any and all such other purposes related directly and indirectly to the Challenge. Next Gen Geo may disclose your personal information to its affiliates and representatives, to government or regulatory authorities, and to any such institution that may provide funding or other such assistance. Next Gen Geo may transfer the personal information or information about beneficial owners to third parties.
Disclaimers
The Rules are subject to change at the sole discretion of Next Gen Geo. Registered participants will receive notification when changes are made. However, participants are encouraged to visit the Prospect Generation Challenge Website often to review updates.
Next Gen Geo is not responsible or liable for late, lost, incomplete, illegible, misdirected, stolen, delayed, damaged or destroyed entries, notifications, replies or any Prospect Generation Challenge Release; for lost, interrupted, inaccessible or unavailable networks, servers, Internet Service Providers, websites or other connection related to the Challenge; for errors of any kind, including but not limited to human, electronic, mechanical and/or technical in nature; for failure or technical malfunction of any telephone network or lines, computer and online systems, servers, computer equipment, software, email, players or browsers on account of technical problems or traffic congestion on the Internet, any websites related to the Challenge, including without limitation the Prospect Generation Challenge Website, or any combination thereof or otherwise; for any injury or damage to participant, participant’s computer, or any other person’s computer related to or resulting from participating in or downloading material in connection with the Challenge; for incorrect or inaccurate information; and/or for weather conditions, event cancellations, delay or rescheduling or other factors beyond Next Gen Geo’s control.
CAUTION: ANY ATTEMPT TO UNDERMINE THE LEGITIMATE OPERATION OF THE PROSPECT GENERATION CHALLENGE MAY BE A VIOLATION OF CRIMINAL AND CIVIL LAWS AND SHOULD AN ATTEMPT BE MADE, NEXT GEN GEO RESERVES THE RIGHT TO SEEK DAMAGES OR OTHER REMEDIES FROM ANY SUCH PERSON(S) RESPONSIBLE TO THE FULLEST EXTENT PERMITTED BY LAW.
Subject to applicable law, Next Gen Geo reserves the right to amend, cancel, terminate or suspend the Challenge (in whole or in part) if for any reason the Challenge cannot be run as planned, including but not limited to: tampering, fraud, or corruption of proper administration of the contest, without providing any prior notice.
Governing Law
The Challenge is subject to applicable federal, provincial and municipal laws and regulations and is void where prohibited by law. All issues and questions concerning the construction, validity, interpretation and enforceability of the Prospect Generation Challenge Rules or the rights and obligations as between the entrant and Next Gen Geo in connection with the Challenge shall be governed by and construed in accordance with the laws of the province of Ontario including procedural provisions without giving effect to any choice of law or conflict of law rules or provisions that would cause the application of any other jurisdiction’s laws. The decisions of Next Gen Geo with respect to all aspects of the Challenge are final and binding.
Winner List
The list of winners will be available after Monday, March 2, 2024 on the Prospect Generator Challenge website, at the url https://www.nextgengeo.ca/index.php/past-winners/.
Contact
Full challenge rules can be found at http://www.nextgengeo.ca/index.php/programs/challenge/prospect-generation-challenge-rules/
For questions, please contact Jamal Amin (jamal@nextgengeo.ca)
