Orexplore Technologies has commenced trading on the Australian Securities Exchange (ASX), following its demerger from Swick Mining Services Limited.
As part of this process, the company raised A$2.44 million ($1.76 million) at A$0.25 per share from existing Swick shareholders through a priority offer of shares, in addition to the A$12 million seed funding amount through the Swick demerger.
The demerger and listing will allow the mineral scanning technology company to accelerate its business and technology strategies, focused on the commercialisation of its technology platform through targeted customer “value propositions” across the mining value chain, it said.
Established in Sweden in 2010, and headquartered in Perth, Western Australia, the company is focused on accelerating market traction, and advancing the commercialisation of its non-destructive core-scanning technology across the mining value chain. Its flagship offering, the field-based core sensing GeoCore X10® product and remote Orexplore Insight software, enables a very rapid “drilled to insight” duration, connecting geological decision makers anywhere in the world to drilled core from exploration and deposits potentially hours after extraction, according to the company. GeoCore X10, specifically, is a transportable X-ray rock mass scanning technology that converts drill core samples into a 3D dataset to provide a “through the rock” image of internal structures and texture in addition to elemental detections and density.
With its strong research and development capability, Orexplore is actively advancing the existing hardware and software technologies to bolster its competitive IP portfolio, with research and development remaining critical to the business, it said.
Swick Mining Services has been looking to spinoff this unit since late 2020 following a strategic review.
Orexplore is seeking to capitalise on its research and development program and fleet of 12 GeoCore units, as it looks to capture opportunities across the global mineral sensing and analysis market. Orexplore GeoCore X10 units are currently being trialled at customer sites and the company’s laboratories across Western Australia and Europe, with company continuing to advance its customer collaborations and engagements.
Orexplore’s Chair, Dr Alan Bye, said: “Resource characterisation is fundamental to the success of exploration, extraction and mine closure. The mining industry is adopting digital sensors and analytics to improve productivity and Orexplore has the potential to add significant value to mining exploration and operations. We are excited to become a listed company and thank our shareholders for their support.”
Orexplore’s Managing Director, Brett Giroud, said: “We are fortunate to be building on a strong base of advanced research and development from our origins in Stockholm. With a healthy balance sheet, a rapidly advancing technology platform, and a highly skilled team, we are well positioned to create shareholder value as we aim to build a global technology company.”