NextOre Ltd and MRead Ltd have completed a merger and an A$11 million ($7 million) capital raise, in the process forming a new Australian deep-tech company called MagnaTerra Technologies Ltd.
MagnaTerra combines more than two decades of sovereign innovation in magnetic resonance (MR) sensing, a rapid, accurate and safe detection technology developed by CSIRO to detect minerals, explosives and narcotics at a molecular level, the company says.
The capital raise will allow the company to continue developing sensors that enable improved processes in humanitarian demining, defence, critical minerals and border security markets, where global demand is intensifying. MagnaTerra will expand its detection capabilities for target explosives, critical minerals for bulk sorting and iron ore sensing applications.
RFC Ambrian Funds Management’s QCM Fund participated in the round, alongside Shaw and Partners’ wealth management group and individual investors. The company’s capital table also includes Australia’s national science agency, the CSIRO, as well as global engineering group Worley Ltd, electronic solutions developer Codan Ltd and global industrial manufacturer Gebr. Pfeiffer SE.
RFC Ambrian has been an investor in both MRead and NextOre since their founding. RFC Chair, Rob Adamson (pictured on the left), will also chair the newly formed entity.
“MagnaTerra is a sovereign tech platform with real revenue, high-impact IP and clear global applications,” he said. “The company takes outstanding, world-leading detection technology developed by our national science agency, CSIRO, that has significant potential to improve the economics and reduce the environmental impact of producing copper and other critical minerals, as well as important applications in the detection of explosives for humanitarian demining, border security and defence.”
MagnaTerra will continue to operate under established brands: NextOre for minerals and MRead for security, defence and humanitarian applications.
NextOre’s systems are already operating in Chile, Zambia and the Philippines with customers including Lundin Mining, First Quantum Minerals and Newcrest (now Newmont). In addition to conveyor-based systems, the company has also developed solutions focused on truck bed, MR-based analysis for both surface and underground mines.
NextOre says: “The platform helps copper miners offset the effects of declining ore grades and dramatically reduce energy, water and chemical use by rejecting waste rock close to the source.” It’s now being adapted for lithium and iron ore, with future applications across minerals such as cobalt, antimony and bismuth.
“By enabling 100% ore scanning in real time, our technology makes mines more productive and sustainable,” NextOre CEO, Chris Beal (pictured on the right), said. “MagnaTerra is a compelling opportunity for investors looking for scalable solutions at the intersection of deep tech, sustainability and security.”