- Mineral-scanning technology company Orexplore Technologies (OXT) recently debuted on the ASX under the ticker code “OXT”
- The company listed on the ASX on January 21 after a demerger from Swick Mining Services (SWK) and raising $2.44 million at 25 cents per share through an IPO
- Orexplore is focused on commercialising its technology platform which aims to make the drill core analysis process more timely and efficient as well as deliver better insights
- The company also welcomed highly experienced CFO David French, who has led multiple companies and is considered a good fit as OXT advances its platform
- Company shares are 4 per cent in the green, trading at 13 cents
Mineral-scanning technology company Orexplore Technologies (OXT) recently debuted on the ASX under the ticker code “OXT.”
Orexplore officially began trading its shares on the ASX on January 21, 2022 after a successful demerger from parent company and ASX-lister Swick Mining Services (SWK).
Swick Mining initially announced a potential demerger of the business in early 2020 as part of a strategic review of what it believed would be in the best interest of the companies and shareholders.
The company then confirmed it was working towards demergering Orexplore in its FY20 full-year report.
Fast forward to its initial public offering (IPO), Orexplore Technologies raised $2.44 million through the issue of 9.75 million shares at 25 cents each from existing Swick shareholders in addition to the $12 million seed funding amount through the Swick Demerger.
The demerger and IPO positioned OXT well to accelerate its business and technology strategies, with a primary focus on commercialising its technology platform for the mining sector.
Ten days after listing, the newly-listed stock welcomed David French as Chief Financial Officer, who brought 20 years’ experience working in many finance and commercial roles for private and publicly listed companies.
Right before joining Orexplore he was CFO for Lockton Companies Australia, which is owned by a billion-dollar business. During his time there, he oversaw the doubling of revenue between 2018 and 2021.
“David brings extensive financial discipline, commercial acumen, and a strategic lens developed through supporting high growth businesses, which will be very important for the company as it advances the commercialisation of our technology platform,” Orexplore Managing Director Brett Giroud said.
Orexplore’s technology aims to allow customers to “drill for information” and improve their knowledge more sustainably.
Its field-based core-sensing GeoCore X10 product essentially reduces the time it takes to analyse core samples. For instance, up to four, one-metre core samples can be scanned and analysed within the hour which makes the analysis process much more efficient.
Further, the Orexplore Insight software complements GeoCore X10 by organising the drill information. It allows you to see inside the core and provides a breakdown of detected elements, density, texture, fabric and grain size to help customers make better decisions about a project.
The company describes the software as a “virtual core farm that’s accessible from wherever you are”.
At this stage, Orexplore’s GeoCore X10 units are being trialled at customer sites and the company’s labs across WA and Europe. It’s also undertaking small-scale commercial projects as it broadens its customer base and advances sales.
“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,” Mr Giroud said.
OXT’s shares were 4 per cent in the green, trading at 13 cents at 2:50 pm AEDT.