Orexplore lifts annual revenue 174%

Staff reporter

Microcap rock-scanning technology company, Orexplore, says it reduced quarterly net operating cash outflows to A$1.2 million in Q4 from an average $1.84 million in the first three quarters of 2023 on the way to lifting full-year revenues to $3.3 million.

The ASX-listed company said revenues were up 174% year-on-year, with customers reporting high utilisation of Orexplore Geocore GX10 core-scanning units in 2023.

Orexplore finished its fiscal year to the end of December with net cash of $3.06 million after it raised $4.13 million of equity funding during the year at an average 4.5c a share.

“Strong customer receipts together with careful control of operating costs have led to a large drop in net operating cash outflows for the [December] quarter to $1.2 million,” Orexplore said.

“The company has focused on reducing capital expenditure as part of its overall cash management strategy whilst also ensuring it has capacity to quickly pivot to manufacturing additional Geocore X10 units in response to new contract growth.”

The company said field-based Geocore GX10 units were achieving more than 90% machine utilisation and plus-40m of scanning per unit per 12-hour shift. Peak rates up to 45m per machine per shift had been recorded at BHP’s Carrapateena copper-gold mine in South Australia.

“In addition to the original rock mass characterisation focus of the project, a strong emphasis was placed on geotechnical capabilities as a particular unique value proposition for the technology platform,” Orexplore said.

Orexplore’s GeoCore X10 is a transportable X-ray rock mass scanning technology that converts drill core samples into three-dimensional data sets to provide a “through the rock” model of internal structures, particles and texture, as well as elemental detections, CT-based mineralogy and density.


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