ASX drill-core scanning technology company Orexplore is “well positioned to move into the scaling phase of the business” this year after generating more than A$1 million of revenue in 2022 and finishing the year with $7m in the bank, according to managing director Brett Giroud.
The microcap, formerly part of Swick Mining Services, has seen its shares tumble down to 7.1c since its January 2022 listing, capitalising the company at just $8.3m. However, Giroud said an increase in revenue from $64,000 in FY21 to $1.21 million in FY22 and landing a $2.35m contract with OZ Minerals showed Orexplore was in “full commercialisation mode”.
It had completed more than 10 new “customer engagements” in 2022, based on digital scanning of core from the Australian, European, African and American field programs. It was “deepening customer engagement in Australia, Latin America and Europe to advance [its] sales pipeline”.
Investment in the company’s GeoCore X10 non-destructive core scanning and analysis machine, and Insight software, had produced improvements.
“We have worked hard to set the company’s foundations, attracting new talent to accelerate delivery, and working effectively across our Perth and Stockholm teams,” Giroud said.
“With field deployments and a set of commercial solution developments in our laboratories advancing, our focus is to guide customers through commercial development and adoption to continue to build our pipeline.”
Orexplore said the OZ Minerals contract was its largest ever commercial deal. Four GeoCore X10 machines had been deployed into the field to scan drill core and connect new information sets into existing geological systems and processes. “Additionally, multiple other new data streams have been connected to geologists and mining professionals through the company’s Orexplore Insight software platform,” Giroud said.
