To cater for all eligible investors who may have been away over the Christmas/New Year period, minerals targeting company SensOre has extended the closing date of the company’s initial public offering (IPO).
Investors have until 14 January to apply for a total 11.8m ordinary shares being issued at the offer price of $0.85 per share (minimum amount $2,000) prior to the company listing on the main board of the ASX 11 February 2022 under the ASX code: S3N.
The $7m-$10m raised during the IPO will be used to further SensOre’s plans to become the top performing minerals targeting company globally.
Incorporated in 2019 by founders seeking to advance conventional greenfield exploration techniques, SensOre will be the only ASX-listed company that provides exposure to AI led exploration, applying a pattern recognition process to geoscience data.
For example, through the deployment of artificial intelligence (AI) and machine-learning (ML) technologies, this process is expected to help identify where deposits are most likely to be found.
By combining an approach to exploration that combines advanced AI/ML technology, big data, and vast geoscientific expertise, SensOre’s AI-enhanced exploration approach provides explorers with what CEO Richard Taylor describes as more “surgical exploration reducing costs, especially in drilling.”
In layman’s terms, the company’s technology aims to cost-effectively unlock mineral secrets trapped in rocks which are invariably buried deep beneath the earth’s surface, and hence traditionally more costly to assess.
The company’s intellectual property, including SensOre Data Cube and Discriminant Predictive Targeting Technology (DPT) was designed to advance the way mining companies integrate, interrogate, and analyse geoscience data in order to better understand where and how to explore.
The benefits of more data upfront, notes Taylor is a smaller area to focus on. Taylor believes the AI-enhanced exploration approach is akin to giving WA a ‘full body scan’ covering the entire area within a mine site.
For example, by absorbing all data from numerous information streams, generated by analysing geological, geophysical, and geochemical work, SensOre is offering what Taylor regards as the ‘next generation’ of exploration success for in-demand commodities.
By doing this, SensOre can help to predict the locations most likely to contain economic mineralisation.
Taylor reminds investors that the company’s smart geoscience has been successfully applied on its own projects where it hopes to pinpoint mineralisation.
As a case in point, partners on a range of projects include a Joint Targeting Agreement (JTA) with BHP to “Phase 3” after receiving approval from the big-miner to explore the company’s Nickel West operations in WA.
“The results derive from the truly joint nature of the project and shared view that better use of geoscience data will lead to improvements in discovery rates,” said Taylor.
SensOre's tenement assets also include Mt Magnet, north of Ramelius Resources' (ASX: RMS) Mount Magnet (Gold Operations; Meekatharra, bordering Great Boulder Resources' (ASX: GBR) Mulga Bill project; and SensOre's Leonora projects.
Directors do not consider it appropriate to forecast future earnings at this point. However, in addition to the company’s own exploration projects and partnerships, SensOre generates its profits from letting other explorers use its technology.
These include milestone payments, equity and royalty positions which the company has with numerous companies, including a JV with Chalice Mining (ASX: CHN) on the Auralia nickel project in which SensOre is earning an equity stake.
SensOre is currently focussed on commodities such as gold, nickel, copper, and lithium, and expects to benefit from the ongoing demand for energy transition battery minerals.
“We expect SensOre’s AI-enhanced exploration technology to be increasingly deployed to help open up new areas for lithium in WA,” advises Taylor.
At FY21, SensOre had net assets of $22.9m, and outside of a minimal amount owing for insurance premium funding, no debt.
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