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The Australian
2 hours ago
- The Australian
Deep tech merger forms MagnaTerra Technologies
A new deep tech company, MagnaTerra, has been formed after the merger of globally leading startups NextOre and MRead MagnaTerra's launch follows an $11 million capital raise and support from some of Australia's leading investors in technology, science and mining. The company combines more than two decades of world-class innovation in magnetic resonance (MR) sensing developed by Australia's national science agency the CSIRO to detect minerals, explosives and drugs at a molecular level Special Report: Australia has a new globally focused deep tech company in MagnaTerra Technologies following the merger of mining innovator NextOre and explosives detection startup MRead. The combined company MagnaTerra Technologies has been backed in an $11 million capital raise supported by a number of leading investors in technology, science and mining. MagnaTerra brings together more than two decades of innovation in magnetic resonance (MR) sensing developed by Australia's national science agency the CSIRO. The rapid, accurate and safe detection technology – similar to that used by MRIs in healthcare – can identify minerals, explosives and narcotics at a molecular level. NextOre has applied highly penetrative technology to ore sorting to become a global leader in mining technology after it was spun out of a CSIRO R&D project. It's since ruggedised and commercialised the sensors for use over conveyor belts and haul trucks in mines across the globe. MRead has adapted the tech to develop world-class expertise in landmine and narcotics detection. Growth to meet global demand The capital raise will fund further developments in game-changing sensors for the defence, critical minerals, border security and humanitarian demining markets, where global demand is intensifying. This will include the development of detection capabilities for explosives, critical minerals for bulk sorting and iron ore applications. Resources sector investment and advisory house RFC Ambrian invested in the raise via its QCM fund. The round also attracted high-net-worth investors introduced by Shaw and Partners. The company's capital table additionally includes the CSIRO, engineering group Worley, electronic solutions developer Codan and global industrial manufacturer Gebr Pfeiffer SE. RFC Ambrian has been an investor in MRead and NextOre since their founding. RFC chair Rob Adamson will also chair the newly formed entity and said MagnaTerra was a natural fit with the fund's mandate. 'MagnaTerra is a sovereign tech platform with real revenue, high-impact IP and clear global applications,' Mr Adamson said. 'The company takes outstanding, world-leading detection technology developed by our national science agency, the CSIRO, that has significant potential to improve the economics and reduce the environmental impact of producing copper and other critical minerals. 'It additionally has important applications in the detection of explosives for humanitarian demining, border security and defence,' he said. Shared core IP, specialist applications MagnaTerra will continue to operate under established brands: NextOre for minerals; and MRead for security, defence and humanitarian demining applications. NextOre's systems are already operating in Chile, Zambia and the Philippines, with customers including Lundin Mining, First Quantum and Newcrest. Its platform helps copper miners offset the effects of declining ore grades by enabling cost-effective sorting of the valuable mineral from waste. NextOre's tech also dramatically reduces 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 critical minerals such as cobalt, antimony and bismuth. 'By enabling 100 per cent ore scanning in real time, our technology makes mines more productive and sustainable,' NextOre CEO Chris Beal said. 'That makes MagnaTerra a compelling opportunity for investors looking for scalable solutions at the intersection of deep tech, sustainability and security.' Like NextOre's sensors, MRead's handheld mine detector was developed in partnership with the CSIRO. It has since been trialled successfully in Angola with The HALO Trust, a forerunner global demining. Angola, Afghanistan and Iraq still have an estimated 10 million mines each, Cambodia an estimated seven million and more than two million landmines have been laid in Ukraine since 2022, with demining organisations scrambling to remove them. MRead's sensors are estimated to cut clearance times by up to 30 per cent by dramatically reducing false positives compared to metal detectors. Using MR sensing it directly detects RDX – one of two main explosive compounds commonly used in landmines globally. R&D has commenced on the other major explosive compound, TNT. 'Landmines are one of the great unresolved global challenges. Our technology promises to save lives and restore land to communities faster and more safely,' MRead and MagnaTerra CEO John Shanahan said. The same MR technology can be adapted to detect narcotics and explosives in cargo, without opening packages or using harmful radiation. 'This merger is a consolidation of world-leading science, engineering and commercial momentum into a single vehicle with global reach,' Mr Shanahan said. From left: MagnaTerra chairman Rob Adamson, MRead & MagnaTerra CEO John Shanahan and NextOre CEO Chris Beal. This article was developed in collaboration with NextOre, a Stockhead advertiser at the time of publishing. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
The Australian
5 hours ago
- The Australian
NVA puts pedal to critical metal
Antimony prices have jumped from US$12,000/t early last year to more than US$60,000/t, with forecasts above US$100,000/t caused by severe supply constraints At its Estelle Project in Alaska Nova Minerals is drilling aggressively following early high-grade results Nova is targeting military-grade antimony production by 2026 with the ultimate aim of establishing a secure, US-based antimony supply Special Report: As the US Government starts to ramp up support for domestic antimony supply, Nova Minerals' Estelle Project in Alaska is shaping up as a strategic solution and with potential to fast-track production. While a lot of commentary about antimony since the Chinese export ban has focused on its defence uses, another sector has stressed just how critical the mineral is for everyday life. US-based Responsible Battery Coalition executive director Steve Christensen said just ahead of America's summer driving season that the industry group considered its current supply squeeze a 'national emergency'. Christensen said American companies were increasingly having to procure their supply from an emerging "grey market", where sellers that had stocked up on the material were charging extremely high prices. The main applications of antimony are in lead-acid batteries used to start vehicles, as well as the military's explosive formulations - flares, night vision goggles and infrared sensors. Prices for the critical mineral have skyrocketed more than 500 per cent since dominant supplier China restricted imports into the US last September, then followed that up with a complete ban in December. From US$12,000/t at the beginning of 2024 antimony is now US$60,100/t, with some analysts forecasting prices to reach at least US$100,000. One of the key drivers of demand - US defence spending – is set to hit US$1.1 trillion for 2026, a 13 per cent increase on the previous year. In Europe defence budgets rose 17% year-over-year to $693 billion in 2024. And that was before the 5 per cent of GDP target agreed to during last month's NATO meeting of the 32 alliance leaders. Despite this, there are currently no viable domestic antimony mining operations in the US. Demand pull, supply push The Trump administration has recently made a start to rev up American production, seeing the erosion of American supply chains - and the mining industry that supports them - as a major national security concern. As part of that push, US-based company Perpetua Resources was awarded US$59.2 million in Defense Production Act Title III (DPA) funding to advance its Stibnite antimony project in Idaho. Also in May this year it received up to US$6.9 million from the US Army for Stibnite. The Department of Defense (DoD) has invested more than US$870 million over the past four years through DPA grants to bolster the supply of minerals critical to America's economy and defence, and this is expected to accelerate under the current administration. But even with its jump-start cash, Stibnite is estimated to meet only 35 per cent of US antimony demand from its initial six years of production - and that won't begin for at least three years. Nova in a pole position RFC Ambrian said earlier this year that as the antimony market faced 'severe stress', it could identify only nine projects globally that had the potential for near-term antimony production. One of these is Australian explorer and developer Nova Minerals' (ASX:NVA) Estelle Project in Alaska's prolific Tintina belt. While Nova is aiming to upgrade the JORC resource of 9.9Moz gold to the 10Moz milestone, it's also well into a 3000m diamond drill program at Estelle's Stibium prospect. The goal at Stibium is to deliver a maiden mineral resource estimate (MRE) for gold and antimony this year. The first drill hole was designed to test a potential high-grade gold-antimony zone, which was delineated through extensive surface sampling. This confirmed a significant mineralised footprint of about 800 metres by 400 metres. Standout results included 12 rock samples of at least 30 per cent antimony with a high of 60.5 per cent, and 16 samples of more than 5 grams per tonne (g/t) gold with a standout of 141 g/t. Nova is making the most of the near 24-hour daylight during Alaska's summer with round-the-clock drilling on a rotational basis, seven days a week. In other efforts to be a frontrunner in the antimony race, the company has applied for its own DoD funding which is now well advanced through the approvals process. Nova believes that, pending its successful application, it could fast track its assets through to initial production of antimony for military-grade applications by 2026. This would form a key part of its strategy to create a fully secure and integrated US domestic antimony supply chain based in Alaska. Drilling at the Styx prospect is also on this northern summer's schedule after results including up to 54.1% antimony and other high-grade intercepts. Nova CEO Mr Christopher Gerteisen said the campaign's focus was on initiating a maiden resource at the Stibium prospect for both gold and antimony, while also advancing the RPM and Korbel gold deposits toward feasibility and permitting. 'With both antimony and gold trading near historic highs, the strategic significance and potential economic return of these near-surface assets underscore Nova's strong growth trajectory and long-term value proposition.' 'Nova is well advanced in identifying a potential US-based metallurgical refining site and, with potential DoD funding, has the ability to rapidly expand drilling at the site. 'Through our Estelle Project and potential partnerships with other regional sources, we believe Nova is well placed to help re-establish Alaska as a strategic supplier of antimony to the US. This would reinforce supply chain resilience and national security.' This article was developed in collaboration with Nova Minerals, a Stockhead advertiser at the time of publishing. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
ABC News
7 hours ago
- ABC News
Trump celebrates 'big beautiful bill' as Ukraine pleas for help
As US president Donald Trump celebrates signing his huge term-defining tax and spending bill into law, he is under pressure from Ukraine to keep lending air defence assistance to combat Russia's invasion.
