Progress in the last three months has revealed Archer Materials Limited’s (ASX:AXE) hybrid model is gaining serious traction.
Not only that, but it also exited the period in rude financial health with $2.2 million and no debt.
Archer is a technology company that is developing materials in quantum computing, biotechnology, and lithium-ion batteries as well as exploring for minerals in Australia.
In a third-quarter activity update, investors were told the company remained “on-track” building its 12CQ quantum computing processor chip.
Major milestone
A “major commercial milestone” came in the form of an international patent application for its graphene-based biosensor technology.
“The successful lodgement of an International Patent Application with the World Intellectual Property Organization to protect and commercialise its graphene biosensor technology was a great achievement by our CEO, Mohammad Choucair and the Archer team,” said chairman Greg English.
Turning to the Eyre Peninsula Project, in South Australia, Archer said its Campoona flake graphite was successfully used to produce coated spherical graphite and tested in proof-of-concept lithium-ion battery cells.
“The anode performance was in-line with industry benchmarks and we will continue to seek a partner to develop this project,” English added.
In a wide-ranging update, the company also said drilling and assay results from the Franklyn Halloysite-Kaolin Project, also in South Australia, had “significantly increased” its commercial potential.
It added that at Franklyn beneficiation is to commence with a global specialty clay producer while drilling concludes at the Eyre Peninsula Kaolin-Halloysite Project.
“Results from drilling at Franklyn and EP Projects confirmed the presence of high-value halloysite and kaolin at both of these projects,” said Archer chairman English.
“Halloysite from the Franklin Project has been sent to a pilot plant for processing with the resultant material to be sent to potential customers for product testing.”
Strong intellectual property
The company has a strong intellectual property, broad scope mineral tenements, world-class-in-house expertise, a diverse advanced materials inventory, and access to more than $300 million of research and development (R&D) infrastructure.
It is developing its advanced materials business in the key areas of quantum technology, human health, and reliable energy and its graphene-based biosensor technology is unique and has the potential to positively disrupt the global MedTech industry.
There are very few materials in existence that can be used to perform biosensing rapidly and accurately for human health diagnostics.
The company is developing a graphene-based biosensor device that, if successful, will allow for rapid, highly sensitive, portable testing for in-vitro diagnostics.