Archer Materials Ltd (ASX:AXE) is in a trading halt to allow time to finalise and execute a material agreement regarding its 12CQ quantum computing chip technology.
The halt will be in place until the beginning of regular ASX trading on Tuesday, May 5, 2020, or when an announcement is released to the market, whichever occurs earliest.
Shares last traded at 18.5 cents and are up from 13 cents at close on March 23.
Progress in March quarter
Archer’s March quarterly report stated that the company was “on-track” building its 12CQ quantum computing processing chip.
The report also stated that a “major commercial milestone” came in the form of an international patent application for Archer's graphene-based biosensor technology.
“The successful lodgement of an International Patent Application with the World Intellectual Property Organization to protect and commercialise the 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 in South Australia had “significantly increased” its commercial potential.