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Archer Materials continues work on strategic execution priorities despite COVID-19

The company is well capitalised to report about $2.2 million and no debt as at March 31.

Archer Materials Ltd - Archer Materials continues work on strategic execution priorities despite COVID-19
Archer is developing materials in quantum computing, biotechnology, and lithium-ion batteries

Archer Materials Ltd (ASX:AXE) continues to work on its strategic execution priorities despite the COVID-10 pandemic.

Specific ongoing value-add activities during this period include commercialising the CQ quantum computing chip, patenting printable graphene biosensors, integrating the Campoona graphite project and monetising mineral exploration tenements.

Archer has access to more than $300 million state-of-art research and development infrastructure to build materials technology and analyse mineral compositions in Australia and Europe, which mostly remain open and are not related to University teaching.

The company has in-house expertise to manage its tenement portfolio and advance the technological and commercial development of its materials technology, while its patent and IP prosecution is performed through several well-regarded legal firms in Australia and New Zealand that remain operational.

“Good cash position”

Chief executive officer Mohammad Choucair said: “Archer is not single-point sensitive in any one of its materials technology and mineral exploration projects milestones.

“Over the past 12 months we have strengthened our capabilities and the company’s financial position and operations to counter exogeneous impacts like that of COVID-19.

“The company is in a good cash position having successfully raised $2 million in December 2019 to execute on our strategy.

“We anticipate only minor delays to our critical commercial pathways.”

Milestones not affected by COVID-19

Choucair added: “We will continue to advance the prosecution of Archer’s IP and seek to engage in new commercial partnerships, which also includes monetising our exploration assets.”

“Successfully executing on our overall strategy requires getting the sequence of our activities right while preserving cash.

“We are confident that we can do this as we have international collaborations and extensive facilities access to achieve development related milestones that are not all affected [by COVID-19] at the same time and at the same rate.”

Quick facts: Archer Materials Ltd

Price: 0.695 AUD

ASX:AXE
Market: ASX
Market Cap: $148.28 m
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