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Archer Materials concludes sale of non-core Leigh Creek Magnesite Project for $2.89 million

Archer shares recently surged on a technological breakthrough with the building of quantum devices required for initial qubit control measurements.

Archer Materials Ltd - Archer Materials concludes sale of non-core Leigh Creek Magnesite Project for $2.89 million
The company’s primary focus is now on its materials technology business

Archer Materials Ltd (ASX:AXE) (OTCMKTS:ARRXF) (FRA:38A) has completed the sale of its Leigh Creek Magnesite Project for a total consideration of $2.89 million which includes a cash payment of $250,000 and shares worth $2.64 million in Volatus Capital Corp (CNSX:VC).

Strategy to monetise non-core assets

Archer executive chairman Greg English said: “The sale of the Project is part of our strategy of monetising our exploration and other non-core assets, and so far we have received approximately $12.0 million from the sale of these non-core assets.

“We look forward to continuing to work with Volatus management and providing the assistance required to maximise the value of the Project and the Consideration Shares.”

Focus on materials technology business

Archer shares recently surged on a technological breakthrough with the building of quantum devices required for initial qubit control measurements.

This work is part of a significant phase in Archer’s technology development related to the operation of the 12CQ® room-temperature quantum computing qubit processor.

Archer and the company’s collaborators have rapidly developed qubit control devices ‘end-to-end’ using in-house expertise and local world-class facilities.

Quick facts: Archer Materials Ltd

Price: 0.535 AUD

ASX:AXE
Market: ASX
Market Cap: $120.29 m
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