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SensOre brings AI-enhanced exploration to the ASX

Published: 12:57 11 Feb 2022 AEDT

SensOre Ltd - SensOre brings AI-enhanced exploration to the ASX

SensOre Ltd has joined the local bourse under the ticker ‘S3N’.

The share market debutant hit the ASX after raising $7.5 million in a December initial public offering (IPO), inviting shareholders to jump on board for $0.85 per share.

SensOre hopes to one day rank as the world’s top-performing minerals targeting company as it works to bring AI technology, big data and geoscientific expertise to the exploration sector.

SensOre’s key focus areas.

S3N by the numbers

SensOre brought in $7.48 million from its IPO, issuing just under 65 million shares to investors along the way.

Post-raising, the company carried an implied market capitalisation of $55 million — including a $9 million cash balance — and an enterprise value of $46 million.

The company hopes to use the funding runway to:

  • Advance exploration and evaluation across the SensOre Group’s mineral assets, including the highly prospective Mt Magnet North, Desdemona North, Greater Tea Well and Moonera projects;
  • Identify and acquire additional exploration opportunities revealed by SensOre’s targeting technology;
  • Expand the technological advancement of the company’s existing proprietary technology to a cloudbased software-as-a-service (SaaS) offering with data coverage across Australia;
  • Identify, strengthen and expand its client targeting offerings; and
  • Provide working capital for the company.

Targeting the exploration industry

SensOre has developed a suite of solutions to make minerals targeting and exploration more precise, efficient and effective.

One of its primary offerings is the Data Cube — an amalgamation of more than 24 billion data points that can be used to organise geoscientific data.

It’s been in development for more than a decade and represents a huge investment in data curation and cleaning.

The company is also honing predictive and learning technology to assist its peers in the exploration sector — and it prides itself on being made “by explorers, for explorers”.

In SensOre’s prospectus address, chairman Robert Peck said the company was well-positioned to benefit from two global trends that are reshaping the mining technology sector.

“The first is the global energy transition, which is driving the need to decarbonise the mining sector, while at the same time increasing demand for battery minerals to support renewable energy,” he explained.

“The second is geopolitical tensions generating new interest in securing critical minerals supply chains.

“SensOre is focused on fast-tracking the mines of tomorrow and believes that the combination of big data and artificial intelligence/machine learning will provide the next generation of exploration success for in-demand commodities in Australia and internationally.

“Developed by explorers for explorers, SensOre’s Data Cube and Discriminant Predictive Targeting® (DPT®) technology are designed to advance the way companies integrate, interrogate and analyse geoscience data in order to better understand where and how to explore – the ultimate aim being an increase in discovery rates and the financial and environmental benefits that accompany it.”

The SensOre team

SensOre’s leadership brings expertise across the minerals and technology sectors to the table.

Executive director and CEO Richard Taylor has held senior executive roles in the resource sector for more than 15 years.

Prior to SensOre, he was CEO of ASX-listed Terramin Australia Ltd and held senior roles with Mineral Deposits Limited, PanAust, MMG Ltd and Oxiana Ltd specialising in business development, strategy and governance.

Richard is a qualified lawyer and holds an MBA from the University of Cambridge and a Master degree in Law from ANU.

Speaking on today’s debut, Taylor told Proactive: “It’s great to be listed on the ASX and allow investors opportunity to participate in a new wave of AI-led exploration.

“We haven’t wasted anytime since completing the IPO in terms of expanding our tech spend and booking rigs to test our AI battery mineral targets.”

Joining Taylor is executive director and chief operating officer Robert Rowe, who boasts more than 30 years of experience in gold and copper exploration from the greenfields to mining hubs.

In the past, he was chief geologist and vice president of exploration in Australia, Africa and the Asia Pacific with Barrick Gold Corporation.

THe COO was also an UNCOVER executive from 2014 to 2019 and an independent consultant to the mining industry, government and academia.

Rowe is responsible for the acquisition of new data sources and executing field exploration programs for technology validation.

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