It’s the quarterly season again as the ASX market announcements page becomes increasingly flooded with update lodgements.

To save you the trouble of trudging through it all, we’ve wrapped up the highlights from some of the reports that caught our eye.



  • Record quarterly sales of $1.46 million
  • Group sales underpinned by growing project backlog
  • $2.04 million in cash reserves

Water tech company, Parkway Corp, has continued to make significant progress, recording revenues of approximately $1.46 million in the quarter. The company also achieved strong cash conversion, with quarterly cash receipts increasing to $1.28 million. The increase in group sales was underpinned by a growing project backlog, which includes more than $1 million in open purchase orders.

During the quarter, Parkway continued to make significant progress in building a portfolio of technologies for a range of complex wastewater and process streams traditionally considered difficult to treat. The company announced that it was developing a transformational brine processing solution for the coal seam gas (CSG) industry, with a potential market opportunity of $307 million a year, or up to $9.2 billion over the life of existing CSG projects operating in Queensland.

Parkway also announced several fundamental breakthroughs in relation to the treatment of CSG derived brines, through a proprietary developed iBC based flowsheet. Given the scale of the opportunity in the Queensland CSG industry for several decades into the future, Parkway is exploring several commercial models, with both existing and potential strategic partners, to achieve optimal outcomes.

Parkway has recently been invited by a number of industrial companies, including several major mining companies, to participate in various collaborative technology commercialisation related initiatives. Whilst various opportunities are under consideration, the company says it is generally reluctant to participate in collaborative opportunities, where there is a material risk of intellectual property (IP) leakage.

Parkway is well funded, with $2.04 million in cash reserves at the end of the quarter.



  • QEM’s partner GSAe UK produced leaching flow sheets for Julia Creek
  • Enabled infrastructure work packages aimed at further de-risking Julia Creek
  • Secured circular economy opportunity with Sun Metals

QEM is on track to producing finalised flow sheets for vanadium extraction at the company’s Julia Creek Project.

In February, the company announced the highest rates to date of vanadium extraction, achieved at GSAe’s facilities in the UK. The report provided important insights into the extraction of vanadium at Julia Creek, with acid leaching yielding up to 98% extraction. Alkaline leaching also showed promising results with 92% vanadium extraction. As a result of this test program, GSAe UK produced the initial flow sheets for both methods of extraction.

During the quarter, QEM also began working with the University of Queensland on potential vanadium beneficiation routes to further improve V2O5 yields, post oil extraction. This work represents the initial characterisation stage of vanadium-rich material.

Meanwhile, a gap analysis was completed by RPM Global on an updated Scoping Study for the Julia Creek Project. RPM confirmed that the information provided by QEM is of a sufficient standard and engineering accuracy for commencement of the scoping study. This study commenced on 31 March, and is due for completion next quarter.

On March 7, QEM entered into an agreement with Sun Metals for the off-take of all vanadium-bearing spent catalyst from SMC’s operations in Townsville for five years, with an option to extend for a further five years. This collaboration represents a circular economy opportunity where industrial waste can be repurposed to a higher use, recovering valuable vanadium.



  • Launch of psychedelic assisted psychotherapy clinics
  • Interim review of Phase 2 Clinical Trial of Generalised Anxiety Disorder (PsiGAD)
  • Phase 2 Clinical Trial of IHL 675A in rheumatoid arthritis commences

Incannex, through Clarion Clinics, plans to open multiple psychedelic-assisted psychotherapy clinics in Australia and overseas, with the first ‘model’ clinic to open in Melbourne in Q3 2023. This is part of the plan to commercialise Incannex’s psychedelic-assisted psychotherapy business, which the company estimates to have an addressable market of over $2 billion per annum within three years.

During the quarter, Incannex completed a confidential and blinded review of the interim data from the first 29 participants to complete the Psi-GAD treatment protocol. Given the strong results to date, the company found that there is a high probability (greater than 85%) that at completion, the clinical trial will show a statistically significant benefit for the psilocybin treatment arm over the placebo treatment arm.

In February, Incannex commenced a Phase 2 clinical trial to assess IHL-675A for use in the treatment of pain associated with rheumatoid arthritis. IHL-675A is a fixed dose combination drug comprising cannabidiol (CBD) and hydroxychloroquine (HCQ). The Phase 2 trial follows a successful Phase 1 trial, where IHL-675A was observed to be well tolerated in patients.

During the quarter, Incannex also continued development activities associated with the dosing of trial participants in the bioavailability and bioequivalence (BA/BE) clinical trial. The BA/BE study is assessing the pharmacokinetics and tolerability of the two active pharmaceutical ingredients in IHL-42X, compared to the respective FDA reference listed drugs, as well as the effect of food on pharmacokinetics of the two APIs.

As of March 31, Incannex recorded $37.1m in cash at bank. $4.29m was recorded as cash outflows associated with R&D activities. Notably, Incannex says it is eligible to receive an annual cash rebate equivalent to approximately 43.5% of all monies spent on research and development in Australia.

The company says its expansive pipeline of clinical development programs remains fully funded into 2025.



  • CCR achieves record quarter of $18.6 million in transactions processed
  • Revenue up 41% on pcp to $8.6 million, while active files surpassed 1 million
  • CCR signed 89 new clients, adding an expected $3.2 million in potential revenue

The provider of tech solutions to the debt collections industry recorded strong Q3 FY23 results including revenue up 41% on pcp to $8.6m. Payments collected via the digital platform continue to show strong growth with a record quarter of $18.6m in transactions processed, up 94% PCP and 21% QoQ.

CCR signed 89 new clients, adding an expected $3.2m in potential revenue. Post quarter end, the company has signed a big four Australian bank which is not included in the potential revenue for Q3.

Active files have surpassed one million for the first time, growing 52% PCP and 17% QoQ to 1.1 million. The total value of files of $1.49 billion is a new key metric and leading indicator for the company.



  •  Group ARR passed through $91 million, while average revenue per student climbs
  • Expecting to achieve run-rate operating cash-flow break-even coming quarter
  • FZO said service margins remain strong and gross margin is on target at 80%

Group ARR for the digital safety platform passed through $91 million during the March quarter, which FZO said was an “exceptional result given the delayed start to the UK edutech selling season and its UK business actively churning non-core clients (~$1m in the quarter)”.

FZO said a very strong ARR contribution was also delivered by its consumer business which add $1.1m nett in the quarter. Average revenue per student (ARPs) continues to climb and is now $6.20 pa, which FZO said reflected its broadening product range and capability in cross and upsells. Continued growth is forecast with a 2-3 year target of $10 pa.

Across the group (Edu plus Consumer) ARPs is now at $8 pa. Whilst slightly variable, service margins remain strong and gross margin is comfortably on target at 80%. FZO said with strong growth in all business segments and in particular a massive K-12 pipeline for the June quarter, it was confident of passing through operating cash flow break-even (on a run-rate basis) the coming quarter.



  • GRL exploration and development opportunities significantly advance during quarter
  • Maiden resource highlighted a 126% in TREO grade uplift from historical resource
  • Assays from Cyclops and Goodrich return high grade copper, with strong gold, silver lead, and zinc

Maiden resource highlighted a 126% in TREO grade uplift from historical resource, a 30% increase in tonnage with indicated resources now at 50%. Assay results for 22 diamond cores holes at Narraburra Rare Earth Elements Project reported – 19 drill holes intersected significant Rare Earth Element (REE) and Rare Metal (RM) mineralisation.

Assays from rock chips at Cyclops and Goodrich Prospects returned high grade copper, with strong gold, silver lead, and zinc – confirming mineralisation extent and tenor.

Metallurgist Dr Christopher Hartley, who has held multiple senior positions at a large international mining company, was appointed as a non-executive director in January to strengthen GRL’s development focus.

The company also received a $100,000 grant from the NSW Government secured for drilling at Cyclops Copper project. Following quarter-end a maiden JORC 2012 resource estimate for Narraburra was completed of 94.9Mt at 739ppm TREO including high grade core of 20Mt at 1,079ppm TREO using a 600ppm cutoff within the indicated resource.


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At Stockhead we tell it like it is. While Parkway Corp, QEM, Incannex, Credit Clear, and Godolphin Resources are Stockhead advertisers, they did not sponsor this article.