ASX Tech Stocks: SensOre scores NSW Gov funding for lithium targeting tech

SensOre nabs NSW funding for lithium targeting technology
Takeover Panel declines to make a declaration of unacceptable circumstances around Nitro Software takeover bids
Fastbrick Robotics says its adhesive has been certified for US building use

Mining tech company SensOre (ASX:S3N) has nabbed $322,000 of funding from the NSW Critical Minerals and High-Tech Metals Activation Fund Stream 1 to support the growth of its technology platform on the east coast and extend lithium pegmatite and other battery mineral targeting initiatives.

“We are thrilled to have received support from the NSW government for our technology, allowing us to expand our data platform and explore untapped areas for lithium,” CEO Richard Taylor said.

“With the use of cutting-edge remote sensing and AI/machine learning methods, we are confident that we will be able to identify new sources of this critical mineral and open up new opportunities for exploration and growth in NSW.”

The company is looking at new approaches to remote sensing and targeting spodumene mineral bearing lithium, caesium, tantalum (LCT) pegmatites in NSW, including the effectiveness of remote sensing approaches, largely radiometric data, and the application of large geochemical data to fertility indicators on granites to predict potential associated LCT pegmatite and then use for direct targeting the mineral spodumene.

Spodumene is the primary mineral for economic hard rock lithium deposits.

Research will be undertaken in two activities undertaken parallel, the first involving using the comprehensive whole-rock geochemistry of granitic rocks to predict and then identify high lithium bearing pegmatites.

The second involves developing and deploying new caesium elemental response techniques using full spectral gamma ray surveying.

The targeting exercise will use fused results from both geochemistry and geophysics, using advanced AI and machine learning technology approaches.

“A result of the work will be litho-geochemical and mineral prospectivity maps over NSW for LCT pegmatites and other critical minerals,” the company says.

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NITRO SOFTWARE (ASX:NTO)

The digital document and signature software player has been in the midst of takeover offers for the last few months, knocking back a $1.80 per share bid by Potentia Capital Management in November in favour of exploring an offer from North American-headquartered Cascade Parent Limited, trading as Alludo, to acquire 100% of Nitro at $2.00 cash per share.

Then Potentia matched the $2.00 offer in December, saying that access to due diligence materials may allow it to further increase the cash offer price beyond $2.00 per share.

But Alludo swiftly jumped back in, adding another $0.15.

Nitro said at the time that its board determined the revised Alludo transaction was superior to the revised Potentia takeover offer, given it represented a consideration premium of $0.15 (7.5%) per Nitro share.

Polentia then revised its offer in late December to include a scrip alternative and said it would consider increasing the offer price if granted due diligence access – which Nitro knocked back, saying it wasn’t superior to the revised Alludo offer.

Earlier this month, Potentia applied to the Australian Takeovers Panel citing unacceptable circumstances – and today the panel declined to make a declaration, stating “it was not minded to second guess the Nitro board’s recommendation that it was in the best interests of Nitro shareholders to accept the Alludo Takeover Offer.”

FASTBRICK ROBOTICS (ASX:FBR)

Fasbrick Adhesive has secured certification to be used in the construction of concrete masonry walls under the International Code Council’s International Building Code (IBC) and International Residential Code (IRC).

The International Code Council’s codes, standards, and solutions are used to ensure safe, affordable, and sustainable communities and buildings worldwide and are generally accepted as the most trusted, widely accepted and comprehensive set of model codes used in the United States.

“Achieving IBC and IRC certification from the International Code Council is a significant step forward in our international expansion strategy,” MD and CEO Mike Pivac said.

“Having already been deemed compliant with the National Construction Code in Australia, to now be certified as compliant with the IBC and IRC, which are used as a base for codes in many places around the world but especially in the United States, is strong validation of FBR’s building methodology and supports our status as a market leader in robotic construction.

“FBR is one of the only robotic construction providers in the world whose building materials are certified for use in the United States.

“The certification of a stronger, more durable adhesive-based system, as an alternative to traditional wet mortar masonry construction, validates our decision to take this modern waterless, mortarless, robotic approach to building in line with ESG targets and aspirations for a greener, low-waste construction industry.

“We are continuing to progress the certification process in Europe to prepare another large geographical area for FBR’s market entry.”