RFC Ambrian tips into NextOre Series B capital raise; plans IPO
RFC Ambrian is tipping in $5 million into mining tech business and IPO hopeful NextOre, cornerstoning its Series B growth funding round.
NextOre provides real-time data on conveyed belt ore. Photo: Philimon Bulawayo
Sources said money has come from the resources sector investment house’s newly formed QCM fund and will go toward putting on more staff and expand the use of their technology to iron ore, gold and nickel.
RFC Ambrian, chaired by Rob Adamson, oversees institutional funds targeting investment in critical minerals and decarbonisation technology and has invested in gold testing tester Chrysos Corp and conveyor tech manufacturer CMA.
NextOre was spun out from the CSIRO in 2017. The business supplies sensing technology that identifies and separates waste from good ore either on a conveyor. The CSIRO invented and scaled the technology before forming NextOre in 2017 with RFC Ambrian and Worley, the ASX-listed mining contract firm. NextOre’s products have been deployed by copper producers with contracts in Chile, Zambia, the Philippines and Australia.
The company recorded a loss of $2.8 million for the 12 months to the end of June 2022 from a loss of $1.8 million the year prior, according to its latest accounts. It is now focusing on profitability. Revenues in 2022 came in at $1.4 million, up from around $871,000 the year earlier.
NextOre last raised $2.4 million last year to ramp up manufacturing and sales of its flagship bulk ore sorting sensor system. Street Talk understands management is gearing up for an IPO in the next two years.
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