CMX
Chemx Materials Limited
ASX
ChemX AGM CEO Address
Sentiment:
AGM Presentation
27 November 2024 9:50 PM
ChemX Materials Ltd (ASX:CMX) announced its 24tpa 4N HPA Pilot Plant is 95% commissioned, with intellectual property well-advanced for global deployment, despite some recent delays.
Delay expected
The commissioning of the 24tpa HPA Pilot Plant has experienced unforeseen delays in recent months, primarily due to the solvent extraction (SX) module awaiting electrical package installation.
Worse than expected
The announcement revealed unforeseen delays in the commissioning of the solvent extraction module of the pilot plant, pushing back the timeline for full operation.
Summary
- ChemX Materials Ltd's (ASX:CMX) Annual General Meeting (AGM) was held on November 28, 2024.
- The company's HiPurA technology produces 4N (99.99%) High Purity Alumina (HPA), exceeding the 4N threshold with 38 ppm impurities.
- A 24tpa HPA Pilot Plant is 95% complete, with several areas successfully commissioned, but the solvent extraction module is awaiting electrical installation and enhancements.
- The company holds four patents (Australia, New Zealand, Africa, and Eurasia) and is pursuing patents in Canada, the EU, Korea, Japan, Mexico, and the United States.
- A maiden Mineral Resource was announced in September 2023 for the High Purity Manganese (HPM) program in South Australia.
- The company anticipates becoming a notable producer of +4N HPA from its Perth-based 24 tpa HiPurA Pilot Plant in 2025.
Sentiment
Score: 6
Explanation: While significant progress has been made, the delays in commissioning the pilot plant temper the overall positive sentiment. The company's long-term prospects remain strong, but near-term uncertainty exists.
Highlights
- HiPurA technology produces 4N (99.99%) High Purity Alumina (HPA) exceeding the 4N threshold with 38 ppm impurities.
- 24tpa HPA Pilot Plant is 95% complete.
- Four patents granted (Australia, New Zealand, Africa, Eurasia).
- Further patents pending in Canada, EU, Korea, Japan, Mexico, and the US.
- Maiden Mineral Resource announced for High Purity Manganese (HPM) program in September 2023.
Positives
- HiPurA technology produces high-purity alumina exceeding industry standards.
- Pilot plant nearing completion (95% complete).
- Significant progress in intellectual property protection with multiple patents granted and pending.
- Successful maiden Mineral Resource estimate for the HPM project.
- Strong potential for profitability.
Negatives
- Unforeseen delays in commissioning the Pilot Plant, specifically in the solvent extraction module.
- Solvent extraction module awaiting electrical package installation.
Risks
- Delays in commissioning the solvent extraction module could impact the timeline for commercial production.
- The success of the HPM project is dependent on further exploration and development.
- Competition in the high-purity materials market.
Future Outlook
ChemX anticipates becoming a notable producer of +4N HPA from its Perth-based 24 tpa HiPurA Pilot Plant in 2025, with further patents expected in several countries.
Management Comments
- High purity outcomes are exponentially harder the purer you go, as every single ingredient put into the process must be managed and carefully monitored for the expected purity fingerprint.'
- The unique HiPurA process provides the ability to manage the purity pathway at each stage and we look forward to sharing further progress updates and key milestone achievements over the coming months.'
Industry Context
ChemX is competing in the growing market for high-purity materials used in clean energy and advanced technology applications. The company's focus on a scalable and modular production process differentiates it from competitors.
Next Steps
- Complete commissioning of the 24tpa HPA Pilot Plant.
- Obtain further patents in Canada, the EU, Korea, Japan, Mexico, and the United States.
- Become a notable producer of +4N HPA.
- Share further progress updates and key milestone achievements.
Key Dates
- September 2023: Successful production of HPA with purity exceeding 99.99% (4N) announced; Maiden Mineral Resource Estimate announced for the Jamieson Tank Manganese Project.
- November 2024: HPA Pilot Plant is 95% complete; ChemX AGM held.
Keywords
High Purity Alumina, HPA, HiPurA, Pilot Plant, Patents, ChemX Materials, ASX:CMX, High Purity Manganese, Battery Materials
CMX
Chemx Materials Limited
ASX
Sector: Materials
Filings with Classifications
Capital raise
13 April 2025 9:55 PM
Insolvency Announcement
- Benelong Capital Partners (BCP) recapitalisation proposal requires ASIC, ASX and shareholder approval.
Worse than expected
29 December 2024 5:48 PM
Trading Suspension Extension Request
- The company is not ready to announce a Funding Update and Management Restructure, which is causing a delay in trading and is worse than expected.
Delay expected
29 December 2024 5:48 PM
Trading Suspension Extension Request
- The company is delaying the release of the Funding Update and Management Restructure announcement.
- The trading suspension is being extended due to the delay in the announcement.
Delay expected
22 December 2024 5:25 PM
Trading Suspension Update
- The company's funding update and management restructure are taking longer than anticipated.
- Negotiations with relevant parties have caused a delay in the announcement.
Capital raise
18 December 2024 5:08 PM
Suspension Announcement
- The announcement is related to an update on funding, which could indicate a potential capital raise.
Capital raise
16 December 2024 5:06 PM
Trading Halt Request
- The trading halt is pending an announcement regarding an update on funding, which could indicate a potential capital raise.
Capital raise
11 December 2024 5:11 PM
Financing Agreement Update
- Mercer has approved ChemX to raise up to $500,000 in additional debt financing.
Delay expected
27 November 2024 9:50 PM
AGM Presentation
- The commissioning of the 24tpa HPA Pilot Plant has experienced unforeseen delays in recent months, primarily due to the solvent extraction (SX) module awaiting electrical package installation.
Worse than expected
27 November 2024 9:50 PM
AGM Presentation
- The announcement revealed unforeseen delays in the commissioning of the solvent extraction module of the pilot plant, pushing back the timeline for full operation.
Better than expected
13 November 2024 5:17 PM
R&D Funding Announcement
- The receipt of the R&D refund exceeding the amount of the Radium Capital facility was better than expected, resulting in a surplus for working capital.
Capital raise
7 November 2024 1:19 AM
Price Query Response
- ChemX is in discussions with third parties regarding potential capital raisings.
- No formal agreements have been reached for any capital raising.
Capital raise
30 October 2024 9:06 PM
Quarterly Report
- The company has appointed TritonLake as Corporate and Financial Advisors to assist with capital, financing and corporate advisory.
- The company believes it would be successful with raising additional capital.
Worse than expected
30 October 2024 9:06 PM
Quarterly Report
- The delays in the Solvent Extraction module of the pilot plant represent a setback from the expected timeline for commissioning.
Delay expected
30 October 2024 9:06 PM
Quarterly Report
- Delays were experienced in the construction of the Solvent Extraction (SX) module due to longer than expected lead times on key process equipment and delivery of critical electrical infrastructure.
Capital raise
24 October 2024 6:10 PM
Notice of Annual General Meeting
- The 7.1A mandate seeks shareholder approval to issue up to 10% of the company's issued capital in equity securities without further shareholder approval.
- The funds raised under the 7.1A mandate are intended to be used for the 24tpa HiPurA high purity alumina (HPA) pilot plant and working capital.
Worse than expected
23 October 2024 5:19 AM
Annual Report
- The company reported a net loss after tax of \$4.49 million, significantly higher than the previous year's loss of \$4.18 million, indicating worse than expected results.
Capital raise
23 October 2024 5:19 AM
Annual Report
- The company raised \$1,616,600 through a share placement and share purchase plan.
- A \$6,000,000 convertible note funding facility was secured, with potential for further equity dilution upon conversion.
Capital raise
30 July 2024 4:54 AM
Quarterly Activities Report
- The company has applied for an advance from a funding provider against expected CMX FY24 R&D claim for circa $440,000.
- The Company also has access to financial markets and believes it can successfully raise capital.
Capital raise
29 April 2024 7:02 PM
Quarterly Activities Report
- The company completed a $1.1M placement.
- A Share Purchase Plan (SPP) is ongoing, aiming to raise up to $500,000.
- Directors have committed to subscribe for 1,354,166 shares, subject to shareholder approval, under the Placement to raise an additional $65,000 at the same issue price.
Delay expected
21 April 2024 7:10 PM
Share Purchase Plan Extension Announcement
- The closing date of the SPP has been extended from April 23, 2024, to May 10, 2024.
Capital raise
2 April 2024 5:48 PM
Share Purchase Plan Announcement
- The document mentions that it is highly likely that further funding will be required to meet the medium to long term working capital costs of the Company.
- Any additional equity financing will dilute shareholdings, and debt financing, if available, may involve restrictions on financing and operating activities.
Capital raise
13 March 2024 2:33 AM
Interim Report
- The company has access to a further $3,800,000 funding under its unsecured convertible note facility, subject to further agreement between the parties.
Worse than expected
13 March 2024 2:33 AM
Interim Report
- The company reported a net loss of $1,911,696 for the half-year ended December 31, 2023, which is worse than breakeven.
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