CMX
Chemx Materials Limited
ASX
ChemX Receives $661,890 R&D Refund
Sentiment:
R&D Funding Announcement
13 November 2024 5:17 PM
ChemX Materials (ASX:CMX) announced it received a $661,890 R&D refund from the ATO, fully repaying its Radium Capital facility and leaving a $207,381 surplus for working capital.
Better than expected
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.
Summary
- ChemX Materials received a $661,890 research and development (R&D) refund from the Australian Tax Office (ATO).
- This refund fully covers the $442,000 facility obtained from Radium Capital in September 2024.
- After repaying fees and charges, ChemX has a surplus of $207,381.
- The surplus will be used to boost the company's working capital.
- ChemX is constructing a 24tpa HiPurA Pilot Plant in Perth, Western Australia, and a high purity manganese (HPM) Project in South Australia.
Sentiment
Score: 8
Explanation: The announcement is positive, showcasing successful R&D efforts and improved financial standing. The surplus provides a buffer for ongoing operations.
Highlights
- Received $661,890 R&D refund from the ATO
- Fully repaid $442,000 Radium Capital facility
- $207,381 surplus for working capital
- Constructing a 24tpa HiPurA Pilot Plant in Perth, Western Australia
- Developing a high purity manganese (HPM) Project in South Australia
Positives
- Received a significant R&D refund, improving financial position.
- Successfully repaid a substantial debt facility.
- Generated a surplus that can be used to fund operations.
- Progressing with the construction of the HiPurA Pilot Plant and HPM Project.
Risks
- Potential delays in the construction of the HiPurA Pilot Plant or HPM Project.
- Uncertainties related to future R&D funding.
- Fluctuations in the market for high purity alumina and manganese.
Future Outlook
The surplus from the R&D refund will be used towards working capital for the Company's ongoing projects.
Industry Context
This announcement is positive for ChemX Materials, demonstrating progress in its R&D efforts and strengthening its financial position within the growing high purity materials market for clean energy applications. The successful securing of R&D funding highlights the importance of government support for innovation in this sector.
Next Steps
- Utilize the $207,381 surplus for working capital.
- Continue construction of the 24tpa HiPurA Pilot Plant.
- Advance the high purity manganese (HPM) Project.
Key Dates
- September 6th 2024: Company obtained an advance against its expected R&D Return
- November 14th 2024: ChemX received its FY24 R&D Refund from the ATO
Keywords
High Purity Alumina, HPA, R&D, ChemX Materials, ASX:CMX, Critical Materials, Pilot Plant, Clean Energy, Australia, Manganese
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.
Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.