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Comet Resources: Capital Raising of $650,000 closed and Barraba Copper Project Acquisition Completed

Comet Resources Ltd (ASX:CRL) received subscriptions for $650,000 under a placement of 65,000,000 fully paid ordinary shares.

Highlights:
• Comet has successfully closed a placement of $650,000 at $0.01 per Share, re- affirming support for the Barraba Copper Project
• Barraba Copper Project acquisition now completed under amended terms that includes a reduction in consideration Shares from $450K to $200K
• Comet continues to see strong outlook for copper as the COVID-19 crisis passes
• Initial Barraba Project drilling program to commence once current travel restrictions are eased

Comet Resources Ltd (Comet or the Company) (ASX:CRL) is pleased to advise that it has received subscriptions for $650,000 under a placement (Placement) of 65,000,000 fully paid ordinary shares (Shares) in the capital of the Company, together with one free attaching option (exercisable at $0.02 on or before 30 June 2021) for each Share issued, to support the acquisition of the Barraba Copper Project in NSW (Acquisition) and initial project works.

A portion of the Placement will be conducted under the Company’s current placement capacity pursuant to ASX Listing Rules 7.1 and 7.1A through the issue of 54,000,000 Shares at a price of $0.01 per Share (satisfying the minimum pricing condition under ASX Listing Rule 7.1A.3) with the balance of 11,000,0000 Shares under the Placement to be issued following receipt of shareholder approval. A Notice of General Meeting will be lodged in due course, seeking shareholder approval for the issue of Placement Shares in excess of the Company’s current 7.1 and 7.1A capacity, as well as for the free attaching 1 for 1 Placement options expiring 30 June 2021 and exercisable at $0.02. This capital raise replaces the previously announced capital raise at $0.025 per Share (ASX 18 February 2020) which has now been withdrawn.

Comet Managing Director, Matthew O’Kane, commented” “I’m very pleased that we have been able to work with our advisors and the vendors of the Barraba Project to come up with terms that enable us to continue with the acquisition and proceed with a placement that is sized to reflect current market conditions. I am now looking forward to the initial field exploration program at Barraba as soon as logistical and regulatory conditions permit.”

Comet believes that copper is set to see an increase in demand due to the global efforts to reduce emissions from the transport network and also from generation of renewable electricity. Copper is not only an important part the batteries used in BEVs, but is also used extensively in the electric motors that drive the wheels of BEVs, and is also used intensively in the generation of electricity from renewables, such as solar and wind. There is also significant potential for post Covid-19 fiscal spending initiatives by governments to provide further demand for copper.

The Barraba Copper Project has never been systematically tested by modern exploration techniques. The initial exploration program will include drill testing of areas below the historically identified deposits, plus high-level exploration targets delineated by an induced polarisation (IP) survey of parts of the license area that were never followed up. To complement the drill testing we will also complete downhole geophysics with the aim of providing additional information about potential parallel and blind lodes, in addition to the known historical lodes. As volcanogenic massive sulphide (VMS) deposits often occur in clusters, we are excited about the potential for new discoveries on the Barraba Copper Project though new exploration works and testing the extent of the previously discovered and partially mined lodes.

The key terms of the acquisition of the Barraba Copper Project which were announced to the market in the Company’s press release on 23 January 2020 have been varied as follows:
(a) the Cash Consideration of $150,000 payable by the Company shall be paid as follows: (i) $50,000 on execution of the Agreement (which amount has now been paid);
(ii) $50,000 on execution of the variation deed (which amount has now been paid); and
(iii) $50,000 on the date that is 6 months following the date of the variation deed, being 15 October 2020;
(b) the $450,000 aggregate value of the Consideration Shares to be issued by the Company shall be reduced to $200,000 at a deemed issue price of $0.01 per Share, which will be issued out of the Company’s placement capacity under ASX Listing Rule 7.1;
(c) the quantum of the capital raising required in order to satisfy the condition precedent to completion of the Acquisition is reduced from $2,000,000 to $500,000, which will be satisfied upon completion of the Placement;
(d) the Company’s entitlement to buy down the 2% net smelter return royalty has been removed from the Agreement; and
(e) the End Date for satisfaction of the Conditions has been extended from 30 March 2020 to 30 June 2020.

Summary of the Capital Raising:
Under the terms of the offer the Company has received firm commitments for the issuance of 65,000,000 Shares at a subscription price of $0.01 per Share. The Company will also issue subscribers one unlisted option with a strike price of $0.02 and an expiry of 30 June 2021 for each Share issued under the offer.

Shares issued pursuant to the capital raising will first be issued pro-rata to subscribers from the Company’s available 7.1 and 7.1A capacity, with the balance of the Shares to be issued as well as the free attaching placement options being subject to shareholder approval. The Company expects to lodge the notice of general meeting shortly.

Summary of the Barraba Copper Project

The 2,375ha exploration license that covers the project area, EL8492, is located near the town of Barraba, approximately 550km north of Sydney. It sits along the Peel Fault line and encompasses the historic Gulf Creek and Murchison copper mines. The region is known to host VMS style mineralisation containing copper, zinc, lead and precious metals. Historical workings at Gulf Creek produced high-grade copper and zinc for a short period around the turn of the 19th century, and this area will form a key part of the initial exploration focus.

Empire Capital Partners Pty Ltd have been engaged as the lead manager to the offer and will receive a distribution fee of 6% on monies raised and a $35,000 lead manager fee. Subject to shareholder approval, the Company will issue Empire, a number of Options that is equal to 6% of the Options to be issued under the Barraba Capital Raising on the same terms and conditions (being, 3,900,000 Options on 65,000,000 Options to be issued under the Barraba Capital Raising).

Source

CRL:AU
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5 Top ASX Robotics Stocks

Emerging Technology Investing
robotic arm above a globe showing Australia

Australia is hoping to lead the way in robotics, and these are some of the country's top robotics stocks by market cap.

Robotics is a growing area of engineering and science technology. Although Australia is hoping to lead the way in robotics, the number of pure-play ASX-listed robotics companies isn't all that big.

Robotics is a broad term covering everything from design to the construction and operation of robots. It also includes the use of robots in roles normally played by humans, often to reduce errors or speed up processes.

This list includes a wide range of ASX-listed companies that employ robotics. Data was sourced using TradingView's stock screener on November 24, 2021, and stocks are listed in order of market cap from largest to smallest.


1. WiseTech Global (ASX:WTC)

Market cap: AU$17.19 billion; current share price: AU$52.90

Technology powerhouse WiseTech Global provides software solutions to logistics businesses in 130 countries around the world. Its CargoWise platforms are designed using workflows, automation and robotics. The WiseTech Global Group includes more than 30 businesses.

The company has performed positively on the ASX over the past year, with its share price rising about 70 percent since the start of 2021. The company expects to continue this momentum in during its 2022 fiscal year, with projected EBITDA growth of 26 to 38 percent.

2. Altium (ASX:ALU)

Market cap: AU$5.47 billion; current share price: AU$41.67

Altium is a leading global software company that focuses on 3D-printed circuit board (PCB) design. Although seemingly obscure, the PCB design tool Altium Designer is used by robotics companies like Robotics Kanti. The company also sponsors student robotics design competitions that focus on PCB design.

The 2021 fiscal year was strong for Altium, which reported a revenue increase of 6 percent, to AU$180.2 million, and announced a final dividend of AU$0.21 per share.

3. Vection Technologies (ASX:VR1)

Market cap: AU$249.49 million; current share price: AU$0.25

Vection Technologies is a multinational software company with offices in Western Australia, as well as Subiaco and Casalecchio di Reno in Italy. The company uses robotics technology in addition to 3D, virtual reality, augmented reality, industrial internet of things and CAD solutions.

The business is split into two sections: information technology development and outsourced services. The company also collaborates with Autodesk Technology Centres, the Microsoft Mixed Reality Team and Cisco Systems Italy.

4. FBR (ASX:FBR)

Market cap: AU$116.95 million; current share price: AU$0.05

FBR designs, develops and builds robots for the global construction market. The company's dynamically stabilised offerings are made to work outdoors using FBR's Dynamic Stabilisation Technology.

This technology was first used in the Hadrian X, a brick-laying robot that can build structural walls more efficiently than traditional methods and with less waste. The first commercial building to have its structural walls built by Hadrian X in 2020 was completed and tenanted in 2021.

5. Bill Identity (ASX:BID)

Market cap: AU$44.18 million; current share price: AU$0.25

Previously known as BidEnergy, Bill Identity provides a series of bill management solutions leveraged using its Robotic Process Automation (RPA). The RPA system helps clients increase their efficiency and serves customers across Australia, New Zealand, the UK, the US and Europe. The company had a strong year, with total operating revenue growth of 55 percent year-on-year to AU$14.6 million in its 2021 fiscal year.

Don't forget to follow us @INN_Australia for real-time updates!

Securities Disclosure: I, Ronelle Richards, hold no direct investment interest in any company mentioned in this article

Sydney Opera House at night

Robotics is an area of investing that is growing in Australia ― but is it a sector worth investing in?

The global robotics industry is expected to grow at a compound annual growth rate of 7.8 percent through 2028 according to the Global Industrial Robotics Market Analysis 2020. Robotics is an area of investing that is growing in Australia ― but is it a sector worth investing in?

Broadly speaking, robotics is the design and construction of robots. This can include core automation and production, industrial software, robot technology and integration of robotics. From drones to self-driving cars to toys ― robotics is a growing industry that is beginning to permeate our daily lives.


The distinction between robotics and AI can be a little confusing, but essentially think of robotics like the body and AI like the brain. Both can exist separately, and they are powerful when combined. The goal of a robot is to complete a task faster and more efficiently than a human.

What does the market look like?

The COVID-19 pandemic has seen technology sectors such as robotics accelerate as businesses have faced global challenges. Robotics has been able to help keep spaces safer by replacing humans with robots on factory lines, in eCommerce warehouses or on healthcare frontlines taking temperatures or disinfecting spaces.

What is Australia doing to support the robotics sector?

In early 2020, the Robotics Australia Network was formed to accelerate growth of the domestic robotics industry. The network aims to strengthen global competitiveness and cement Australia as a global leader in robotics.

How does the Australian robotics sector stack up?

According to the International Federation of Robotics, in a ranking of the world's most automated countries it's not even in the top 10. Number one is Singapore, followed by South Korea then Japan.

The investment space for pure robotics companies is relatively small, with greater opportunities to invest in more broader technology, AI and automation stocks.

Who are the big players in robotics stocks?

Robotics stocks in Australia are companies with a strong crossover to other technology sectors like artificial intelligence and virtual reality.

Vection Technologies (ASX:VR1)
Market Cap AU$77.56 million

Vection is a multinational software company with offices in Western Australia as well as Subiaco and Casalecchio di Reno in Italy. The company uses robotics technology as well as 3D, virtual reality, augmented reality, industrial IoT and CAD solutions. The business is split into two sections: IT development and outsourced services. The company also collaborates with Autodesk Technology Centers, the Microsoft Mixed Reality Team and Cisco Systems Italy.

Bill Identity (ASX:BID)

Market Cap AU$52.97 million

Previously known as BidEnergy, Bill Identity is a series of bill management solutions leveraged using robotic process automation, which helps clients increase efficiency. The company serves customers across Australia, New Zealand, the UK, the US and Europe. Bill Identity had a strong year, with total operating revenue growth of 55 percent year-on-year to US$14.6M in FY21.

What are the other ways to invest in robotics?

Another way to get into the robotics sector is investing in robotics exchange traded funds (ETFs), a popular choice that offers exposure to the industry of robotics and artificial intelligence rather than a single company. Two major ETFs in the robotics sector are:

  • BetaShares Global Robotics and Artificial Intelligence ETF (ASX:RBTZ)
  • The ROBO Global Robotics and Automation ETF (ARCA:ROBO)

Don't forget to follow us @INN_Australia for real-time updates!

Securities Disclosure: I, Ronelle Richards, hold no direct investment interest in any company mentioned in this article.