Orexplore Technologies (ASX:OXT) lists on ASX, ends 46% lower

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Orexplore Technologies (ASX:OXT) lists on ASX, ends 46% lower

ASX:OXT, Orexplore Technologies Limited, ASX, technology stocks
Image source: © Gearstd | Megapixl.com

Highlights

  • Orexplore Technologies marked its listing on ASX today and closed 46% lower.
  • Orexplore Technologies is a demerged entity of Swick Mining.
  • Orexplore offers non-destructive mine scanning technologies.

Orexplore Technologies Limited (ASX:OXT) shares kicked-off trade on ASX today. However, OXT shares witnessed a 46% fall in prices. The mineral scanning technology company’s shares closed at AU$0.135 per share and were placed in the bid-ask range of AU$0.135-AU$0.145 on ASX.

What is OXT’s business all about?

  • Headquartered in Perth, OXT is a demerged entity of Swick Mining Services Limited (ASX:SWK).
  • Orexplore’s business offers mining companies, various non-destructive, mine-core scanning technologies, across the mining value chain.
  • The technology offerings of Orexplore provide decision support to miners and their remote decision- making entities.
  • Orexplore’s digital offerings helps mining companies with automation and ESG value addition.

Why has Orexplore listed on ASX?

  • Orexplore with its ASX listing is seeking business acceleration and commercialisation of its Technology Platform.
  • OXT believes it will happen only with targeted customer value propositions across the mining value chain.
  • The company also wants to direct its funding towards building hardware and software technologies to make it IP portfolio stronger.
  • Orexplore also seeks to capitalise on its research and development work while capturing opportunities across the globe.

Bottom line-

Orexplore’s business visualises a new transformative direction for the mining sector globally. To expand its operations on a global scale and better utilise its technologies, the company has listed itself on the ASX. However, how successfully OXT can turn its fortune after listing will be better visible with time.

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