Nextore awarded $1.07m grant from Physical Sciences Fund
The NSW Physical Sciences Fund:
The Physical Sciences Fund (“PSF”) is a competitive development and commercialisation program for technological innovation in NSW. The PSF aims to capture potential commercial applications of NSW research across all branches of physical science, such as in sensor or materials technologies, with the aim to attract a broad spectrum of disciplines and provide support through the product life-cycle.
NextOre has been awarded $1.07 million of the available $5 million in total grant funding in the 2019 program to fit its breakthrough grade detection system to mobile mining machinery. The funds will be used in the adaptation of NextOre’s existing on-conveyor magnetic resonance analyser (MRA) to in-pit mobile mining machinery. In addition to the grant funding, NextOre has raised funding through a private placement to high net worth investors to support development of the in-pit MRA. NextOre has also partnered with leading global supplier of heavy mining equipment and service support, MMD, to deliver an integrated system that is highly adaptable and efficient.