Australian critical materials developer ChemX Materials (ASX:CMX) has appointed WA Insolvency Solutions as joint and several voluntary administrators, less than two months after delivering the highest quality result from its High-Purity Alumina (HPA) Micro Plant operations located in Perth, Western Australia.
The company had recently completed a variation to its Mercer convertible securities agreement and was working with its corporate advisors and interested parties to secure bridging finance before a capital raising in early 2025.
ChemX resolved to appoint the administrators following the resignation of the CWO Peter Lee on 16 December 2024, coupled with the downturn in the battery materials sector and being unable to secure bridging finance over the December holiday period.
Alwyn Vorster also tendered his resignation as director on 31 December 2024.
ChemX has been granted a patent for its HiPurA HPA process in Japan. The company says the granting of Japanese patent is notably encouraging as both Japan and Korea represent key target battery and high purity materials markets.
ChemX Materials has made significant investment in its 100% owned intellectual property, which is has evolved from a novel chemical process to become a producer of 4N (99.99%) HPA at a micro plant scale, and now holds five patents including Australia, New Zealand, Africa (OAPI), Eurasia, and Japan.
On 14 November, Mining.com.au reported ChemX’s HiPurA chemical feedstock process delivered its highest quality result of 39ppm impurities (99.996% purity) across an’ impressive’ 66 element spectrum.
Additional results include 66ppm, 61ppm, and 99ppm. ChemX says these results reflect the continuous improvement to selectively remove key impurities and provide ever improving product quality.
Write to Adam Orlando at Mining.com.au
Images: ChemX
