05-May-2020: Quantum computing agreement with IBM
AXE were up +113.51% today (from 18.5 cps to 39.5 cps) on the back of that announcement, and it should be noted that no money has yet been paid (or offered) by either company to the other. I used to have shares in AXE back when they were called Archer Exploration and they were trying to get a graphite mine on the Eyre Peninsula up and running. Now they have a "focus on the development of the Group's advanced materials with a key focus on integrating graphite and graphene in three key growth areas of reliable energy, human health and quantum technology and exploring our mineral exploration projects."
Fair enough. Their quarterly cashflow report (Appendix 5B) for the March quarter this year showed they still had zero revenue, and were still burning through cash. They also estimated they had enough cash to survive for 4 further quarters without another capital raising (so until March 31, 2021). This agreement is certainly positive, and will draw a lot of interest and shine a spotlight on what AXE are trying to achieve, but it doesn't bring any money in the door, so they'll be announcing another capital raising at some point during the next 12 months, and my guess would be soonish based on their share price more than doubling today.
