XRF to achieve 100% ownership of Orbis

Orbis has significant addressable markets covering a wide range of mined commodities. Current sales are predominately to commercial labs, and XRF intends to further develop sales to mining companies for their on?site labs.
Orbis has significant addressable markets covering a wide range of mined commodities. Current sales are predominately to commercial labs, and XRF intends to further develop sales to mining companies for their on-site labs.

WA based XRF Scientific (ASX: XRF) will acquire the remaining 50% of Orbis Mining in an acquisition valued at $3.91m.

XRF states this is a low risk, bolt-on acquisition with highly complementary products as the majority of XRF’s existing customers require laboratory jaw crushers like those produced by Orbis.

XRF acquired its initial 50% shareholding for $800,000 in 2021. Since then, Orbis has grown significantly and continues to gain market share.

In FY21, Orbis produced unaudited revenue of $2.3m and profit before tax of $0.34m. In FY24, Orbis generated unaudited revenue of $5.8m and profit before tax of $1.7m.

Orbis is fully integrated into XRF’s operating structure, and the business will continue to be led by co?founder and general manager Brad Hunting.

Provided all conditions are satisfied, the sale is expected to settle by July 31st, 2024.