Quarterly Activities Report To 31 December 2022

SensOre Ltd (ASX:S3N) is pleased to present its quarterly activities report for the period ending December 2022.

Highlights

• Quarterly invoices raised increased to $1.38m in Q2 FY2023, up 82% from Q1 FY2023
• Total Contract Value (TCV) increased 34% from $1.91m to $2.56m
• Technology milestones included launch of two new products:
  • Continued customer trials of the SensOre data platform received positive feedback
  • Containerisation completed of Cauchy Downward Continuation geophysics tool
• Services milestones achieved:
  
  • Delivered magmatic nickel targeting exercise for client focussed on Western Yilgarn
  • Delivered prospectivity map products to WA clients
  • Completed data services in multiple states, including in the Isa domain in Queensland
  • Commenced multiple data and targeting services for Lithium in WA and Northern Territory
• Exploration:
  
  • Lithium targets – Completed due diligence and data compilation at Gecko North and progressed evaluation and negotiation of additional joint ventures.
  • Boodanoo – air core drilling identified new gold mineralisation in an area with no previously known gold occurrences
• Cash balance at 31 December 2022 of $2.22m.

Cash receipts from customers during the quarter were $1.12m, an increase of 82% from Q1 FY2023. Billings and subsequently cash receipts vary month by month and quarter by quarter due to the anniversary dates of key contracts and the timing of services revenue in reaching project milestones. With closing trade receivables of

$0.72m at the end of the quarter, cash receipts related to this will be received next quarter. Invoices raised during the quarter were $1.38m, up 82% over the prior quarter.

Total Contract Value (TCV) increased 34% compared to Q1 FY2023, on a net basis after depletion TCV $2.56m compared to the previous quarter. TCV is the remaining value of current contracts. It depletes monthly, as the remaining term of the contract reduces. Several larger contracts were signed with clients during the December quarter for delivery in coming quarters.

Technology

SensOre’s technology applies advances in AI and machine learning to large geoscience datasets to increase discovery rates, reduce exploration costs and minimise the environmental footprint of exploration.

Customer Trials on CGI Data Platform

SensOre continued customer trials of its data platform solution for clients. Clients will benefit from the first commercial integrated solution of actual and predicted geoscience data available Australia-wide. Product rollout and the release candidate model are scheduled for deployment in Q1 CY2023.

Services

SensOre works with several exploration and mining companies to offer AI-enhanced products and services. In doing so, SensOre aims to renew exploration pipelines and optimise exploration and discovery for its clients and partners.

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