ChemX Materials (ASX:CMX) - Voluntary Administration

ChemX Materials (ASX:CMX), a Perth, WA developer of critical materials, entered voluntary administration on 2 January.

The company specialises in the production of high purity alumina (HPA) and has an Australian patent for its HiPurA® process, which provides a unique low-energy flowsheet to produce HPA at above 4N (>99.99%) purity.

In a public announcement, ChemX stated that it had recently completed a variation to its Mercer convertible securities agreement and was working with corporate advisors and interested parties to secure bridging finance before a capital raising in early 2025. However, the company was unable to secure bridging finance over the December holiday period.

This, together with a general downturn in the battery materials sector and the resignation of CEO Peter Lee on 16 December 2024, led to the appointment of Clifford Rocke and Jimmy Trpcevski of WA Insolvency Solutions as voluntary administrators of ChemX and subsidiary HiPurA Pty Ltd.

Interestingly, ChemX has also just been granted a patent for its HiPurA® HPA process in Japan, representing the first major economic jurisdiction outside Australia to receive patent protection.