The company has divested non-core exploration tenements during 2020 to fund its advance materials business with a focus on quantum computing.

() (FRA:38A) executive chairman Greg English told the Annual General Meeting today that, despite the havoc caused by the COVID-19 pandemic, the company hadachieved considerable progress in the transition away from mineral exploration and toward materials technology.

He said: In less than two years since announcing the commencement of our 12CQ project, we have made substantial progress on creating a new culture and identity, while maintaining our habit of doing high-quality work cost-effectively.

During the year we delivered all that we announced at the start of the year and more.

We further sharpened Archer's strategic focus on quantum technology, human health and reliable energy.

English said: We continued to divest non-core exploration tenements and assets as a means of funding the Advanced Materials Business, and on July 2, 2020, completed the divestment of the Leigh Creek Magnesite Project for $2.8 million.

The companys exploration tenements are no longer core to its materials technology strategyand Archer will continue to sell mineral exploration projects to fund the Advanced Materials Business.

English said: Our primary focus during the past 12 months has been on the development of the room temperature quantum computer chip.

We believe that over the next few years that quantum computing will move from the high-tech lab to mainstream commercial use, representing the next major breakthrough in modern IT.

Quantum computing represents a sweeping technological breakthrough that is set to change so much of the way we work and interact.

English said: Our most notable transaction during the year was the collaboration agreement with IBM ().

As part of the contract between Archer and IBM, Archer is the first Australian company building a quantum computing qubit processor to join the global IBM Q Network as an ecosystem partner.

We have already begun accessing IBM's quantum computing expertise and resources, and opensource Qiskit software and developer tools.

During the year, the company also continued to develop IP associated with a potential solution to graphene-based biosensors capable of complex detection of disease having designed a set of new graphene materials that could be directly applied for enhanced biosensing.

English said: Technologically, we have made considerable progress with developing the biosensing interface, data processing, and design and fabrication of materials electrodes critical to the biosensor technology function and will continue this work in 2021.

English said: In building a deep tech company, we have not limited our vision to the next quarter or even to the following two but are re-shaping the company for the next 20 or 30 years.

By developing our advanced materials business, we have laid the foundation for a new era of technology and business.

We are now the only ASX-listed company that offers shareholders exposure to the ever-growing world of quantum computing.

While the company has made considerable progress in a short amount of time, English said it was easy to forget that Archer was still in the early stages of a long cycle of a technological revolution.

He said: With our advanced materials business, we have deliberately selected technologies that we believe can make a real contribution to society and help to find solutions to global challenges.

We believe that this strategy will enable us to optimise value for our shareholders and have a long-term positive impact on the company.

In line with the transition, the company's market cap has increased to $120.3 million.Since March shares have traded from 12cents to a record of 81.5 cents and today have been as much as 55 cents.

Originally posted here:

Archer Materials makes strong progress in shifting focus to Advanced Materials Business and technology - Proactive Investors USA & Canada