How Aquirian’s Collar Keeper® Tech and $20m WA Contract Could Transform Mining

Financial Performance and Strategic Reset

Aquirian Limited (ASX, AQN) has delivered a mixed but forward-looking FY25 result, with revenue climbing 13% to $26.1 million, reflecting growing demand for its mining services and technology solutions. However, underlying EBITDA fell 26% to $2.0 million, impacted by reduced utilisation of its underground fleet as the company strategically exited underperforming operations and absorbed transitional costs.

The company’s balance sheet remains robust, with $6.8 million in cash and net assets of $12.8 million, supported by a $5 million capital raise earlier in the year. This funding is being directed towards upgrading the Wubin Emulsion Facility and accelerating technology commercialisation efforts, underpinning Aquirian’s growth ambitions.

Contract Wins and Technology Advances

Aquirian’s highlight for FY25 was securing a significant three-year contract valued at approximately $20 million to supply an integrated energetics and technology package to a Western Australian goldmine. This deal combines bulk product delivery with the company’s patented Collar Keeper® system, which has proven effective in eliminating problematic plastic piping in blast-hole operations.

The Collar Keeper® technology continues to gain traction, with the manual system now adapted for both Epiroc and Sandvik drill rigs, expanding its market reach. Notably, the automated Collar Keeper® system is in the final testing phase, promising to enhance operator safety, improve blast hole quality, and reduce plastic waste. Development of a biodegradable variant is also underway, aligning with environmental sustainability goals.

Operational Transition and Facility Upgrades

FY25 marked a transition year as Aquirian completed its exit from underground equipment hire and field services, recognising non-cash impairments on its underground fleet and goodwill. This strategic pivot allows the company to focus capital and resources on higher-growth areas such as energetics and technology.

Meanwhile, the Wubin Facility has restarted operations with upgrades underway to boost capacity and product offerings. A strategic review led by board directors is exploring ways to maximise the facility’s potential, with outcomes expected early in FY26. The facility’s productivity gains and new product developments, including emulsion products, position Aquirian well for volume growth and expanded market presence.

Outlook and Growth Prospects

Looking ahead, Aquirian is optimistic about FY26, supported by steady customer demand and a growing pipeline of opportunities. The company’s integrated approach combining energetics and technology solutions is expected to drive sustainable revenue growth and improved margins. With a strong balance sheet and a clear technology-led strategy, Aquirian aims to accelerate growth and deliver long-term shareholder value.