NoviqTech says its Great Barrier Reef biochar project has passed harvesting, laboratory and Isometric eligibility assessments, while a potential offtake could cover at least 70% of planned credits. But the company ended September with A$151,000 in cash, an estimated 2.57 quarters of funding and no guarantee of returning to the ASX.
- Potential offtake covering at least 70% of planned biochar credits
- Biochar passed harvesting, laboratory and Isometric eligibility assessments
- Swinburne research found stronger early concrete curing in selected tests
- Fuel Central generated its first subscription and token-fee receipts
- A$604,000 quarterly operating cash outflow and A$151,000 closing cash
Great Barrier Reef biochar project advances towards commercial terms
NoviqTech Limited (ASX:NVQ) has moved its flagship Great Barrier Reef Biochar Project closer to commercialisation, but the key commercial relationship remains unsigned. Coralia’s September site visit with A Healthier Earth, the climate-tech subsidiary of Pure Data Centres Group, supported discussions over a proposed offtake covering at least 70% of the project’s planned Biochar Carbon Removal Credits.
A Healthier Earth reviewed feedstock supply lines, processing plans and the project’s operating scale during the 15-19 September visit. The companies are now discussing Heads of Terms that could cover direct credit sales and a potential joint venture to build the biochar production facility. They have also verbally agreed to form a project team for agricultural trials in North Queensland from early 2027.
The project is designed to process 2 million tonnes of woody weeds and agricultural waste into approximately 550,000 credits. That target remains a project ambition rather than contracted output: the memorandum of understanding is non-binding, the joint feasibility assessment is incomplete, and the announcement says there is no certainty that binding Heads of Terms or a definitive agreement will follow.
Harvesting and testing strengthen the project case
Coralia’s harvesting trial across three infestation densities found that lower-density areas could also provide usable biomass, while different clearing and chipping methods offered operational alternatives. Laboratory and stack-emissions testing found the resulting biochar suitable for carbon-credit eligibility and did not identify heavy metals or other chemicals that would prevent proposed concrete or agricultural uses. Isometric said the project aligned well with its Biochar and Storage Protocol, although further testing is planned using equipment intended for the pilot facility.
Separate research by Swinburne University of Technology produced encouraging, but still developmental, results for biochar as a partial cement replacement. Selected formulations increased compressive strength at 2.5% and 5% replacement levels, while one formulation outperformed conventional fly ash concrete at 12.5%. After seven days, the biochar-enhanced concrete reached about 80% of its final compressive strength, compared with approximately 50% for fly ash concrete. Coralia is seeking to expand the work and pursue government funding and industry engagement.
Services business begins producing commercial receipts
NoviqTech’s services operations also moved from implementation into live use during the quarter. Fuel Central completed its first full quarter at Viva Energy’s sustainable aviation fuel facility at Pinkenba Terminal in Brisbane, receiving recurring subscription revenue and its first usage-based token fees alongside final implementation services under an ARENA-supported program.
Carbon Central continued delivering Eco-Markets Australia’s Registry 2.0 program under a phased grant from The Hashgraph Association. NoviqTech collected A$132,546 in milestone receipts in August and agreed a further statement of work covering the next phase of methodology development. The filing describes both deployments as operating verification infrastructure for Australian environmental markets, but does not disclose total quarterly revenue from the platforms.
Funding supports reinstatement bid but liquidity remains tight
The company’s financial position remains the harder-edged part of the quarterly report. NoviqTech used A$604,000 in operating cash during the quarter and ended September with A$151,000 in cash. It reported A$1.4 million of unused borrowing capacity under an unsecured facility, producing estimated available funding of 2.57 quarters based on the quarter’s operating cash outflow.
The proposed A$1.805 million September placement, priced at A$0.035 a share, is intended to form part of the funding package for reinstatement. Up to approximately 51.5 million shares are involved, including about 6.7 million shares proposed to be taken up by directors for approximately A$235,000, subject to shareholder approval. The placement’s completion and any cleansing prospectus do not guarantee reinstatement, which remains at ASX’s discretion.
The unused facility is the same A$1.4 million unsecured loan whose maturity was extended to April 2028, with interest compounding daily at 5% per annum. NoviqTech says it will make submissions to ASX on reinstatement conditions and update shareholders on material developments, but has not provided certainty on either the conditions or timing. The next test is therefore not simply whether Coralia can produce a credit-eligible product, but whether the company can convert that technical progress into signed commercial terms while maintaining enough liquidity to reach them.
Bottom Line?
The project has accumulated useful technical validation, but signed offtake terms, pilot-facility results, placement completion and ASX reinstatement remain the decisive next milestones.
Questions in the middle?
- Will A Healthier Earth move from a non-binding MOU to Heads of Terms and a definitive offtake covering at least 70% of planned credits?
- Can the pilot facility reproduce the laboratory results and establish commercially viable credit volumes and biochar end uses?
- What reinstatement funding package and conditions will ASX ultimately require, and how will NoviqTech fund operations if the process takes longer than expected?