XRF Scientific exercised its call option to acquire the remaining 50% of Orbis Mining, a manufacturer of laboratory jaw crushers for the mining sector.

The transaction is contingent upon satisfying several conditions precedent by Dec. 31, including obtaining third-party approvals.

XRF acquired a 50% stake in Orbis for $800,000 in September 2021.

The acquisition, valued at $3.9 million for the remaining shares, will be settled through a mix of cash reserves and XRF shares, subject to satisfaction of all conditions.

A further earn-out payment, based on 50% of Orbis' after-tax profits for FY25, may also be partially settled in XRF shares.