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Maestrano's Airsight wins Australian government contract for revegetating uranium mines

Maestrano's contract win is a turn up for the books after a year in which shares depreciated by 84%

Maestrano Group PLC -

Maestrano Group PLC’s (LON:MNO) recently acquired subsidiary, Airsight, has won a contract with the Australian government department of the environment and energy, helping turn around a tough year for the AI platform.

The AIM-traded firm said the department is preparing to start revegetation of regions in Northern Australia which have been used for uranium mining, after last operational mine in the region ends operations in 2021.

READ: Maestrano warns full-year revenue, adjusted loss to be “materially behind market expectations”

Uranium mining often leaves land with radioactive, toxic elements, as well as increased risks of erosion, landslides and pollution of the soil and water.

The department is developing ways to monitor revegetation of the site so that it becomes like the surrounding environment, ahead of finishing the decommissioning and revegetation of the site by 2026.

It has decided to equip drones with Airsight NextCore LiDAR (Light Direction and Ranging) scanning units, in order to acquire data from the savanna ecosystem in Kakadu National Park in Australia.

From this data, it will derive metrics about trees in the ecosystem, including tree height, canopy depth, canopy diameters and tree diameter.  

Shares in Maestrano are now worth just one sixth of what they were at the beginning of the year, when it revealed slashed annual revenues and deeper loss expectations with a much more cautious approach to the ramp-up of end-user subscription revenue.

They were unmoved at 1.5p per share in Friday morning trading.

Quick facts: Maestrano Group PLC

Price: 6.75 GBX

Market: AIM
Market Cap: £9.86 m


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