Announcements
SHAREHOLDER UPDATE
CRITICAL UPDATE: Recapitalisation & Strategic Partnership with Alpha Future Funds
Dear Shareholder,
We are writing to provide a detailed summary of the Company’s financial position and to announce the conclusion of strategic negotiations that have secured the immediate solvency of the business.
1. The Financial Context
As previously communicated, the severe downturn in the mineral exploration market created a liquidity crisis for SensOre. By mid-2025, revenue from legacy services had slowed significantly, and capital markets were closed to exploration technology stocks.
By July 2025, the Company faced a critical cash shortfall. The Board faced the immediate prospect of appointing Voluntary Administrators, which would have crystallised a total loss for all shareholders at that time.
2. The “Bridge” Rescue (July 2025)
To prevent liquidation, a small group of existing Tully shareholders—The Noteholders—injected emergency personal capital into the business. Many major shareholders were approached by the board at this time to provide support for this capital injection.
Amount Invested (including accrued interest): Approximately $365,000 (Secured Convertible Notes).
Purpose: These funds were used exclusively to satisfy critical debts (ATO, wages, and creditors) to keep the company trading for the last six months.
3. The Solution: Strategic Partnership with Alpha Future Funds
We are pleased to advise that high-level commercial terms have been agreed to recapitalise the Company on the following structure:
Immediate Injection: Alpha Future Funds (AFF) will invest $287,500 in immediate cash to clear critical payables.
Change of Control: In exchange, AFF will acquire a 55% controlling stake in SensOre Pty Ltd.
Future Growth Capital: AFF has an option to invest an additional $363,000 to fund the AI platform rollout.
4. The “Value Share” (Noteholder Contribution)
The Noteholders have agreed to subsidise the valuation to ensure Tully Limited was not diluted to zero. To prevent this, the Noteholders agreed to convert their $365,000 of secured debt at a significantly higher valuation than the incoming capital.
Alpha Entry Price: ~$0.030 per share.
Noteholder Conversion Price: ~$0.070 per share.
The Noteholders effectively paid 2.3x the price the new investor paid. By accepting this higher conversion price—and foregoing their rights as secured creditors to force a liquidation— Tully Limited was able to retain an equity stake in Sensore.
5. Impact on Tully Shareholders
Because of the restructuring described above, the Board has achieved a solvency outcome that preserves potential future value.
Solvency: The transaction averts immediate Voluntary Administration, which would have resulted in a zero return.
Residual Stake: Tully Limited retains approximately 5.6% of Sensore following Alpha’s immediate injection and 4.8% of the fully capitalised entity assuming Alpha invests the Future Growth Capital amount.
Upside: While diluted, this stake is now in a solvent, funded company with a capable partner committed to growth.
The SensOre Board
Enquiries
Tully Investors Limited
ACN 673 425 593
Level 21,459 Collins Street,
Melbourne, Vic 3000
+61 3 8630 3321