• Acquisition of Bruker's Combustion Gas Analysis (CGA) business
• CGA business produces $5.3M in revenue and has a blue-chip customer base
• Expansion into new industries beyond mining, including nuclear, metals, and manufacturing

XRF Scientific Ltd ('XRF') has entered into a binding Asset Purchase Agreement with Bruker AXS SE to acquire its Combustion Gas Analysis (CGA) business. The CGA business is a range of four analytical instruments for rapid and precise elemental analysis of carbon, sulfur, oxygen, hydrogen and nitrogen. The products are used across a wide range of sectors, including nuclear energy, metals, manufacturing, and mining. For 2025, the CGA business produced unaudited revenue of USD $5.3 million, including instruments, spare parts, and servicing. The business has a blue-chip customer base, with sales recognized globally. Under the agreement, certain product names such as 'G4 Icarus' will be transferred to XRF and branded as XRF Scientific. The CGA products are currently manufactured in Germany, with production to be transferred to XRF's factory in Perth, Australia. Key sales management and technical support employees will join XRF. The acquisition is expected to provide several benefits, including expanding XRF's range of analytical instruments, accessing new industries, and opportunities for cross-selling with existing products. The upfront cash consideration is USD $4 million, with an additional earnout of up to USD $1 million based on future CGA revenue.

XRF is excited to complete this acquisition and support the existing CGA customers and their laboratory operations around the world. The company looks forward to driving the CGA business to further growth.