Shares of the mineral and technology company Nemex Resources (ASX:NXR) have surged more than 20 per cent so far on Thursday. The company currently controls a 40 per cent stake in Wavefront Biometric Technologies Pty Ltd after increasing its stake by 10 per cent earlier in the month. Nexem has shifted some of its business operations away from its mineral assets and moved towards developing its biometric resources. Wavefront has been developing and attempting to commercialise an identity authentication technology that captures a pattern of light reflected from the corneal surface of the eye. Earlier in the month the biometric company filed a provisional patent application for new intellectual property generated during Phase 2 development. This move was seen as a positive step forward in the development in the technology.
Shares of Nexem have continued to rise on Thursday. NXR has jumped 1.8c, or 21.43 per cent, to 10.2c per share around 3:17pm on Thursday. NXR has risen over 290 per cent in the last 12 months. This year alone, NXR has risen 137.21 per cent. As Wavefront continues to move the technology development further, Nemex chose to increase its stake to 40 per cent, with the option to increase its stake to a total of 51 per cent. The patent filed earlier in the month was an attempt to increase the commercial viability of the technology. Other commercially available iris scanners do not have Wavefront’s capabilities of liveness testing in terms of robust facility to resist replay attacks or other spoofing methods. The company’s technology is also different from other iris systems because its technology is able to capture unique features of the iris in the visible light spectrum.