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FBR Limited (ASX:FBR), the robotic construction innovator behind the Hadrian® bricklaying system, has bolstered its board with the appointment of construction heavyweight Lindsay Partridge AM as an independent Non-Executive Director. The move signals a clear intent to elevate the company’s strategic capabilities as it transitions from development to global commercialisation.

Partridge, best known for transforming Brickworks Limited into a $6 billion diversified multinational over a 25-year tenure as CEO, brings more than four decades of commercial and operational nous to FBR’s table.

Industry Heavyweight With Manufacturing Cred

With a background in ceramic engineering and a leadership career that spans market cycles and cross-border growth, Partridge’s credentials tick multiple boxes for a company like FBR that sits at the intersection of industrial automation, manufacturing, and construction.

His achievements at Brickworks - taking it from a domestic building materials supplier to a global manufacturing force - resonate with FBR’s ambitions to scale its Hadrian® and Mantis™ technologies across international markets. Notably, he led Brickworks’ asset base growth from $500 million to over $6 billion by his retirement in 2024.

Partridge was appointed a Member of the Order of Australia in 2012 for services to the building industry and received the Sir Phillip Lynch Award of Excellence from the HIA in 2018.

Alignment with Scale-Up Strategy

FBR Chair Shannon Robinson framed the appointment as a major endorsement of the company’s next phase:

“Lindsay’s experience in building an Australian manufacturing company into a world-renowned organisation will be invaluable as we execute our strategic vision,” she said.

The company plans to issue Partridge 12.5 million shares at a deemed issue price of 0.4 cents (subject to shareholder approval) in lieu of cash director fees during his first year - a move that ties his remuneration directly to shareholder value creation.

Partridge himself acknowledged the company's strong platform and future-facing tech:

“The technology sector is driving significant change across the global economy, and FBR has established a strong foundation for future success with Hadrian, Mantis and all the other opportunities created by the core technology the team has developed,” he said.

Focused on Commercial Execution

FBR has made steady technical strides with its Hadrian® robotic bricklaying system and Mantis™ welding platform, both underpinned by its proprietary Dynamic Stabilisation Technology® (DST®). The Hadrian® is now offered via its unique “Wall as a Service®” model or direct purchase, targeting both residential and industrial builders seeking automation gains.

The addition of Partridge provides FBR with a depth of expertise in scaling manufacturing operations and navigating global commercial pathways - precisely the terrain it is now entering.

With demand for faster, safer, and more sustainable construction mounting globally, particularly in housing-starved markets, FBR is poised to capitalise. The question has always been execution - and Partridge’s appointment appears to be a calculated answer to that.

For investors, the signal is clear: FBR is building not just walls, but a leadership team capable of delivering scale.

In a sharp boost to its commercial rollout strategy, reproductive biotech outfit Memphasys (ASX:MEM) has received Therapeutic Goods Administration (TGA) approval for its Felix™ System - a full two months ahead of schedule. The green light from the Australian regulator now enables immediate commercial sales and clinical deployment across the country, effectively pulling forward revenue potential and signalling confidence in the company’s execution capabilities.

A Fertile Window Opens

The approval marks the inclusion of Felix™ on the Australian Register of Therapeutic Goods (ARTG), making Australia the latest high-regulatory market where Memphasys can now operate commercially. With over 60,000 fresh IVF cycles performed annually in Australia, the opportunity for early traction is significant.

The Felix™ System - designed to gently and efficiently select the most viable sperm cells for assisted reproduction - has already earned its CE Mark in Europe. The addition of TGA approval rounds out Memphasys' credentials in another major regulatory jurisdiction, complementing ongoing efforts across compliant international markets.

“This is a strong validation of the quality of the technology, the robustness of our regulatory strategy and the discipline of our execution,” said chair Lindley Edwards.

Speedy Approval, Swift Revenue Path

The original guidance had pegged approval for April 2026, but the TGA’s February decision materially de-risks the near-term and accelerates Memphasys' revenue curve. With regulatory hurdles cleared ahead of time, the company is now transitioning from pre-commercial readiness into full-scale deployment.

Specifically, Memphasys is now authorised to:

• Market and sell Felix™ domestically,

• Install consoles in IVF labs,

• Supply cartridges on a recurring, per-procedure basis.

This lays the groundwork for a recurring revenue model closely linked to IVF cycle volumes - a potentially lucrative arrangement in a sector built on repeat procedures.

Commercial Conversations Turn Tactical

Crucially, Memphasys has been busy behind the scenes. Advanced commercial discussions with IVF clinics and distributors have been underway in parallel with the regulatory push. Now, with approval in hand, those talks can shift gears from planning to execution.

The company’s strategy hinges on building an installed base of Felix™ consoles and leveraging that footprint for ongoing cartridge sales. Given that each IVF cycle could potentially use a cartridge, volume-based scale could come quickly if adoption ramps.

Technology with Tailwinds

Felix™ represents a shift from the traditional centrifugation methods still widely used in IVF labs. The system uses a combination of electrophoresis and size-exclusion membranes to isolate high-quality sperm more gently, reducing cellular stress and DNA damage. This approach aims to enhance success rates while also streamlining laboratory workflows.

It’s not just a marginal improvement - it’s a potential new standard. And with IVF clinics increasingly focused on both clinical outcomes and lab efficiency, Felix™ is well-positioned to tap into both decision-making vectors.

Outlook: From Approval to Acceleration

With regulatory boxes ticked in both Europe and now Australia, Memphasys enters a new chapter. The next milestone will be converting installed systems into recurring cartridge revenues and expanding regulatory approval into additional jurisdictions.

Shareholders can expect further updates as commercial agreements are locked in and as international momentum continues to build. For now, the company has gained more than just a product listing - it’s earned a head start.

And in the world of biotech commercialisation, being two months early is as good as gold. Or in this case, maybe even better.

Queensland-based agricultural biotech outfit Terragen Holdings (ASX:TGH) has locked in $7 million in fresh equity funding, aimed squarely at accelerating its global ambitions and diversifying its range of naturally derived microbial products. The raise marks a pivotal step for the company as it moves from niche domestic player to international contender in the fast-growing bioagriculture space.

The equity raising comprises a two-part placement of fully paid ordinary shares priced at 2.2 cents apiece - an 8.3% discount to the last traded price before the raise. The Institutional Placement brought in approximately $2.78 million under ASX Listing Rules 7.1 and 7.1A, while a further $4.22 million is expected to come via a Conditional Placement subject to shareholder nod in late March.

On a post-deal basis, Terragen’s cash balance will jump to a pro forma $9.8 million (pre-transaction costs) as of 31 December 2025 - a significant war chest for a company still carving its market path.

Big names back big bugs

Two standout investors are leading the charge. Non-executive director and major shareholder Scobie Ward is tipping in a hefty $2.25 million, though this is contingent on shareholder approval under ASX Listing Rule 10.11. Meanwhile, WAM Investments, run by market veteran Geoff Wilson, is emerging as a new heavyweight backer, taking up $3.29 million worth of stock and expected to hold 19.3% of the register post-settlement.

The share issuance - approximately 318.2 million new shares in total - will represent around 63% of Terragen’s existing issued capital, bringing significant dilution but also potentially transformative strategic capital.

Where the bugs go from here

Terragen CEO Richard Norton was bullish about the direction of travel, pointing to a $28 billion global addressable market across cropping, intensive animal feed, companion animals, and even domestic gardens.

“Terragen’s patented microbial strains are delivering meaningful productivity gains across agriculture,” Norton said. “Our biostimulant ranked first in independent testing against 21 competitors for its ability to decompose organic waste”.

Productivity is the magic word here - with Norton claiming returns of up to 10x on product investment in beef and lamb feedlots. The company’s current commercial workhorses include its ruminant probiotic (TPR) and the plant biostimulant Great Land Plus, both sold in Australia and New Zealand.

But eyes are now firmly set on global pastures. The funds will support R&D into high-value crop applications and a canine probiotic, as well as efforts to secure distribution partnerships with major agriculture and animal health players.

The company also intends to bolster its manufacturing capabilities and internal commercialisation muscle by expanding product manager resources and building out its partner network.

Board shuffle adds gravitas

Coinciding with the raise, Terragen also announced a board shake-up. Long-time chair Michael Barry has stepped down, staying on as a non-executive director, while Dr Michele Allan AO has assumed the chair from 5 February.

Dr Allan, a governance veteran with deep agrifood experience, didn’t mince words about the opportunity: “The Australian market for biostimulants is now around $200 million per annum. Globally, markets are prioritising climate-smart food systems that use nature-based products to lift productivity. Terragen is strategically positioned to benefit from this shift”.

Her appointment adds weight as the company pitches to partners and institutional capital with global reach.

A microbe-fuelled growth story?

While the company isn’t yet profitable and no firm global distribution deals have been inked, this capital raise could mark a turning point. The presence of cornerstone investors and insider participation shows confidence, and the pivot towards high-value, scalable agricultural systems plays into current global ESG and productivity narratives.

What remains to be seen is whether the microbe magic can scale commercially and sustainably. But for now, with $7 million in the kitty and a refreshed board at the helm, Terragen’s spores are spreading. Watch this space.

Reproductive biotech hopeful Memphasys (ASX: MEM) is shifting from promise to execution, with a string of regulatory lodgements and fresh orders positioning its flagship Felix™ System for commercial lift-off across multiple continents. From regulatory filings in Australia and India to anchor-client adoption in Qatar, the company’s dual-pronged strategy - clinical credibility paired with go-direct sales execution - appears to be bearing fruit.

Regulatory Milestones: Approvals in Sight for Australia and India

Memphasys has filed its long-anticipated regulatory submissions with the Australian Therapeutic Goods Administration (TGA) and India’s Central Drugs Standard Control Organisation (CDSCO). TGA approval is expected by April 2026, while Indian clearance is anticipated within six months - timelines which would enable commercial sales in two highly strategic markets.

Both submissions build on the company’s CE Mark certification, granted in December 2025, allowing Memphasys to leverage existing clinical data and quality systems to fast-track approval pathways.

UK Sales on the Fast Track via CE Mark Pathway

While others navigate the regulatory fog post-Brexit, Memphasys is taking the express lane. Under the UK’s transitional framework, devices with valid CE Mark approval can be sold without the UKCA mark - provided certain registration and labelling requirements are met.

The company is currently completing MHRA device registration, appointing a UK Responsible Person, and preparing UK-compliant labelling. With no formal UK sales agreements signed yet, discussions are actively progressing with IVF clinics and potential distributors.

Indian Deal Locked and Loaded, Pending CDSCO Tick

On the subcontinent, Memphasys has secured a non-exclusive supply agreement with Andro Diagnostics of Coimbatore. The deal includes a minimum of 1,800 cartridges in the first year, scaling to 2,700 in Year 2, distributed across a network of over 200 clinics.

Activation is contingent on CDSCO approval, but demand fundamentals are compelling: India performs around 300,000 IVF cycles annually, projected to grow to as many as 600,000, with male-factor infertility implicated in roughly half.

MENA Momentum: Qatar’s IVF Giant Commits to Felix™

In what could be a pivotal endorsement, Hamad Medical Corporation (HMC) - Qatar’s leading fertility institution - has begun ordering Felix™ cartridges for clinical use. The initial demand clocks in at around 100 cartridges per month, equating to 1,200 per annum. HMC alone covers nearly half of the minimum annual volume required under Memphasys’ distribution deal with International Technical Legacy (ITL).

This makes HMC the first major institutional reference customer in the MENA region - a critical foot in the door for broader adoption.

Follow-On Demand and Wider Middle East Traction

The MENA story doesn’t end with Qatar. ITL has placed an additional follow-on order for 200 cartridges, reflecting demand from clinics across the UAE and elsewhere in the region. According to Memphasys, late-stage contractual discussions are underway with prospective clients in five additional MENA countries.

Each target clinic is capable of generating A$100,000–A$300,000 in annual cartridge revenue, offering substantial scale potential.

Execution Strategy Backed by Boots on Ground

Adding to this momentum, Associate Professor Hassan Bakos, Memphasys’ Director of Clinical Partnerships, is on his second visit to the region in two months. The trip, backed by ITL, includes optimisation support at HMC, clinic onboarding meetings and a prominent presence at an ART conference in Egypt - a market forecast to exceed US$500 million in IVF spend.

Commercial Countdown Begins

Chair of the Commercialisation Committee Marjan Mikel summed it up succinctly: “Our go-direct commercial and regulatory strategies are working hand in glove... contracted demand continues to build, and these approvals are expected to further accelerate growth in Felix™ sales as execution progresses”.

Indeed, with regulatory filings in motion, cartridge orders building, and commercial talks advancing across three continents, Memphasys appears to be entering the revenue-generating phase of its global push.

Investors won’t have to wait long to see whether Felix™ can make the leap from clinical promise to commercial success - the true test lies just ahead.

If there was still any doubt that drones had reshaped the battlefield - and the boardroom - Bell Potter Securities’ Drone Report puts it to rest. Published on 21 January 2026 by analysts Baxter Kirk and Ritesh Varma, the 9-page report lays out the bullish case for unmanned aerial systems (UAS) and their countermeasures (C-UAS), positioning the ASX as a surprisingly rich source of exposure.

Driven by new legislation, surging defence budgets and real-time battlefield feedback - most visibly in Ukraine - Bell Potter sees 2026 as an inflection year for drone and counter-drone markets globally. Drones now account for 70-80% of daily combat losses in the Ukrainian conflict. That has tipped procurement scales from future-looking experiments to urgent acquisition programs.

The C-UAS Playbook

The legislative lever, at least in the US, has been firmly pulled. The Safer Skies Act, passed in December 2025, permits public safety agencies - including law enforcement and correctional facilities - to disable drones deemed a credible threat. This is a structural change. For the first time, state and local governments can procure and deploy C-UAS tools, unlocking an estimated 12% of the addressable market for non-kinetic countermeasures such as RF jammers.

DroneShield RFPatrol Mk2 (supplied)

DroneShield (ASX:DRO)’s DroneGun Mk4 and RFPatrol Mk2 units are already deployed in such scenarios. In fact, the report notes the US Air Force continues to single out DroneShield’s gear as the only proven option that meets its handheld requirements.

Directed energy weapons (DEWs) are another area of focus, where Electro Optic Systems (ASX:EOS) is gaining traction, having recently delivered its 100kW “Apollo” system into Dutch and Korean defence programs. Europe, meanwhile, is forging ahead with its “Drone Defence Initiative,” with Poland’s €2.5 billion “East Shield” and the Netherlands both identified as early movers.

Amid this surge, the value of adaptable, component-based supply chains has become clear. Bell Potter doesn’t highlight unlisted suppliers, but it notes that scalable defence engineering is increasingly a function of distributed, low-capex manufacturing. That’s a subtle nod to firms like KTEK Systems, a Tier-2 provider of UAV sub-assemblies and ruggedised airframes, which operates under an asset-light “Cordless Factory” model across Israel, the EU, and soon Australia.

Drones in Demand - Fast

On the offensive side of the ledger, the US Department of War is now targeting production of 340,000 small drones over two years, with unit prices capped at around US$5,000. This high-volume, low-cost procurement plan favours agile manufacturers - especially those already embedded in Tier-1 OEM programs.

KTEK, for instance, is a known supplier to UVision, whose Hero-120 loitering munition secured a US$982 million multi-year IDIQ contract from the US Army in October 2025. KTEK produces the composite fuselage and sub-systems for that platform - a position that could provide tailwinds without requiring direct contract attribution.

That’s the model. Support the primes, stay in the background, and scale as they scale.

Commercial Flight Path Also Clears

It’s not all battlefield firepower. The commercial drone market is quietly gearing up for a breakout, pending the long-awaited FAA Part 108 reform, which is expected to permit scalable Beyond Visual Line of Sight (BVLOS) operations. Bell Potter flags this as a potential game-changer for Elsight (ASX:ELS), whose Halo platform has already been validated for public safety use.

The report also notes the inflection point at Australian mine sites, where autonomous deployments are growing - RocketDNA (not rated) is rolling out over 20 xBot units. It’s another sign that the demand curve for smart UAV systems is steepening not just for platforms, but for the electromechanical and connectivity subsystems beneath them.

KTEK, which also supports ISR and C4I ground infrastructure projects via ruggedised racks, enclosures, and power distribution modules, stands quietly aligned with these commercial and dual-use trends.

Valuations and Market Positioning

One of the more compelling parts of the Bell Potter analysis lies in its relative valuation work. It compares ASX-listed drone and counter-drone companies with global peers like AeroVironment (NASDAQ:AVAV) and Kratos (KTOS), and finds a significant multiple discount. ASX names like DRO, ELS and EOS are trading at sub-30x FY28 EV/EBITDA, while their US peers are fetching multiples of 50x or more.

This pricing gap, in Bell Potter’s view, may present an opportunity - particularly for investors looking for exposure to a sector on the verge of structural expansion. The research note rates DRO, ELS, and EOS as “Buy” and flags a catalyst-rich six months ahead.

That optimism may also extend to IPO candidates orbiting the listed space. KTEK, for instance, has already completed an oversubscribed seed round backed by Regal Emerging Companies Fund and is planning an ASX listing later this year.

Risks Still Apply

Despite the tailwinds, Bell Potter isn’t blind to risk. The report highlights execution, regulatory approvals, R&D competitiveness and geopolitical stability as key pressure points. It also underscores the importance of diversifying revenue bases - an area where some ASX players still lean heavily on single customer relationships.

That said, for companies with proven capability, scalable production models, and Tier-1 integration credentials, the risk-reward trade-off in 2026 appears increasingly skewed to the upside.

Where It Leaves Investors

If The Drone Report is correct, drones are moving from the tactical edge to the strategic core of global defence policy - and the ASX is well positioned to ride the wave. Investors eyeing the sector would be wise to look not only at the headline names, but also at the specialised ecosystem forming beneath them.

Because in the new world of autonomous systems, the companies building the hardware, racks, and ruggedised frames - quietly, reliably - might just end up doing the heavy lifting.