Fleet Space said the funds will enable it to expand its global presence - the company already has contracts in place with miners such as Rio Tinto, Barrick Gold Corporation, Core Lithium, and Gold Fields.

It also plans to develop new strategic product lines and an expanded constellation of satellites.

ExoSphere uses artificial intelligence (AI) and machine learning, to produce 3D subsurface data but the company's other products include predictive drill targeting models, lithology models, and multiphysics models.

The company also recently secured a contract with Australia's Defence Space Command to utilise its commercial satellites in developing and demonstrating a Low Earth Orbit (LEO) satellite communications system.

Flavia Tata Nardini, co-founder & chief executive of Fleet Space Technologies, says, "ExoSphere is transforming critical mineral and mining projects worldwide, and we're proud to be leading the way in this important field. Our worldwide growth is a testament to our team's hard work, talent and dedication. With this new funding, we are in an ideal position to propel further innovation and drive growth within the mineral exploration industry, not only in Australia but across the globe. Looking ahead, our vision extends beyond Earth as we aim to leverage these cutting-edge techniques to scan the Moon and Mars, enabling responsible exploration and unlocking extraterrestrial resources that were once out of reach."