Archer Exploration Ltd. said Oct. 9 that it terminated a conditional deal to sell its non-graphite assets to Ballista Resources Ltd.

In July, Archer decided to move ahead with a plan to list its non-graphite exploration projects on the ASX through an initial public offering, after completing a previously flagged strategic review.

It struck a deal with Ballista to sell its SA Exploration Pty. Ltd. and Archer Energy & Resources Pty. Ltd. subsidiaries. The agreement allowed either party to terminate the transaction if Ballista failed to secure the ASX listing by Sept. 30.

The companies have been in discussions to extend the targeted listing date. However, Ballista has notified the company that the IPO will not take place this year, resulting in Archer's election to pull out of the deal.

Archer plans to conduct drilling at the Blue Hills copper-gold project in November, and remains committed to grow its Advanced Materials and Technology business, said Chairman Greg English.

The company will continue to look for alternatives to monetize its non-graphite assets.