Australian mining technology company Chrysos Corporation has successfully completed an equity placement, raising $50 million with strong support from domestic and international institutional investors.
The funds will be used to meet accelerating demand for Chrysos PhotonAssay from miners, explorers and laboratories across the globe.
CEO, Dirk Treasure, said the groundbreaking technology displaces slower, more hazardous and toxic assay processes. It delivers faster, safer, more accurate and environmentally-friendly analysis of gold, silver and complementary elements in as little as two minutes.
We are delighted with the support we’ve received from investors as we enter this exciting phase of our expansion strategy,” Mr Treasure said.
“Through effective planning and execution, we have built a long runway of sustainable growth and are well positioned to realise PhotonAssay’s immense potential in this attractive and progressive market.”
Mr Treasure said Chrysos has entered a transformative stage with the PhotonAssay technology already deployed and in-use with recognised industry leaders, including the world’s third largest laboratory group, Intertek, geochemical laboratory services provider, MSALABS and multiple top-tier miners, including Barrick and Kirkland Lake Gold.
The company maintains a strong sales pipeline and has contracts secured for a further nine units; representing 150% growth on its current deployments and locking in its manufacturing capacity for the next 12 months.
This will bring the total number of deployed and committed PhotonAssay units to 15.
Mr Treasure said Chrysos anticipates accelerating demand over the coming years in a worldwide market with room for approximately 350 units.
“Our ambitious plan is to deploy 80 PhotonAssay units over the next five years. At that point, with each unit capable of processing up to 480,000 samples per annum, we will be helping our customers reduce CO2 emissions by an estimated 18,000 tonnes and decrease hazardous waste by approximately 12,000 tonnes every year,” Mr Treasure added.
PhotonAssay units are leased to mines and analytical laboratories under long-term renewable contracts, with customers paying per sample processed.
As a non-discretionary element of the mining value chain, the technology offers an attractive OpEx model for customers and delivers a high margin, long-life annuity revenue stream back to Chrysos. Chrysos’ PhotonAssay technology was originally conceived at Australia’s national science agency, CSIRO, which remains a significant shareholder.