Australia-based Chrysos Corp. has completed a $50-million equity placement that will used to meet growing demand for its PhotonAssay technology from miners, explorers and laboratories across the globe.
The ground-breaking 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.
Chrysos has entered a transformative stage with the PhotonAssay technology already deployed and in use with recognized industry leaders, including the world’s third largest laboratory group Intertek, geochemical laboratory services provider MSALABS, and multiple top-tier miners, including Barrick Gold and Kirkland Lake Gold.
The company 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. 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," CEO Dirk Treasure said. "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.”
PhotonAssay units are leased to mines and analytical laboratories under long-term renewable contracts, with customers paying per sample processed. The PhotonAssay technology was originally conceived at Australia’s national science agency, CSIRO, which remains a significant shareholder.
Details are available at www.Chrysos.com.au.