Tag Archives: Intertek

Chrysos Corp raises A$50 million to fund PhotonAssay tech expansion drive

Australia-based Chrysos Corporation has successfully completed an equity placement, raising A$50 million ($37 million) of funds to, it says, meet accelerating demand for its PhotonAssay™ technology from miners, explorers and laboratories across the globe.

The technology is billed as being able to displace 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, according to the company.

Dirk Treasure, Chrysos Chief Executive Officer, said: “We are delighted with the support we’ve received from investors as we enter this exciting phase of our expansion strategy. 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.”

Chrysos says it has entered a transformative stage with the PhotonAssay technology already deployed and in-use with industry leaders, including the world’s third largest laboratory group, Intertek, geochemical laboratory services provider, MSALABS, and 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, which represents 150% growth on its current deployments and locking in its manufacturing capacity for the next 12 months, it said. 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.

Treasure added: “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 t and decrease hazardous waste by approximately 12,000 t every year.”

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 operating expenditure 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.

Chrysos Corp’s PhotonAssay tech hits major milestone

Chrysos Corp has announced that its ground-breaking PhotonAssay technology has now assayed over one million customer samples.

The milestone comes amid accelerating demand for the technology, which has seen the number of samples analysed more than triple in the last six months, the Australia-based company said.

Driven in part by increasing industry focus on safety, sustainability, and sample turnaround time, Chrysos PhotonAssay is competing with the centuries-old fire assay process in the gold assaying market. Chrysos says the technology, which originated out of a CSIRO project, is fast taking over fire assay to be the preferred technology of miners and laboratories seeking a solution to the supply chain and environmental challenges created by traditional gold assaying methods.

Chrysos CEO, Dirk Treasure, explained, “Demand for PhotonAssay has grown over the last year and further accelerated in the last six months as more miners and laboratories have reached the conclusion, through their own due diligence, that PhotonAssay not just meets and exceeds their accuracy and cost requirements, but also overcomes the speed, safety, and environmental challenges inherent in fire assay.”

Recently, Chrysos and Intertek declared a deal to install two PhotonAssay units at Intertek’s new Minerals Global Centre of Excellence in Perth, Western Australia. Chrysos also announced a partnership with MSALABS, a subsidiary of Capital Ltd, to deploy at least six PhotonAssay units across the globe over an 18-month period. Prior to that, the company signed a deal enabling Kirkland Lake Gold to use PhotonAssay for its Fosterville Mine in Bendigo, Victoria.

Hitting samples with high-energy X-rays, PhotonAssay causes excitation of atomic nuclei allowing enhanced analysis of gold, silver and complementary elements in as little as two minutes, Chrysos claims. Importantly, the non-destructive process allows large samples of up to 500 g to be measured and provides a “true” bulk reading independent of the chemical or physical form of the sample.

“The significance of the technology’s ability to analyse large sample sizes is underlined by Novo Resources’ recent announcement that it has signed a multi-year deal for priority access to the two new PhotonAssay units being installed at Intertek’s Centre of Excellence,” Chrysos said. “In finalising the agreement, Novo signalled its belief that PhotonAssay is the ideal technique for analysing the nuggety gold mineralisation at its Beatons Creek operation in Western Australia.”

Dr James Tickner, Chrysos Corp Co-founder and Chief Technology Officer, agreed: “Accurate assaying for coarse gold has always been a challenge, and it’s on difficult deposits where the much larger sample mass of PhotonAssay really delivers. It’s great to see industry recognising this, with Novo Resources committing to run at least 20,000 samples per month through each unit at Intertek’s brand-new facility in Perth. The two PhotonAssay units we’ve just commissioned there will really help Intertek deliver faster, cleaner and more accurate results, not just for Novo, but its other customers as well.”

Another factor driving fast adoption of the technology is Chrysos’ commercial and operating model whereby the company leases, rather than sells, its PhotonAssay units to customers, the company says. This approach not only minimises expenditure by relieving the customer of capital expenditure charges and any service, delivery and maintenance fees, but also reduces ongoing staffing, training and related occupational health, safety and environmental costs.

In return, the leasing model facilitates a recurring revenue stream for Chrysos, which the company has used for research and development and the overall broadening of applicability and accessibility of PhotonAssay for wet samples and other metals such as silver and copper, it says.

Reviewing recent successes and foreshadowing upcoming events, Treasure summarised, “Even with more than A$80 million ($62 million) in contracted revenue and 14 PhotonAssay units either in-use or committed, we remain focused on executing our smart, sustainable growth plans. Market feedback indicates that our disruptive technology is helping customers achieve faster, safer and cleaner business outcomes ‒ and that is the type of value creation Chrysos finds compelling.

“Ultimately, we want our customers, shareholders and community stakeholders to feel as much pride using and engaging with PhotonAssay, as we do when we create and deliver it across the globe.”