Chrysos cashes up on Barrick deal

Staff reporter

‘The company remains incredibly optimistic about the outlook for PhotonAssay’

Mineral analysis technology company Chrysos Corporation will have A$120 million (US$77 million) in its coffers to fund growth after a A$75 million equity raise at a 7.7% discount to the price it traded at ahead of a voluntary suspension. The share price duly dipped more than 7% today before recovering before the close.

Chrysos, which is generating positive operating cash flows from 22 deployed PhotonAssay sample analysis machines, aims to supply gold major Barrick Gold with up to 13 units by the end of 2025 under a deal announced last week.

It is also aiming to expand manufacturing capacity “beyond 18 units per year over the medium-term”.

The equity raise at A$6.60 a share is expected to leave it with about $108 million in the bank, plus it has $22m undrawn credit. It is talking to lenders about increasing its debt capacity.

Chrysos shares dipped more than 7% early today, on resumption of trading, before finishing down more than 5% at $6.64. It has a current market value around $436m.

“Since listing on the ASX, Chrysos has delivered strong progress towards its vision of becoming the world’s leading provider of innovative assay services and technologies,” CEO Dirk Treasure said.

“Barrick’s decision to adopt PhotonAssay technology globally represents a watershed moment in Chrysos’ growth and provides further validation of our technology as a superior alternative to slower, more hazardous and harmful assaying processes.

“The company remains incredibly optimistic about the outlook for PhotonAssay and we look forward to continuing the delivery of our faster, safer, more accurate and environmentally-friendly assaying solution to miners globally.”


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