Chrysos Corporation has increased bank lending to A$30 million to help speed delivery of its PhotonAssay mineral sample testing units, taking available funding to more than $111m, as its “sales pipeline continues to grow”.
“The group’s deployment schedule extends into 2025 and is underpinned by annuity-style revenue from contracts with strategic customers across key global mining regions,” the company said today.
“Leveraging operations teams across Africa, Australia and North America, Chrysos is on track for 21 deployed units by the end of FY23.”
ASX-listed Chrysos said it was also on track to delivered targeted revenue of $26.6m and EBITDA of $3.2m in FY23 after reporting first-half sales of $11.5m and EBITDA of $0.63m. The former was more than double its revenue in the previous corresponding period.
It had about $81m cash at the end of calendar 2022.
Chrysos said lease agreements in place for 49 PhotonAssay units had a total contract value of $714m for unit deployments out to 2025.
It sees a market for up to 610 PhotonAssay units globally. The non-destructive rock X-ray technology is a replacement for traditional fire assaying.
“We continue to see significant interest in our PhotonAssay technology from miners, explorers and laboratories across the globe,” CEO Dirk Treasure said.
“This market demand is driving an acceleration in our unit roll-out schedule, which sees Chrysos utilising four dedicated deployment teams across the globe simultaneously.”
The company has a current market value around A$250m.