ASX-listed Chrysos Corporation got a circa-10% kick in its share price Tuesday on the back of a “watershed” deal that will see up to a dozen or so of its PhotonAssay units deployed to Barrick Gold sites on four continents.
Chrysos, which has seen its shares double in value this year, has a market value of about A$454 million after the latest 9.7% gain.
London-listed drilling and mining contractor, and analytical services provider, Capital says it is providing three PhotonAssay units to the Barrick and Newmont-owned Nevada Gold Mines (NGM) complex in Nevada, USA, through its subsidiary, MSALABS.
MSALABS says it could supply up to 10 more PhotonAssay machines to other Barrick sites by the end of 2025 under a new partnership arrangement. The alliance is said to be an extension of the one MSALABS, Chrysos and Barrick forged at the gold major’s Bulyanhulu mine in Tanzania and Kibali operations in the Democratic Republic of the Congo.
“Barrick’s global adoption of our technology is a watershed moment for us, underlining PhotonAssay’s superiority to outdated and hazardous fire assay methods,” Chrysos CEO Dirk Treasure said.
“Together with the team at MSALABS, we look forward to bringing the same operational and environmental benefits being delivered at Bulyanhulu and Kibali in Africa to more of Barrick’s gold mines.”
Barrick mineral resource management and evaluations executive Simon Bottoms said PhotonAssay units had delivered “faster, safer, more accurate and environmentally-friendly analysis to our African operations”.