Chrysos (C79) Mining Forum Americas 2026 summary

Technology adoption and industry impact

• PhotonAssay technology is rapidly replacing traditional fire assay methods due to its speed, safety, and accuracy, with major gold miners and laboratories globally adopting it.

• PhotonAssay delivers results in about two minutes versus up to a day for fire assay, enabling near real-time operational decisions.

• The technology handles larger, more representative samples, is non-destructive, and eliminates hazardous chemicals and lead exposure, addressing significant ESG and OH&S concerns.

• PhotonAssay offers zero Scope 1 CO₂ emissions, up to 90% lower energy use, and no contaminated waste compared to fire assay.

• Accuracy is enhanced, with PhotonAssay results matching fire assay to within ±4%, but with less variability and error.

Business model and financial performance

• Units are built and owned by the company, then leased to miners or labs on take-or-pay contracts, ensuring recurring revenue with no upfront capital required from customers.

• Each unit costs AUD 4 million to build, generates AUD 2 million in annual revenue, and yields AUD 1.5 million gross profit per year, with a payback period of approximately 2.7 years.

• Contracts are typically five years and renewable, with units expected to remain in use for the life of mine or indefinitely in labs.

• FY financials show AUD 88.1 million revenue (up 33%), AUD 27.2 million EBITDA (up 68%), and AUD 17.9 million operating cash flow (up 103%), with utilization rising from 41% to 59%.

• Take-or-pay contracts provide revenue stability, with 71% of FY26 revenue from minimum payments.

Market expansion and strategic positioning

• 46 units are deployed at 34 sites, 87 contracted, and 35 more to be deployed, with a two-year pipeline and significant growth potential.

• Market share is less than 10% globally, but dominant in Australia; expansion into silver, copper, and other elements is underway, with alternative analysis volumes up 55% year-on-year.

• All major global laboratories are channel partners, facilitating access to new regions and miners, and the platform is embedded with Tier-1 miners and all four major global geochemistry labs.

• The addressable market is estimated at 610 sites (200 hub labs, 410 mine sites), with a long runway for growth.

• The company is the sole provider of PhotonAssay, protected by extensive patents, proprietary IP, and a global service network.