Paragon Advanced Labs (PALS) Investor presentation summary

Market opportunity and industry trends

• Gold, silver, and copper prices are driving strong mining activity, making project economics attractive and increasing demand for assay services.

• Global mining M&A reached $93.7B in 2025, the highest in 13 years, with $27.3B in equity capital raised and $43.8B in mining financing in early 2026.

• The global mining lab market is projected to grow from $10.3B in 2024 to $18.3B by 2033, a 7.25% CAGR, closely tracking drilling activity and metal prices.

Technology and competitive differentiation

• PhotonAssay™ technology offers rapid, non-destructive gold analysis in 2–3 minutes, compared to 3–4 hours for traditional fire assay.

• PhotonAssay™ enables larger sample sizes, lower costs, reduced hazardous waste, and lower carbon emissions per sample.

• Only three lab groups in North America offer PhotonAssay™, positioning the company as a differentiated provider.

Business model and operational footprint

• Operates three centralized hub labs in Hamilton (ON), Surrey (BC), and Sparks (NV), with satellite spokes in Timmins, Thunder Bay, and Coeur D'Alene.

• Asset-light model with 12 PhotonAssay™ machines secured, three currently deployed, and a multi-year runway for further deployment.

• Strategic partnerships with major mining clients, including McEwen Inc., which holds a 27% equity stake and provides significant assay volume.