PhotonAssay Powers Chrysos to $28.9M YTD Revenue, Eyes $90M in FY26

Robust Growth in PhotonAssay Adoption

Chrysos Corporation Limited (ASX, C79) has delivered a compelling update at its 2025 AGM, showcasing sustained momentum in its PhotonAssay technology. The company reported sample volumes approaching one million per month, reflecting a remarkable 50-100% year-on-year growth. This surge is underpinned by a positive industry outlook buoyed by strong gold prices and active exploration and production activities globally.

Unaudited year-to-date revenue stands at $28.9 million, with additional assay charges now representing over a quarter of total revenue, up from 15.3% in the previous fiscal year. This diversification of revenue streams highlights Chrysos’ expanding service offerings beyond its core assay capabilities.

Global Deployment and Strategic Partnerships

The company has deployed 41 PhotonAssay units worldwide, including recent installations at key mining hubs such as Thunder Bay in Canada, Norseman in Western Australia, and multiple sites across Africa and South America. New lease agreements with major laboratories like ALS Perth and Acrux Gold in Scotland, alongside a memorandum of understanding with Allied Gold, signal strong customer confidence and ongoing demand for Chrysos’ technology.

These deployments span four continents, reinforcing Chrysos’ position as a global player in mining assay technology. The company’s ability to secure and expand relationships with leading miners and laboratories is a critical growth driver.

Technology Innovation and R&D Roadmap

Chrysos is advancing its PhotonAssay platform with next-generation XC and XN units, featuring improved automation, reliability, and ease of use. The XC units, developed with Australian partners, incorporate US-made X-ray sources and modular shielding, while the XN units, manufactured with Nuctech Technology Ltd, offer a smaller footprint and enhanced installation flexibility.

Beyond gold, silver, and copper, Chrysos is actively developing capabilities to assay additional elements such as antimony and uranium, leveraging software upgrades and complementary technologies like neutron activation analysis and X-ray fluorescence. These innovations aim to broaden the company’s market reach and provide more comprehensive assay solutions.

Efforts toward automated sample preparation promise to reduce onsite labor and improve throughput, with pilot projects underway in North America and Australia. This end-to-end approach could transform mining laboratories by integrating sample prep, assay, quality control, and reporting into streamlined workflows.

Financial Outlook and Capital Position

Chrysos reaffirmed its FY26 guidance, targeting total revenue between $80 million and $90 million and EBITDA ranging from $20 million to $27 million. The company maintains a strong balance sheet with $26.7 million in cash and a $95 million debt facility from the Commonwealth Bank of Australia, of which $46 million has been drawn to support ongoing unit deployments and R&D investments.

This financial strength positions Chrysos well to capitalize on the growing demand for rapid, accurate, and scalable assay technologies in the mining sector.