Chrysos’ Rapid Expansion Hinges on $200m Debt Facility Amid Market Growth

Strong Financial Momentum

Chrysos Corporation Limited (ASX – C79) has delivered a compelling first half for FY26, reporting a 49% increase in revenue to $43.3 million and a remarkable 152% jump in EBITDA to $14.4 million. This performance underscores the growing market acceptance of its proprietary PhotonAssay technology, which offers faster, safer, and more accurate gold analysis compared to traditional methods.

The company’s EBITDA margin expanded significantly to 33%, up from 20% in the prior corresponding period, reflecting operational efficiencies and economies of scale as utilisation of deployed units increased. Operating cash flow also improved, reaching a positive $8.6 million, signaling strong cash conversion amid ongoing fleet expansion.

Expanding Global Footprint and Market Penetration

Chrysos deployed four new PhotonAssay units during the half, bringing the total operational units to 43, with 72 units contracted under lease agreements. These deployments span key mining regions including Australia, North America, Europe, and South America, supported by partnerships with major laboratories and mining companies such as Newmont, Barrick, and Bureau Veritas.

The company’s lease model, combining Minimum Monthly Assay Payments (MMAP) with Additional Assay Charges (AAC) based on sample volumes, continues to drive revenue growth. Notably, AAC now represents 27% of total revenue, up from 11% a year earlier, highlighting the elasticity of Chrysos’ business model in a strong mining cycle.

Robust Balance Sheet and Strategic Funding

Chrysos maintains a solid financial position with $21.6 million in cash and $50.4 million in undrawn debt facilities. The company is in the process of finalising a $200 million syndicated debt facility, which will refinance existing debt and provide additional capital to accelerate global deployments and R&D initiatives.

This strengthened funding capacity underpins Chrysos’ strategy to scale its innovative assay technology, targeting further penetration in the gold mining sector and exploring opportunities beyond gold, including other base and energy metals.

Outlook and Growth Prospects

Guidance for FY26 remains confident, with total revenue expected between $80 million and $90 million and EBITDA forecast between $20 million and $27 million. The company’s growth strategy focuses on converting more mining projects to PhotonAssay, expanding direct mine-site deployments, and deepening partnerships with global mining leaders.

Chrysos’ technology not only enhances assay accuracy and speed but also offers environmental benefits by reducing sample preparation and chemical use, positioning it well amid increasing industry focus on sustainability.