A PhotonAssay unit
Mining technology solutions provider Chrysos Corporation has received binding commitments for about 11.4-million new fully paid shares to raise $75-million to ensure it is well-capitalised to support the deployment of contracted PhotonAssay units and, potentially grow its manufacturing capabilities.
This follows the announcement last week of a partnership with international laboratory business MSALABS – a subsidiary of London-listed Capital – to provide Chrysos' PhotonAssay technology to Barrick Gold's mine sites on four continents.
That partnership – an extension of an existing relationship between the companies at Barrick's Bulyanhulu and Kibali operations in Tanzania and the Democratic Republic of Congo, respectively – will start with the deployment of three MSALABS-contracted PhotonAssay units to Barrick's Nevada Gold Mines complex, in the US, with the potential deployment of up to ten more PhotonAssay units to other Barrick projects by the end of 2025.
Chrysos says the funds raised in the placement will be used, subject to the provision of new debt, to potentially expand its manufacturing capacity to produce more than 18 PhotonAssay units a year over the medium term.
The funds also strengthen the company’s balance sheet, which, in turn, is expected to assist with its discussions with lenders, ensuring that it is best placed to optimise its capital structure moving forward.
"Barrick’s decision to adopt PhotonAssay technology globally represents a watershed moment in Chrysos’ growth and provides further validation of our technology as a superior alternative to slower, more hazardous and harmful assaying processes.
"The company remains incredibly optimistic about the outlook for PhotonAssay and we look forward to continuing the delivery of our faster, safer, more accurate and environment-friendly assaying solution to miners globally," says Chrysos MD and CEO Dirk Treasure.