Aim-listed Capital’s majority-owned subsidiary MSALABS, a global provider of geochemical laboratory services for the exploration and mining sectors, reports that it now has the largest international network of Chrysos PhotonAssay technology.
It notes that the international footprint of the Chrysos PhotonAssay laboratory network also continues to grow.
In Central and East Africa, the first Chrysos PhotonAssay unit was deployed at Barrick Gold Corporation's Bulyanhulu gold mine, in Tanzania – marking the first unit to be put into operation outside of Australia.
MSALABS has subsequently deployed a unit at Barrick’s Kibali gold mine, in the Democratic Republic of Congo, and a unit is under construction in the Geita township, in Tanzania. This commercial laboratory will be able to support numerous gold mines within the Lake Victoria Goldfields, the company points out.
In West Africa, MSALABS currently has a unit deployed in Yamoussoukro, Côte d’Ivoire and a commercial laboratory in Obuasi, Ghana.
Further units will soon be deployed to new commercial laboratories in Kankan, Guinea, and in Bamako, Mali.
In Canada, MSALABS first deployed a unit in Val d'Or, Quebec, in early 2022, with the unit now close to full use.
Subsequently, it has deployed units in Timmins, Ontario, and Prince George, British Columbia.
All three units are now operational, extending the company’s footprint across Canada.
MSALABS says it is currently on track to roll out 21 Chrysos PhotonAssay units by 2025.
Meanwhile, while the rollout of Chrysos PhotonAssay technology will account for the majority of the growth in revenues, MSALABS says it continues to expand its traditional geochemical business in tandem.
This year, MSALABS has commissioned a mine site laboratory at Shanta Gold’s Singida mine, in Tanzania; a laboratory in Bougouni, Mali; and it has a laboratory under construction in Marsa Alam, Egypt.
MSALABS has also completed a $10-million equity raise to fund future growth, with funds coming from both Capital and minority shareholders.
These funds will be used to finance the construction of new laboratories to support the continued rollout of both Chrysos PhotonAssay laboratories and its traditional geochemistry business.
Capital has agreed to fund any shareholder not willing to participate and, as a result, its shareholding in MSALABS has increased from 77.76% to 81.79%.
“We are proud to now have the largest international network of PhotonAssay units, bringing this revolutionary technology to both Africa and Canada in partnership with Chrysos. We look forward to many strong years ahead of us as we further grow and develop our global footprint, including the deployment of 21 Chrysos PhotonAssay units by 2025.
“The completion of our equity raise sets the business on strong footing for the next wave of growth, alongside the continued dedication of our employees,” says MSALABS CEO Stuart Thomson.