Chrysos Presentation Shows 1M Monthly Samples Hit as 80% of Top Miners Engaged
Chrysos hits one million monthly samples as PhotonAssay demand accelerates
In its May 2026 investor presentation, Chrysos Corporation (ASX: C79) outlined sustained PhotonAssay demand that exceeded 1,000,000 samples in a single month during March 2026, with this volume maintained in April 2026. Year-on-year volume growth has consistently ranged between 50-100% throughout FY26.
Additional Assay Charges (AAC), a key profitability lever tied to higher unit utilisation, now represent 27.1% of revenue in 1H FY26, up from 11.2% in 1H FY25. AAC revenue increases when units process more samples above their base allocation, directly supporting margin expansion as utilisation rises. Management noted that recent improvements to the PhotonAssay fleet are driving higher availability, with some units running +20% over nameplate capacity.
The presentation highlighted that record throughput validates the underlying demand thesis and directly supports revenue growth, with AAC representing a high-margin lever linked to increased adoption by miners and explorers.
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Global fleet expands to 44 deployed units with 78 contracted
The company reported 44 units deployed globally, with 58 total units manufactured and 78 contracted as of early May 2026. Chrysos signed 19 new lease agreements during FY26, including five since the 1H26 update.
Key partnership expansions include ALS, which now operates 16 units within the relationship, including four agreements that establish Chrysos’ presence in new regions where ALS has existing laboratory operations. Bureau Veritas entered a second lease agreement for deployment into Australia, expanding the relationship beyond the initial South American agreement secured in August 2025. Allied Gold signed a second lease agreement for its Kurmuk mine site in Ethiopia, while an additional miner-contracted unit is scheduled for deployment later in the calendar year.
The Chilean unit in Antofagasta with Bureau Veritas was in the process of deployment at the time of the presentation.
| Status | Units (Apr 2026) | Change from Feb 2026 |
|---|---|---|
| Deployed | 44 | +1 |
| Total Manufactured | 58 | +4 |
| Contracted | 78 | +5 |
The deployment pipeline comprised 5 units in pre-ship or storage, 4 shipping to site, 4 awaiting installation, and 1 currently installing. The contracted pipeline of 78 units compared to 44 deployed provides visibility on future revenue ramp as additional units move through the installation process.
How PhotonAssay technology works
PhotonAssay technology uses high-energy X-rays to activate gold atoms within crushed ore samples. When activated, the gold atoms emit detectable gamma rays as they decay, enabling precise measurement of gold content. The process is automated and delivers throughput of approximately 70 samples per hour, equating to around 40,000 samples per month per unit.
Traditional fire assay methods require extensive sample preparation, chemical reagents, and manual handling. PhotonAssay reduces sample preparation time, operates automatically, analyses larger sample sizes for more representative results, eliminates chemical use, and improves workplace safety and environmental outcomes. For miners, faster turnaround enables real-time decision-making during exploration, mine planning, and processing optimisation, which can support higher gold recovery rates.
Top 20 gold producers show 80% engagement with PhotonAssay
Management outlined that 80% of the top 20 gold producing companies (by 2024 production) are now engaged with PhotonAssay technology. Equinox Gold Corp was added to active use in May 2026, while two additional top-20 miners moved from ‘future potential’ status to ‘testwork and other engagement’.
Key adoption milestones include:
- Newmont Corporation signed a Master Service Agreement (MSA) in May 2025
- Barrick Gold announced global adoption in October 2023
- All four major global geochemistry laboratories (ALS, Intertek, SGS, Bureau Veritas) now promote PhotonAssay technology
Management
“Significant market penetration with 80% of the top 20 gold producers engaged.”
Adoption by the world’s largest gold miners de-risks the technology thesis and supports expansion into additional sites operated by these producers, as well as encouraging uptake among mid-tier and junior miners.
FY26 guidance tracking toward upper end of range
Chrysos stated that strong 1H FY26 financial results and sustained high sample volumes have positioned both EBITDA and Total Revenue toward the upper end of their respective guidance ranges:
- FY26 Total Revenue guidance: $80 million to $90 million
- FY26 EBITDA guidance: $20 million to $27 million
- Cash position: $23.7 million cash on hand, plus $41.1 million in undrawn facilities
- Debt facility: $200 million facility remains on track for completion before 30 June 2026, subject to execution of long-form legal documentation following binding commitment from a syndicate of lenders
Upper-end tracking signals operational momentum driven by sustained high utilisation and fleet expansion. The new debt facility is positioned to provide capital to fund unit growth without equity dilution, supporting the deployment of contracted units through the pipeline.
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Strategic outlook and growth runway
The presentation outlined a total addressable market (TAM) of approximately 610 sites globally, comprising 200 on-site laboratories and 410 off-site laboratories. With 44 units deployed, Chrysos currently holds approximately 5% market share, indicating significant runway for fleet expansion.
The geographic distribution of the TAM comprises Australasia (32%), Africa (23%), South America (19%), North America (13%), and Europe/Asia (13%). The company’s deployment strategy leverages strategic hubs in each region to service the disseminated target market without incurring substantial expansion costs.
Near-term research and development priorities include expanding the range of detectable elements beyond gold. Silver and copper analysis are already commercially available, while uranium, lead, and zinc are in development. Additional detectable elements represent both increased revenue per sample and opportunities to expand into base metals and other mining sectors, broadening the addressable market over time.
Low current market penetration, combined with proven technology adoption by major miners and a growing contract pipeline, supports a multi-year growth trajectory as the company converts additional sites across key mining hubs globally.
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