Chrysos Corporation signs major PhotonAssay deal with mining giant Newmont

Adelaide-based mining tech specialist Chrysos Corporation (ASX: C79) has continued the successful sales run with its PhotonAssay units, entering into a master services agreement (MSA) with Newmont Corporation.

Newmont has engaged the use of Chrysos’ PhotonAssay technology for its global gold mining projects including the initial contracting of a unit it plans to install at its Ahafo mine in Ghana.

Ahafo is one of the largest gold mines, both in the Republic of Ghana and the world, with estimated reserves of 17 million ounces.

Industry leader

The MSA with Newmont meets Chrysos’ general terms of an optional renewable five-year term, a fee per sample and a minimum monthly assay payment.

“We are proud to have secured both an MSA and initial lease contract with the industry’s leading gold miner,” Chrysos chief executive officer Dirk Treasure said.

“It is a testament not only to Newmont’s approach to operational and environmental excellence, but also reinforces the significance of PhotonAssay itself.”

Rapid analysis

Newmont reportedly selected PhotonAssay due to its ability to deliver faster, safer, more accurate and environmentally friendly analysis of gold, silver, copper and other elements in as little as two minutes.

“We are continuing our strategy of converting the world’s biggest gold miners to PhotonAssay,” Mr Treasure said.

“We are pleased to see top- and mid-tier producers adopting our technology at their projects, a trend that will only accelerate as we continue to penetrate the global mining market.”

Guidance on track

Chrysos revealed earlier this week that it is on target to meet FY25 guidance, with revenue tracking at the lower end of the $60 million to $70m range previously given.

The company also revealed it was currently deploying five PhotonAssay units—one in Namibia and two each in Kalgoorlie, Western Australia and Nevada, USA.

Chrysos has increased its total contracted units to 58, building on the six it contracted during 1H FY25, highlighting the company’s ability to rapidly deploy new units.