s
Chrysos Corp Soars 20% as Newmont Bets Big on Revolutionary Gold Testing Tech
- Get link
- X
- Other Apps
Chrysos Corporation (ASX:C79) rose 19.4% during the second hour of trading to reach $4.93 after its 'PhotonAssay' geological laboratory technology was acquired by Newmont Corporation for utilization in their projects.
This represents a significant victory for the Adelaide-based firm—Newmont (ASX: NEM)—for those still recalling, this corporation ranks among the globe’s leading gold producers, boasting a market capitalization of approximately US$60 billion.
The price surge supporting Chrysos on Friday is quite evident. It significantly outperformed others as the leading gainers approaching midday trading sessions.
In brief, PhotonAssay is simply an alternative method for analyzing gold content in ore. Advertised On its website, it is described as "the most groundbreaking and significant" solution within the mining sector.
The primary significant point is that Chrysos claims their technology enables "improved analysis" of gold, silver, and copper within just about two minutes. Thus, the value proposition is quite evident.
The second point is that this method does not use fire assaying, something Chrysos highlights as proof of its eco-friendliness. Instead, PhotonAssay employs X-rays for analysis, which might be perceived as more or less safe, likely based on your stance towards radiation exposure.
In any case, all of that isn’t particularly important. The crucial point is Newmont’s evident interest in and excitement about the technology, demonstrated through the signing of a master services agreement as well as an initial leasing contract.
Nevertheless, the firm refrained from specifying a monetary amount for the agreement on Friday. Additionally, it’s worth noting that Newmont plans to implement PhotonAssay at a facility in Ghana during the first half of FY2026.
As mentioned, there will be a "charge for each sample." The amount of this charge was not specified.
"We are moving forward with our plan to convert the world's largest gold mining companies to use PhotonAssay," stated Dirk Treasure, CEO of Chrysos.
We are delighted to observe that leading and middle-level miners are incorporating our technology into their operations, a pattern that will speed up further as we expand deeper into the international mining sector.
C79 last traded at $4.93/sh.
Join the discussion: See what HotCopper users are saying about C79 And join in the discussions that drive market movements.
- Get link
- X
- Other Apps
Comments
Post a Comment