Chrysos Corporation Ltd

Fund managers have been broadly and consistently positive on Chrysos, centered on its proprietary PhotonAssay technology displacing traditional fire assay in gold and mineral testing. Ryder Capital, ECP Asset Management, Yarra Capital Management, Milford Asset Management, NorthStar Impact Funds and Hyperion Asset Management repeatedly cited the technology's speed, safety and environmental advantages (no cyanide or lead, turnaround times cut by up to 80%, CO2 emissions cut over 95%), its lease-and-operate model generating recurring, high-return revenue, and rising gold prices driving increased exploration and drilling that stretches assay capacity and boosts unit utilisation and new lease signings (accelerating from 9 in FY25 to 14, then 19, then 23 lease agreements year-to-date, including expansion with ALS in Saudi Arabia and SGS). Managers repeatedly noted Chrysos still has very low global market penetration (around 5%) as a clear market leader with no direct competitor, a large FY25 result (revenue +46-49%, EBITDA +80-152%), a new $200m debt facility supporting further deployments, and Ryder Capital adding to its position on price weakness given continued confidence in the long-term structural adoption runway.