Fund Manager Summary
The fund managers believe that Chrysos Corporation Ltd presents a compelling opportunity in the mining technology sector, particularly with its innovative PhotonAssay product, which enhances the accuracy and speed of elemental analysis. Despite a recent decline in share price following the quarterly report, they note a 13% QoQ revenue growth and reaffirmation of guidance, although concerns about delays in unit mobilization may impact FY24 targets. In their opinion, large contract wins, including one with Barrick, indicate strong potential for future revenue growth. Furthermore, the consensus estimates suggest that Chrysos could achieve its maiden net profit in FY25 and maintain an impressive 54% average revenue growth annually over the next five years. The fund managers are cautiously optimistic, having realized some profits at around $7.60/share.
Source: Trading View
Commentary From The Managers
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ECP Asset Management
6 Nov 2025
$9.07
Summary
- Chrysos Corporation Ltd. specializes in making gold testing faster, cleaner, and simpler.
- The PhotonAssay machines provide highly accurate results in minutes rather than days.
- This innovation avoids cyanide and lead, alleviating a significant safety and compliance burden for labs and miners.
- The speed of testing enhances mine drill plans and operational grade control.
- Chrysos has a distinctive value proposition with a lease-driven model that scales with use.
- Under the leadership of Dirk Treasure, the team possesses the necessary ingredients for steady, scalable compounding.
- ECP Asset Management continues to hold because of these compelling attributes.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
ECP Asset Management
6 Nov 2025
$9.07
- Chrysos Corporation Ltd. specializes in making gold testing faster, cleaner, and simpler.
- The PhotonAssay machines provide highly accurate results in minutes rather than days.
- This innovation avoids cyanide and lead, alleviating a significant safety and compliance burden for labs and miners.
- The speed of testing enhances mine drill plans and operational grade control.
- Chrysos has a distinctive value proposition with a lease-driven model that scales with use.
- Under the leadership of Dirk Treasure, the team possesses the necessary ingredients for steady, scalable compounding.
- ECP Asset Management continues to hold because of these compelling attributes.
Summary
Ryder Capital
30 Sept 2025
$7.84
- Chrysos Corporation represents a 4.2% portfolio weight for Ryder Capital.
- Chrysos experienced a 67% increase in value during the quarter, driven by a stronger-than-expected FY25 result.
- There was a material uplift in sample volumes leading to financial performance at the upper end of guidance.
- The recent rise in gold prices has resulted in a global increase in exploration drilling.
- This surge has stretched traditional assay turnaround times from weeks to, in some cases, months.
- Ryder Capital expects this environment to support elevated utilization of Chrysos’s existing PhotonAssay units.
- There is a growing demand for additional capacity in the market.
- Looking beyond FY26, there are anticipated strong structural tailwinds for Chrysos.
- Miners are expected to shift from traditional fire assays to faster and more sustainable alternatives.
- Chrysos is one of the only cost-effective, proven alternative technologies available.
- The company has an expanding presence across key major mining regions, positioning it well to capitalize on these opportunities.
Summary
ECP Asset Management
30 Sept 2025
$7.84
- Chrysos (C79) continued its outperformance in September.
- Positive August results contributed to growing investor sentiment.
- External data points indicate a rising gold price.
- Higher industry sampling volumes are expected to increase C79 revenue.
- Greater utilisation of installed machines is anticipated.
- Increased demand for new machines as customers seek to expand capacity.
Summary
Endeavor Asset Management
31 Dec 2024
$4.94
- Endeavor Asset Management initiated an investment in Chrysos Corporation over 12 months ago.
- The investment was based on the strong competitive advantage of PhotonAssay technology, enabling efficient analysis of gold elements.
- At the time of investment, the gold price was around US$2,000 per ounce.
- In the first half of 2024, the gold price rose to over US$2,300 per ounce.
- Endeavor anticipated an increase in orders for PhotonAssay units due to the rising gold price.
- However, the pace of new unit sales did not meet expectations.
- Consequently, Endeavor Asset Management made the decision to exit the stock, incurring a loss.
Summary
Endeavor Asset Management
31 July 2024
$5.06
- Chrysos Corporation (C79) provided guidance for FY25 that was significantly below market expectations.
- The lower FY25 revenue guidance suggests fewer PhotoAssay units deployed than previously anticipated, triggering analyst downgrades.
- Endeavor Asset Management acknowledges disappointment with the outlook, yet believes the guidance may be conservative.
- There exists a reasonable chance for the company to surpass the given guidance.
- The signing of two new customers after the quarter-end indicates positive validation for Chrysos' technology.
- Endeavor Asset Management continues to hold Chrysos Corporation.
Summary
Endeavor Asset Management
30 Apr 2024
$5.67
- Chrysos Corporation (C79) has experienced a significant share price decline of 17.3% following a disappointing March quarter update.
- The deployment target for PhotonAssay machines has been reduced from 18 units in FY24 to 9 units.
- A positive aspect of the update is the increase in MMAP per average unit to $1.7m from $1.5m in the December quarter.
- Endeavor Asset Management believes the long-term investment thesis remains intact.
- There is an expectation that the business will return to a sustainable level of unit deployment.
- Endeavor Asset Management anticipates that Chrysos will diversify its customer base to reduce the frequency and severity of deployment issues.
- An overall market valuation recovery is projected as a result of improving deployment consistency.
Summary
Endeavor Asset Management
31 Jan 2024
$6.72
- Chrysos Corporation Ltd (C79) experienced a decline following its quarterly report for December.
- The flagship product, PhotonAssay, offers enhanced analysis for resource companies.
- Quarterly activities report indicated a 13% QoQ revenue growth.
- Concerns arose over delays in mobilising units to new sites, particularly in Africa.
- Despite challenges, C79 has reaffirmed guidance for FY24.
- Current revenue tracking is at the lower end of $48-$58 million range.
- C79's PhotonAssay provides a competitive advantage in the industry.
- Recent contracts, including one with Barrick Gold, suggest potential for further revenue growth.
- Consensus estimates are for Chrysos to achieve its maiden net profit in FY25e.
- Forecast average revenue growth of 54% per annum over the next five years.
- During the month, Endeavor Asset Management took profits around ~$7.60/share, about 15% above cost price.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"While Chrysos Corporation's PhotonAssay holds promise with its competitive edge, the recent operational delays raise questions about its FY24 targets. Investors should tread carefully, as the path to profitability seems fraught with uncertainty, despite strong revenue growth and significant contracts on the horizon."
Last Updated: 06 Nov 2025
Query The Data
Frequently Asked Questions
Who is investing in Chrysos Corporation Ltd (ASX:C79)?
Fund managers including Endeavor Asset Management, Ryder Capital and ECP Asset Management have invested in Chrysos Corporation Ltd (ASX:C79).
Why do fund managers invest in Chrysos Corporation Ltd?
Fund managers are investing in Chrysos Corporation Ltd due to its innovative PhotonAssay technology, which enhances the efficiency and accuracy of mineral analysis for resource companies. Despite recent challenges in unit mobilization and revenue guidance, the company has demonstrated strong quarterly revenue growth and secured significant contracts, indicating robust future potential. Analysts project Chrysos will achieve its first net profit by FY25, with an anticipated average revenue growth of 54% annually over the next five years, making it an attractive long-term investment.
What happened to Chrysos Corporation Ltd (ASX:C79)?
Fund managers are investing in Chrysos Corporation Ltd due to its innovative PhotonAssay technology, which significantly accelerates gold testing while enhancing safety and compliance. The recent surge in gold prices has led to increased exploration drilling, resulting in higher demand for Chrysos's services. Their technology offers a cost-effective, reliable alternative to traditional methods, positioning the company for strong growth as miners shift towards faster and more sustainable assay solutions. With an expanding global presence and a scalable business model, Chrysos is expected to benefit from ongoing structural tailwinds in the mining sector.