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Chrysos Corporation Ltd ASX:C79

Mining Technology Mining Services Gold Exploration Operating Leverage

1 opened or increased6 held0 reduced or exitedlatest position by manager, past 12 months90 days: 1 increased, 0 reduced. 8 managers in total.

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Opened or increasedHeldReduced or exited Start or end of the position not reported

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20252026

15 Sep 2025 to today

Commentary Showing 2 of 27

DateManagerActionSummary

30 Sep 2026Ryder CapitalHeldRyder Capital continues to hold Chrysos Corporation because it expects accelerating PhotonAssay deployments in FY27 to support the investment case, after the shares rose 14.5% in the quarter on a record FY26 result. Revenue grew 33% to $88.1m and EBITDA 68% to $27.2m, with samples processed up 67% to 11.3 million. Ryder acknowledges the deployed base of 46 units at 30 June was below management targets, but contracting momentum is strong, with 87 units contracted and plans to roughly double the fleet over three years. FY27 guidance is $108–118m revenue and $35–42m EBITDA. Ryder argues earnings depend more on production volumes and laboratory conversion from fire assay than on gold prices or exploration.

Mining ServicesQuarterly Report, price recorded $6.65

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4 Sep 2026NorthStar Impact FundsIncreasedNorthStar Impact Funds increased its position in Chrysos Corporation after the company's results reduced the manager's bear case probability. The manager notes that key overhangs weighing on the stock, centred on concerns about a potential funding squeeze and lacklustre revenue growth, were largely disconfirmed by the reported numbers, supporting a more constructive view of the business going forward. The commentary frames the addition as a direct response to improved fundamentals reducing downside risk, rather than a re-rating driven by broader market sentiment or thematic tailwinds unrelated to the company's own operating performance.

Article, price recorded $6.87

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Price at first mentionThe share price recorded when each of 8 managers first commented on C79.

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Articles

About Chrysos Corporation Ltd

Materials, Professional Services

Chrysos (ASX:C79) has become a favoured mining technology holding among growth-focused fund managers. In August 2026, Hyperion Asset Management reported record FY26 revenue of $88.1 million, up 33%, and EBITDA up 68%, driven by high utilisation of its PhotonAssay fleet and 24 new lease agreements. NorthStar Impact Funds added to its position after results that it said largely dispelled concerns about funding and slow revenue growth, and Milford sees the industry nearing a turning point in adoption. Chrysos operates in the Industrials sector within the Professional Services industry, and Thesis Tracker has captured 24 comments from 8 fund managers, including Hyperion, NorthStar, Milford and ECP Asset Management. Founded in 2016 and headquartered in Tonsley, Adelaide, Chrysos provides its proprietary PhotonAssay technology to the global mining industry as a faster, more accurate and chemical-free alternative to traditional fire assay for gold and other minerals.

Market cap: $794m
Price to earnings: 470.6x
Return on equity: 0.9%
Dividend yield: 0.0%
Price to book: 4.22x
Net margin: 2.0%
52-week range: $5.18 to $10.13

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Chrysos Corporation Ltd (ASX:C79)?

Fund managers including Endeavor Asset Management, Ryder Capital, ECP Asset Management, Yarra Capital Management, Milford Asset Management, NorthStar Impact Funds, Ausbil Investment Management and Hyperion Asset Management have invested in Chrysos Corporation Ltd (ASX:C79).

What opportunities or catalysts do fund managers highlight for Chrysos Corporation Ltd?

Managers highlight record revenue and earnings growth, strong fleet utilisation, a new $200 million syndicated debt facility to fund further deployments and continued contract wins. ECP and Milford see PhotonAssay displacing incumbent fire assay as ore bodies become deeper and more complex, with a long runway for adoption.

What are the key risks to the Chrysos Corporation Ltd investment thesis, according to fund managers?

NorthStar notes the stock had faced an overhang from a potential funding squeeze and lacklustre revenue growth, and Milford observed a period of share price pressure before recent contract wins. Growth depends on the pace of industry adoption and on funding new unit deployments.

What does Chrysos Corporation Ltd (ASX:C79) do?

Chrysos Corp. Ltd., headquartered in Tonsley, Australia, provides innovative assay services to the global mining industry using its proprietary PhotonAssay technology. Founded in 2016 by Robert Henry Richard Adamson and James Tickner, the company offers a chemistry-free, quantitative analytical solution that detects various elements, with high efficacy for gold. Chrysos Corp. operates across three key geographical segments: EMEA, Australia, and the Americas. The firm’s technology serves as a sustainable, rapid alternative to traditional fire assay methods for mining operations worldwide.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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