Chrysos Corporation Ltd (ASX: $C79) Q3 FY24 Quarterly Activities Report and Appendix 4C

Chrysos Corporation Ltd (ASX: $C79) has reported a 92% revenue growth in Q3 FY24, with total revenue reaching $12.9m. The company also signed a new contract with MSALABS for the deployment of a second unit to Barrick Gold's Kibali gold mine, bringing the total contracts to 50 post-Quarter. The company's sample volumes increased to 1.1m, reflecting a 3% growth QoQ and 29% growth YoY, with latent revenue capacity available to capture industry cycle upturn. Chrysos also provided an updated FY24 guidance, projecting an EBITDA of $8.5m and Total Revenue of $45m.

Chrysos Managing Director and CEO Dirk Treasure's Commentary

With revenue of $12.9m reflecting growth of 92% compared to the prior corresponding period, and our first deployment into Europe, the third Quarter of FY24 saw the continuing adoption of Chrysos' PhotonAssay technology across the global mining industry. Looking forward more broadly, Chrysos' sales opportunity pipeline remains strong, and we expect a buoyant gold price to drive an increased number of samples through our laboratory-based units. As previously flagged to the market, we are working constructively with relevant customers to mitigate the site-readiness challenges currently affecting our unit deployment schedule. Concurrently, we are focused on signing new contracts and diversifying our customer base, which would allow us to accelerate unit installations through FY25. We are also driving volume to existing units where latent revenue capacity can deliver strong upside for Chrysos across its installation hubs.

Chrysos Corporation Ltd (ASX: $C79) Q3 FY24 Summary

Chrysos Corporation Ltd (ASX: $C79) reported a 92% revenue growth in Q3 FY24, reaching $12.9m, and signed a new contract with MSALABS for the deployment of a second unit to Barrick Gold's Kibali gold mine. The company's sample volumes increased to 1.1m, reflecting a 3% growth QoQ and 29% growth YoY, with latent revenue capacity available to capture industry cycle upturn. Chrysos also provided an updated FY24 guidance, projecting an EBITDA of $8.5m and Total Revenue of $45m. The company anticipates continued strong growth in both Revenue and EBITDA throughout FY25, with final deployments at the conclusion of FY24 expected to total nine new units and two redeployments, bringing Chrysos' total number of installed units to 29, an increase of 45% on FY23. Chrysos is well-funded to support continued PhotonAssayTM unit growth, with a cash position of $70.2m as of 31 March 2024 and $95m in undrawn debt available.