REG - Capital Limited - Expansion of Chrysos Corporation Global

CapitalAnnouncement

14/07/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220714:nRSN3724Sa&default-theme=true

RNS Number : 3724S  Capital Limited  14 July 2022

 For Immediate Release  14 July 2022

 

 

 

 

MSALABS Limited & Capital Limited

("MSALABS" & "Capital")

 

Expansion of Chrysos Corporation Global Partnership

MSALABS, a global provider of geochemical laboratory services for the
exploration and mining sectors and a majority-owned subsidiary of Capital, is
pleased to announce that it has expanded its global partnership with Chrysos
Corporation ("Chrysos"). The partnership will see MSALABS, deploy 21 Chrysos
PhotonAssay™ units across the globe by 2025.

Roll-out of initial six units proceeding on-track: In April 2021 MSALABS
announced its global partnership with Chrysos and revealed the planned
deployment of six PhotonAssay units across its global network.  This rollout
commenced with a unit at Barrick Gold's Bulyanhulu Gold Mine, Tanzania and
represented the first Chrysos PhotonAssay(TM) unit deployment outside of
Australia. MSALABS has continued the rollout with units now commissioned at
the Morila Gold Mine, Mali (Firefinch) and in Val d'Or, Quebec, Canada. A
fourth unit will arrive imminently in Yamoussoukro, Cote d'Ivoire with
facility preparations well advanced. A fifth unit is ready for shipment to the
Kibali Gold Mine, DRC (Barrick Gold) with the sixth unit due to begin
installation in Timmins, Canada by the end of 2022.

A further 15 units rolled out over 2023 and 2024: MSALABS has committed to a
further 15 Chrysos PhotonAssay(TM) units that will be rolled out over 2023 and
2024. MSALABS is currently engaged with multiple mining companies globally
including most of the Top 10 and continues to see exceptional demand for this
revolutionary new technology.

Chrysos PhotonAssay(TM) - A revolutionary technology: MSALABS has become an
early adopter of Chrysos PhotonAssay(TM) as it delivers multiple advantages
over the slower, more hazardous fire assay process. The PhotonAssay technology
provides faster, safer, more accurate and environmentally-friendly analysis of
gold, silver, copper and other elements. The process is significantly simpler
than fire assay, dramatically improving the turnaround time for results and
reducing the risk of human error, with the added benefit of being able to
retain and retest samples. In addition, the use of X-rays avoids the high
temperatures and harmful chemicals such as lead and acids involved in fire
assay, making it more environmentally friendly with a lower carbon footprint.

Revenue outlook: Revenue guidance for MSALABS in 2022 remains ~$30 million
which includes the rollout of the initial six Chrysos PhotonAssay(TM) units by
year end, with each unit generating $3-5 million, depending on utilisation.
Following the rollout of the further 15 units across 2023 and 2024, in
conjunction with the expansion of the existing geochemistry business, MSALABS
anticipates generating revenues in excess of $80 million per annum.

Capital will be announcing its trading update for the six months to 30 June on
19 July, which will include a conference call and question and answer session.
The call will also be attended by Stuart Thomson, the CEO of MSALABS.

Commenting on the additional units, Stuart Thomson, MSALABS CEO said

'We are pleased to expand our relationship with Chrysos and to assist in the
global rollout of its revolutionary technology. Over the past year, we have
seen very strong demand for Chrysos PhotonAssay, and we expect this interest
to continue to grow as our global mining customers not only gain confidence in
its accuracy and reliability, but also benefit from the substantially improved
turnaround time for results not possible with fire assay.

In recent years we have grown our network significantly and now have 18
laboratories globally. Adding Chrysos PhotonAssay into our service offering is
exciting for us and a key benefit for our customers."

 

Capital's Executive Chairman, Jamie Boyton, said:

'Having been only a small part of Capital's business following the acquisition
of a controlling interest in 2019, MSALABS has seen exceptional expansion and
quickly become a meaningful contributor to group revenues. We are pleased to
see the extension of the relationship with Chrysos, which will continue to
drive material growth over the coming years.'

 

- ENDS -

For further information, please visit Capital's website www.capdrill.com or
contact:

 

 Capital                                                                                                                                                                  +230 464 3250
 Limited

                                                                                                                                                                        investor@capdrill.com (mailto:investor@capdrill.com)
 Jamie Boyton, Executive
 Chairman

 Giles Everist, Chief Financial Officer

 Conor Rowley, Investor Relations & Corporate Development Manager

 Tamesis Partners LLP                                                                                                                                                     +44 20 3882 2868

 Charlie Bendon

 Richard Greenfield

 Stifel Nicolaus Europe Limited                                                                                                                                           +44 20 7710 7600

 Ashton Clanfield

 Callum Stewart

 Rory Blundell

 Berenberg                                                                                                                                                                +44 20 3207 7800

 Matthew Armitt

 Jennifer Wyllie

 Detlir Elezi

 Buchanan                                                                                                                                                                 +44 20 7466 5000

 Bobby Morse                                                                                                                                                              capital@buchanan.uk.com

 George Cleary

 

About Capital Limited

Capital Limited is a leading mining services company providing a complete
range of drilling, mining, maintenance, and geochemical laboratory solutions
to customers within the global minerals industry, focusing on the African
markets. The Company's services include: exploration, delineation and
production drilling; load and haul services; mining equipment hire and
maintenance; and geochemical analysis. The Group's corporate headquarters are
in Mauritius and it has established operations in Burkina Faso, Côte
d'Ivoire, Egypt, Guinea, Kenya, Mali, Mauritania, Nigeria, Saudi Arabia and
Tanzania.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCLXLFFLDLZBBK