Gold mining technology group Chrysos is digging its way back from an IPO flop last year.
The last time gold mining technology group Chrysos hit capital markets, it was the butt of plenty of jokes.in what was the IPO flop of last yearEighteen months later, it has been back in front of shareholders looking for a fresh capital injection. And remarkably, it secured equity at a slight premium to the ill-feted IPO’s price.
Chrysos shows companies can box their way out of a corner. To do it, they need to hit prospectus forecasts, soldier on with the underlying business and find some supportive shareholders. It’s not necessarily out of the woods, but is back above water.In Chrysos’ case, it beat prospectus forecasts at the earnings line, kept chipping away at major gold miners like Barrick Gold, and won AustralianSuper’s backing. Regal Funds, an investor before the float, also doubled down and owns a 13.
There is a path back – although it’s likely boring and long. If the story was good enough to get listed, it should be good enough to get support in the aftermarket, even if market conditions have changed. Execution plays a big part.As for Chrysos, under the Barrick deal it will send three of its PhotonAssay gold testing machines to the Nevada Gold Mines in the United States. Barrick owns Nevada Gold Mines alongside the Western world’s other big gold company, Newcrest’s new parent Newmont.
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