Barrenjoey floated hi-tech gold mining tester Chrysos Corp at an issue price of $6.50 three months ago, but it’s been all downhill.
Chrysos CEO Dirk Treasure with one of the big gold sample testing machines.The issue price of the shares in the float handled by Barrenjoey Partners was $6.50 but on Tuesday it was sitting stubbornly near the $3 mark.Chrysos on Tuesday announced its maiden results which are slightly ahead of prospectus forecasts and showed the unit economics on each machine installed is on the improve. It also has $92 million in the bank to help fund the manufacturing pipeline.
Mr Treasure said the full-year results showed the company was making steady progress. “There is a material uplift in the unit economics,” he said. The group has 11 of the units up and running, with three more to come on stream over the next two months. The new machines are being installed in Perth for ALS, Queensland for Ravenswood Gold and the Ivory Coast in Africa for MSALABS. “Each installation takes two months,” he said.
Chrysos ran headlong into difficult market conditions just as it listed on the ASX. Global markets were nervous about interest rate rises asto try to stomp on inflation, and investors were marking down tech-related companies with “blue sky” and no short-term bottom-line profits.
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