How Chrysos Corporation is redefining minerals analysis with cutting-edge technology

Traditional gold analysis, known as ‘fire assay’ is a centuries-old process that heats ore samples at extreme temperatures to determine the ingredients and quality of a metal. It is slow, hazardous, and produces waste and fumes that are hazardous to people and the environment. It is also time-consuming and labour-intensive, with analysis turnaround times that can stretch out several weeks

Better outcomes for people and the environment

Mining technology company Chrysos Corporation offers a faster, safer alternative known as PhotonAssay™. It provides a rapid, accurate, and less hazardous alternative for minerals analysis. It can analyse minerals such as gold, silver, and copper in minutes. Chrysos also reports that, since its inception in 2017, PhotonAssay™ has helped prevent over 4,900 tonnes of hazardous waste and more than 7,300 tonnes of CO₂ emissions from entering the environment.

“PhotonAssay is faster, more accurate, less hazardous, and better for operators – both in terms of labour requirements and health and safety,” says Dirk Treasure, Managing Director and Founding CEO, Chrysos Corporation.

“It improves chain of custody because unlike fire assay, which has multiple stages, the minute a sample goes into a sample jar, it stays in that jar for the rest of its journey. There are not as many people touching it, which decreases the opportunity for human error. It’s better in every way compared to fire assay.”

Headquartered in Adelaide, Chrysos Corporation obtained the technology from Australia’s national science agency, Commonwealth Scientific and Industrial Research Organisation (CSIRO), which had worked on it for about 15 years before partnering with Chrysos Corporation for commercialisation.

“The most important benefit, from my perspective, is the impact on operators. Lead contamination is a big problem in fire assay laboratories around the world, and not just in emerging economies,” says Treasure, a metallurgist with a background in research and development.

“By transitioning to PhotonAssay, customers completely remove that as a concern. I am proud to say that we are keeping operators safer with our technology.”

In the medium term, Chrysos Corporation hopes to have largely replaced the fire assay used by gold mining businesses around the world. The company currently has substantial engagement with major gold miners and explorers across the globe, and its key focus remains on expanding its market penetration in key mining customers and geographies.

“Chrysos is pioneering the replacement of fire assay for gold globally. However, traditionally it takes time for the mining industry to adopt new ideas and processes, so the uptake of new technologies like PhotonAssay is a steady, but gradual process,” says Treasure.

“PhotonAssay is faster, more accurate, less hazardous, and better for operators - both in terms of labour requirements and health and safety.”
– Dirk Treasure, Managing Director and Founding CEO, Chrysos Corporation

A Green Loan for growth

In September 2024, Chrysos secured $95 million in funding from CommBank to support its international growth. CommBank structured a principles-aligned Green Loan and facilitated this funding with verification from Det Norske Veritas (DNV) Business Assurance. CommBank supports Australia’s transition to a net zero economy by 2050, and the Green, Social and Sustainability Funding Framework helps facilitate the flow of funds from fixed-income investors to green, social and sustainable projects.

“We’ve worked with CommBank since 2016 when we opened our first company bank account,” recalls Treasure.

“In fact, it was opened by one of our co-founders in the small town of Bowral, New South Wales, and although we now have 200 staff and work across four continents, the Bowral branch remains our BSB, which is nice. I think it’s been important that we engaged with CommBank early on, and they have been with us on this journey. It’s a continuing collaboration, as our story is still in its early chapters.”

The collaboration underscores the potential of sustainable financing to support impactful, more environmentally-conscious innovation in traditional industries. For Treasure, it was important that the business obtain a Green Loan, specifically.

“It’s important for us to be able to identify and communicate that our technology is achieving better environmental and operator outcomes compared to traditional assaying and is doing good things for the industry. By the same token, CommBank is looking to fund projects that contribute to a sustainable future. So, we are both looking at the world the same way,” he says

“It’s important for us to be able to identify and communicate that our technology is environmentally-friendly and is doing good things for the industry. By the same token, CommBank is looking to fund projects that contribute to a sustainable future. So, we are both looking at the world the same way.”
– Dirk Treasure, Managing Director and Founding CEO, Chrysos Corporation

Embedded in laboratory operations

Chrysos Corporation leases its PhotonAssay^TM units rather than selling them, which means it has an ongoing relationship with miners and laboratories worldwide.

“As a lease model business, we’re reasonably capital intensive, but in return the units deliver long-term, forecastable, sustained revenue,” says Treasure.

“We are cash flow positive with our equipment, and each new unit we deploy generates extra cash flow early in its life cycle. Therefore, the loan we've obtained from CommBank has supported our growth. It’s about getting PhotonAssay units built and deployed to more miners and laboratories around the world.”

In leasing the equipment and having an ongoing relationship with miners, Chrysos is well-positioned to support and enable increases in the efficiency and sustainability of mining operations.

“We are embedded in their operations, which gives us the chance to look at how we can help them do things better and more efficiently. What technologies or techniques could we bolt onto PhotonAssay to provide other useful data to support miners? How can we further simplify the process?”

Treasure is committed to supporting sustainability by removing lead contamination challenges, minimising carbon emissions, and reducing hazardous waste from analytical laboratories.

“For every fire assay operation we replace with PhotonAssay, we’re making a significant improvement. The partnership with CommBank enables us to grow, and to displace that dirty and outdated process more quickly.”

“For every fire assay operation we replace with PhotonAssay, we’re making a significant improvement. The partnership with CommBank enables us to grow, and to displace that dirty and outdated process more quickly.”
– Dirk Treasure, Managing Director and Founding CEO, Chrysos Corporation