Building the Largest Commercial PhotonAssay™ Network Globally
Paragon Advanced Labs is deploying what will be the largest commercially available fleet of PhotonAssay™ units — transforming global mining assay capacity.
AGM 2026
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Company Snapshot
Paragon Advanced Labs is a publicly listed company focused on solving global bottlenecks in mining assays through large-scale deployment of PhotonAssay™ technology.
- An agreement for 12 PhotonAssay™ units deployed
- 3 units already deployed
- Addressing a ~$5B global fire assay market
- 5 million PhotonAssay™ tests completed globally
“We are building what will be the largest commercially available PhotonAssay™ fleet globally — positioning Paragon at the forefront of analytical innovation in the mining sector.”
Peter Shippen, Chairman and CEO
Technology Overview
PhotonAssay™ is a rapid, non-destructive method for assaying gold, silver, and copper. It offers superior accuracy through larger sample sizes and eliminates hazardous chemicals associated with fire assay.
Key Advantages:
- Rapid turnaround times
- Higher statistical confidence
- Non-destructive testing
- Reduced environmental impact
- ISO 17025 & ISO 9001 certified QA
Industry-Wide Adoption Well Underway
Strategic Shareholder: McEwen Mining Inc.
- ~27% ownership stake
- Board representation
- Operational validation at Fox Complex (Ontario) & Gold Bar (Nevada)
Paragon’s strategy is validated by strategic partnerships and investment.
Technology Partner: Chrysos Corporation Limited
- Preferred deployment timelines
- Target market exclusivity
- Dedicated technical support
Select List of Miners Relying on PhotonAssay™
Market Opportunity
Global Fire Assay Market (~$5B TAM)
- Exploration: ~$3.5B
- Production: ~$1.5B
- Recycling: ~$300MM
Approximately 600 PhotonAssay™ units would be required to fully displace fire assay globally.
Yet global production is constrained:
- ~21 machines per year
- ~60 units globally by end of 2025
- ~150 units projected by 2030
This supply constraint creates a first-mover advantage for Paragon.
Rapid. Accurate. Non-Destructive.
Financial Snapshot: Base Case vs Upside Case
Base Case Assumptions:
- 60% utilization over 3 years
- 20% volume discount
- ~45% CAGR
Upside Case Assumptions:
- 80% utilization in 18 months
- ~50% CAGR
View Map
