Paragon Advanced Labs Provides Business Update
Toronto, Ontario--(Newsfile Corp. - August 26, 2026) - Paragon Advanced Labs Inc. (TSXV: PALS) ("Paragon" or the "Company"), a provider of advanced analytical technologies to the global mining industry, is pleased to provide a business update highlighting positive trends and highlighting year-to-date progress.
Paragon has continued to build momentum into Q3/26, supported by increased client activity, higher sample volumes, improved pricing and a generally robust macro environment in mining and exploration.
"We are pleased to highlight some recent new business wins that will drive increased PhotonAssay™ capacity utilization and the provision of additional analytical services from now and across the coming year. With our recent hires, we have added to our operational and commercial depth to drive more business and deliver it successfully to our clients," said Peter Shippen, CEO of Paragon.
Key Commercial Developments:
- Recent new business wins, including those with major and intermediate gold producers, provide clear visibility on more than 200,000 incremental samples slated for PhotonAssay™ assay over the coming year. These samples, as well as expanded programs from existing clients, add meaningfully to the Company’s sample flow, increasing PhotonAssay™ utilization towards 50% across its network, from an approximate 33% utilization in June, 2026.
- In addition to PhotonAssay™, these samples also include the Company's first significant Veracio Core Scanner customer, highlighting the use case for near real time, multi-element analytics that we highlighted in a previous news release.
- Additional analytical testing methods being performed on behalf of these new clients include fire assay, geochemical and carbon sulphur testing. The firm is also adding dedicated mercury testing in Surrey, BC due to client demand.
- Positive pricing trends continued into the third quarter amidst a robust macro backdrop, highlighting, among other things, the willingness of clients to pay a premium for PhotonAssay™ and shorter turnaround times driving incremental price per sample in excess of 20% growth.
- PhotonAssay™ turnaround generally being delivered in 10 business days, including freight, sample prep and QA/QC.
"Paragon has established a strong platform for growth. My priority is to build on that foundation ensuring our commercial, operational, and technical teams work seamlessly together to deliver solutions that create measurable value for our clients. I see significant opportunities to expand our service offering, deepen customer relationships, and position Paragon as the partner of choice for mining companies," said John Pizimolas, the recently appointed Chief Commercial Officer at Paragon.
2026 Year-to-Date Highlights
MOU with McEwen Inc. The Company entered into a memorandum of understanding with McEwen Inc. (NYSE: MUX) (TSX: MUX) outlining a strategic partnership for the development of advanced laboratory services supporting McEwen's mining and exploration operations, beginning with a dual laboratory project in Eureka, Nevada. Following completion of the Eureka project and subject to mutually agreed performance benchmarks, the parties have indicated an intention to collaborate on similar laboratory developments at McEwen's operations in Ontario and Mexico, in each case with Paragon installing a PhotonAssay™ unit.
Sample preparation increased, service optimization. The Company added additional sample prep capacity across its network, allowing it to process more samples in a timely manner, while at the same time optimizing its network for improved service delivery.
Geochemical capacity expanded in Nevada.Paragon continues the meaningful expansion of its geochemical capabilities at its Sparks, Nevada laboratory, with a goal of more than doubling the facility's previous geochemical throughput. The project includes a laboratory reconfiguration designed to improve workflows, turnaround times and quality controls.
Appointed John Pizimolas as Chief Commercial Officer. Mr. Pizimolas is a globally recognized mining and laboratory services executive with more than 20 years of experience spanning the testing, inspection and certification (TIC) sector, including senior leadership roles at SGS, ALS and Bureau Veritas, and with mining technology companies Chrysos Corporation and Veracio. As Vice President, Global Growth at Chrysos Corporation (ASX: C79), he played a key role in the commercial scale-up and adoption of PhotonAssay™ technology. He is a Fellow and Chartered Professional of the Australasian Institute of Mining and Metallurgy (FAusIMM CP) and holds a Bachelor of Engineering in Metallurgical Engineering from the University of South Australia.
Appointed Kurt Headrick as Head of Operations. Overseeing all of the Company's laboratory facilities. Dr. Headrick holds a PhD in Analytical Chemistry, is a Chartered Chemist, and brings more than 18 years of laboratory management experience, most recently as Chief Chemist at Glencore's Sudbury Nickel Operations, where he was responsible for analytical services and metallurgical R&D operations.
Appointed Laurentiu Fulea as Canadian Operations Manager. Mr. Fulea brings more than 15 years of international experience in laboratory operations, analytical chemistry and mining services, most recently with ALS Ltd. as its West Africa Operations Manager, where he oversaw operations across multiple laboratories in Burkina Faso, Mali, Ivory Coast, Ghana, Liberia and Senegal.
Engaged Koenig Scientific, LLC to support the Company's geochemistry capacity expansion, optimize workflows and ensure continual improvement of quality assurance and quality control ("QA/QC") reference materials. Koenig Scientific, led by Alan Koenig, is an independent technical consultancy specializing in analytical instrumentation, method optimization and laboratory best practices. Mr. Koenig brings more than two decades of experience across industry, government and consulting, most recently as Technical Advisor, Analytical Labs and Analytical Laboratory Manager at Newmont Corporation.
Completed its previously announced debt settlementwith entities related to mining investor and Americas Gold & Silver CEO Paul Andre Huet, pursuant to which the Company settled US$2,353,000 (approximately C$3.3 million) of outstanding indebtedness through the issuance of 1,361,687 common shares at a deemed price of C$2.42 per share.
About Paragon Advanced Labs Inc.
Paragon Advanced Labs Inc. provides innovative analytical technologies to the global mining industry. Through the deployment of PhotonAssay™ technology and complementary analytical solutions, the Company is addressing critical capacity bottlenecks in mineral assaying and providing fast, accurate and environmentally responsible services to mining producers, developers and exploration companies.
ON BEHALF OF THE BOARD OF DIRECTORS OF PARAGON ADVANCED LABS INC.
Peter Shippen
Chief Executive Officer and Director
Paragon Advanced Labs Inc.
Cautionary Statement Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding: the expected monthly sample volumes associated with new and expanded client contracts once fully scaled; expected utilization of the Company's PhotonAssay™ units and the Company's intention to report utilization on a consistent basis in future periods; the anticipated ramp-up of existing client programs and onboarding of additional clients; the anticipated benefits of the expanded sample preparation capacity at Timmins and Thunder Bay and the expanded geochemical capacity at Sparks, Nevada; expectations for Q3/26 activity levels and July 2026 sample volume trends; the potential for the non-binding memorandum of understanding with McEwen Inc. to result in definitive agreements or in additional laboratory developments in Ontario and Mexico; the potential conversion of active requests for proposal and qualification programs into client contracts; the timing of the Company's interim financial statement filing; and general industry conditions, including gold prices, exploration and drilling activity, and third-party laboratory turnaround times.
Forward-looking information is based on assumptions that management considers reasonable as at the date of this news release, including, without limitation: that new and expanded client contracts will scale substantially as currently contemplated and within anticipated timeframes; that clients will submit samples at anticipated rates, which rates are determined by the clients and are not within the Company's control; that the Company's installed analytical equipment will operate at expected levels of availability and throughput; that the Company will be able to attract and retain qualified laboratory personnel; that the memorandum of understanding with McEwen Inc. will proceed to definitive documentation on terms acceptable to the parties; that supply chain, permitting and installation timelines for additional equipment will not be materially delayed; and that current industry conditions will continue without material adverse change.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied, including, without limitation: a decline in commodity prices, exploration activity or mining sector financing; loss of, or reduced sample submissions from, one or more significant clients; failure to convert requests for proposal or non-binding arrangements into executed contracts; delays in equipment delivery, installation, commissioning or regulatory approval; equipment downtime or underperformance; a reduction in third-party laboratory turnaround times that erodes the Company's competitive positioning; competition; the availability of qualified personnel; and the other risk factors described in the Company's continuous disclosure filings available under its profile on SEDAR+ at www.sedarplus.ca.
The operational metrics contained in this news release are unaudited, are derived from the Company's internal laboratory information management systems, have not been reviewed by the Company's auditors, and are not financial measures. They are presented to assist readers in understanding the Company's operating activity and should not be relied upon as an indication of the Company's financial results for any period. Readers are cautioned not to place undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
Neither the TSXV nor its Regulation Services Provider (as the term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
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Source: Paragon Advanced Labs Inc.
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