Gold testing disrupter Chrysos crashes in ASX debut

physics discovery, had a horror debut on the ASX on Friday when its shares sank by more than one-third amid a broader sharemarket sell-off.on global markets,The issue price of the shares in the float handled by Barrenjoey Partners was $6.50, but the stock opened at just $4.32, down 33.5 per cent. It sank as low as $3.90 before recovering slightly to be hovering around the $4.14 mark in mid-afternoon trading.

Chrysos Corporation CEO Dirk Treasure says the group has 5.4 per cent of the market, but is eyeing potentially all of it with its new PhotonAssay gold sample testing machines. Mr Adamson said when he woke up on Friday morning and learnt of the big plunge by tech stocks on Wall Street, coming soon after interest rate rises in Australia and the US, he sensed Chrysos would be in for a tough day on the ASX.But he said Chrysos was in for the long haul and would focus on methodically building and deploying its machines for customers. “It’s slowly climbing the ladder,” he said.

He said two of its large PhotonAssay testing machines were installed at sites in Canada and Kalgoorlie in Western Australia in the past two days. Chrysos would diligently build its business and not be distracted by day-to-day gyrations in the share price. “Over time the scoreboard will reflect that,” he said. Mr Adamson said demand for shares in the float was more than two times what was offered.

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