Paragon Advanced Labs Inc. has secured new customer agreements with major and intermediate gold producers that will inject more than 200,000 incremental samples into its network over the coming year.

The incoming sample flow pushes Paragon’s PhotonAssay network utilization toward 50 percent across its facilities. That represents a sharp jump from the approximate 33 percent utilization rate recorded in June 2026.

In addition to expanding PhotonAssay volumes, the new contracts include the company's first significant customer for the Veracio Core Scanner, which provides near-real-time multi-element analytics. The company is also broadening its testing suite with dedicated mercury testing at its Surrey, British Columbia facility, alongside standard fire assay, geochemical, and carbon-sulphur testing. PhotonAssay turnaround times across the network are generally holding at 10 business days, covering freight, sample preparation, and quality assurance.

“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.

The business update builds on a series of structural moves made earlier in the year. Paragon entered into a memorandum of understanding with McEwen Inc. on July 30, 2026, establishing a strategic partnership for advanced laboratory services supporting McEwen's operations in Nevada, Ontario, and Mexico, beginning with a dual laboratory project in Eureka, Nevada.

Paragon also recently completed a debt settlement resolving the remaining US$2,353,000 balance of a secured promissory note issued during its 2023 acquisition of Paragon Geochemical. The company extinguished the debt through the issuance of 1,361,687 common shares at a deemed price of C$2.42 per share.

Read the full announcement: Paragon Advanced Labs Provides Business Update