MSALABS Limited & Capital Limited announced the finalisation of a major new contract. A five-year comprehensive laboratory services contract with NGM in the United States of America (USA): MSALABS will operate a hybrid laboratory incorporating both Chrysos PhotonAssay technology and traditional fire assay methods as well as full multi-element assaying capabilities. Largest contract award in MSALABS's history: The contract is anticipated to generate $140 million over the five-year term, with annual revenues of $30 million once fully operational, making it the largest award of new business in the history of MSALABS.

Capital expenditure for the project is expected of $7 million in 2024. Phased ramp up through 2024: Phase I of the project will commence towards the end of H1 2024 with the commissioning of two Chrysos PhotonAssay TM units and a capacity of 80,000 samples per month. Phase 2 will commence at the end of 2024 with the third Chrysos PhotonAssay??

unit along with the full geochemical laboratory bringing capacity to 120,000 samples per month as well as associated multi-element testing. Preparations have begun across suppliers and recruitment with headcount expected to be 110 employees. Significant beachhead for MSA into the USA market: This long term contract entrenches MSALABS presence in the Americas, both operationally given the full suite of services across preparation, PhotonAssay, fire assay and multi-element chemistry at a major operation, and also geographically, expanding its footprint in the Americas from its multiple laboratories across Canada and South America.

The contract encompasses a wide array of drilling services including underground reverse circulation and diamond, both surface and underground. The contract has a term of 3 years and will generate approximately $35 million of revenue per annum once fully operational from 2025.