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July 2026 Building a Global Network of Assay Labs with PhotonAssay TSXV: PALS | OTC – In Process
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Certain information set forth in this presentation contains “forward-looking information”, including “future-oriented financial information” and “financial outlook”, under applicable securities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, information contained herein constitutes forward-looking statements and includes, but is not limited to, the (i) projected financial performance of Paragon Advanced Labs Inc. (“PALS”, “Paragon” or the “Company”); (ii) completion of, and the use of proceeds from, any subsequent financing; (iii) the expected development of the Company’s business, projects and joint ventures; (iv) execution of the Company’s vision and growth strategy, including with respect to future M&A activity and global growth; (v) sources and availability of third-party financing for the Company’s projects; (vi) completion of the Company’s projects that are currently underway, in development or otherwise under consideration; (vii) renewal of the Company’s current customer, supplier and other material agreements; and (viii) future liquidity, working capital, and capital requirements. Forward-looking statements are provided to allow potential investors the opportunity to understand management’s beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements involve known and unknown risks, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result, expressed or implied by such forward-looking statements. Although forward-looking statements contained in this presentation are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. All currency amounts in CAD, unless otherwise noted. Forward Looking Statements 2
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Robust Commodity Prices: Gold, Silver, Copper prices are driving significant interest in mining, with project economics now very attractive in most cases. PhotonAssay Adoption Growing: PhotonAssay is surging, while supply of the technology is currently constrained. Asset Light Model with Significant Capacity For Growth: Paragon is operating 3 “hub” labs featuring PhotonAssay and has secured a total of 12 machines. Paragon’s Strategic Investor & Client: McEwen Inc. (MUX- NYSE/TSX) holds a 27% equity stake and is a meaningful client and partner. Optimizing Current Footprint and Poised to Expand: Quarterly sequential growth expected through increased capacity utilization and increased deployments. Picks & Shovels Exposure to Mining Cycle Paragon represents an institutional "picks and shovels" investment, offering leverage without development or exploration risk. We operate independent ISO17025 accredited testing labs servicing the mining industry. We are using new technology as a client acquisition tool and a point of differentiation. Paragon Advanced Labs 3
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Capital is flooding into mining — and it lands at the lab FY2025 actuals and Q1 2026 to date — the investment cycle that drives drilling, sampling and assay demand Capital pouring in FY2025 Still accelerating YTD 2026 It lands at the lab THE PAYOFF $93.7B Global mining M&A in 2025 — the highest level in 13 years $27.3B Equity capital raised across 222 offerings — a 2nd straight year of growth +65% / +142% Gold and silver prices in 2025 — sharpest gains since 1979 $43.8B Mining financing in YTD 2026 alone $9.1B Junior exploration financings 709 rigs @ ~75% Fleet utilization — headroom to ramp $5.4T Mining & metals investment needed by 2035 to meet demand (EY) Global mining-lab market (US$B) 2024 $10.3B 2033 $18.3B +7.25% CAGR — demand tracks drilling activity and metal prices → → The chain is simple: every dollar raised and every deal closed must be drilled — and every metre drilled becomes samples a lab must assay. Sources: White & Case M&A Explorer; S&P Global Market Intelligence; FactSet; IMARC; Major Drilling; EY; Future Market Report.Figures in USD. FY2025 = full-year actuals; Q1 2026 = Jan–Mar 2026, latest available. Financing Activity Leads Assay Demand 4
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Mining's Assay Bottleneck Time Compounds Capital Destruction Traditional fire assay is an archaic, slow, chemical-heavy manual process that cannot scale. Time is a capital killer in mining. The Severe Cost of Waiting: Industry wait times exceeding 6 weeks in many jurisdictions • Stalls active drill rig positioning decisions. • Incurs costly idle rig overhead penalties. • Causes unnecessary delays and sub-optimal decision making.
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Benefits: PhotonAssay vs. Fire Assay Two ways to measure how much gold is in a rock sample — a modern X-ray method compared with the conventional laboratory technique. S I D E- BY - S I D E C O M P A R I S O N W H A T I T D E L I V E R S Traditional Fire Assay PhotonAssay Time per sample ~3–4 hours ~2-3 minutes ✓ Sample size analyzed 10–50 grams 400–650 grams ✓ CO₂ per sample 0.91 kg 0.455 kg ✓ Hazardous waste per sample 0.31 kg 0 kg ✓ Energy use per sample ~1.3 kWh ~0.65 kWh ✓ Fully automated ✗ ✓ Lower Costs • Simple to operate • Few consumables required • Less sample preparation Faster Turnaround • Results in about 2 minutes • Near real-time analysis • Continuous quality control Sustainability & Safety • No hazardous waste • Lower carbon emissions • Safer working environment Better Results • Samples stay intact (non- destructive) • Fully automated • Supports higher recovery Figures are per-sample estimates for typical gold analysis. Source: Chrysos Corp. 6
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3 Operating Hubs: Centralized hubs offering PhotonAssay in Hamilton (ON), Surrey (BC), and Sparks (NV) – as well as NV FA/ICP Spokes: Timmins, Thunder Bay, Coeur D’Alene satellites drive customer acquisition and capacity utilization Differentiated Product: Only three lab groups offer PhotonAssay in North America, at a time when adoption is accelerating Optimizing our Hub-and-Spoke Network 7 Lau nch ed Pro spe ctiv e 7
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PhotonAssay : Supply–Demand Dynamics A demand-rich, supply-constrained market: only a small share of the global fire-assay replacement opportunity has been deployed to date. 44 units Deployed fleet today (May 2026), up from 34 a year earlier 12 signed Paragon has signed leases for 12 machines, with three currently deployed. ~18 per year Target manufacturing cadence — the binding constraint 600+ units Estimated total market to displace fire assay globally DEPLOYMENT vs. TOTAL ADDRESSABLE MARKET 44 deployed + 22 on order = 66 units contracted ~600+ units to fully displace fire assay ~7% of the market deployed — the large majority of the opportunity is still ahead THE DYNAMIC Demand is not the constraint — supply is. Chrysos engages ~70% of the 15 largest gold miners, but only a handful are live, and the company pegs itself at roughly 5% of its addressable market. Build rate gates the ramp. At ~18 units/year against a 600+ unit market, the multi-year runway is real; Sources: Chrysos Corporation trading updates (May–Jun 2026); Ord Minnett (TAM >600 units); company guidance. Figures as disclosed; TAM is an estimate and varies by source. 8
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Plus, growing pipeline including 40+ customers Sequential Quarterly Growth: Expected in Q3 and beyond through existing client expansion and new client acquisition Onboarding: Client wins span Tier 1 operators to newly funded exploration companies Capacity Utilization to Continue to Scale: Increasing throughput as new mining clients are onboarded and existing clients scale their programs Pipeline including other Labs: Limited supply has driven other lab groups to partner with Paragon Operational Revenue Momentum 9
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PhotonAssayTM Unit Economics 10 80% Capacity Example Value Monthly Revenue (at 80% capacity) Monthly Assays per Machine 32,000 Average Assay Price $20 Sample Prep Price $4 Total Monthly Revenue $768,000 Monthly Costs Royalty per Sample $8 Cost per Sample Jar $0.50 Overhead $32,500 Total Monthly Costs $304,500 Monthly Profit per Chrysos Machine $468,000 Annual Potential Profit per Chrysos Machine $5,616,000
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12 CONTRACTED MACHINES Clear Valuation Disconnect Rather than comparing valuation strictly to legacy giants, investors should value PALS based on upcoming, contracted cash flow capacity. 3 Active Machines (EBITDAR Run-rate) ~$16.8M 12 Full Fleet Capacity (EBITDAR Run-rate) ~$67.2M Fleet Scale Run-Rate
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Strategic Equity Interest: Mid-tier operator McEwen Inc. (NYSE/TSX) controls a 27% strategic stake in Paragon. Board Representation: McEwen Executive Vice Chairman Ian Ball serves actively on Paragon's Board of Directors. Anchor Customer Operations: McEwen's Fox Complex (Ontario), Gold Bar Mine (Nevada) and Tartan Mine Project (Manitoba) represent active, scaling assay pipelines. Opportunities for Growth: McEwen's Nevada program alone targeted over 36,000 meters of core drilling in 2025. “I view [that this] technology, is a disruptive technology that will advance the industry. And we'll be looking for other opportunities to accelerate and improve the knowledge of the industry, first for us, but then for the industry.” — ROB MCEWEN, FOUNDER & CHIEF OWNER 27% STRATEGIC ALIGNMENT OWNERSHIP Strategic Backer & Anchor: McEwen Inc. 12
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Capital Summary Outstanding Common Shares Issued 32,736,522 Options & Warrants 919,050 Fully Diluted Shares 33,655,572 Senior Secured Debt ~$4,000,000 Other Notable Shareholders Include - Eric Sprott - Michael Gentile - Aegis, Ixios, US Global and Delbrook Clean & Protected Capital Structure 13
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Shaun Compton MANAGING DIRECTOR Over 30 years of global laboratory and site operations leadership. Formerly senior regional execution lead at Intertek and SGS. Laurentiu Fulea CANADA OPERATIONS Master operations manager. Formerly oversaw 10 gold- standard commercial laboratories across 7 countries for Tier-1 groups. Our Operational Leadership Team Over 22 years of elite capital markets and scaling investment operations experience. Previously President & CEO of Redwood Asset Management. Peter Shippen CHIEF EXECUTIVE OFFICER & DIRECTOR Board Simon Grayson DIRECTOR Co-founder, CEO and Chairman of Velocity Trade Holdings Ltd., a global financials services firm. Jason Mayer DIRECTOR Managing Partner at CFT Financial and serves as a consultant to the Ninepoint Partners LP flow-through funds. Executive Vice Chair of McEwen Inc., a gold, silver, and copper mining company listed on the NYSE and TSX. Ian Ball DIRECTOR 14
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A Scarce Asset at the Right Moment Robust Mining Cycle Significant financings are driving increased drilling – requires fast, precise, hazard-free assay analytics at scale. Asset Light, Technology Enabled Optimizing current footprint with outlook to ramp capacity with new labs. Client Acquisitions, Supportive Cap Table Strong Unit Economics scaling with new clients with supportive shareholder base.
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Peter Shippen, CEO peter.shippen@paragonadvanced.com +1 (416) 930-7711 Contact Us 120 Adelaide Street W., Suite 2400 Toronto, ON M5H 1P9 Website: paragonadvanced.com TSXV: PALS 16