Paragon Advanced Labs Provides Corporate Update
Toronto, Ontario--(Newsfile Corp. - May 25, 2026) - Paragon Advanced Labs Inc. (TSXV: PALS) ("Paragon" or the "Company") announces that its interim financial statements and management discussion and analysis for the three months ended March 31, 2026, have now been filed on SEDAR+. Developments in the Quarter: The momentum established in the first quarter has continued into the second quarter, with several operational, strategic, and financial developments completed since March 31, 2026: Operational expansion and capability enhancement Sample preparation capacity has expanded with the opening of our Thunder Bay facility in April 2026, which is successfully ramping up its throughput with additional staffing and equipment. Ongoing investments in sample prep in Timmins and Sparks are expected to drive further throughput improvements in the near-term.
Approaching completion of a significant geochemical capacity expansion at the Sparks, Nevada laboratory , announced in April 2026, which is expected to more than double geochemical analysis throughput. The expansion includes laboratory reconfiguration to optimize analytical workflows and is being completed alongside continued enhancements to the Company's quality assurance and quality control protocols, supporting consistent, high-quality results as throughput scales. Engagement of Koenig Scientific, LLC announced in May 2026 to support the Sparks geochemistry expansion, optimize analytical workflows, and ensure continual improvement of QA/QC reference materials and proactive ISO/IEC 17025 performance.
Strengthened liquidity position On May 6, 2026, the Company completed a private transaction with a third party involving the divestiture of the equity position held on its balance sheet, for net proceeds of approximately USD $4.3 million. The proceeds are intended to support ongoing operating requirements and working capital needs. "Q1 was a quarter of continued investment and growth," said Peter Shippen, Chief Executive Officer of Paragon.
"Our results demonstrate meaningful progress, and we expect this continued investment in analytical capacity and talent to deliver ongoing benefits in both the near and longer term." About Paragon Advanced Labs Inc. Paragon Advanced Labs Inc. provides innovative analytical technologies to the global mining industry. By embracing new technology, the Company is addressing critical capacity bottlenecks in mineral assaying through the deployment of PhotonAssay™ technology and complementary analytical solutions. The Company delivers faster, more accurate, and cost-effective mineral analysis for mining operators worldwide.
ON BEHALF OF THE BOARD OF DIRECTORS OF PARAGON ADVANCED LABS INC. Peter Shippen Chief Executive Officer and Director Paragon Advanced Labs Inc. For more information, contact: Peter Shippen, Chief Executive Officer and Director Email: peter.shippen@paragongeochem.com Forward-looking Statements This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements are based on expectations, estimates and projections as of the date of this news release and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this release may include, but are not limited to, statements regarding the Company's plans, business objectives, strategy, financial or operational performance, exploration or development programs, future market conditions, and other future events or conditions.
Forward-looking statements are often identified by words such as "anticipate," "believe," "expect," "estimate," "intend," "may," "plan," "project," "should," "will," and similar expressions. These statements are not guarantees of future performance and involve risks and uncertainties, including those described in the Company's public filings available under its profile on SEDAR+. Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.
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. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/298717 Source: Paragon Advanced Labs Inc.