Update with Paragon Advanced Labs (PALS.V): High-Speed Mineral Testing Toll Booth

In this Business Breakdown, David Barbato, Sergio Heiber, and Lindsay Leeds sit down with Paragon Advanced Labs (PALS.V) CEO Peter Shippen.
This discussion took place live on July 9th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - microcapclub.com/#join
Peter Shippen is founder and CEO of Paragon Advanced Labs (PALS.V), which operates a hub-and-spoke network of mining assay labs using photon assay, a rapid gold, silver, and copper testing technology from Australia's Chrysos. Co-hosts Sergio Heiber and Lindsay Leeds sit down with Peter for a follow-up conversation covering capacity utilization economics, the McEwen Inc. partnership and shareholder base, pricing versus traditional fire assay, the buildout of sample prep sites in Timmins, Thunder Bay, and Coeur d'Alene, and Paragon's path to cash flow and a U.S. listing.
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Chapters
00:00 Introduction and Participant Welcome
00:36 CEO Peter Shippen's Background and Company Overview
02:08 Paragon's Technology and Market Positioning
04:04 Photon Assay: Benefits and Industry Impact
06:58 Industry Bottlenecks and Paragon's Solutions
09:16 Operational Setup and Current Capacity
12:33 Market Expansion and Supply Constraints
15:22 Financial Outlook and Cash Flow Potential
17:14 Team Expansion and Leadership
19:21 Next 12 Months: Capacity and Growth Milestones
21:43 Geographic Strategy and Hub Model
25:29 Pricing Strategy and Customer Negotiations
29:07 Financial Structure and Capital Deployment
31:43 Sales and Marketing and Operational Efficiency
33:43 Growth Strategy: Slow vs. Fast Deployment
36:17 Fire Assay Business and Future Outlook
38:03 Utilization Rates and Profitability
41:07 Expansion Plans and Customer Demand
44:16 Partnerships, Contracts, and Mexico Operations
46:34 OTC Listing and Market Visibility
47:07 Key Talent and Leadership Recruitment
50:22 Global Lab Wait Times and Industry Trends
52:08 Geochem Services and Revenue Contribution
53:46 CapEx, Capital Raising, and Shareholder Dilution
55:32 Shareholder Float and Industry Market Size
56:32 Industry Spending and Market Opportunity
57:46 Balance Sheet Liabilities and IFRS Impact
59:05 ISO Certification and Industry Standards
1:00:54 Path to Positive Cash Flow and Future Outlook
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