This ASX industrials stock is tipped to return to near record highs 

Can this stock rebound from a rough few months?

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Early this year, ASX industrials stock Chrysos Corp Ltd (ASX: C79) rocketed to nearly $10 per share. 

At the time, this represented a 100% rise over a 12-month period. 

This massive jump was influenced by tailwinds in the mining industry. 

However, since then, it has dipped 30% and now sits at roughly $7 per share. 

A new report from Bell Potter suggests this ASX industrials stock could be set to return close to the record high. 

A woman stands in a field and raises her arms to welcome a golden sunset.

Image source: Getty Images

Company overview

Chrysos Corporation is an Australian‑based provider of novel assay services to the global mining industry through its proprietary PhotonAssayTM technology. 

While PhotonAssayTM can be used to detect a wide range of elements, the technology has proven particularly effective for assaying gold and is currently being rolled out across the gold mining industry. 

This effectiveness in the gold mining industry proved profitable in the last 12 months, as it has risen alongside other gold mining shares.

The company recently released a trading update.

This prompted updated guidance from Bell Potter.  

New lease agreements secured

Bell Potter highlighted that C79 has maintained its strong lease win momentum since the FY26 interim result update, securing an additional 5 agreements. 

Total FY26 contracted units stand at 19, taking the backlog to 34 units (up from 30 at the interim result).

Pleasingly, we are seeing new lease agreements with ALS Ltd (ASX: ALQ) the largest geochemistry testing network in the world, as well as additional contracts with relatively newer adopters of the technology (Bureau Veritas and Allied Gold). This is a good sign for industry adoption of PhotonAssay technology.

Bell Potter also noted that revenue is tracking towards the upper end of the $80-90m range (BPe new $90.7m), and EBITDA is tracking towards the upper end of the $20-27m range (BPe new $29.4m). 

Healthy upside for this ASX industrials stock

Based on this guidance, Bell Potter has retained its buy recommendation on this ASX industrials stock. 

However, it has slightly reduced its price target to $9 per share (previously $9.40). 

From today's share price hovering around $7 per share, this indicates an upside potential of almost 30%. 

PhotonAssay technology adoption continues to accelerate with 19 new lease agreements secured in FY26-to-date (9 units secured in the PcP). The expanded backlog of units to be installed implies an acceleration of deployments in FY27.

Motley Fool contributor Aaron Bell has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Chrysos. The Motley Fool Australia has positions in and has recommended Chrysos. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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