Paragon Advanced Labs Engages Koenig Scientific

• The most recent release on May 7, 2026, announces the engagement of Koenig Scientific to support geochemistry capacity expansion and laboratory optimization.
• Focus areas include aligning quality systems with increased throughput, optimizing end-to-end workflows, and enhancing QA/QC frameworks.
• Primary objective is ensuring continued ISO/IEC 17025 compliance during scaling of sample preparation and analysis capabilities.
• Alan Koenig is engaged for his expertise in analytical instrumentation and laboratory best practices.
• This follows the May 1, 2026 financial update which reported $4.37M revenue for nine months ended Dec 31, 2025, and a projected 21% increase in Q1 FY2026 revenue.
• Previous news from April 28, 2026, confirmed doubling of geochemical analysis capacity at the Nevada facility.

• The engagement is operational support rather than a new revenue driver or strategic partnership; it mitigates execution risk associated with rapid expansion.
• Given the announcement on May 1 regarding significant client ramp-up and facility expansions in April, this quality control measure was anticipated to ensure service delivery matches capacity growth.
• No material change to valuation drivers is introduced by this specific engagement alone.
• The news reinforces management's commitment to operational excellence but does not alter the fundamental investment thesis established by the McEwen Inc. strategic investment or recent revenue growth.
• Market reaction likely neutral as this aligns with previous guidance on expansion readiness.

• Paragon Advanced Labs Inc. provides analytical technologies for mineral assaying, specifically PhotonAssay™ technology.
• Flagship Project: PhotonAssay™ is a non-destructive, high-throughput gold analysis system promoted as faster and safer than traditional fire assays.
• Operational Footprint: Three labs operating PhotonAssay™ units in Sparks (Nevada), Hamilton (Ontario), and Surrey (British Columbia).
• Expansion Strategy: "Hub-and-spoke" model with sample prep facilities in Timmins, Thunder Bay, Coeur d'Alene (partnership with Scout Discoveries), and Nevada.
• Technology Deployment: Plan to deploy nine additional PhotonAssay™ units globally to increase capacity.