The lab business (200) is dominated by a few big multi billion...

The lab business (200) is dominated by a few big multi billion players. And these are divisions (small ones) of big companies. Tey have the infrastructure (fire assays) for all metals and it is profitable. And still need to retain their fire assay for their clients not doing gold, silver and copper. Labs were fully booked with 3 months delays, not so long ago. So I would expect that additional machines might be purchased at labs but fire assay is here to stay for a long time.

It is telling that their main lab client is MSALABS, a new comer in the market. They do not have the same legacy infrastructure and can focus on gold, silver and copper. So they are able to open quickly 3 labs in Canada for example but I believe they also offer fire assay. And looking at one graph in their presentation, it takes some time until a lab is profitable, miners/explorers have to be convinced to use the technology. Remember that assays results make or break explorers. Switching to a new tech has to present overwhelming advantages ( speed) before clients switch to it.

Their other avenue : current mines. This has some potential but notice that Barrick outsourced it to MSALABS. Does this mean that operating it is not that simple for a mine to operate themselves but that they need some expertise ? Anyway, you still compete with capital allocation at these mines.

Lastly, they chose a very capital intense avenue to penetrate the market. Probably to secure their IP. Say, similar to Satelitte TV business. Will play out but it takes time.

Anyway, if you follow drillers, one understand that this industry is cyclical. Believe we are in the first innings of a supercycle, so we will do fine. I play this new tech mostly with Capital (MSALABS) as they are land grabbing as fast as possible. Who made the most money when the cell phone were introduced ? The set makers or the telephone companies ?