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

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