TIDMPYX
RNS Number : 1184S
PYX Resources Limited
02 November 2023
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
PYX Resources Limited / EPIC: PYX / Market: Standard / Sector:
Mining
2 November 2023
Pyx Resources Limited
("PYX" or "the Company ")
Q3 2023 Operational Update
61% Increase in Premium Zircon Production and 88% Increase in
Sales
Q3 HIGHLIGHTS
-- Premium Zircon production increased by 61% to 4.0kt (Q3 2022: 2.5kt), its highest to date
-- Sales of Premium Zircon increased 88% in Q3 2023 to 4.2kt (Q3
2022: 2.3kt) driven by demand from China and India
-- Award of the export licence announced on the 17(th) August
2023. The Company had stockpiled 8.2kt of Titanium Dioxide.
-- Successful renewal of 10-year mining and exploration licence
for the Tisma Mineral Sands Project
-- Awarded with the COVID-19 Prevention and Management and Zero
Accident Award 2023 from the Government authorities in
Kalimantan
PYX Resources Ltd (NSX: PYX | LSE: PYX), the world's third
largest publicly listed zircon producer by zircon resources, [1] is
pleased to announce an Operational Update for the three months
ended 30 September 2023 ("Q3 2023").
SUMMARY
Q3 '23 Q3'22 Var YTD'23 YTD'22 Var
Zircon Produced 4.0kt 2.5kt 61% 9.7kt 6.8kt 43%
------- ------ ----- ------- ------- -----
Zircon Sales 4.2kt 2.3kt 88% 9.4kt 6.1kt 54%
------- ------ ----- ------- ------- -----
Value per tonne (USD) 2,116 2,606 -19% 2,012 2,697 -25%
------- ------ ----- ------- ------- -----
Total Mineral Sands Produced 4.9kt 3.5kt 39% 11.7kt 12.7kt -8%
------- ------ ----- ------- ------- -----
Total Mineral Sands Sold 4.2kt 2.5kt 70% 9.4kt 6.4kt 48%
------- ------ ----- ------- ------- -----
The Company has reported a significant increase in Premium
Zircon production of 4,021t in Q3 2023, which is equivalent to a
yearly production rate above 16kt and in line with the PYX's
five-year plan.
Premium Zircon sales experienced robust growth during the period
with an increase of 88% to a sales volume of 4.2kt, mainly to China
and India as the Western economy slows. The Company believes this
growth is a result of the Company's customer-centric approach,
strong relationships with clients, and the ability to deliver
high-quality products that meet their specific needs.
In terms of pricing, Premium Zircon has experienced a remarkable
upward trend. Starting from January 2021 at US$1,400/t,
international pricing (as reported by Bloomberg) steadily increased
throughout the year, reaching US$1,800/t in H2 2021 and US$2,000/t
by January 2022.
This positive trajectory continued into Q2 2023, with the price
reaching US$2,100/t. Since Q3 2022, the price has remained stable
at US$2,200/t, a 64% increase on 2021 prices, defying the
volatility of the market. This exceptional outcome underscores the
imbalanced supply and demand dynamics, and PYX's ability to
capitalize on this favourable market situation.
Commenting on the Company's achievements in Q3 2023, PYX's
Chairman and Chief Executive Officer Oliver Hasler, said:
"I am delighted with our achievements in Q3 2023. The Company
experienced substantial growth in Premium Zircon sales, with a 54%
increase, and a production increase of 43% year-to-date. Our
diversified global client base has allowed us to manage and
minimise risk. This coupled with the quality of our Premium Zircon
has resulted in consistent growth in sales whilst our exceptional
team on site have been instrumental in ensuring maximum
efficiency.
"I am particularly proud of the two awards given to the Company
by the Government authorities in Kalimantan - the Award for the
Prevention and Management of COVID-19 in the Workplace and Zero
Accident Award 2023 - we are passionate about our people and the
safety of our team."
"As we enter the second half of the year, we are optimistic
about our strategic plan and the continued rise of Mineral Sands
prices. We remain well positioned to deliver on our goals and
benefit from the industry's strength."
Licences
The renewal of a 10-year Izin Usaha Pertambangan Operasi
Produksi (IUP-OP, Mining Operation and Production Licence)
exploration and mining licence agreement for the Tisma project,
which PYX has a contractual interest in, represents a significant
milestone for the Company.
The IUP-OP license and newly issued RKAB Operasi Produksi Tahun
2023 (Working Plan and Budget) authorises the Company to extract,
produce, and export 24kt of zircon, 20kt of rutile and 50kt of
ilmenite, ensuring the extraction and production of other
by-products, such as SiO(2) .
This renewal, and access to this licence, solidifies PYX's
position as a leading player in the mineral resources sector and
opens up new opportunities for growth and expansion. The Directors
believe the Tisma project holds immense potential, and this
long-term licence agreement should provide stability and confidence
to maximise its value over the coming years.
Additionally, the Indonesian authorities have outlined the
legislation for Mineral Sands companies to export Ilmenite and
Rutile to international markets, following a change in Indonesian
law. The Ministry of Trade of the Republic of Indonesia, following
the recommendation of the Ministry of Energy and Natural Resources,
has changed the category of Titanium dioxide, with Ilmenite and
Rutile receiving the same classification as Zircon, as a Non-Metal
Commodity.
The new law, issued by the Ministry of Trade under regulation
No. 13, allows for the export of Ilmenite and Rutile as Non-Metal
with a minimum grade of TiO(2) >= 45% for Ilmenite and TiO(2)
>= 90% for Rutile. On 17(th) August 2023 the Company announced
the award of the export licence for Rutile and Ilmenite. PYX
started producing rutile in January 2022 and ilmenite in June 2022,
and by the end of June 2023 it had stockpiled 8.2kt.
Awards
Also, during the period, the Company was delighted to be awarded
with the COVID-19 Prevention and Management and Zero Accident Award
2023 from the Indonesian Ministry of Manpower.
([1]) According to publicly available information as of 30 June
2023
***S***
For more information:
PYX Resources Limited T: +61 2 8823 3132
E: ir@pyxresources.com
WH Ireland Limited (Broker) T: +44 (0)20 7220 1666
Harry Ansell / Katy Mitchell
/ Darshan Patel
------------------------------
St Brides Partners Ltd (Financial E: pyx@stbridespartners.co.uk
PR)
Ana Ribeiro / Isabel de Salis
/ Isabelle Morris
------------------------------
This announcement is authorised for release by Oliver B. Hasler,
Chairman and Chief Executive
Officer.
About PYX Resources
PYX Resources Limited (NSX: PYX | LSE: PYX) is a producer of
premium zircon dual listed on the
National Stock Exchange of Australia and on the Main Market of
the London Stock Exchange. PYX's
key deposits, Mandiri and Tisma, are large-scale, near-surface
open pit deposits both located in the
alluvium-rich region of Central Kalimantan, Indonesia. PYX,
whose Mandiri deposit has been in
production since 2015, is the 3(rd) largest publicly traded
producing mineral sands company by zircon
resources globally. Determined to mine responsibly and invest in
the wider communities where we
operate, PYX is committed to fully developing its Mandiri and
Tisma deposits, with the vision to
consolidate the mineral sands resources in Kalimantan and
explore and acquire mineral sands assets
in Asia and beyond.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This Announcement contains forward-looking statements and
forward-looking information within
the meaning of applicable Australian and UK securities laws,
which are based on expectations,
estimates and projections as of the date of this
Announcement.
This forward-looking information includes, or may be based upon,
without limitation, estimates,
forecasts and statements as to management's expectations with
respect to, among other things, the
timing and amount of funding required to execute the Company's
exploration, development and
business plans, capital and exploration expenditures, the effect
on the Company of any changes to
existing legislation or policy, government regulation of mining
operations, the length of time
required to obtain permits, certifications and approvals, the
success of exploration, development
and mining activities, the geology of the Company's properties,
environmental risks, the availability
of labour, the focus of the Company in the future, demand and
market outlook for precious metals
and the prices thereof, progress in development of mineral
properties, the Company's ability to raise
funding privately or on a public market in the future, the
Company's future growth, results of
operations, performance, and business prospects and
opportunities. Wherever possible, words such
as "anticipate", "believe", "expect", "intend", "may" and
similar expressions have been used to
identify such forward-looking information.
Forward-looking information is based on the opinions and
estimates of management at the date the
information is given, and on information available to management
at such time. Forward looking
information involves significant risks, uncertainties,
assumptions, and other factors that could cause actual results,
performance, or achievements to differ materially from the results
discussed or
implied in the forward-looking information. These factors,
including, but not limited to, fluctuations in currency markets,
fluctuations in commodity prices, the ability of the Company to
access sufficient capital on favourable terms or at all, changes in
national and local government legislation, taxation,
controls, regulations, political or economic developments in
Indonesia and Australia or other
countries in which the Company does business or may carry on
business in the future, operational or technical difficulties in
connection with exploration or development activities, employee
relations, the speculative nature of mineral exploration and
development, obtaining necessary licenses and permits, diminishing
quantities and grades of mineral reserves, contests over title
to
properties, especially title to undeveloped properties, the
inherent risks involved in the exploration and development of
mineral properties, the uncertainties involved in interpreting
drill results and
other geological data, environmental hazards, industrial
accidents, unusual or unexpected
formations, pressures, cave-ins and flooding, limitations of
insurance coverage and the possibility of
project cost overruns or unanticipated costs and expenses, and
should be considered carefully. Many
of these uncertainties and contingencies can affect the
Company's actual results and could cause
actual results to differ materially from those expressed or
implied in any forward-looking statements made by, or on behalf of,
the Company. Prospective investors should not place undue reliance
on
any forward-looking information.
Although the forward-looking information contained in this
Announcement is based upon what
management believes, or believed at the time, to be reasonable
assumptions, the Company cannot assure prospective purchasers that
actual results will be consistent with such forward-looking
information, as there may be other factors that cause results
not to be as anticipated, estimated or
intended, and neither the Company nor any other person assumes
responsibility for the accuracy and completeness of any such
forward-looking information. The Company does not undertake,
and
assumes no obligation, to update or revise any such
forward-looking statements or forward-looking information contained
herein to reflect new events or circumstances, except as may be
required by
law.
No stock exchange, regulation services provider, securities
commission or other regulatory authority
has approved or disapproved the information contained in this
Announcement.
Compliance Statement
The Mandiri mineral sands deposit hosts a 6 Mt Inferred JORC
Resource of zircon. The Company
originally announced this resource in its Prospectus released on
20 February 2020 and confirms that it is not aware of any new
information or data that materially affects the information
included in the
Prospectus. All material assumptions and technical parameters
disclosed in the Prospectus that
underpin the estimates continue to apply and have not materially
changed.
The Tisma mineral sands deposit hosts a 4.5 Mt Inferred JORC
Resource of zircon. The Company
originally announced this resource in its Announcement "PYX
Resources Limited Agrees to Acquire
Tisma Development (HK) Limited, a World-Class, Fully Licensed
Mineral Sands Deposit" on NSX on
13 January 2021 and confirms that it is not aware of any new
information or data that materially
affects the information included in the Announcement. All
material assumptions and technical
parameters disclosed in the Announcement that underpin the
estimates continue to apply and have
not materially changed.
Together the Mandiri and Tisma mineral sand deposits total 10.5
Mt of contained zircon within a
total of 263.5 Mt of heavy mineral sands.
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