TIDMPYX
RNS Number : 3531J
PYX Resources Limited
15 August 2023
PYX Resources Limited / EPIC: PYX / Market: Standard / Sector:
Mining
15 August 2023
Pyx Resources Limited
("PYX" or "the Company")
PYX Receives Approval for Tisma's Yearly Extraction and
Processing
PYX Resources Ltd (NSX: PYX | LSE: PYX), the third largest
publicly listed zircon producing mining company globally by zircon
resources,[1] is pleased to announce that it has received approval
to extract and process 48kt of Premium Zircon during 2023 from its
second deposit - Tisma.
The receipt of the Tisma RKAB - Rencana Kegiatan dan Anggaran
Biaya 2023 (Work Plan and Budget) approval by the Energy and
Resource Service Department from the Government of the Province of
Central Kalimantan, is an important milestone in the Company's
growth as it expands its ability to produce Minerals Sands from
Tisma, which was acquired in January 2021.
The 2023 Tisma RKAB Work Plan and Budget includes:
-- Mining operations
-- Processing and refining
-- Marketing and shipping
-- Environment
-- Mining safety
-- Training; and
-- Community development and empowerment
The receipt of the Budget and Work Plan go-ahead follows the
February 2023 granting of an approval for subsidiary PT. Tisma
Global Nusantara's (PT TGN) licence for the Tisma tenement for the
maximum authorised period of 10 years.
At the end of the 10 years the licence can be renewed for
additional periods, allowing PT TGN to continue to perform
exploration and mining works in the tenement area.
Background on Tisma
PYX Resources acquired the Tisma asset in January 2021 when it
entered into a Share Purchase Agreement (SPA) with the shareholders
of Tisma Development (HK) Ltd to acquire 100% of its shares.
The Tisma project is a licenced concession covering an area of
1,500 hectares in Central Kalimantan, Indonesia, approximately 50km
northwest from the regional capital Palangkaraya. The Company is
devoted to the exploration of mineral sands products and the
production and export of premium 65.5 grade zircon.
The project has 137 million tonnes of JORC complaint inferred
resources with 4% heavy mineral, containing approximately 4.5
million tonnes of zircon in combination with valuable by-products
including gold and titanium minerals (rutile and ilmenite). [2]
The terms of the recently renewed permit includes payment of
Indonesian taxes and the honouring of other financial obligations
of PYX's subsidiary PT Global Nusantara.
A summary of some of the key provisions includes:
-- Royalty on Zircon exported of 1.5%
-- Fixed rent is payable to the Government of Indonesia at a rate of US$4 per hectare per annum
-- Corporate tax of 22% is payable and set by the Government of Indonesia
-- Land and building taxes are payable to the local government,
at a rate of 0.5% based on taxable sales value
-- Environmental obligations, including reclamation bonding and
plans, approved by the local government as part of the mine
approval process
Commenting on the receipt of approval for the Budget and Work
Plan for 2023, PYX Resources' Chairman and Chief Executive Officer,
Oliver B. Hasler, said:
"Firstly, I want to personally thank the Energy and Resource
Service Department from the Government of the Province of Central
Kalimantan for their dedication and work on our Work Plan and
Budget submission.
"Tisma is an important asset in our portfolio and its
significant zircon, rutile and ilmenite reserves have the potential
to significantly increase our production levels. This will in turn,
have a positive effect on our earnings and export income in future
years benefiting PYX stakeholders, including the local region and
Indonesia as a whole.
"The PYX team remains dedicated and committed to playing an
important role in the further development of Indonesia's resources
industry and supporting the local communities financially,
strategically and sustainably."
***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
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.
[1] According to publicly available information during the
financial year ended June 2023
[2] Refer NSX Announcement dated 13 January 2021 "PYX Resources
Limited Agrees to Acquire Tisma Development (HK) Limited, a
World-Class, Fully Licensed Mineral Sands Deposit". The Company
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.
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END
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