TIDMPYX
PYX Resources Limited
28 December 2023
PYX Resources Limited / EPIC: PYX / Market: Standard / Sector:
Mining
28(th) December 2023
PYX Resources Limited
("PYX" or "the Company")
Letter to Shareholders
Dear Shareholders,
As we near the end of 2023, I am extremely proud of everything
PYX has accomplished during the year and the milestones it has
achieved, taking the Company a step closer to its goal of becoming
a mineral sands consolidator in Indonesia, and a leading player in
the premium zircon market.
To this end, we were delighted to be awarded the licence for the
export of ilmenite and rutile ores from the Indonesian government
in August 2023, which allows us to extract, produce, and export up
to 24kt of zircon, 20kt of rutile and 50kt of ilmenite per annum,
as well as extract and produce other by-products such as SiO(2) .
Another significant milestone during the year was the successful
renewal of a 10-year exploration and mining licence at Tisma
Mineral Sands Project, demonstrating Indonesia's support for the
project and providing us with long-term visibility over this highly
prospective project. PYX started producing rutile in January 2022
and ilmenite in June 2022, and by the end of June 2023 it had
stockpiled 8.2kt.
Figure 1: The PYX Cares team planting 10,000 Bengkirai trees in
our previously mined areas.
Figure 2: The PYX team inspecting the installation of a new
dryer machine at our mineral separation plant at Mandiri.
The Company has continued to build on the strong foundations set
in 2022, with a notable continuation of its growth trajectory both
operationally and financially. In Q3 2023 the Company announced a
61% increase in Premium Zircon production to 4.0kt, and a 43%
increase in YTD'23 production to 9.7kt, equivalent to a yearly
production rate of 16kt and in line with PYX's five-year plan.
Our strategic approach to client diversification has allowed us
to, where possible, mitigate global economic challenges and varying
demand for our premium zircon. This has proven to be prudent as the
western economy slowed down and most of our sales, which increased
by 88% in Q3 and 54% YTD'23, to a sales volume of 4.2kt and 9.4kt,
respectively, were generated from China and India.
Pleasingly, the international price of premium zircon has
remained stable at US$2,200/t, a 64% increase on 2021 prices,
defying the volatility of the market and highlighting the
imbalanced supply and demand dynamics. Price stability was key to
achieving cash neutral status, no debt, and positive underlying
EBITDA of US$131k, a 46% improvement on HY 2023. We believe that
this deficit of zircon supply will continue as the new mines coming
into production are not enough to compensate for the reduction in
supply coming from the large mines reaching the end of their mine
lives.
Our unwavering commitment to ESG and to supporting the
communities around us through our initiative, PYX Cares, continued
in 2023 and saw the Company partner with the Indonesian Red Cross
Society in its annual Indonesian National Blood Donor Day.
Figure 3: PYX 's holistic sustainability programme as part of
PYX Cares . Empowering local communities, protecting the
environment, promoting diversity, and ensuring our employees and
the people of Kalimantan can fully participate in our long-term
success.
Figure 4: PYX's Child Health Day event, teaching young children
the importance of teeth brushing and hand washing.
Importantly, and, a fundamental part of our licence to operate,
is our ability to keep our team safe. I was delighted that PYX
received the Award for Prevention and Management of COVID-19 in the
Workplace in 2023, and the Zero Accident Award 2023 from the
government authorities in Kalimantan and the Central Government in
Jakarta.
In addition, we continued to be transparent about our ESG
achievements during the year with the submission of our Progress
Report to the United Nations Global Compact Organization which
focuses on five key pillars: People, Planet, Prosperity, Peace, and
Partnership.
Figure 5: Celebrating Indonesian Independence Day with a flag
hoisting ceremony.
Looking into 2024 and beyond, our focus remains steadfast on
continued sustainable growth, as the company looks to increase
exports, sales, and production, and works concurrently with our
local communities and the Indonesian Government to meet our
ambitious growth plans.
I would like to end by thanking all our shareholders and
stakeholders for their continued support and look forward to
reporting on our progress in 2024.
Warm regards,
Oliver B. Hasler
Chairman and CEO
***ENDS***
For more information:
PYX Resources Limited T: +852 3519 2860
Oliver B. Hasler, Chairman and Chief E: ir@pyxresources.com
Executive Officer
WH Ireland Limited (Broker) T: +44 (0)20 7220 1666
Harry Ansell / Katy Mitchell / Megan
Liddell
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 3rd 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.
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END
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