TIDMPYX
RNS Number : 2916M
PYX Resources Limited
13 September 2023
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THE PURPOSES OF SECTION 21 OF THE UK FINANCIAL SERVICES AND MARKETS
ACT 2000.
PYX Resources Limited / EPIC: LSE/NSX: PYX / Market: Standard /
Sector: Mining
13 September 2023
PYX Resources Limited
("PYX" or "the Company")
Half Year 2023 Results
Positive Underlying EBITDA, Cash Neutral Status, No Debt and
Significant Growth in Zircon Sales
FINANCIAL AND OPERATIONAL HIGHLIGHTS
-- Premium Zircon production increased by 33% to 5.7kt
-- Premium Zircon sales up 34% to 5.2kt
-- 8% reduction in cash cost of production per tonne of Premium Zircon
-- EBITDA of negative US$9.8 million mainly due to the non-cash
share-based payment provision of US$7.6m and the non-cash loss on
fair value change of financial instrument of US$1.2m
-- Underlying EBITDA improved by 46% to US$131k
-- US$7.2 million cash on balance sheet with no debt
-- Successful renewal of a 10-year exploration and mining
license (maximum term) for the Tisma Mineral Sands project
-- New Indonesian regulation allows export of titanium dioxide
with minimum grades of TiO(2) >= 45% for Ilmenite and TiO(2)
>= 90% for Rutile
-- Received the licence to export Rutile and Ilmenite, PYX has
accumulated a stockpile of 8.0kt of Titanium Dioxide
-- Sustainability (PYX Cares programme): partnered with the
Indonesian Red Cross Society in its annual Blood Donor Day for a
third year
-- Awarded with the COVID-19 Prevention and Management and Zero
Accident Award 2023, both from the Government authorities in
Kalimantan
PYX Resources Ltd (NSX: PYX | LSE: PYX), the world's third
largest publicly listed Premium Zircon producer by Zircon resources
([1]) , is pleased to announce its results for the six months ended
30 June 2023 ("HY 2023").
Financial and Operations Summary
Commenting on the half year results, Chairman and Chief
Executive of PYX said:
"In the six months to June 2023, PYX has made significant
headways in establishing itself as a leading player in the Premium
Zircon market. Since its listing in February 2020, the Company has
focused on delivering its strategy and creating shareholder value.
Today, I am delighted to report several milestones achieved during
the period, but I am particularly proud of our operational
achievements which resulted in a positive underlying EBITDA in just
under two years since our London listing and three years since our
Australian listing.
"Looking ahead, PYX remains well positioned for growth with the
award of the exploration and mining licence for Tisma and Mandiri's
export licence for Rutile and Ilmenite, of which we have 8.5kt
stockpiled and are ready to ship at the end of August 2023."
PYX has achieved significant milestones in its third year as a
public company following its Australian IPO in 2020 and two years
since its London Stock Exchange listing. The Company reported
positive underlying EBITDA and finished with the same cash on the
balance sheet as 31 December 2022, with no debt, since its initial
public offering in February 2020. The Company's strategy of
producing and selling Premium Zircon has resulted in a 33% increase
in production, from 4.3kt to 5.7kt, and a 34% increase in Premium
Zircon sales, from 3.9kt to 5.2kt, compared to the same period last
year, which helped to reduce the cash cost of production in US$ per
tonne by 8% compared to the same period last year.
This is a significant achievement for PYX Resources. The
increase in production and sales of Premium Zircon is a testament
to the Company's commitment to providing high-quality products to
its customers. PYX Resources' Premium Zircon is highly sought-after
in the market due to its superior quality, and the increase in
demand for the product is a clear indication of the market's trust
in the company's products.
The negative EBITDA and the resulting Net Loss are the result of
the non-cash loss on fair value change of financial instrument of
US$1.2m and the cancellation of 20,332,494 performance rights
convertible into a maximum of 23,532,494 shares. According to
Australian Accounting Standards Board 2, share-based payments
should be settled or cancelled as an acceleration of vesting. All
this with no effect on cash.
The cash on our balance sheet at the end of the first half of
this year was slightly higher than at the end of last fiscal year
with US$7,232k . This is a result of an increase of Operating
Working capital of US$1.4m required for the increase of production,
US$1.3m investment in capex and a positive US$2.8m of financial
activities, mainly showing the strong support of our
shareholders.
Moreover, PYX Resources has successfully renewed its exploration
and mining licence for the Tisma Mineral Sands project, with a
maximum term of 10 years. The Tisma project is focused on exploring
mineral sands and producing and exporting premium grade Zircon. The
project has significant inferred resources, including approximately
4.5Mt of zircon, along with gold and Titanium minerals (Rutile and
Ilmenite).
The renewal of the exploration and mining licence for Tisma
Mineral Sands, our second project, is a significant milestone for
PYX Resources. The licence renewal provides the Company with
long-term stability and growth opportunities.
Post Period
On 17 August 2023, PYX announced the receipt of the licence for
the export of Ilmenite and Rutile ores from the Indonesian
government, allowing it to extract, produce, and export 24kt of
Zircon, 20kt of Rutile and 50kt of Ilmenite, as well as extract and
produce other by-products such as SiO(2) . This followed the
introduction of the new Indonesian regulation which allows the
export of Titanium Dioxide with minimum grades of TiO(2) >= 45%
for Ilmenite and TiO(2) >= 90% for Rutile.
The Company has already stockpiled 8.3kt of Titanium Dioxide
feedstock and, with the new export licence, PYX Resources can
expand its export opportunities and contribute to the global
Ilmenite and Rutile market. The Titanium Dioxide feedstock
production industry is valued at around US$4.5 billion annually .
([2])
Moreover, PYX received approval for its Tisma Work Plan and
Budget for 2023 from the Energy and Resource Service Department of
the Government of the Province of Central Kalimantan. This approval
allows the Company to extract and process 24kt of zircon from its
Tisma asset, which was acquired in January 2021.
The Work Plan and Budget costs cover various areas, including
mining operations, processing, marketing, environment, safety,
training, and community development.
Sustainability
PYX remains committed to its PYX Cares program in 2023 and
submitted its Second Communication on Progress Report to the United
Nations Global Compact Organization which focuses on five key
pillars: People, Planet, Prosperity, Peace, and Partnership.
PYX Resources emphasises community engagement and environmental
stewardship, implementing projects that empower local communities
and protect wildlife and the natural environment. These initiatives
aim to create sustainable opportunities and improve the quality of
life for the community.
The Company partnered with the Indonesian Red Cross Society in
its annual Indonesian National Blood Donor Day, 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.
These recent developments are expected to contribute
significantly to the company's long-term stability and growth
opportunities, expand its export capabilities, and contribute to
the global business community. PYX Resources is well positioned to
continue its growth trajectory and establish itself as a leading
player in the zircon market.
2023 Half Year Results Conference Call and Investor Meet Company
Presentation
A conference call for equity market participants will take place
on Monday 18 September 2023 at 4pm AWST / 6pm AEST / 9am BST. All
participants wishing to listen in to the call must pre-register
here before they can receive the dial-in number.
The Company is also providing a live presentation via the
Investor Meet Company platform on 20 September 2023 at 11am BST /
6pm AWST / 8pm AEST. Current and potential investors can sign up
and submit questions here (
https://www.investormeetcompany.com/pyx-resources-limited/register-investor
).
***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
------------------------------
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.
CONSOLIDATED STATEMENT of Profit or Loss and Other comprehensive
Income
FOR THE HALF-YEARED 30 JUNE 2023
Note Half-year Half-year Ended
Ended 30 June 2022
30 June 2023
US$ US$
Revenue 2 9,971,528 10,645,890
Other income 2 100,169 -
Cost of sales 3 (9,067,092) (7,403,682)
Selling and distribution expenses (459,926) (970,335)
Corporate and administrative expenses (1,631,674) (2,865,411)
Foreign exchange loss (58,700) (319,902)
Share-based payment 3 (7,588,787) (1,889,090,)
Loss on FV change of financial instrument 3 (1,239,273) (795,990)
Finance costs (8,950) (15,124)
Loss before income tax (9,982,705) (3,613,644)
Income tax benefit 148,189 (10,107)
Net loss for the period (9,834,516) (3,623,751)
============= ===============
Other comprehensive income
Items that will be reclassified
subsequently to profit or loss
when specific conditions are met
Exchange differences on translating
foreign operations, net
of tax 292,836 (55,457)
------------- ---------------
Total comprehensive income for the
period (9,541,680) (3,679,208)
============= ===============
Net loss attributable to:
- owners of the Parent Entity (9,295,815) (3,729,389)
- non-controlling interest (538,701) 105,638
------------- ---------------
(9,834,516) (3,623,751)
============= ===============
Total comprehensive income attributable
to:
- owners of the Parent Entity 910 51,170
- non-controlling interest 291,926 (106,627)
------------- ---------------
292,836 (55,457)
============= ===============
Loss per share
Basic loss per share (US$ cents
per share) (2.22) (0.84)
Diluted loss per share (US$ cents
per share) (2.18) (0.81)
The accompanying notes form part of these financial statements.
CONSOLIDATED Statement of Financial Position
AS AT 30 JUNE 2023
Note As at As at
30 June 2023 31 December
2022
US$ US$
ASSETS
CURRENT ASSETS
Cash and cash equivalents 7,232,727 7,221,085
Trade and other receivables 987,683 1,396,300
Advance to suppliers 371,690 619,782
Other assets 544,981 517,847
Prepayments and deposits 60,029 102,457
Prepaid tax 757,175 661,130
Inventories 2,058,412 705,776
-------------- -------------
TOTAL CURRENT ASSETS 12,012,697 11,224,377
-------------- -------------
NON-CURRENT ASSETS
Right of use assets 5,642 11,332
Property, plant and equipment 8 5,014,757 4,051,196
Deferred tax assets 691,039 523,421
Intangible assets 9 73,522,137 73,314,239
-------------- -------------
TOTAL NON-CURRENT ASSETS 79,233,575 77,900,188
-------------- -------------
TOTAL ASSETS 91,246,272 89,124,565
============== =============
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 872,945 1,505,996
Amount due to shareholder 2,975,550 -
Other liabilities 3,246,224 4,064,122
TOTAL CURRENT LIABILITIES 7,094,719 5,570,118
-------------- -------------
TOTAL LIABILITIES 7,094,719 5,570,118
============== =============
NET ASSETS 84,151,553 83,554,447
============== =============
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
Note As at As at
30 June 2023 31 December
2022
US$ US$
EQUITY
Issued capital 5 104,776,925 102,226,925
Reserves 6 637,902 8,905,334
Accumulated losses (19,465,808) (26,027,122)
------------------ -------------
Equity attributable to owners
of the Parent Entity 85,949,019 85,105,137
Non-controlling interest (1,797,466) (1,550,690)
------------------ -------------
TOTAL EQUITY 84,151,553 83,554,447
================== =============
The accompanying notes form part of these financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the half-year ended 30 JUNE 2023
Foreign Options
Ordinary Share-based currency reserve
Share payment Accumulated translation Non-controlling
Note Capital reserve losses reserve Subtotal Interests Total
US$ US$ US$ US$ US$ US$ US$ US$
Balance at
1 January 2022 96,651,080 3,906,968 (16,555,930) (24,207) - 83,977,911 (941,260) 83,036,651
------------ ------------- ------------- ------------ ---------- ------------ ---------------- ------------
Comprehensive
income
Loss for the
period - - (3,729,389) - - (3,729,389) 105,638 (3,623,751)
Other comprehensive
income for
the period - - - 51,170 - 51,170 (106,627) (55,457)
------------ ------------- ------------- ------------ ---------- ------------ ---------------- ------------
Total comprehensive
income for
the period - - (3,729,389) 51,170 - (3,678,219) (989) (3,679,208)
------------ ------------- ------------- ------------ ---------- ------------ ---------------- ------------
Transactions
with owners,
in their
capacity
as owners,
and other
transfers
Shares issued
during the
period 3,387,320 - - - - 3,387,320 - 3,387,320
Share based
payments - 1,889,090 - - - 1,889,090 - 1,889,090
Issue of shares
to employees - (1,123,386) - - - (1,123,386) - (1,123,386)
------------ ------------- ------------- ------------ ---------- ------------ ---------------- ------------
Total transactions
with owners
and
other transfers 3,387,320 765,704 - - 411,732 4,564,756 - 4,564,756
------------ ------------- ------------- ------------ ---------- ------------ ---------------- ------------
Balance at
30 June 2022 100,038,400 4,672,672 (20,285,319) 26,963 411,732 84,864,448 (942,249) 83,922,199
============ ============= ============= ============ ========== ============ ================ ============
Balance at
1 January 2023 102,226,925 8,350,453 (26,027,122) 942 553,939 85,105,137 (1,550,690) 83,554,447
------------ ------------- ------------- ------------ ---------- ------------ ---------------- ------------
Comprehensive
income
Loss for the
period - - (9,295,815) - - (9,295,815) (538,701) (9,834,516)
Other comprehensive
income for
the period - - - 910 - 910 291,925 292,835
------------ ------------- ------------- ------------ ---------- ------------ ---------------- ------------
Total comprehensive
income for
the period - - (9,295,815) 910 - (9,294,905) (246,776) (9,541,681)
------------ ------------- ------------- ------------ ---------- ------------ ---------------- ------------
Transactions
with owners,
in their
capacity
as owners,
and other
transfers
Shares issued
during the
period 2,550,000 - - - - 2,550,000 - 2,550,000
Share based
payments - 7,588,787 - - - 7,588,787 - 7,588,787
Share based
payments cancelled - (15,857,129) 15,857,129 - - - - -
------------ ------------- ------------- ------------ ---------- ------------ ---------------- ------------
Total transactions
with owners
and
other transfers 2,550,000 (8,268,342) 15,857,129 - - 10,138,787 - 10,138,787
------------ ------------- ------------- ------------ ---------- ------------ ---------------- ------------
Balance at
30 June 2023 104,776,925 82,111 (19,465,808) 1,852 553,939 85,949,019 (1,797,466) 84,151,553
============ ============= ============= ============ ========== ============ ================ ============
CONSOLIDATED STATEMENT of Cash Flows
FOR THE HALF-YEARED 30 JUNE 2023
Half-year Half-year
Ended Ended
30 June 2023 30 June 2022
US$ US$
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 10,313,889 11,050,784
Payments to suppliers and employees (11,729,505) (12,954,223)
Other income 100,169 -
Interest received 1,075 148
Finance costs (10,025) (15,272)
Income tax es refunded/(paid) (120,272) 9,674
------------- -------------
Net cash used in operating activities (1,444,669) (1,908,889)
------------- -------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (1,331,906) (943,247)
Net cash used in investing activities (1,331,906) (943,247)
------------- -------------
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from placement funds - 4,383,822
Deposits from shareholder 2,800,000 -
Costs associated with option issues - (250,037)
Receipts/(Advances) of employee loans (3,335) 4,092
Repayment of lease liabilities (830) (15,631)
Net cash generated by financing activities 2,795,835 4,122,246
------------- -------------
Net increase in cash held 19,260 1,270,110
Cash and cash equivalents at beginning
of period 7,221,085 6,624,364
Effect of foreign exchange rate changes (7,618) (241,404)
------------- -------------
Cash and cash equivalents at end of period 7,232,727 7,653,070
============= =============
The accompanying notes form part of these financial statements
.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE HALF-YEARED 30 JUNE 2023
Note 1: Summary of Significant accounting policies
a. Basis of Preparation
These general purpose interim financial statements for half-year
reporting period ended 30 June 2023 have been prepared in
accordance with requirements of the Corporations act 2001 and
Australian Accounting Standard AASB 134: Interim Financial
Reporting. The Group is a for-profit entity for financial reporting
purposes under Australian Accounting Standards.
This interim financial report is intended to provide users with
an update on the latest annual financial statements of Pyx
Resources Limited and its controlled entities (referred to as the
"Consolidated Group" or "Group"). As such, it does not contain
information that represents relatively insignificant changes
occurring during the half-year within the Group. It is therefore
recommended that this financial report be read in conjunction with
the annual financial statements of the group for the year ended 31
December 2022 , together with any public announcements made during
the following half-year.
These interim financial statements were authorised for issue on
12 September 2023 .
b. Accounting Policies
The same accounting policies and methods of computation have
been followed in this interim financial report as were applied in
the most recent annual financial statements .
The group has considered the implications of new or amended
Accounting Standards, but determined that their application to the
financial statements is either not relevant or not material.
Note 2: Revenue and Other Income
The group has recognised the following amounts relating to
revenue in the statement of profit or loss.
Half-year Half-year
Ended Ended
30 June 30 June
2023 2022
US$ US$
Revenue from contracts with customers 9,971,528 10,645,890
========= ==========
Other income 100,169 -
========= ==========
Revenue from contracts with customers
Revenue from contracts with customers represents the amounts
received and receivable for production and distribution of premium
Zircon.
NOTE 3: LOSS FOR THE PERIOD
Half-year Half-year
Ended Ended
30 June 30 June 2022
2023
US$ US$
Loss before income tax from continuing operations
includes
the following specific expenses:
Expenses
Cost of sales 9,067,092 7,403,682
--------- -------------
Interest expense on financial liabilities
not classified as at
fair value through profit or loss:
* unrelated parties 10,025 15,233
Finance charges - 39
Less: Interest income (1,075) (148)
--------- -------------
Net interest expense 8,950 15,124
--------- -------------
Employee benefits expense:
* Staff salaries and benefits 173,878 183,163
* Share based payments (non-cash) 7,588,787 1,889,090
Rental expense on operating leases
* short- term lease expense 997 2,574
Depreciation 166,967 111,698
Note 4: Contingent Liabilities
There has been no change in contingent liabilities since the
last reporting period.
Note 5: ISSUED CAPITAL
Half-year Ended Year Ended
30 June 2023 31 December
US$ 2022
US$
452,976,142 (2022: 441,349,100) fully
paid ordinary shares 104,776,925 102,226,925
----------------- ---------------
2023 2022
No. of Contributed No. of Contributed
shares equity Shares equity
US$ US$
a. Ordinary Shares
At the beginning of the reporting
period 441,349,100 102,226,925 429,520,222 96,651,080
Movement :
Year 2022 - - 11,828,878 5,575,845
5 January 2023 2,436,438 850,000 - -
23 February 2023 2,976,191 500,000 - -
30 March 2023 2,732,241 500,000 - -
16 June 2023 3,482,172 700,000 - -
At the end of the reporting
period 452,976,142 104,776,925 441,349,100 102,226,925
------------- ------------- ------------- -------------
On 5 January 2023, 2,436,438 shares valued at US$850,000 were
issued to L1 Capital Global Opportunities Master Fund ("L1").
On 23 February 2023, 2,976,191 shares valued at US$500,000 were
issued to L1 Capital Global Opportunities Master Fund ("L1").
On 30 March 2023, 2,732,241 shares valued at US$500,000 were
issued to L1 Capital Global Opportunities Master Fund ("L1").
On 16 June 2023, 3,482,172 shares valued at US$700,000 were
issued to L1 Capital Global Opportunities Master Fund ("L1").
These shares were issued in connection with the funds of
US$4,383,822 received from L1 as a prepayment for US$5 million
worth of PYX shares in financial year 2022.
At the shareholders' meetings each ordinary share is entitled to
one vote when a poll is called; otherwise, each shareholder has one
vote on a show of hands.
30 June 2023 31 December
2022
No. No.
b. Unlisted options
At the beginning of the reporting period 4,944,576 537,500
Year 2022 - 4,407,076
Expired during the period (537,500) -
------------ -----------
4,407,076 4,944,576
------------ -----------
During the period, 537,500 unlisted options held by Tamarind
Classic resources Limited were expired.
c. Capital Management
Management controls the capital of the Group in order to
maintain a sustainable debt to equity ratio, generate long-term
shareholder value and ensure that the Group can fund its operations
and continue as a going concern.
Management effectively manages the Group's capital by assessing
the Group's financial risks and adjusting its capital structure in
response to changes in these risks and in the market. These
responses include the management of debt levels, distributions to
shareholders and share issues.
Half-year Ended Year Ended
30 June 2023 31 December
2022
US$ US$
Total borrowings - -
Less cash and cash equivalents 7,232,727 7,221,085
--------------- -----------
Net cash/(debt) 7,232,727 7,221,085
Total equity 84,151,553 83,554,447
--------------- -----------
Total capital 84,151,553 83,554,447
Gearing ratio 0.00% 0.00%
NOTE 6: RESERVES
a. Share-based Payment Reserve
The share-based payment reserve records items recognized as
expenses on valuation of share-based payments.
b. Options Reserve
The options reserve records costs associated with the option
issue.
c. Foreign Currency Translation Reserve
The foreign currency translation reserve records exchange
differences arising on translation of the foreign controlled
subsidiaries.
d. Analysis of Reserves
Half-year Ended Year Ended
30 June 2023 31 December
2022
US$ US$
Share-Based Payment Reserve
At the beginning of the reporting
period 8,350,453 3,906,968
Share-based payments expense 7,588,787 5,566,871
Share-based payments cancelled (15,857,129) -
Issue of shares to employees - (1,123,386)
-----------
Closing balance in share-based payment
reserve 82,111 8,350,453
--------------- -----------
Options Reserve
At the beginning of the reporting
period 553,939 -
Options reserve - 553,939
--------------- -----------
Closing balance in options reserve 553,939 553,939
--------------- -----------
Foreign Currency Translation Reserve
At the beginning of the reporting
period 942 (24,207)
Exchange differences on translation
of foreign operations 910 25,149
--------------- -----------
Closing balance in foreign currency
translation reserve 1,852 942
--------------- -----------
Total 637,902 8,905,334
=============== ===========
NOTE 7: SHARE-BASED PAYMENT PLANS
Performance Rights
The following performance rights were granted to staff during
the period.
Number Grant date Expiry date Share price
at grant date
20,000 01/04/2023 30/9/2026 A$0.33
20,000 01/04/2023 30/9/2026 A$0.33
20,000 01/04/2023 30/9/2027 A$0.33
20,000 01/04/2023 30/9/2027 A$0.33
During the half year, 16,900,000 performance rights were
cancelled.
NOTE 8: PROPERTY, PLANT, AND EQUIPMENT
Half-year Ended Year Ended
30 June 2023 31 December
2022
US$ US$
Land and Buildings
Freehold land at cost 211,603 211,603
Translation (1,888) (11,286)
Total land 209,715 200,317
--------------- -----------
Buildings at cost 1,208,238 1,231,651
Accumulated depreciation (255,060) (248,221)
Translation (9,087) (53,375)
--------------- -----------
Total buildings 944,091 930,055
--------------- -----------
Total land and buildings 1,153,806 1,130,372
--------------- -----------
Construction in Progress
Construction in progress at cost 3,144,223 2,258,130
Translation (34,134) (132,079)
--------------- -----------
Total Construction in Progress 3,110,089 2,126,051
--------------- -----------
Plant and Equipment
Plant and equipment at cost 1,046,390 1,073,904
Accumulated depreciation (373,498) (333,363)
Translation (20,395) (53,678)
--------------- -----------
Total plant and equipment 652,497 686,863
--------------- -----------
Motor Vehicles
Motor vehicles at cost 138,707 138,707
Accumulated depreciation (59,970) (42,618)
Translation (1,646) (6,254)
--------------- -----------
Total motor vehicles 77,091 89,835
--------------- -----------
Furniture and Fittings
Furniture and fittings at cost 36,192 31,806
Accumulated depreciation (16,214) (13,145)
Translation 1,296 (586)
--------- ---------
Total furniture and fittings 21,274 18,075
--------- ---------
Total property, plant and equipment 5,014,757 4,051,196
========= =========
NOTE 9: INTANGIBLE ASSETS
Half-year Ended Year Ended
30 June 2023 31 December
2022
US$ US$
Goodwill:
Cost 7,774 7,774
Accumulated impairment losses - -
--------------- -------------
Net carrying amount 7,774 7,774
--------------- -------------
Mining License Renewal:
Cost 332,346 88,984
Accumulated amortization (81,823) (40,041)
Translation 3,787 (2,531)
---------- ----------
Net carrying amount 254,310 46,412
---------- ----------
Exploration asset
Cost 73,260,053 73,260,053
Net carrying amount 73,260,053 73,260,053
---------- ----------
Total intangible assets 73,522,137 73,314,239
========== ==========
Goodwill Mining Exploration Total
License asset
US$ US$ US$ US$
Half-year ended 30 June 2023
Balance at the beginning of
the year 7,774 46,412 73,260,053 73,314,239
Addition - 243,362 - 243,362
Amortisation - (41,782) - (41,782)
Translation - 6,318 - 6,318
---------- ---------------- ----------- ----------
Closing value at 30 June 2023 7,774 254,310 73,260,053 73,522,137
========== ================ =========== ==========
Note 10: INTERESTS IN SUBSIDIARIES
Name of Entity Equity Interest Proportion Contribution
of Non-Controlling to Net Profit/(Loss)
Interest before taxation
2023 2022 2023 2022 2023 2022
% % % % US$ US$
Takmur Pte Ltd. 100 100 - - (17,038) (11,702)
PT Andary Usaha Makmur 99.5 99.5 0.5 0.5 (68,552) (142,681)
PT Investasi Mandiri* - - 100 100 (667,870) 128,139
Tisma Development (HK)
Ltd. 100 100 - - (9,017) 8,214
PT Tisma Investasi Abadi 99 99 1 1 (1,667) (1,719)
PT Tisma Global Nusantara** - - 100 100 (15,039) (11,663)
* This entity is accounted for as a controlled entity on the
basis that control was obtained through the execution of an
exclusive operations and management agreement between PT Andary
Usaha Makmur and PT Investasi Mandiri and was for nil purchase
consideration.
** This entity is accounted for as a controlled entity on the
basis that control was obtained through the execution of an
exclusive operations and management agreement between PT Tisma
Investasi Abadi and PT Tisma Global Nusantara and was for nil
purchase consideration.
The non-controlling interests in PT Andary Usaha Makmur and PT
Tisma Global Nusantara are not material to the Group.
Subsidiary financial statements used in the preparation of these
consolidated financial statements have also been prepared as at the
same reporting date as the Group's financial statements.
DIRECTORS' DECLARATION
In accordance with a resolution of the directors of Pyx
resources Limited, the directors of the Entity declare that:
1. The financial statements and notes, as set out on pages 8 to
20, are in accordance with the Corporations Act 2001,
including:
a. complying with Accounting Standard AASB 134: Interim Financial Reporting; and
b. giving a true and fair view of the Consolidated Group's
financial position as at 30 June 2023 and of its performance for
the half-year ended on that date.
2. In the directors' opinion there are reasonable grounds to
believe that the Entity will be able to pay its debts as and when
they become due and payable.
Oliver B. Hasler
Chairman and Chief Executive Officer
Hong Kong
Date: 12 September 2023
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 6Mt 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 as of 30 June
2023
[2]
https://www.kenmareresources.com/en/our-products/titanium-feedstocks
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END
IR UOVVROKUKARR
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