TIDMPYX
RNS Number : 7805Y
PYX Resources Limited
05 January 2024
PYX Resources Limited / EPIC: PYX / Market: Standard / Sector:
Mining
5 January 2024
Pyx Resources Limited
("PYX" or "the Company")
Ilmenite Shipment Update
PYX Resources (NSX: PYX | LSE: PYX), the world's third largest
publicly listed zircon producer by zircon resources(1), provides an
update on the shipment of ilmenite. On the 17(th) August 2023, the
Company announced that it had obtained the licence to export rutile
and ilmenite from the Investment and One-Integrated Services
Department (Dinas Penanaman Modal dan Pelayanan Terpadu Satu Pintu/
DPMPTSP). A subsequent change introduced in December 2023 by the
Industrial and Trade Department for Export Tax Billing, requires
the exporter to use two types of Port, Loading Port and Export
Port. The licence, which the government originally issued only
stated the loading port in Banjarmasin. A request to modify the
licence has been made to the Trade department and we anticipate
receiving the revised licence imminently. Accordingly, the Company
will have to delay its actual ilmenite orders until the amendment
of the licence is granted. Further updates will be provided in due
course as appropriate.
PYX has been producing and stockpiling ilmenite and rutile since
2022 (see RNS announcements on 12 January 2022 and 27 June 2022),
and by the end of December 2023, has accumulated 10kt of Titanium
Dioxide material (pre-audit). The start of shipping will represent
a significant milestone for the Company and strengthen its
financial position through the diversification of its revenue
sources.
PYX's Chairman and Chief Executive Officer Oliver Hasler,
said:
"We have produced and stockpiled 10kt of titanium dioxide, ready
for shipment. Although the timing of the change to the conditions
of the export licence is less than ideal, we have acted swiftly in
requesting the modification to our existing licence and are
confident that a revised licence will be issued imminently.
Meanwhile, demand for our Premium Zircon continues and we look
forward to building on the 61% increase in production and 88%
increase in sales announced in our Q3'23 update."
Other terms of the export licence
The IUP-OP licence and newly issued RKAB Operasi Produksi Tahun
2023 (Working Plan and Budget) authorises the Company to extract,
produce, and export 24kt of zircon p.a., 20kt of rutile p.a. and
50kt of ilmenite p.a., ensuring the extraction and production of
other by-products, such as SiO(2) .
Minimum grades for the export of ilmenite and rutile are:
ilmenite TiO(2) >= 45% and rutile TiO(2) >= 90%, as
stipulated by the Industrial and Trade Department's regulation.
***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 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.
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END
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