REG - PYX Resources Ltd. - 10 Year Exploration and Mining License for Tisma

PYX ResourcesAnnouncement

23/02/2023 07:00

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RNS Number : 8263Q  PYX Resources Limited  23 February 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

 

 

23 February 2023

Pyx Resources Limited

("PYX" or "the Company")

 

10 Year Exploration and Mining License

for Tisma Mineral Sands Project

 

 

Tisma Project Highlights

 

·    PT Tisma Global Nusantara (PT TGN)  secures 10-year exploration and
mining  license renewal for its Tisma Mineral Sands project ("Tisma") in
Kalimantan commencing 1 August 2022 until 31 July 2032

·    PT TGN now fully licensed with an "IUP-OP" Izin Usaha Pertambangan
Operasi Produksi (Production Operation Mining Business License) permit,
allowing the mining, production and export of premium grade zircon

·    Granting of the tenement license recognises PT TGN and PYX's
compliance with Indonesian mining regulations and strong environmental ethics

·    PYX holds a contractual interest in Tisma through an Exclusive
Operation and Management Agreement (see Company's Prospectus dated 8 November
2021)

·    Tisma contains 4.5 Mt of Inferred Resources of Zircon; 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

·    PYX produces premium quality Zircon from Tisma with the highest Heavy
Mineral assemblage value amongst its peers

 

PYX Resources Ltd  (NSX: PYX | LSE: PYX), is pleased to announce that it has
received notification from the Central Kalimantan Provincial Government
(DMPTSP: Head of Investment Office and One-Stop Integrated Service Department
of Central Kalimantan)  that after approval from the Energy and Mineral
Resources Department of Central Kalimantan ("ESDM"), PT TGN's application for
the renewal of the license for the Tisma tenement has been granted for the
maximum authorised period of 10 years, after which the license can be renewed
for additional periods. The renewal of the tenement license allows PT. Tisma
Global Nusantara ("PT TGN") to continue to perform exploration and mining
works in the tenement area.

 

The terms of the renewed permit, including payment of Indonesian taxes and
honouring of other financial obligations of PYX's subsidiary PT Global
Nusantara, are set out in the IUP-OP. A summary of some of the key provisions
is provided below:

 

·    Royalty on Zircon exported is 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  tenement license approval, PYX's Chairman and Chief
Executive Officer Oliver Hasler, said:

 

"PYX Resources is extremely pleased to report receipt of the notification for
the renewal of the tenement license for the Tisma asset. This is a key
development for the Company, extending the term of the tenement license where
the Company operates, and thus enabling PYX to continue its critical
exploration and mining activity, at a time when the mineral sands market is
experiencing increased demand and consistent growth.

 

PYX is an Indonesian focused Company looking to consolidate the minerals sands
market in the region. We are very lucky to work with a professional and
dedicated team and operate in a mining friendly and supportive country like
Indonesia. I would like to take the time to thank our team and the Indonesian
government departments, officials and stakeholders for the quick decision on
the license application."

 

*** ENDS ***

 

For more information:

 

 PYX Resources Limited                             T: +61 2 8823 3132

                                                   E: ir@pyxresources.com (mailto:ir@pyxresources.com)
 WH Ireland Limited (Broker)                       T: +44 (0)20 7220 1666

 Harry Ansell / Katy Mitchell / Megan Liddell

 St Brides Partners Ltd (Financial PR)             E: pyx@stbridespartners.co.uk (mailto:pyx@stbridespartners.co.uk)

 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 2nd 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.

 

 

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