REG - PYX Resources Ltd. - Change of Law in Indonesia

PYX ResourcesAnnouncement

07/08/2023 07:00

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RNS Number : 4845I  PYX Resources Limited  07 August 2023

 

PYX Resources Limited / EPIC: PYX / Market: Standard / Sector: Mining

 

 

7 August 2023

 

Pyx Resources Limited

("PYX" or "the Company")

 

PYX Resources Set to Export Ilmenite and Rutile Following the Change of Law in
Indonesia

 

 

PYX Resources (NSX: PYX | LSE: PYX), the world's third-largest publicly listed
zircon producer by zircon resources, is delighted to announce a change in
Indonesian law, issued by the Ministry of Trade of the Republic of Indonesia,
under regulation No. 13, allowing Indonesian Mineral Sands companies to export
Ilmenite and Rutile as a Non-Metal commodity, the same as Zircon.

 

The law change, was recommended by the Ministry of Energy and Natural
Resources and allows for the export of Ilmenite and Rutile as Non-Metal with a
minimum grade of TiO(2) ≥ 45% for Ilmenite and TiO(2) ≥ 90%. As a result,
PYX Resources anticipates the award of the  export license of Titanium
dioxide,  from the Trade Department, imminently.

 

On receipt of the export licence the Company can proceed with the export of
its titanium stockfeed, of which it currently has 8.3kt in inventory.

 

PYX Resources is a leading mining company that specialises in the exploration,
extraction, production and sales of mineral sands. The Company has operations
in Kalimantan, Indonesia, where it has secured long-term mining rights. With
this law change, PYX Resources can now export its products on a broader scale
and contribute to the continued development of the global business community.
Titanium feedstock production represents an approximately US$4.5 billion per
annum industry.

 

Commenting on the change of law in Indonesia, PYX's Chairman and Chief
Executive Officer Oliver Hasler, said:

 

"This is a significant milestone for PYX Resources, and we are excited to be
able to add our high-quality Ilmenite and Rutile by-products to our Premium
Zircon product portfolio and share them with the global market. This law
change will allow us to contribute to the development of international supply
chains and generate increased revenue and profitability for our business. We
are grateful to the Government of Indonesia for recognising the potential of
our products and supporting the growth of our operations."

 

 

 

PYX's Ilmenite

 

*** 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 / Darshan Patel

 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.

 

Notes to Editors

 

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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