REG - PYX Resources Ltd. - First Shipment of Rutile

PYX ResourcesAnnouncement

28/10/2024 07:00

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RNS Number : 7741J  PYX Resources Limited  28 October 2024

 28 October 2024

Pyx Resources Limited

("PYX" or "the Company")

 

First Shipment of Rutile

 

Positioning PYX to effectively respond to the rising demand for its products

 

Highlights

·    First shipment of 350 tonnes of rutile to a customer in Tianjin,
China

·    Rutile grade with a minimum TiO₂ content of ≥ 90%

 

PYX Resources (NSX: PYX | LSE: PYX), the world's third largest publicly listed
zircon producer by zircon resources(( 1 )), is pleased to announce that it has
started to export rutile, having received a modified export license for the
mineral.

 

PYX Chairman and Chief Executive Officer, Oliver B. Hasler added: "The receipt
of the amended export licence and the initiation of rutile exports mark a
significant milestone for PYX Resources. This development positions us to
effectively respond to the rising demand for our products. Accordingly, we
anticipate consistent and ongoing shipments in the future."

 

Details

PYX has been producing and stockpiling ilmenite and rutile since 2022 (see
announcements on 12 January 2022 and 27 June 2022) and by the end of June 2024
had accumulated 6 kilotons of Titanium Dioxide material.

 

On 17 September 2024, the Company received a modified licence to export rutile
from the Ministry of Trade of Indonesia (Kementrian Perdagangan Republik
Indonesia). This enabled it to immediately commence exporting rutile and
deliver on orders in line with the Industrial and Trade Department's
regulations, which stipulate minimum grades for rutile of TiO(2) ≥ 90%.
Accordingly, PYX has shipped 350 tonnes of rutile to a customer in Tianjin,
China.

 

Rutile is used in the manufacture of titanium dioxide, which is increasingly
utilised in many industries such as construction, automotive, packaging, and
electronics for titanium oxide. Accordingly, as demand grows, the rutile
market size is forecast to reach $4.1 billion by 2025, growing at a CAGR of
4.8% during 2020-2025. 2 

 

 

***ENDS***

 

For more information:

 

 PYX Resources Limited                          T: +61 2 8823 3132

                                                E: ir@pyxresources.com (mailto:ir@pyxresources.com)
 Zeus (Broker)                                  T: +44 (0)20 3829 5000

 Harry Ansell / Katy Mitchell / Darshan Patel

 

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

 1  according to publicly available information as of 30 June 2023

 

 2  Industryarc.com - "Rutile Market Report - Forecast (2024-2030)".

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