REG - PYX Resources Ltd. - Half Year 2023 Results
13/09/2023 07:15
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RNS Number : 2916M PYX Resources Limited 13 September 2023
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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 (#_ftn1) )), 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 (#_ftn2) ))
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
(https://event.loopup.com/SelfRegistration/registration.aspx?booking=R5VTGCKGHI5WkGZXLDh2mpYFU5eljPbjUF4OSPDheXY=&b=78244eeb-628c-4fb9-a9c7-62b65a2a0e5b)
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
(https://www.investormeetcompany.com/pyx-resources-limited/register-investor)
).
*** 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
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-YEAR ENDED 30 JUNE 2023
Note Half-year Ended Half-year Ended
30 June 2023
30 June 2022
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
Note Ordinary Share Capital Share-based payment reserve Accumulated losses Foreign currency translation reserve Options reserve Subtotal Non-controlling 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 3,387,320 765,704 - - 411,732 4,564,756 - 4,564,756
other transfers
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 2,550,000 (8,268,342) 15,857,129 - 10,138,787 - 10,138,787
other transfers
-
Balance at 30 June 2023 104,776,925 82,111 (19,465,808) 1,852 85,949,019 (1,797,466) 84,151,553
553,939
CONSOLIDATED STATEMENT of Cash Flows
FOR THE HALF-YEAR ENDED 30 JUNE 2023
Half-year Ended Half-year 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 taxes 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-YEAR ENDED 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 Ended Half-year Ended
30 June 2023
30 June 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 Ended Half-year Ended
30 June 2023 30 June 2022
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 2022
US$
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 of Non-Controlling Interest Contribution to Net Profit/(Loss) 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 (#_ftnref1) according to publicly available information as of 30 June 2023
2 (#_ftnref2)
https://www.kenmareresources.com/en/our-products/titanium-feedstocks
(https://www.kenmareresources.com/en/our-products/titanium-feedstocks)
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