REG - PYX Resources Ltd. - Half-year Report
13/09/2024 07:00
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RNS Number : 1085E PYX Resources Limited 13 September 2024
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PYX Resources Limited / EPIC: LSE/NSX: PYX / Market: Standard / Sector: Mining
13 September 2024
PYX Resources Limited
("PYX" or "the Company")
Half Year 2024 Results
Achieved positive EBITDA, reduced costs, & saw an 84% increase in total
mineral sands sales
PYX Resources Ltd (NSX: PYX | LSE: PYX), the world's third largest publicly
listed Premium Zircon producer by Zircon resources(( 1 )), is pleased to
announce its results for the six months ended 30 June 2024 ("HY 2024").
FINANCIAL & OPERATIONAL HIGHLIGHTS
· 100% increase in EBITDA to US$22.8k - the Company's first positive
EBITDA since listing.
· Underlying EBITDA improved 457% to US$732k (2023:US$131k) mainly due
to operational efficiency.
· Robust balance sheet with US$7.6 million cash and no debt.
· 28% reduction in cash cost of production to US$6.4 million (2023:
US$8.9 million).
· 84% increase in total mineral sands sold to 9.5kt (2023: 5.2kt).
· Granted two licenses enabling PYX to export up to 80% of its mineral
production (conditional on grade criteria), enhancing pricing and margins:
o Mandiri - Two year licence to extract and process up to 94.0ktpa of
minerals;
o Tisma - Three year licence to extract and process up to 88.8ktpa of
minerals.
· Started Ilmenite exports following the award of the revised licence.
· Connected Mandiri Mineral Separation Plant to the local electricity
grid of Kalimantan, estimated to save up to 80% in the cost of fuel and
reduce carbon emissions.
· Received Gold Environmental, Social and Governance ("ESG") Excellence
accolade from the Zircon Industry Association.
Financial and Operations Summary
HY 2024 HY2023 % change
Zircon Produced 4.5kt 5.7kt -20%
Zircon Sales 4.5kt 5.2kt -13%
Total Mineral Sands Produced 5.7kt 6.8kt -16%
Total Mineral Sands Sold 9.5kt 5.2kt 84%
US$ HY 2024 HY 2023 % change
Sales revenue $8,830,830 $9,971,528 -11%
Cash cost of production (6,404,685) (8,935,118) 28%
EBITDA 22,824 (9,806,788) 100%
EBIT (128,255) (9,973,755) 99%
Net loss before tax (136,124) (9,982,705) 99%
Net loss after tax (NLAT) (136,124) (9,834,516) 99%
Underlying EBITDA $731,996 $131,356 457%
US$ At 30 Jun 2024 At 30 Jun 2023 % change
Cash $7,569,323 $7,232,727 +5%
Total assets $98,836,428 $91,246,272 +8%
Total liabilities (15,157,815) (7,094,719) -114%
CHAIRMAN'S STATEMENT
The first half of 2024 represents a pivotal financial achievement for PYX as
we have attained positive EBITDA for the first time since our listing. This
success highlights the impact of our strategic initiatives and operational
efficiencies. Our EBITDA for the period reached US$22.8k, a significant
turnaround from the negative US$9.8 million recorded during the same period
last year.
Even more encouraging is the performance of our underlying EBITDA, which has
risen by over 457% to US$732k compared to US$131k in the first half of 2023.
This substantial improvement reflects the success of our efforts to optimise
production and control costs, positioning PYX for sustainable profitability
moving forward.
Furthermore, PYX continues to maintain a robust balance sheet and remains
debt-free, a testament to our prudent financial management; we closed the
period with a solid cash position of US$7.6 million. This is a result of an
increase in net cash used in operating working capital of US$1.2m, US$0.7m
investment in capex and a positive US$1.7m as a result of financial
activities, mainly showing the strong support of our shareholders. This
financial stability provides us with the flexibility to pursue growth
opportunities, both organically and opportunistically through acquisitions,
with the aim of becoming a consolidator of mineral sands in Indonesia and
further enhancing shareholder value.
Operationally, heavy rain in May and June and the collapse of a bridge
providing access to the mine impacted operations during the period with a 20%
reduction in the production of zircon to 4.5kt (2023: 5.7kt) and a 16%
reduction in total mineral sands (zircon, rutile and ilmenite) produced to
5.7kt (2023: 6.8kt). Despite this, we were able to sell almost everything we
produced, resulting in an 84% increase in total mineral sands sold in
comparison to 5.2kt in 2023; a great achievement which validates our decision
to diversify our client base.
Several operational advancements and strategic milestones were achieved in the
first six months of 2024. Perhaps the most significant in terms of long-term
cost benefits was the successful connection of the Mandiri Mineral Separation
Plant to the local electricity grid of Kalimantan estimated to save up to
80% in the cost of fuel and to reduce carbon emissions. This not only
streamlines our energy costs but also supports our broader sustainability
goals, positioning PYX as a leader in the responsible extraction and
processing of critical minerals.
PYX was granted two key Work Programme & Budget licences / Rencana Kerja
dan Anggaran Biaya ("WP&B"/ "RKAB") received from the Indonesian Energy
and Mineral Resources Department ("ESDM") enabling us to ramp up production
and to meet the increasing global demand for these critical minerals. A
two-year licence allowing us to produce up to 94kt per annum ("ktpa") of
Premium zircon, ilmenite, and rutile at Mandiri. Under the terms of the
licence, PYX is authorised to export 24ktpa of premium zircon with grades of
65.5%, 50ktpa Wet Ton ("WE")/year of ilmenite with 45% grades and 20ktpa
WE/year of rutile with 90% grades. Additionally, post period-end we announced
a three-year licence for our Tisma Project ("Tisma") to extract and process up
to 88.8kt minerals. With a 27% recovery factor, this enables the production of
circa 8ktpa of premium zircon of which 6.4ktpa may be exported and 1.6ktpa can
be sold to domestic Indonesian markets. Importantly, the terms of the licences
allow us to export 80% of the minerals produced to overseas market, where we
can command more favourable prices. This not only enhances our revenue
potential but also reinforces our position in the global market.
In March, we were thrilled to announce the first export of ilmenite to a
customer in Zhanjiang, China, following the award of the modified licence to
export ilmenite announced on the 12(th) of March 2024. Client orders had been
placed on hold following a modification to the original rutile and ilmenite
licences announced in August 2023 and January 2024 respectively and the
Company had been stockpiling TiO(2). PYX currently has an inventory of 1,090
tonnes of Premium Zircon, 5,673 tonnes of Ilmenite and 352 tonnes of Rutile.
We are deeply committed to maintaining and upholding the highest ESG standards
and were therefore honoured by the Zircon Industry Association ("ZIA") with
the prestigious Gold ESG Excellence Award. As the trade association is
representing approximately 80% of global zircon and zirconia production, the
ZIA's Gold ESG Excellence Award is among the highest honours in the ESG
reporting and rating process. This accolade recognized our ongoing dedication
to exemplary ESG practices and responsible business stewardship.
These developments highlight our commitment to driving value for our
shareholders while contributing to the broader economic landscape in
Indonesia. As we move forward, we remain focused on executing our strategy,
leveraging our operational efficiencies, and capitalising on the opportunities
presented by our enhanced production capabilities.
Outlook
Looking ahead, PYX remains bullish on the prospects for mineral sands,
particularly premium zircon. The market dynamics continue to favour strong
pricing driven by a supply-demand deficit. With a limited number of mines
producing zircon and some of those nearing the end of their life, the pressure
on the market to secure alternative supply sources will be intensifying in the
future. This scenario presents a significant opportunity for PYX to capitalise
on its position as a reliable and high-quality producer.
We are optimistic that the operational improvements and efficiencies
implemented on-site will begin to yield substantial benefits in the second
half of the year. As we ramp up production and increase our sales volumes, we
expect these efforts to enhance our financial performance and to strengthen
our market position. We remain committed to meeting the growing global demand
for premium zircon and other mineral sands, and we are confident in our
ability to deliver continued growth and value for our shareholders.
Oliver Hasler
Chairman & Chief Executive Officer
2024 HALF YEAR RESULTS PRESENTATION
The Company's results interview with Oliver Hasler, Chairman & Chief
Executive Officer is available to watch via the focusIR platform on:
https://youtu.be/JTlkQEq9yWA
(https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fyoutu.be%2FJTlkQEq9yWA&data=05%7C02%7Cana%40stbridespartners.co.uk%7Cb3aad7b8f488411d6efd08dcd33eb0d8%7C48b7268319d344289c4b73cf144d89ed%7C1%7C0%7C638617513436252072%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=Ciq2EVy%2B5q9JpzyLO7C1fV5LvIy9gBwp9yN3vAztAlQ%3D&reserved=0)
ENDS
For more information:
PYX Resources Limited T: +61 2 8823 3132
E: ir@pyxresources.com (mailto:ir@pyxresources.com)
Zeus Capital Limited (Broker) T: +44 (0)20 3829 5000
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
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.
CONSOLIDATED STATEMENT of Profit or Loss and Other comprehensive Income
FOR THE HALF-YEAR ENDED 30 JUNE 2024
Note Half-year Ended Half-year Ended
30 June 2024
30 June 2023
US$ US$
Revenue 2 8,830,830 9,971,528
Other income 2 - 100,169
Cost of sales (6,525,636) (9,067,092)
Selling and distribution expenses (709,711) (459,926)
Corporate and administrative expenses (1,120,213) (1,631,674)
Foreign exchange loss (114,834) (58,700)
Share-based payment (4,031) (7,588,787)
Loss on FV change of financial instrument 3 (484,660) (1,239,273)
Finance costs (7,869) (8,950)
Loss before income tax (136,124) (9,982,705)
Income tax benefit - 148,189
Net loss for the period (136,124) (9,834,516)
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 (587,383) 292,836
Total comprehensive income for the period (723,507) (9,541,680)
Net loss attributable to:
- owners of the Parent Entity (717,250) (9,295,815)
- non-controlling interest 581,126 (538,701)
(136,124) (9,834,516)
Total comprehensive income attributable to:
- owners of the Parent Entity 33,646 910
- non-controlling interest (621,029) 291,926
(587,383) 292,836
Loss per share
Basic loss per share (US$ cents per share) (0.03) (2.22)
Diluted loss per share (US$ cents per share) (0.03) (2.22)
CONSOLIDATED Statement of Financial Position
AS AT 30 JUNE 2024
Note As at As at
30 June 2024
31 December 2023
US$ US$
ASSETS
CURRENT ASSETS
Cash and cash equivalents 7,569,323 7,828,906
Trade and other receivables 4 6,877,869 1,557,570
Advance to suppliers 448,520 432,498
Prepayments and deposits 173,118 58,345
Prepaid tax 842,058 847,485
Inventories 2,362,808 2,308,586
TOTAL CURRENT ASSETS 18,273,696 13,033,390
NON-CURRENT ASSETS
Right of use assets 11,742 2,163
Property, plant and equipment 5 6,593,538 6,042,116
Deferred tax assets 502,897 526,626
Intangible assets 6 73,454,555 73,496,367
TOTAL NON-CURRENT ASSETS 80,562,732 80,067,272
TOTAL ASSETS 98,836,428 93,100,662
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 5,641,778 1,370,005
Amount due to shareholder 6,974,809 5,276,000
Other liabilities 2,541,228 2,331,568
TOTAL CURRENT LIABILITIES 15,157,815 8,977,573
TOTAL LIABILITIES 15,157,815 8,977,573
NET ASSETS 83,678,613 84,123,089
EQUITY
Issued capital 7 105,970,723 105,592,118
Reserves 8 606,453 672,381
Accumulated losses (21,475,290) (20,758,040)
Equity attributable to owners of the Parent Entity 85,101,886 85,506,459
Non-controlling interest (1,423,273) (1,383,370)
TOTAL EQUITY 83,678,613 84,123,089
The accompanying notes form part of these financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the half-year ended 30 JUNE 2024
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 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 other transfers 2,550,000 (8,268,342) 15,857,129 - - 10,138,787 - 10,138,787
Balance at 30 June 2023 104,776,925 82,111 (19,465,808) 1,852 553,939 85,949,019 (1,797,466) 84,151,553
Balance at 1 January 2024 105,592,118 109,987 (20,758,040) 8,455 553,939 85,506,459 (1,383,370) 84,123,089
Comprehensive income
Loss for the period - - (717,250) - - (717,250) 581,126 (136,124)
Other comprehensive income for the period - - - 33,646 - 33,646 (621,029) (587,383)
Total comprehensive income for the period - - (717,250) 33,646 - (683,604) (39,903) (723,507)
Transactions with owners, in their capacity as owners, and other transfers
Shares issued during the period 378,605 (103,605) - - - 275,000 - 275,000
Share based payments - 4,031 - - - 4,031 - 4,031
Total transactions with owners and other transfers 378,605 (99,574) - - 279,031 - 279,031
-
Balance at 30 June 2024 105,970,723 10,413 (21,475,290) 42,101 553,939 85,101,886 (1,423,273) 83,678,613
CONSOLIDATED STATEMENT OF CASHFLOWS
FOR THE HALF YEAR ENDED 30 JUNE 2024
Half-year Ended Half-year Ended
30 June 2024
30 June 2023
US$ US$
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 3,711,815 10,313,889
Payments to suppliers and employees (4,926,171) (11,729,505)
Other income - 100,169
Interest received 989 1,075
Finance costs (8,858) (10,025)
Income taxes refunded/(paid) 31,023 (120,272)
Net cash used in operating activities (1,191,202) (1,444,669)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (657,301) (1,331,906)
Net cash used in investing activities (657,301) (1,331,906)
CASH FLOWS FROM FINANCING ACTIVITIES
Receipts from shareholder 1,700,000 2,800,000
Receipts/(Advances) of employee loans 248 (3,335)
Repayment of lease liabilities (12,967) (830)
Net cash generated by financing activities 1,687,281 2,795,835
Net increase in cash held 161,222 19,260
Cash and cash equivalents at beginning of period 7,828,906 7,221,085
Effect of foreign exchange rate changes (98,361) (7,618)
Cash and cash equivalents at end of period 7,569,323 7,232,727
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE HALF-YEAR ENDED 30 JUNE 2024
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 2024 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 2023,
together with any public announcements made during the following half-year.
These interim financial statements were authorised for issue on 13 September
2024.
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.
i). Fair Value Measurement
When an asset or liability, financial or non-financial, is measured at fair
value for recognition or disclosure purposes, the fair value is based on the
price that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants at the measurement date;
and assumes that the transaction will take place either: in the principal
market; or in the absence of a principal market, in the most advantageous
market.
Fair value is measured using the assumptions that market participants would
use when pricing the asset or liability, assuming they act in their economic
best interests. For non-financial assets, the fair value measurement is based
on its highest and best use. Valuation techniques that are appropriate in the
circumstances and for which sufficient data are available to measure fair
value, are used, maximising the use of relevant observable inputs and
minimising the use of unobservable inputs.
Assets and liabilities measured at fair value are classified into three
levels, using a fair value hierarchy that reflects the significance of the
inputs used in making the measurements. Classifications are reviewed at each
reporting date and transfers between levels are determined based on a
reassessment of the lowest level of input that is significant to the fair
value measurement.
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 2024
30 June 2023
US$ US$
Revenue from contracts with customers 8,830,830 9,971,528
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 and concentrates
and titanium dioxide.
NOTE 3: LOSS ON FAIR VALUE CHANGE OF FINANCIAL INSTRUMENT
Fair value is measured using the assumptions that market participants would
use when pricing the liability, assuming they act in their economic best
interests. liabilities measured at fair value are classified into three
levels, using a fair value hierarchy that reflects the significance of the
inputs used in making the measurements. Classifications are reviewed at each
reporting date and transfers between levels are determined based on a
reassessment of the lowest level of input that is significant to the fair
value measurement.
NOTE 4: TRADE AND OTHER RECEIVABLES
Half-year Ended Year Ended
30 June 2024 31 December 2023
US$ US$
Trade receivables 6,775,131 1,537,916
Other receivables 1,526 1,871
GST/VAT receivable 101,212 17,783
Trade and other receivable 6,877,869 1,557,570
NOTE 5: PROPERTY, PLANT, AND EQUIPMENT
Half-year Ended Year Ended
30 June 2024 31 December 2023
US$ US$
Land and Buildings
Freehold land at cost 211,603 211,603
Translation (19,388) (7,194)
Total land 192,215 204,409
Buildings at cost 1,208,238 1,208,238
Accumulated depreciation (315,564) (285,312)
Translation (81,627) (31,572)
Total buildings 811,047 891,354
Total land and buildings 1,003,262 1,095,763
Construction in Progress
Construction in progress at cost 5,436,662 4,409,048
Translation (380,383) (112,341)
Total Construction in Progress 5,056,279 4,296,707
Plant and Equipment
Plant and equipment at cost 1,048,146 1,048,146
Accumulated depreciation (509,340) (442,341)
Translation (59,663) (32,301)
Total plant and equipment 479,143 573,504
Motor Vehicles
Motor vehicles at cost 138,707 138,707
Accumulated depreciation (93,718) (77,322)
Translation (4,537) (2,774)
Total motor vehicles 40,452 58,611
Furniture and Fittings
Furniture and fittings at cost 36,192 36,192
Accumulated depreciation (21,482) (18,557)
Translation (308) (104)
Total furniture and fittings 14,402 17,531
Total property, plant and equipment 6,593,538 6,042,116
NOTE 6: INTANGIBLE ASSETS
Half year ended 30 June 2024 Year ended 31 December 2023
US$ US$
Goodwill:
Cost 7,774 7,774
Accumulated impairment losses - -
Net carrying amount 7,774 7,774
Mining License Renewal:
Cost 360,937 360,937
Accumulated amortization (184,618) (153,499)
Translation 10,409 21,102
Net carrying amount 186,728 228,540
Exploration asset
Cost 73,260,053 73,260,053
Net carrying amount 73,260,053 73,260,053
Total intangible assets 73,454,555 73,496,367
Goodwill Mining License Exploration asset Total
US$ US$ US$ US$
Half-year ended 30 June 2024
Balance at the beginning of the year 7,774 228,540 73,260,053 73,496,367
Addition - - - -
Amortisation - (31,119) - (31,119)
Translation - (10,693) - (10,693)
Closing value at 30 June 2024 7,774 186,728 73,260,053 73,454,555
Note 7: ISSUED CAPITAL
On 29 May 2024, 2,706,693 shares valued at US$275,000 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 and 120,000 shares
valued at US$103.605 were transferred from the reserve to employee.
At the shareholders' meetings each ordinary share is entitled to one vote when
a poll is called; otherwise, each shareholder has one vote on a show of hands.
NOTE 8: RESERVES
Analysis of Reserves Half-year Ended Year Ended
30 June 2024 31 December 2023
US$ US$
Share-Based Payment Reserve
At the beginning of the reporting period 109,987 8,350,453
Share-based payments expense 4,031 7,616,663
Share-based payments cancelled - (15,857,129)
Transfer of shares to employees (103,605) -
Closing balance in share-based payment reserve 10,413 109,987
Options Reserve
At the beginning of the reporting period 553,939 553,939
Options reserve - -
Closing balance in options reserve 553,939 553,939
Foreign Currency Translation Reserve
At the beginning of the reporting period 8,455 942
Exchange differences on translation of foreign operations 33,646 7,513
Closing balance in foreign currency translation reserve 42,101 8,455
Total 606,453 672,381
NOTE 9: SHARE-BASED PAYMENT PLANS
No performance rights were granted to staff during the period.
During the half year,120,000 shares with value of AU$0.51 per share issued to
employee on conversion of 80,000 performance rights.
Note 10: SEGMENT INFORMATION
The Group has recognised the following amounts relating to revenue in the
statement of profit or loss.
Note Half-year Ended Half-year Ended
30 June 2024
30 June 2023
US$ US$
Revenue from sales of premium zircon and concentrate 7,622,095 9,971,528
Revenue from sales of titanium dioxide 1,208,735 -
8,830,830 9,971,528
Note 11: Contingent Liabilities
There have been no contingent liabilities as at 30 June 2024.
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 above, 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 2024 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: 13 September 2024
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
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