REG - PYX Resources Ltd. - Half-year Report
12/09/2025 07:00
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RNS Number : 1187Z PYX Resources Limited 12 September 2025
PYX Resources Limited / EPIC: PYX / Market: Standard / Sector: Mining
12 September 2025
Pyx Resources Limited
("PYX" or "the Company")
Half-Year 2025 Results Announcement
PYX Resources Ltd (PYX or the Company) (NSX: PYX | LSE: PYX), one of the
largest publicly listed zircon companies based on JORC compliant
resources(( 1 (#_ftn1) )), reports its half-year results for the period
ending 30 June 2025. The first half of the year was marked by an unprecedented
regulatory shift in Indonesia that temporarily halted production and exports
across the mineral sands sector and other industries.
Operational and Regulatory Context
During the first half, PYX's local subsidiaries, PT Investasi Mandiri and
Tisma, received formal notification from the Provincial Department of Energy
and Mineral Resources that their RKAB 2 (#_ftn2) (Work Plan and Budget)
licenses for production operations have been suspended. This action applies to
all zircon producers in Central Kalimantan. Fourteen (14) companies were
notified. As a result, PYX's export licenses for zircon, ilmenite, and
rutile have also been suspended. According to government statements, the move
is driven by the need to address oversupply, improve market stability, and
enhance regulatory oversight across multiple sectors - including coal,
bauxite, nickel, and mineral sands, as well as palm oil and other commodities.
In the first half of 2025, PYX did not undertake production activities. This
decision was made in response to continued weakness in global mineral sands
pricing; elevated operating costs, particularly from third-party contract
mining arrangements; and a steep increase in regional royalties from approx.
US$19 per tonne to US$59 per tonne, as announced by PYX on 28 February 2025.
Compounding the disruption, PYX also received tax assessments totalling
approximately US$2 million, which are currently under legal challenge.
The Company confirms that its IUP license for the Mandiri deposit expired on
31 August 2025. Due to the current regulatory uncertainty, PYX has postponed
the renewal of its license, resulting in a temporary suspension of operations
at Mandiri. This development has had a direct and material impact on the
Company's production and commercial activities.
As a result of these external factors, PYX recorded disappointing performance
for the period, and management has prioritized cost control and strategic
mitigation efforts.
Financial Performance
Due to the suspension of operations and exports, PYX did not generate revenue
during the first half of 2025. Nevertheless, the Company maintained its cash
reserves and avoided incurring additional debts.
HY 2025 HY2024 % change
Zircon Produced - 4.5kt -100%
Zircon Sales - 4.5kt -100%
Total Mineral Sands Produced - 5.7kt -100%
Total Mineral Sands Sold 1.0kt 9.5kt -89%
US$ HY 2025 HY 2024 % change
Sales revenue 256,094 8,830,830 -97%
Cash cost of production (379,670) (6,404,685) 94%
EBITDA (520,560) 22,824 -2381%
EBIT (424,937) (128,255) -231%
Net loss before tax (625,379) (136,124) -359%
Net loss after tax (NLAT) (625,379) (136,124) -359%
Underlying EBITDA (756,115) 731,996 -203%
US$ At 30 Jun 2025 At 30 Jun 2024 % change
Cash 5,052,892 7,569,323 -33%
Total assets 87,729,772 98,836,428 -11%
Total liabilities (9,904,830) (15,157,815) 35%
In light of the ongoing regulatory uncertainty and operational suspension in
Indonesia, PYX Resources has taken decisive steps to safeguard its financial
position. Preserving cash remains paramount, and the Company has implemented
strict cost controls while maintaining operational readiness across its sites.
Management continues to explore strategic fundraising options to ensure
liquidity and support future growth initiatives. These measures are essential
to navigating the current environment and positioning PYX for a swift recovery
once regulatory clarity is restored.
PYX's Chairman and CEO Oliver Hasler commented: "PYX continues to believe in
the long-term potential of the mineral sands sector. However, we are currently
facing a number of complex regulatory and administrative challenges in
Indonesia, including a steep increase in royalties, that need to be resolved
before we can move forward with our project. The short-term market conditions
are also affecting the general industry. I am proud about the strong support
of the management to drastically adapt our cost structure to the actual
difficult conditions."
Indonesia's Minister of Energy and Mineral Resources (ESDM) has announced that
the government will return to issuing RKAB starting in 2026. 3 (#_ftn3)
*** 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 3 829 5000
Harry Ansell / Katy Mitchell / Darshan Patel
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 2025
Note Half-year Ended Half-year Ended
30 June 2025
30 June 2024
US$ US$
Revenue 2 256,094 8,830,830
Other income 26,871 -
Cost of sales (558,621) (6,525,636)
Selling and distribution expenses (5,023) (709,711)
Corporate and administrative expenses (517,891) (1,120,213)
Foreign exchange loss (25,080) (114,834)
Share-based payment (1,576) (4,031)
Gain/(Loss) on fair value change of financial instrument 104,278 (484,660)
Finance costs (11,360) (7,869)
Loss before income tax (732,308) (136,124)
Income tax benefit - -
Net loss for the period (732,308) (136,124)
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 106,929 (587,383)
Total comprehensive loss for the period (625,379) (723,507)
Net gain / (loss) attributable to:
- owners of the Parent Entity 261,166 (717,250)
- non-controlling interest (993,474) 581,126
(732,308) (136,124)
Total comprehensive income attributable to:
- owners of the Parent Entity 268,844 (683,604)
- non-controlling interest (894,223) (39,903)
(625,379) (723,507)
Loss per share
Basic loss per share (US$ cents per share) (0.16) (0.03)
Diluted loss per share (US$ cents per share) (0.16) (0.03)
The accompanying notes form part of these financial statements.
CONSOLIDATED Statement of Financial Position
AS AT 30 JUNE 2025
Note As at As at
30 June 2025
31 December 2024
US$ US$
ASSETS
CURRENT ASSETS
Cash and cash equivalents 5,052,892 5,008,389
Trade and other receivables 3 340,022 353,070
Advance to suppliers 30,773 30,900
Prepayments and deposits 100,956 118,449
Prepaid tax 882,129 886,004
Inventories 54,070 54,308
TOTAL CURRENT ASSETS 6,460,842 6,451,120
NON-CURRENT ASSETS
Right of use assets 5,390 8,662
Property, plant and equipment 4 6,748,275 6,938,680
Deferred tax assets 926,703 930,775
Intangible assets 5 73,588,562 73,655,729
TOTAL NON-CURRENT ASSETS 81,268,930 81,533,846
TOTAL ASSETS 87,729,772 87,984,966
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 1,572,674 1,205,107
Amount due to shareholders 6 5,656,349 5,362,559
Short term borrowings - 19,434
Other liabilities 2,675,807 2,934,666
TOTAL CURRENT LIABILITIES 9,904,830 9,521,766
TOTAL LIABILITIES 9,904,830 9,521,766
NET ASSETS 77,824,942 78,463,200
EQUITY
Issued capital 7 105,772,830 105,787,285
Reserves 8 608,001 598,747
Accumulated losses (21,742,903) (22,004,069)
Equity attributable to owners of the Parent Entity 84,637,928 84,381,963
Non-controlling interest (6,812,986) (5,918,763)
TOTAL EQUITY 77,824,942 78,463,200
The accompanying notes form part of these financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the half-year ended 30 JUNE 2025
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 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 378,605 (99,574) - - - 279,031 - 279,031
other transfers
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
Balance at 1 January 2025 105,787,285 14,444 (22,004,069) 30,364 553,939 84,381,963 (5,918,763) 78,463,200
Comprehensive income
Gain/ (Loss) for the period - - 261,166 - - 261,166 (993,474) (732,308)
Other comprehensive income for the period - - - 7,678 - 7,678 99,251 106,929
Total comprehensive income / (loss) for the period - - 261,166 7,678 - 268,844 (894,223) (625,379)
Transactions with owners, in their capacity as owners, and other transfers
Share issue costs (14,455) - - - - (14,455) - (14,455)
Share based payments - 1,576 - - - 1,576 - 1,576
Total transactions with owners and (14,455) 1,576 - - (12,879) - (12,879)
other transfers
-
Balance at 30 June 2025 105,772,830 16,020 (21,742,903) 38,042 84,637,928 (6,812,986) 77,824,942
553,939
CONSOLIDATED STATEMENT of Cash Flows
FOR THE HALF-YEAR ENDED 30 JUNE 2025
Half-year Ended Half-year Ended
30 June 2025
30 June 2024
US$ US$
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 290,878 3,711,815
Payments to suppliers and employees (476,698) (4,926,171)
Interest received 17 989
Finance costs (11,377) (8,858)
Income taxes refunded 22,825 31,023
Net cash used in operating activities (174,355) (1,191,202)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment 67,086 -
Purchase of property, plant and equipment (5,573) (657,301)
Net cash provided by / (used) in investing activities 61,513 (657,301)
CASH FLOWS FROM FINANCING ACTIVITIES
Loans from shareholder 91,512 1,700,000
Receipts of employee loans - 248
Repayment of lease liabilities - (12,967)
Net cash provided by financing activities 91,512 1,687,281
Net (decrease) / increase in cash held (21,330) 161,222
Cash and cash equivalents at beginning of period 5,008,389 7,828,906
Effect of foreign exchange rate changes 65,833 (98,361)
Cash and cash equivalents at end of period 5,052,892 7,569,323
The accompanying notes form part of these financial statements.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE HALF-YEAR ENDED 30 JUNE 2025
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 2025 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 2024,
together with any public announcements made during the following half-year.
These interim financial statements were authorised for issue on 11 September
2025.
b. Going Concern
The financial report has been prepared on a going concern basis, which assumes
that the Group will continue in operation for the foreseeable future.
The Group has recorded a net loss of $732,308 (2024: $136,124), reported cash
used in operating activities $174,355 (2024: $1,191,202) and as of 30 June
2025 cash and cash equivalents of $5,052,892 (2024: $5,008,389). The net
assets of the Group as at 30 June 2025 were $77,824,942 (2024: $78,463,200)
with a net current liability position of $3,443,988 (2024: $3,070,646).
The directors have prepared a cash flow forecast for the period ending 30
September 2026. It is recognised that additional funding is required from
shareholder loans for the Group to continue to actively explore its mineral
properties and continue mining operations.
The directors have reviewed the business outlook and the assets and
liabilities of the Group and are of the opinion that the use of the going
concern basis of accounting is appropriate. The following factors have been
taken into consideration by the directors:
• The shareholders have continued to provide
funding for the daily operations of the Group to the date of these financial
statements;
• The shareholder Edelweiss Partners Limited has
indicated that they will not recall the loan amount of $3,000,000 as at the
balance date until there is sufficient cash for the Group to pay back its
debt; and,
• The shareholder Edelweiss Partners Limited has
also indicated that they will continue to support the Group through short-term
cash borrowings whenever required for the period of 12 months from the date of
this financial report.
The Group acknowledge that the status of going concern relies on the ongoing
support of the shareholder Edelweiss Partners Limited and development of the
Group's projects. Should the Group be unable to raise further debt be unable
to continue to support the Group, there exists a material uncertainty which
may cast significant doubt on the Group's ability to continue as a going
concern.
The financial report does not include adjustments relating to the
recoverability and classification of recorded asset amounts nor to the amounts
and classification of liabilities that might be necessary should the Group not
continue as a going concern
c. 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 2025 30 June 2024
US$ US$
Revenue from contracts with customers 256,094 8,830,830
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: TRADE AND OTHER RECEIVABLES
Half-year Ended Year Ended
30 June 2025 31 December 2024
US$ US$
Trade receivables 71,451 105,879
Other receivables 22,622 1,937
GST/VAT receivable 245,949 245,254
Trade and other receivable 340,022 353,070
NOTE 4: PROPERTY, PLANT, AND EQUIPMENT
Half-year Ended Year Ended
30 June 2025 31 December 2024
US$ US$
Land and Buildings
Freehold land at cost 211,603 211,603
Translation (17,481) (16,628)
Total land 194,122 194,975
Buildings at cost 1,915,340 1,915,340
Accumulated depreciation (417,185) (358,488)
Translation (92,120) (89,185)
Total buildings 1,406,035 1,467,667
Total land and buildings 1,600,157 1,662,642
Construction in Progress
Construction in progress at cost 5,102,176 5,096,603
Translation (308,958) (287,925)
Total Construction in Progress 4,793,218 4,808,678
Plant and Equipment
Plant and equipment at cost 946,543 1,048,146
Accumulated depreciation (531,565) (577,698)
Translation (84,787) (45,916)
Total plant and equipment 330,191 424,532
Motor Vehicles
Motor vehicles at cost 89,607 138,707
Accumulated depreciation (78,140) (108,208)
Translation (994) (2,549)
Total motor vehicles 10,473 27,950
Furniture and Fittings
Furniture and fittings at cost 36,192 36,192
Accumulated depreciation (21,790) (21,094)
Translation (166) (220)
Total furniture and fittings 14,236 14,878
Total property, plant and equipment 6,748,275 6,938,680
NOTE 5: INTANGIBLE ASSETS
Half-year Ended Year Ended
30 June 2025 31 December 2024
Goodwill:
Cost 7,774 7,774
Accumulated impairment losses - -
Net carrying amount 7,774 7,774
Mining License Renewal:
Mining License Renewal:
Cost 633,337 633,337
Accumulated amortization (319,001) (250,569)
Translation 6,399 5,134
Net carrying amount 320,735 387,902
Exploration asset
Cost 73,260,053 73,260,053
Net carrying amount 73,260,053 73,260,053
Total intangible assets 73,588,562 73,655,729
Goodwill Mining License Exploration asset Total
US$ US$ US$ US$
Half-year ended 30 June 2025
Balance at the beginning of the year 7,774 387,902 73,260,053 73,655,729
Amortisation - (68,432) - (68,432)
Translation - 1,265 - 1,265
Closing value at 30 June 2025 7,774 320,735 73,260,053 73,588,562
Note 6: AMOUNT DUE TO SHAREHOLDERS
Half-year Ended Year Ended
30 June 2025 31 December 2024
US$ US$
Cash deposit from shareholders 5,091,512 5,000,000
Share loan from share-provider 312,500 -
Fees and interest payable to share-provider 252,337 362,559
5,656,349 5,362,559
- The Company received non-interest-bearing deposits of
US$5,000,000 from two shareholders in 2024 and interest-bearing deposits of
US$91,512 from another shareholder. Edelweiss Partners Limited has provided
a letter of support to confirm they will not recall US$3,000,000 in the next
12 months and continue providing the Group with financial support.
- On 26 December 2024, 8,333,334 shares valued at US$312,500 were
subscribed by L1 Capital Global Opportunities Master Fund ("L1"). Instead of
issuing new shares to L1, the Company entered into a share loan agreement with
a share-provider on 27 December 2024 with a set-up fee of 5,000,000 shares of
the Company and an interest rate of 8.5% per annum (payment in shares).
- US$252,237 represents the total amount of share loan set up fees
and interest payable to share-provider as of the 30 Jun 2025.
Note 7: ISSUED CAPITAL
Half-year Ended Half-Year Ended
30 June 2025 30 June 2024
No. of Contributed No. of Contributed
shares equity Shares equity
US$ US$
Ordinary Shares
Beginning of the half-year 461,643,854 105,787,285 458,817161 105,592,118
Issued during the period
- Issued share - - 2,706,693 275,000
- Employee share scheme - - 120,000 103,605
- Costs associated with shares issues - (14,455) - -
At the end of the reporting period 461,643,854 105,772,830 461,643,854 105,970,723
At the shareholders' meetings, each ordinary share gives entitlement of one
vote.
NOTE 8: RESERVES
Analysis of Reserves
Half-year Ended Year Ended
30 June 2025 31 December 2024
US$ US$
Share-Based Payment Reserve
At the beginning of the reporting period 14,444 109,987
Share-based payments expense 1,576 8,062
Transfer of shares to employees - (103,605)
Closing balance in share-based payment reserve 16,020 14,444
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 30,364 8,455
Exchange differences on translation of foreign operations 7,678 21,909
Closing balance in foreign currency translation reserve 38,042 30,364
Total 608,001 598,747
NOTE 9: SHARE-BASED PAYMENT PLANS
No performance rights were granted to staff during the period.
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 2025
30 June 2024
US$ US$
Revenue from sales of premium zircon and concentrate - 7,622,095
Revenue from sales of titanium dioxide 256,094 1,208,735
256,094 8,830,830
Note 11: Contingent Liabilities
PT Investasi Mandiri has received tax assessments amounting to over USD1
million, which are being challenged through appropriate legal channels, with
grounds of appeal already submitted to the court. Tax consultant is in an
opinion that the potential outflow of resources and its timing are uncertain
as tax cases might take a few years to a final assessment.
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 (#_ftnref1) According to publicly available information during the
financial year ended June 2023
2 (#_ftnref2) RKAB (Rencana Kerja dan Anggaran Biaya) is the mandatory
annual work and budget plan required for mining operations in Indonesia.
3 (#_ftnref3) Indonesia to reinstate RKAB system to tackle oversupply,
market manipulation, Indonesia Business Post, July 3, 2025.
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