REG - PYX Resources Ltd. - PYX receives new three-year licence

PYX ResourcesAnnouncement

30/07/2024 07:30

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RNS Number : 3601Y  PYX Resources Limited  30 July 2024

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

30 July 2024

Pyx Resources Limited

 

("PYX" or "the Company")

 

PYX receives new three-year licence to extract and process up to

88,800 tonnes of minerals from its Tisma Project in Indonesia

 

PYX Resources Ltd (NSX: PYX | LSE: PYX), the third largest publicly listed
zircon producing mining company globally by zircon resources,(1) is pleased to
announce that it has received a three-year licence to extract and process up
to 88.8kt minerals from its Tisma Project ("Tisma") in Central Kalimantan,
Indonesia. With a 27 per cent. recovery factor, this enables the production of
circa 8ktpa of premium zircon of which 6.4ktpa may be exported and 1.6ktpa
sold to domestic Indonesian markets.

 

The Company's Work Programme & Budget / Rencana Kerja dan Anggaran Biaya
("WP&B"/ "RKAB") received from the Indonesian Energy and Mineral Resources
Department ("ESDM") is valid for three years, 2024 - 2026. It includes mining
operations; processing and refining; marketing and shipping; environment;
mining safety; training; and community development and empowerment.

 

Commenting on the receipt of approval for the Budget and Work Plan, PYX
Resources' Chairman and Chief Executive Officer, Oliver B. Hasler, said: "I am
delighted to announce that the Indonesian ESDM has granted Tisma a three-year
work programme licence, which allows us to strategically plan our operations
for the coming years. I would like to extend my gratitude to the Indonesian
authorities for their support and look forward to keeping our shareholders
informed with updates on Tisma in the months ahead."

 

Tisma

Tisma is a licenced concession covering 1,500 hectares in Central Kalimantan,
Indonesia, approximately 50km northwest from the regional capital
Palangkaraya. The project has 137 million tonnes of JORC complaint inferred
resources with 4% heavy mineral, containing approximately 4.5 million tonnes
of zircon in combination with valuable by-products including titanium minerals
(rutile and ilmenite). (2)

( )

The terms of the recently renewed permit includes payment of Indonesian taxes
and the honouring of other financial obligations of PYX's subsidiary PT Global
Nusantara. A summary of some of the key provisions includes:

·    Royalty on zircon exported of 1.5%;

·    Fixed rent payable to the Government of Indonesia at a rate of US$4
per hectare per annum;

·    Corporate tax of 22% payable and set by the Government of Indonesia;

·    Land and building taxes payable to the local government at a rate of
0.5% based on taxable sales value; and

·    Environmental obligations, including reclamation bonding and plans,
approved by the local government as part of the mine approval process.

 

* * ENDS * *

 

For further information, please contact:

 

 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 / Paul Dulieu

 

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 3rd 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.

 

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

( 1 ) according to publicly available information as of 30 June 2023

 

( 2 ) Compliance Statement

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 13 January 2021 (refer
website:
https://pyxresources.com/wp-content/uploads/2021/01/NSX-Annonucement-Acquisition-of-Tisma-by-PYX.pdf)
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.

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