REG - PYX Resources Ltd. - PYX Announces First Export Of Ilmenite

PYX ResourcesAnnouncement

20/03/2024 07:15

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RNS Number : 5674H  PYX Resources Limited  20 March 2024

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

 

 

20 March 2024

 

Pyx Resources Limited

("PYX" or "the Company")

 

PYX Announces First Export Of Ilmenite

1,040 Tonnes Shipped to Zhanjiang, China

 

HIGHLIGHTS:

·    First export of ilmenite made to a customer in Zhanjiang, China

·    The shipment comprised of 1,040 tonnes of ilmenite at a grade of 45%
TiO(2)

·    At the end of December 2023, the Company had stockpiled 9.8kt of
rutile and ilmenite having commenced production in 2022.

 

PYX Resources Ltd (NSX: PYX | LSE: PYX), the world's third largest publicly
listed zircon producer by zircon resources(1 (#_ftn1) ), is pleased to
announce its first export of ilmenite following receipt of an export licence
in March 2024.

 

A total of 1,040 tonnes of ilmenite at a grade of 45% TiO(2) has been exported
to a customer in Zhanjiang, Guangdong Province in the People's Republic of
China.  Further exports are anticipated in the near term and the Directors
look forward to providing updates as these exports progress.

 

By way of background, PYX commenced production of rutile and ilmenite in
January 2022 and June 2022 respectively and had stockpiled 9.8 kilo tonnes
("kt") of Titanium Dioxide feedstocks by the end of December 2023. This was
made up of 9.6kt of ilmenite and 0.2kt of rutile. Approximately 2,000 tonnes
of ilmenite was transported to the Port of Banjarmasin in South Kalimantan in
July 2023 to accelerate the export process once PYX received an export licence
for the ores. The export licence was awarded in March 2024 and allows the
Company to extract, produce, and export 20kt of rutile TiO(2) ≥ 90% and
50ktof ilmenite TiO(2) ≥ 45% each year.  PYX is also authorised to export
24kt per annum of its primary product, premium zircon.

 

Commenting on its first ilmenite shipment, PYX's Chairman and Chief Executive
Officer Oliver Hasler, said:

 

"Having only just received our export licence in March 2024 after a change in
Indonesian law, we are delighted with the speed at which PYX has been able to
export its first batch of ilmenite to our customer in Tianjin, China. Ilmenite
is the most important ore of titanium, which is used across several industries
including power generation, utilities, automotive, and healthcare, due to its
excellent strength-to-weight ratio and resistance to extreme temperatures and
chemicals. Its versatility provides us with a range of potential customers
globally supporting our long-term growth and strengthening our financial
position."

 

***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 / Paul Dulieu / 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.

 

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 6 Mt 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  according to publicly available information as of 30 June 2023

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