RNS Number : 1085E
PYX Resources Limited
13 September 2024
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION OF THIS ANNOUNCEMENT WOULD BE UNLAWFUL.  THE COMMUNICATION OF THIS ANNOUNCEMENT IS NOT BEING MADE, AND HAS NOT BEEN APPROVED, BY AN AUTHORISED PERSON FOR THE PURPOSES OF SECTION 21 OF THE UK FINANCIAL SERVICES AND MARKETS ACT 2000.

 

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:

Mandiri - Two year licence to extract and process up to 94.0ktpa of minerals;

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 12th 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 TiO2.  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

 

 

 

ENDS

 

For more information:

 

PYX Resources Limited

 

T: +61 2 8823 3132

E: ir@pyxresources.com

Zeus Capital Limited (Broker)

Harry Ansell / Katy Mitchell / Darshan Patel

 

T: +44 (0)20  3829 5000

 

St Brides Partners Ltd (Financial PR)

Ana Ribeiro / Isabel de Salis

E: pyx@stbridespartners.co.uk

 

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 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.



 

CONSOLIDATED STATEMENT of Profit or Loss and Other comprehensive Income

FOR THE HALF-YEAR ENDED 30 JUNE 2024

 


Note

Half-year Ended
30 June 2024

Half-year Ended
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
30 June 2024

As at
 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
30 June 2024

Half-year Ended
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
30 June 2024

Half-year Ended
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

US$

Year ended 31 December 2023

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
30 June 2024

Half-year Ended
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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