28 October 2024

Pyx Resources Limited

("PYX" or "the Company")

First Shipment of Rutile

Positioning PYX to effectively respond to the rising demand for its products

Highlights

·    First shipment of 350 tonnes of rutile to a customer in Tianjin, China

·    Rutile grade with a minimum TiO₂ content of ≥ 90%

PYX Resources (NSX: PYX | LSE: PYX), the world's third largest publicly listed zircon producer by zircon resources^[1], is pleased to announce that it has started to export rutile, having received a modified export license for the mineral. 

PYX Chairman and Chief Executive Officer, Oliver B. Hasler added: "The receipt of the amended export licence and the initiation of rutile exports mark a significant milestone for PYX Resources. This development positions us to effectively respond to the rising demand for our products. Accordingly, we anticipate consistent and ongoing shipments in the future."

Details

PYX has been producing and stockpiling ilmenite and rutile since 2022 (see announcements on 12 January 2022 and 27 June 2022) and by the end of June 2024 had accumulated 6 kilotons of Titanium Dioxide material.

On 17 September 2024, the Company received a modified licence to export rutile from the Ministry of Trade of Indonesia (Kementrian Perdagangan Republik Indonesia). This enabled it to immediately commence exporting rutile and deliver on orders in line with the Industrial and Trade Department's regulations, which stipulate minimum grades for rutile of TiO₂ ≥ 90%. Accordingly, PYX has shipped 350 tonnes of rutile to a customer in Tianjin, China.

Rutile is used in the manufacture of titanium dioxide, which is increasingly utilised in many industries such as construction, automotive, packaging, and electronics for titanium oxide. Accordingly, as demand grows, the rutile market size is forecast to reach $4.1 billion by 2025, growing at a CAGR of 4.8% during 2020-2025.[2]

***ENDS***

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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.

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