PYX Resources Limited Half-year Report

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:

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

o  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 12^th 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: [phone] E: [e-mail]
Zeus Capital Limited (Broker) Harry Ansell / Katy Mitchell / Darshan Patel	T: [phone]
St Brides Partners Ltd (Financial PR) Ana Ribeiro / Isabel de Salis	E: [e-mail]

 

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 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

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

 

END

 

 

IR FIFVEAVIVLIS