Since listing in 2020, PYX Resources has increased production 32% YoY to 6.6kt, increased production capacity 200% to 18ktpa and secured three offtake agreements totalling 13.5ktpa for the next two years. We therefore believe that full production capacity can be utilised in 2021F, generating positive EBITDA which will enable further growth to reach the company’s mid-term output target of 72ktpa zircon. However, given contained zircon resources of 10.5mnt thanks to the recent Tisma acquisition; t ....
