PYX Resources (“PYX”), a mineral sands producer listed on the Australian National Stock Exchange and on the Main Market of the London Stock Exchange, announces Final Results to 31 December 2023.
PYX has been producing premium zircon since 2015 from the Mandiri Mineral Sands in Indonesia, and is now the world’s third largest publicly listed zircon producer by resource, with rutile (titanium dioxide) and ilmenite as significant byproducts.
Zircon and its derivatives have a vast array of applications. The largest market for zircon is the ceramics industry at approximately 54% of zircon produced. Circa. 14% is used by the foundry industry, and approximately 11% - 14% in refractory applications.
In this interview, investors will hear about:
- Why premium zircon pricing decreased 19% during the period
- How Zircon production reached 11,000 tonnes per annum
- How PYX was able to increase Premium zircon sales by 24%
- Why total sales increased +20%
- Why 18,000 tonnes per annum is the next production milestone
- How the company intends to further decrease overall production costs
- How the recently announced Ilmenite export licence will boost FY24 sales & expand operating margins
“We had an extraordinary year. On one side, we increased our total sales volumes by 20%, our sales of premium Zircon by 24%, reaching over 11 ,000 tons. Our sales revenue, even though we had a 19% decline in Zircon prices, remained stable last year, and we had a positive increase of our underlying EBITDA, of 61%, reaching almost $700 ,000. But not only the financial numbers were good, we were able to produce more with 22 % less people” said Oliver Hasler, Chairman & CEO, PYX Resources.
Reasons to add PYX Resources to your Watchlist:
1) Premium Zircon has high end nuclear and industrial applications
2) Future demand is set to outstrip supply
3) PYX produces high-value premium zircon and is the World’s third largest publicly listed zircon producer by resource
4) Tisma Mineral Sands 10 Year Exploration/Mining Licence renewed in 2023
5) Zircon/titanium dioxide classed as a critical mineral for the move to Net Zero
6) PYX can now export ilmenite direct from Indonesia, with a rutile export licence to follow
Oliver Hasler, Chairman & CEO, PYX Resources was interviewed by Donald Leggatt, IR Media Director at focusIR.
