Pyx Resources Limited: Operational Results FY 2023

Sydney, Australia - PYX Resources Ltd. (LON:PYX) (NSX:PYX), the world's third largest publicly listed zircon producer by zircon resources, is pleased to provide operational results for the Full Year 2023 ended 31 December 2023 ("FY 2023" or "the Period").

Highlights

- Continued upswing in premium Zircon production with a second half 29% YoY increase and a total 31% increase in FY2023 compared to the corresponding period in FY2022

- Zircon sales have witnessed an impressive surge with a second half year 2023 increase of 18%, and a 24% increase for FY 2023 compared to FY2022, reflecting the demand for PYX's high quality premium zircon

- Premium Zircon Inventory up 22% to 17.1 days (2022: 17.5 days)

- PYX encourages diversity and inclusiveness in the workforce. In the FY2023 the Company saw a 5pp increase in female employment and 2pp in indigenous (Dayak) employment

- Continued to maintain a safe and secure working environment with zero recordable injury frequency rate for the period.

- Submitted Communication of Progress ("CoP") report to the United Nations Global Compact as part of its commitment to upholding the United Nations' Sustainable Development Goals (SDGs)

- Positive regulatory environment - the Company announced the receipt of a two-year licence to extract and process up to 94,000 tonnes per year of minerals from its Mandiri Project

PYX continues to set industry standards and remains optimistic about the Company's trajectory in the coming years. In the 12 months ended 31 December 2023, PYX produced 14.8kt and sold 11.4kt of premium zircon, rutile, and ilmenite, showing an increase of 31% of produced premium zircon and a 11% reduction on total minerals produced in comparison to the same period last year. The production numbers are even more significant, when we consider that the total employee number for 2023 was 22% lower than in 2022, showing an important productivity increase. Encouragingly, premium zircon sales increased by 24% and total sales grew by 20% during the period, as demand for our premium zircon continued YoY.

The second half of the year showed an encouraging progression with a premium zircon production of 6.1kt (+29% YoY increase). Zircon sales followed the same trend, showing an impressive surge during the second half year 2023 of 6.2kt (+18% YoY increase).

In the last few years, PYX has been able to secure a global, diversified client base. This has proved instrumental in securing continued sales in FY2023, particularly as demand for mineral sands retracted in Europe with India and China leading the way. Premium Zircon Inventory of 533 tonnes on 31 December 2023 was up 22% to 17.1 days (2022: 17.5 days). Ilmenite and rutile inventory at the end of the year were 9.8 tonnes, representing an important cash source resulting from its potential sales in 2024.

We remain steadfast in our ambition for growth, facilitated by Indonesia's positive regulatory environment showcased by the award of several of our licenses recently, including the successful renewal of a 10-year exploration and mining licence for the Tisma Mineral Sands Project, providing long-term visibility over this highly prospective project. PYX started producing rutile in January 2022 and ilmenite in June 2022, and by the end of December 2023 it had stockpiled 10kt. To this end, we were also delighted to be awarded the licence for the export of ilmenite and rutile ores from the Indonesian government in August 2023 (this licence is being amended to include the export port of Jakarta), and a 2-year licence which allows us to extract, produce, and export up to 24kt of zircon, 20kt of rutile and 50kt of ilmenite per annum, as well as extract and produce other by-products such as SiO2 from the Mandiri Project.

PYX Cares Programme

PYX is continually improving its integration of the United Nations Global Compact into the Company's daily operations, culture and business strategy while simultaneously engaging in collaborative projects to advance broader development goals of the United Nations, particularly the Sustainable Development Goals.

In the Annual Communication on Progress, the Company outlined its continuous commitment to the Global Compact in daily and future operations. Internally PYX has made important progress in equality by increasing its female employment to 28%, which is up 5 percentage points compared to 2022. In the same way, the Company has increased its Dayak employment (Indigenous) to 47% of the total work force, up 2 percentage points YoY.

Commenting on FY2023 achievements, PYX Resources' Chairman and Chief Executive Officer, Oliver B. Hasler, said:

"I am immensely proud to share the achievements PYX has attained in the past year. Our robust performance in Q4 FY2023, marked by a 31% increase in zircon production, a 24% rise in zircon sales and renewal of key licenses for Tisma and Mandiri, reflects our unwavering commitment to excellence and sustainable business practices.

"As we reflect on our achievements, we are excited about the growth prospects for 2024. Despite the challenges posed by the market, we remain optimistic about our ability to navigate and capitalise on emerging opportunities. Our commitment to responsible mining, sustainable practices, and community engagement positions PYX Resources for continued success."

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About Pyx Resources Limited:

PYX Resources Ltd. (NSX:PYX) (LON:PYX) is a global producer of premium zircon listed on the National Stock Exchange of Australia and the London Stock Exchange. The Company's flagship asset is the Mandiri mineral sands deposit, located in the alluvium sediment rich region of Central Kalimantan, Indonesia. Boasting the world's 5th largest producing deposit of zircon, PYX is a large-scale, near-surface open pit operation in production since 2015 and with exploration to date validating the presence of additional Valuable Heavy Minerals such as rutile, ilmenite among others within its mineral sands.

Source:
PYX Resources Ltd.

Contact:

ir@pyxresources.com Tel.: +61 2 8823 3132