1st Export of Ilmenite

- Just 8 days following receipt of export license

- First export of ilmenite made to a customer in Zhanjiang, China

- The shipment comprised of 1,040 tonnes of ilmenite at a grade of 45% TiO2

Production / Export Dynamics

- Commence production of rutile and ilmenite in Jan’22 and Jun’22 respectively

- As at 31st Dec’23, 9.8kt of rutile and ilmenite have been stockpiled:

- 9.6kt of ilmenite

- 0.2kt of rutile

- The export licence permits the annual export 20kt of rutile and 50ktof ilmenite

- In addition to the export 24kt per annum of its primary product, premium zircon

Market Intelligence

- World’s 3rd largest Zircon producer by resource

- Strong FY23 results with Adj EBITDA up >60%

- Export license for Rutile expected shortly

- Analysts at WH Ireland have a PT of 84p/share

Commenting on its first ilmenite shipment, PYX's Chairman and Chief Executive Officer Oliver Hasler, said:

"Having only just received our export licence in March 2024 after a change in Indonesian law, we are delighted with the speed at which PYX has been able to export its first batch of ilmenite to our customer in Tianjin, China. Ilmenite is the most important ore of titanium, which is used across several industries including power generation, utilities, automotive, and healthcare, due to its excellent strength-to-weight ratio and resistance to extreme temperatures and chemicals. Its versatility provides us with a range of potential customers globally supporting our long-term growth and strengthening our financial position."