Oliver Hasler, executive chairman of PYX Resources Ltd (NSX:PYX, LSE:PYX), the world's third largest publicly listed zircon producer by zircon resources, discusses the results for the six months ended June 30th 2024.
Financial highlights include:
- 84% increase in total mineral sands sold to 9.5kt
- 28% reduction in cash cost of production to US$6.4m
- Underlying EBITDA up 457% to US$732k
- Maiden positive reported EBITDA since listing
- Robust balance sheet with US$7.5m cash and no debt
In this interview, investors will also learn:
-How several operational improvements were achieved during the period, including the switch to electricity, which reduced operating costs by c.80%
-How much the unusually heavy rain and the collapse of an access bridge to the mine impacted operations during the period
-Why the company’s Kalimantan sands are highly sought after
-Why Oliver remains positive about the medium to long term pricing of zircon
-Why PYX believes positive EBITDA will now increase year on year
-Why the Balance strengthened during the period
-How the company intends to increase production in the second half
-Why PYX is looking in Kalimantan for other strategic deposits across Indonesia
Reasons to add PYX Resources to your watchlist:
- PYX Resources is the 3rd largest publicly listed premium zircon producer
- Key assets at Mandiri and Tisma, are large-scale, near-surface open pit deposits
- Indonesia operates a stable and favourable regulatory environment
- Demand for Zircon is set to outstrip supply with Titanium dioxide a valuable byproduct
- PYX is one of the few companies that can export titanium and ilmenite ore directly from Indonesia
- PYX has a strong sustainability programme with Zircon/titanium dioxide now classed by many national Governments as a critical mineral for Carbon Zero targets
- Maiden positive EBITDA for 1H24 and a strong balance sheet with net Cash of US$7.6m
- Actively looking for opportunities to acquire additional mineral sands projects in Indonesia, while also focusing on increasing current production capacity
Oliver Hasler, Chairman & CEO of PYX Resources, was interviewed by Sarah Lowther for focusIR.
