RE: +33% just the start6 Jan 2026 12:23
So, how many spotted yesterday's announcement by PT Vale Indonesia?
https://www.businesstimes.com.sg/companies-markets/energy-commodities/vale-indonesia-halts-nickel-mining-delayed-work-plan-approval
Well, one of the world's mining giants has paused its nickel operations because it's waiting for its 2026 RKAB permit. Here's the critical line you need to note: "VALE SAYS IT EXPECTS THE SIGN-OFF SOON.” This isn't a crisis; it's a process. The same exact process that PYX is navigating right now.
By the way, for those unaware, PT Vale Indonesia, a subsidiary of Vale, is a JV with the Indonesian Government. It directly employs ~6,000 Indonesians and is in the midst of executing a US$9 billion investment plan over the next decade, building the very smelters and downstream processing that are the cornerstone of Indonesia's EV and economic ambitions.
This is the crucial point. The Indonesian government cannot afford to delay this. Halting Vale doesn't just pause production; it risks stalling billions in strategic investment, jeopardizes thousands of direct jobs, and undermines the national flagship policy of downstream mineral processing. Vale's public expectation of sign-off "soon" isn't just corporate optimism; it's a reflection of a political and economic imperative. The RKAB logjam is about to be unwound because the cost of delay is now untenable for the state itself.
Now, connect the dots — if the government is compelled to move swiftly for a giant like Vale—with its billions and thousands of jobs—then the entire approval queue is about to move. And sitting right there, in that same queue, is PYX.
Now, as of Friday, the world's third largest zircon producer was valued at a comical £1.60 million—that’s 0.35p per share! In essence, you are being offered a Tier-1 mineral sands asset for the price of a suburban bungalow. This isn't just a value disconnect; it’s a market failure. The zircon they produce is trading in a healthy, stable market around US$1,900-US$2,000 per tonne, with mid-term pressure pointing up due to scarce new supply. The asset, once unlocked, is worth tens of millions. Thus, this is a mammoth re-rate opportunity staring us in the face, and hidden behind bureaucratic paperwork that is about to clear.
BOTTOM LINE: This is the ultimate asymmetric bet. The downside is baked into a pathetic £1.6M valuation. The upside is a corporate resurrection of epic proportions. The moment PYX's Zircon RKAB is approved—and Vale's statement makes that moment feel incredibly close—the narrative snaps. The market will scramble to reprice a producing, cash-generating tier-1 asset, and that scramble will be explosive.
ATB
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