PYX Resources Limited: 2021 Half Year Results
02.09.2021 | ABN Newswire
PYX Resources Limited (NSX:PYX) has lodged its Half Year Results for the six months ending 30 June 2021. Just over one year after listing on the National Stock Exchange of Australia, PYX is pleased to report solid financial and operational results on the back of strong business fundamentals. Customer demand continues to increase to pre-pandemic levels, with particular interest in PYX's zircon due to its superior quality that makes it ideal for producing fused zirconia used for different high-tech applications such as electric vehicle batteries, solar cells, semiconductors, and technical ceramics.Notably, the Company implemented three price increases for its premium zircon during the half-year, resulting in a US$355 per tonne increase during 2021 to date. The price increases reflect the expected general lack of premium zircon supply globally and the very strong increase in demand, particularly from China.
During the half-year, PYX sold 3,250 tonnes and produced 3,501 tonnes of premium zircon, resulting in a year-on-year revenue increase of 21%, while production grew by 25%. Sales volume has shown a strong year-on-year growth of 14%, while maintaining a tight finished goods inventory.
Commenting on the Company's achievements in HY21, PYX Resources' Chairman and Chief Executive Officer, Oliver B. Hasler, said: "As these results highlight, the Company's performance during the six months has exceeded our objectives and demonstrate our commitment towards advancing our mining development plan, supporting our global customers and delivering value to our shareholders. The continuous price increase of premium zircon comes as no surprise as economies worldwide bounce back to pre-pandemic levels. With a significantly enlarged resource profile following the acquisition of the advanced Tisma deposit, we are positioned to boost capacity in order to meet this demand."
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About Pyx Resources Limited:
PYX Resources Ltd. (NSX:PYX) is a global producer of premium zircon listed on the National Stock Exchange of Australia. 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:
PYX Resources Ltd
ir@pyxresources.com
Tel.: +61 2 8823 3132