Pyx Resources Limited: Receives Two-Year Licence

Sydney, Australia - PYX Resources Ltd. (LON:PYX) (NSX:PYX) the third largest publicly listed zircon producing mining company globally by zircon resources, is pleased to announce that it has approval to extract and process a combined 94ktpa of Premium Zircon, Ilmenite and Rutile from the Company's flagship project - Mandiri.

The 2024 &2025 Mandiri RKAB Work Plan and Budget, approved by the Indonesian authorities includes:

- Mining operations
- Processing and refining
- Marketing and shipping
- Environment
- Mining safety
- Training; and
- Community development and empowerment.

The receipt the Work Programme & Budget/ Rencana Kerja dan Anggaran Biaya (WP&B/ RKAB) from the Indonesian Energy and Mineral Resources Department (ESDM), is valid for two years, 2024 and 2025.

The licence allows the Company to export:

- A total of 24kt per year of Premium Zircon with grades of 65.5% divide into:

o Export market: 19,200 ton/year
o Domestic market: 4,800 ton/year

- A total of 50,000 Wet ton ("WE")/year of Ilmenite with 45% grades divided into:

o Export market: 40,000 WE/year
o Domestic market: 10,000 WE/year

- A total of 20,000 WE/year of Rutile with 90% grades divided into:

o Export 16,000 WE/year
o Domestic 4,000 WE/year

WE = Wet Ton (the new scale for Titanium based on MoF Department No 23, 2023)

Commenting on the receipt of approval for the Budget and Work Plan, PYX Resources' Chairman and Chief Executive Officer, Oliver B. Hasler, said:
"We are thrilled with the Indonesian Energy and Mineral Resources Department decision to award Mandiri, which has been in production since 2015, with a two-year work programme licence, as opposed to the usual yearly licence, providing us with greater visibility and allowing us to plan further ahead. We look forward to our continued collaboration with the local government and the community as we advance the Mandiri project."

The Mandiri Project

The Mandiri project has been in production since 2015 and is the 3rd largest zircon producing mining company globally by zircon resources. The project covers a licensed concession area of 2,032 hectares near Kuala Kurun City in the Gunung Mas Regency of Central Kalimantan, Indonesia and it is devoted to the exploration of mineral sands products and the production and export of premium 65.5 grade zircon.

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