By resources, the company has the second largest contained zircon resources in the world with JORC compliant mineral resources of 263.5 Mt at a heavy mineral grade of 5.65% with 70% weighting to zircon. The high weighting to zircon should give the company a margin advantage over peers.

In June 2021, the Company raised AU$11.2m (£6.1m) The fundraise proceeds will be used to fund an investment in the Tisma Project, required to adapt the project to the demands of the Company’s mining operations and at the same time help the Group to take advantage of the cost reduction opportunities arising from the Tisma Project’s location.

Mandiri 2,032 hectares licensed concession near Kuala Kurun City in the Gunung Mas Regency of Central Kalimantan, Indonesia devoted to the exploration of mineral sands products and the production and export of premium zircon.

Production commenced in 2015 but since PYX acquired the project in 2020 output has been rising strongly with H1 2021 production up 25% YoY to 3.25kt zircon. During 2020 Mandiri capacity was increased to 18ktpa and the ramp up to nameplate capacity is underway.

Tisma second high grade zircon deposit in Central Kalimantan, acquired in early 2021 gives the company the opportunity to grow further with potential to expand output to the medium term target of 48ktpa. .

Development is expected to commence on the back of the recent placing.

PYX Resources has increased its prices by a total of US$910 per tonne through 2021 across four announcements (latest increase of US$555 to US$2,305 per tonne).