Good morning, ladies and gentlemen, and welcome to the PYX Resources Limited investor presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged. They can be submitted at any time via the Q&A tab that's just situated on the right-hand corner of your screen. Please just simply type in your questions and press Send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company will review all questions submitted today and publish responses where it is appropriate to do so, and these will be available via your Investor Meet Company dashboard. Before we begin, if I may, I would like to submit the following poll, and I would now like to hand you over to CEO Oliver B. Hassler. Good morning, sir. Good morning. Good morning, everyone in Europe. Good afternoon here from Palangkaraya, capital city of Central Kalimantan in Indonesia. Many of you have already heard my presentation a s you well know, we're a mineral sands mining company. We have a very large resource w e're actually the third-largest producing mineral sands company based on zircon resources. Mineral sands, as most of you know, is mainly zircon and titanium feedstock, r utile and ilmenite. We are listed in Australia since February 2020, and since November 2021, we're listed on the main board of the London Stock Exchange. We are a mine that's in production w e have been in production since 2015 and n ot only do we have a very large resource, we're also known for our superior quality. On one side we have a high assemblage value because most of the mineral sands mining companies in the world are ilmenite mining businesses with by products of zircon and rutile, and we are a zircon mining company with byproducts of ilmenite and rutile. Why is that important Zircon is the most valuable of those minerals, as we're going to see in a bit. We have, compared to the other peer-listed companies, our assemblage value is three to five times higher, which gives us a higher natural margin. We're also known for the quality of our product in the sense we have a very high whiteness, we have low radioactivity, and we have a low alumina content, which makes us perfectly suitable for the fused zirconia industry, which is the one that produces zirconia for high-tech applications where our products are used for the production of semiconductors, batteries for electric vehicles, solar cells, et cetera. It is a low CapEx project. Most of the mineral sands projects, a lion's share of the CapEx is spent in logistics. As I mentioned, I'm in Kalimantan in Palangkaraya. Palangkaraya was one of the candidates of becoming the next capital city of Indonesia. As a result of that, we received an international airport, hospitals, hotel. All the way to our factory into the mine is a government-paved road. Also from the factory to two major ports, Banjarmasin and Sampit from where we export to the rest of the world. We do not have to invest in this very expensive logistical lines a lso timing for our project has been perfect. On one side, all predictions came true in 2021, and there's not enough zircon supply for the growing and for the actual demand, which has led to a very strong price increase, and I'm very bullish about it. The old predictions from the different investment banks and groups that follow our category are that this gap between supply and demand will grow with a CAGR of 2.5%-5% every single year and putting additional pressure on price increases a lso the biggest producer of zircon is Australia. The biggest consumer is China, and as you all know, there's some tensions between both countries. Indonesia makes it as a perfect country since we're the biggest Belt and Road country without a strategic ally to China. Chinese like buying Indonesian project products a lso our category, the Australian government, the European government, and the U.S. government has put zircon, ilmenite, and rutile on the list of critical minerals required towards the transition, towards carbon zero. As you can see, we have a large tenement, a high-quality tenement in a perfect moment in time w e are focused since the beginning on creating a very strong base for our business. We have a five-year plan calling for 48,000 tons and quarter after quarter, we have been announcing a growth in our volumes. We just announced our operational results for the first half with a growth of zircon production of 33% and of sales of 34%, and this has been a record half year. Year after year we have been growing. We have also announced that we have relicensed our tenement Tisma for another 10 years. Today, we announced that we obtained the license to export rutile and ilmenite, so we should be starting with the export of these two new products shortly. Not only that, we have not only focused on operational results, we have also built our business on a basis of sustainability with a program called PYX Cares. We have, for example, over the last months, received an award from the local governments on one side for the prevention and management of COVID-19 and be an example for the community and also for obtaining zero accidents during 2022. Our strategy on one side as I mentioned, operationally, we have been focusing on growing our volumes w e have been growing our zircon volumes. We have also started with the production of by-product rutile and ilmenite early last year, which we have been stockpiling, absorbing all the costs within zircon. Now that we announced today, this morning, the licenses, we will be able to sell more than 8,000 tons that we have of ilmenite and rutile at 100% margins because the costs were already covered. We have a great opportunity of accelerating not only our sales, but to add cash and profit to our bottom line. At the same time, we are in the process of changing from expensive third-party contract mining to our own in-house mining, which will allow us to drastically reduce the costs. Strategically, we're the only industrial miner in Central Kalimantan for mineral sands. The same way we acquired the second mine, Tisma w e have the potential of acquiring other mines and become the consolidator of the mineral sands industry in this part of the world. Zircon, as many of you know, it's an important product i t has been an important industrial product t he biggest application is for ceramics. What makes them hard, scratch-resistant, chemical-resistant, and white, that is zircon. It's also used for the same reasons to cover turbines, nozzles, or to cover space program rockets, the surface, in order to make them heat-resistant and corrosion-resistant. It's also used in the foundry industry i t's used for pigmentation i t's used in nuclear power plants v ery important, it has become a critical mineral for the transition towards carbon zero. We have both the traditional industry, but also the part of the industry that's growing the most, which is the high-tech application. If you look at the chart at the right, it's very important t hat is the demand and supply, which was forecasted to have a lack of supply. This curve was delayed by one year because of COVID. Most important you will see that every study shows that there will be a growing lack of supply, and that this lack will grow with a CAGR of 2.5%-3% every single year, which makes me very bullish on the prices for zircon. On this slide, you see titanium minerals, so rutile and ilmenite. Ilmenite is all used to produce synthetic rutile. So at the end, what you take is you increase the concentration of titanium until it becomes rutile. Rutile is used 90% of it is used for paint to make products usually whiter t he second application would be for welding rods, and the rest of it would be used to produce titanium, for example, for the constructions of airplanes. Looking at the prices, if we go back 18 years, you will see zircon is a commodity p rices go up and down. Even if you cut to the commodity super cycle in 2012, zircon has continuously been going up and accelerated over the last years. In January 2021 is the moment when supply was not enough of the demand. Prices in those days we were selling at $1,400 p rices. International prices today are between $2,200 and $2,300. But not only is it an interesting category because this imbalance between supply and demand, it's also interesting because it's a very concentrated industry. 72% of the supply is concentrated in five main players. This gives a lot of discipline to the market which is very, very important, especially when prices are moving. I mentioned operational results w e just announced our operations results last week. We will announce financial results on the 13th September w e have increased our premium zircon production by 33%, which is almost 6,000 tons, which is a big increase towards last year. We have been doing that year after year w e have obtained the expansion for our Tisma tenement for another 10 years. Tuesday this week, we announced that we have obtained the new budget and work permit for Tisma for the year 2023, expanding the amount of zircon we can extract to 48,000 tons. It is still not in production, but it gives a great potential to accelerate our project. Today we announced that we received the export license for ilmenite and rutile, which we are stockpiling. We have moved already some of the inventories to Banjarmasin so that we can react faster on exports. As I mentioned, we have done a lot of things for sustainability. In particular, we have built our business at international standards, and we want to serve as an example for the businesses in this part of the world. As far as our tenements are concerned, Kalimantan and Borneo are an area that are well known for mining. Chinese have mined for golds and alluvial diamonds for the last 2,000 years, the same like the Dutch t oday in Central Kalimantan it's mainly mineral sands, gold mining and coal. In the eastern part of the island, there's iron and nickel. We are based in Central Kalimantan, as I mentioned, capital city of the province. Our tenements are in the same area, so 120 km north, you reach our factory i n half hour from there, the Mandiri mine, which is the one in production. About one and a half hours northwest from there is the tenement of Tisma. If we look at Mandiri, it's a very large license tenement with 2,000 ha of mine, with over six million tons of inferred zircon resources. The JORC report can be seen on our website and you'll see it on Bloomberg and most of the stock exchanges. It is in production since 2015. Since the beginning when we did the IPO, we worked very hard to increase the installed capacity of the factory, which today has a capacity of 48,000 tons per year of zircon. 100% of our sales are premium zircon. As you know, the Indonesian government has pushed very hard in order only to export processed materials, and there has been a lot of news around the nickel industry. All of our product is processed material into 65.5 grade zircon. We're not allowed to export HMC like African countries and Australia do. Since today we're allowed to export rutile with a grade of over 90% and ilmenite with a grade equal to over 45%. Tisma, which we acquired in 2021, is a 1,500 ha tenement, which added a lot of value through asset valuation, adding 4.5 million tons of inferred zircon resources to our portfolio. What makes our mines very interesting and unique, as I mentioned to you before, it had a very high assemblage value. If you look at the x-axis on this chart, you'll see that Mandiri has a concentration of zircon of 4.8% and Tisma 3.3%, compared to most of the mines in the world with a concentration of 0.5%-1%. Today, zircon sells at $2,200 per ton, ilmenite at $350 per ton, and rutile at $1,500. Basically, we have a higher concentration of the expensive stuff, which at the end increases our margin, which is the margin that we get from nature, from the place we are located. We have customers all over the world. We have always made sure since the beginning to diversify our customer base and not to fall into the trap of selling to a single customer, and we did very well. We started selling in 2019, 2020, mainly into Europe. With the crisis, we moved into China. Last half, we moved from China back to Europe and to Latin America. Now with the world crisis, we're selling mostly into China and India. We're keeping our options open worldwide 100% of our sales are done in U.S. dollars, and we don't take any credit risk. Indonesia, as I mentioned before, is a key mining destination. It's known for its high quality of zircon. We have low labor costs and low exploration and exploitation costs. Laws have evolved very fast. Indonesia has been very stable. The currency has stayed balanced to the dollar, and we lost 2% over the last two or three years. They made a very strong transition from contract of work to IUP licenses, which are much clearer. Every year there is an opening so that international companies can grow in the country, and they have, like as I mentioned, a very stable environment, especially if we compare to what is happening in a lot of the African countries. As I mentioned, we have always made sure that we built our business on a basis of sustainability, protecting environmental, social, and governance. We joined last year the United Nations Global Compact, so we make sure that we have projects in the different pillars of sustainability, mainly in the local community, because there is a big need of serving as an example to other companies in the region. In global, what I'm showing you today is a mineral sands business where there is an important and growing demand, especially in high-tech applications and in sustainable applications. We have a clear five-year outline in increasing our volumes with a drastic cost reduction opportunity and now an immediate opportunity of increasing our margins through the sale of new products. We still have the potential of doing more drilling and increasing the valuation of our assets, but also to start production in our second mine, Tisma. We have cash on our balance sheet w e have no debt, but we have decided to grow slowly, especially because of the actual social economic situation in the world. I do not want to put our financial situation at risk. We have a strong global network of customers, and it's a very robust market. I think all this builds on an important base on sustainability. Going forward, our focus, as I mentioned, is to grow into becoming the fifth-largest producer of zircon, producing 48,000 tons. We are in the right direction, and we will continue to go there. We will continue increasing and improving our operational results, especially because all the good things come with volume. We are now starting to diversify our portfolio with sales of titanium feed material, and we're continuously also looking to diversify our investors, and that's one of the reason I'm presenting here today. With that, I conclude the presentation of PYX Resources, and I'm open to answer any questions you might have. Oliver, that's great. Thank you very much indeed for your presentation this morning. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab that's situated on the right-hand corner of your screen. Just while the team take a few moments to review those questions that were submitted already, I would like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can be accessed via your investor dashboard. Oliver, as you can see there in the Q&A tab, we have received a number of questions throughout your presentation today, and thank you to all of those on the call for taking the time to submit their questions. Oliver, if I could just hand back to you just to read out those questions and give those responses where it's appropriate to do so, and then I'll pick up from you at the end. Thank you. Perfect. Okay, I'll start. Question number one ho w long have you been issued the export license for, and are there any restrictions or special conditions associated? The export license is now attached to the general license of operations to do our extraction, production, and export license. The license that we have today is valid until 2025 and then is renewed in five-year periods. It is valid for this, for the license as we have today, and we will get the new one for 2025. The restrictions are we can only export ilmenite with 45% or higher content of titanium oxide, and we can only export rutile with 90% or more, which is what we are producing. Those are the only restrictions, and we pay a royalty of 1.5%, which is relatively low, the same like we do for zircon. Another question, w hat sales does the stockpile ready for export represent, and when do you expect to receive the funds? Okay. We're looking right now w e received the license today, and it would have been wrong to go to the market selling something when you're not exactly sure when you're getting the license, especially in a commodity. Today we have 8,200 tons in total ar ound that number, almost the lion's share of it is ilmenite t oday the world market for ilmenite is somewhat between $250-$350 per ton. We received half of the funds against order and the rest against shipment, so relatively fast. We should receive the totality of the sales, at least that's my expectation, during this year, and we should receive the totality of the funds over the next two and three months, which are important. They will increase, obviously, our bottom line and our cash position, which, as I mentioned during the presentation, we are positive in cash on our balance sheet with no debt. Another question, w here your focus over the next six months, and what news flow should we expect? Okay, very good question. Clearly, as we grow volumes, I expect to present an EBITDA from operations that is positive and strongly positive. I expect to announce the first sales of ilmenite. I would expect to announce an incredibly strong increase of volume in zircon as we're experiencing very strong months of production in June and July and expect to continue that. Our strategy is to continuously looking at new assets, so I would love to be able to announce further acquisitions in our category of products. Like everybody in the business with pressure on pricing, I would hope that we can continue to announce further increased pricing. We continuously announce on the projects we do in sustainability, and we will continue to do so. A new announcement that's gonna come also is on the reduction of costs, I expect. We have installed the electrical panels and transformer in order to change from diesel to our gen sets to using the local network of electricity. We're waiting for the electrical company to hook us up, which should happen in the next months, which will allow us to reduce our energy cost by 72% and to produce them also on a more sustainable basis. Next question, I'm a long-term shareholder I saw and read your recent announcement, which is really pleasing. I just wanted to say thank you for your hard work, including your staff. I'm looking forward for reading half of the results, which I believe should be announced next month. I'll probably have a few questions once this has been published. Oh, I didn't read them in advance. I'm just reading them as I go through, so. I really appreciate your comments and it's always nice to hear from long-term and loyal shareholders. Mentioning shareholders, the four major shareholders we have in the company, which two of them have around 20% of the shares which are from the original shareholding, and the other two, one came in with Tisma and the other one is an investment bank that came afterwards, none of them have sold a single share. I think that's very important. They believe in a very long-term, very high valuation. They had the opportunity of making money with their original investment, but they have not sold a single share. The same as this shareholder, others have followed the same line. That concludes the questions I have in front of me. I'm happy to receive more or to other Answer other questions. I mean, it's easy to access us. All of our information is on our website at pyxresources.com. Oliver, absolutely. Thank you, very much indeed for addressing all of those questions that came in from investors today. Of course, if there are any further questions that do come through, we'll make these available to you immediately after the presentation has ended, just for you to review, to then add any additional responses of course, where it's appropriate to do so, and we'll publish all those responses out on the Investor Meet Company platform. Oliver, perhaps before just really looking to redirect those on the call to provide you with their feedback, which I know is particularly important to yourself and the company, if I could please just ask you for a few closing comments to wrap up with, that'd be great. Sure. Thank you for this opportunity to present. As I mentioned, easy access on Bloomberg, on the Australian Stock Exchange, on LSE, on our website. What you see here is an incredible opportunity in a very strong category, a commodity where there is a lack of supply, where every single projection shows that there will be a lack of supply. Even if you add all the projects coming, they're not gonna be enough to compensate for the mines that are reaching the end of their mine lives. I hope to find new and diversified amounts of loyal long-term investors, and perhaps it will end up being one of you. Oliver, that's great. Thank you once again for updating investors this morning. Could I please ask investors not to close this session, as you'll now be automatically redirected, for the opportunity to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete, but I'm sure will be greatly valued by the company. On behalf of the management team of PYX Resources Limited, we would like to thank you for attending today's presentation. That now concludes today's session, so good afternoon, goodbye.