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, I would like to submit the following poll, and I would now like to hand you over to CEO, Oliver Hasler. Good morning, sir. Thank you very much. Good morning, everyone. Thank you for joining us today. I will be making a brief presentation on our third quarter operational results. During today's presentation, also for those who are new, I'll make a brief introduction into our company, and then I'll present the highlights for the third quarter. I'll assume, like in all presentations, that everybody has read this disclaimer on page 2. For those who follow us, you have seen that 2023 is being a hugely successful year for PYX Resources, in which we have delivered strong revenue growth and operational performance on the back of solid business fundamentals. We finished the first half of the year on a very powerful note with a healthy bank balance, a positive underlying EBITDA, global investor support, strong demand from our growing product suite, and most important, a safe workplace record. We are particularly pleased that we have continued to grow our production numbers and have been successful in adding the highly sought-after commodities of rutile and ilmenite to our product portfolio. We are very proud of our safety and environmental record, and sustainability remains a major focus of our operations. We look forward to further deliver strong growth for the end of 2023, and we want to thank those of you that are following us, our shareholders, for their ongoing support. I'll jump over my bio, which you can re-read on your own time and go directly into the overview. As most of you know, PYX Resources is a mineral sands mining company with a very large resource. PYX is the third-largest producing mineral sands company based on zircon resources. So we have a very large resource. We're listed in Australia since February 2020, and on the main board of the London Stock Exchange since November 2021. We are a producing mineral sands mining company. We have been in production since 2015. We're listed, we're in production, we have a very large resource, but not only do we have a large resource, we're very well known for our superior quality. Most of our customers like buying Kalimantan sands. On one side, we have a very high assemblage value, and as you know, most of the mineral sands mining companies in the world are ilmenite mines with zircon and rutile byproducts, while we're a zircon mining companies with byproduct of ilmenite and rutile. Why is this important? We just have more of the expensive mineral, which gives us a higher assemblage value, which is nothing more than every time we take a ton out of the ground, we have a higher margin than the one of our peers. On the other side, we also have a low radioactivity, low alumina, and low iron content, and a very high whiteness, which is particularly interesting in products like ceramics. Also it makes us ideal for the fused zirconia industry, which is the one that uses zircon for high-tech applications, such as semiconductors, batteries for electric vehicles, solar cells, etc. We also have a low CapEx project. Our offices are based in Palangkaraya, which is the capital city of Central Kalimantan, and as some of you know, it was the prospective city to become the new capital city of Indonesia. As a result of that, we have an international airport. We have hospitals and hotels in the city. All the way to the factory, to the mine is a government-paved road. We also have two deep-sea ports, Banjarmasin and Sampit, which are used to export, in addition to our products, iron ore, coal, and palm oil. These are usually CapEx lines that have to be paid by the mine. In our case, we're already there and paid by the government, which drastically reduces our CapEx. Timing for our project could have not been better. On one side, the industry had forecasted that there would not be enough supply for the market demand. This happened in 2021, one year after the projections because of COVID. Since then, there has not been enough supply for the demand, pushing up the prices. When we started the project, our zircon prices were $1,400. Today, market prices are $2,100, even with the actual market conditions which are weak all over the world. I'm very bullish about prices of zircon, even if you add all the new projects and assume that they will happen on time they have been announced and in the volumes, they're not enough to cover the loss of production from the mines that are reaching the end of their mine life, mainly the ones in Western Australia and South Africa. Also, the biggest producer is Australia. The biggest consumer is China. They have been in a trade war. Kalimantan is the biggest Belt and Road countries for a strategic ally from China. China likes buying in Indonesia. Over the last three years, most of the developing countries in the world have declared zircon one of the critical minerals required towards the transition to carbon zero. Also, we're producing in Indonesia. We're the only industrial group mining for mineral sands in their area, and from the beginning, we have built our project on a sustainable platform. On the next slide, you will see our operational summary for the third quarter. As you can see, PYX performed very well during this third quarter, showing the best premium zircon and mineral sands production volumes so far. It's the best numbers that we have had in one quarter since we started the project. In the third quarter, zircon production was up 61% and our zircon sales 88%, while our total production is up 39% with sales growing by 70%. Based on our third quarter numbers, the company is producing at a run rate of 16,000 tons per annum of premium zircon and 10,000 per year of mineral sands, which is in line with our plan to reach production volumes of 48,000 tons per year. Resulting from this Q3 results, we're having strong cumulative results, as you can see in the last column of this chart, with a growth of premium zircon production of 43% and sales by 54%. The total mineral sands produced was down by 8%, but that is why we were focusing on premium zircon, which has the highest price, and not on mining of our tailings to receive a larger amount of ilmenite like we did last year. The total amount of mineral sands sold was 48%. In the first half, as most of you know, we had a positive underlying EBITDA, and we believe that we will improve very highly in the second half since we have a lot of good news as it is the start of selling of the byproducts of rutile and ilmenite. I think these are pretty impressive results. We have finished the first half with the same amount of cash as we had on the balance sheet at the end of 2022. We have a positive underlying EBITDA with very strong projections for the full year. This is only in the third year since we did our original IPO, and we can't forget that two out of those three years were COVID, where we could not send technicians into the country. In addition to the operational results, on August 17th of this year, we announced the reception of the license to export ilmenite and rutile ores from the Indonesian government, allowing us to extract, produce, and export 24,000 tons of zircon, 20,000 tons of rutile, and 50,000 tons of ilmenite, together with the extraction and production of other byproducts such as silica. As you know, this has been part of the strategy. From the beginning, we have been working very hard with the government in Jakarta and the local government to get this license, which now allows us to export titanium dioxide. In the case of ilmenite, we need to have a minimum grade of 45%, and in the case of rutile of 90%. We had accumulated a stockpile of 8.5 tons of ilmenite until this moment. This license will allow us to increase very strongly our profitability since we have been absorbing all of our cost in the zircon production. Our future ilmenite and rutile sales will be at 100% margin, which will allow us to have a strong profitability in this second half. In addition to this, the government has authorized the work plan and budget for 2023 for Tisma. That's the second mine we have that is not in production yet, but is fully licensed with budget permits to produce 24,000 tons of zircon. As you can see, we're working with a very high demand. All of our production has been sold since the beginning. As I mentioned, we have a very high quality product, both with low impurities and with a high assemblage value. Since the beginning, we have worked on a very diversified customer base, just to make sure that we can face any type of geopolitical pressures. And we faced pressures, and we did good in doing so. Over the last three years, we started selling mainly to Europe, then we moved to China and India. The second half last year, we moved back to Europe and the Americas. Now we're mainly selling in China and India again, resulting from the crisis mainly in the West. We have also focused from the beginning on increasing our volumes, pushing for the sales of our by-product rutile and ilmenite, which we will start doing over the next weeks, and we're testing our own in-house mining in order to drastically reduce our costs. We have received strong investor support increasing our liquidity, mainly thanks to the listing on the London Stock Exchange. We still see strong upsides in our ongoing project, increasing our asset base. In two ways, we will increase the drilling of both of our existing mines. Mandiri is in production, Tisma is not in production yet, and we're continuously looking for opportunities of acquiring other mines in order to increase our assets. I believe we can become the consolidator of the mineral sands mining industry in Kalimantan. Still, projections for zircon are solid. Even in today's economy, there's a balance between supply and demand, and prices have held since last year. For us, sustainability is the base on which we have built our project. We have joined the United Nations Global Compact and are making sure that that is an important focus of our company. We have a strong team. Last year, we added to the team Dr. Sukhyar, who is on the board, who was Managing Director of the Coal and Mining Department of Indonesia and is a strong member, not only on his, because of his geological knowledge, but also because of his knowledge of the government in Jakarta. Our outlook. The actual conditions are perfect to continue our focus to focusing on our strategy. We will continue to increase our production volumes. We will continue to decrease our production costs by eliminating third-party mining and moving into in-house mining. Over the next weeks, you will see the start of our sales of our by-products of rutile and ilmenite. As I mentioned before, we have stockpiled this and all the costs. So at zero cost because all the costs have been absorbed with the zircon production. Also, I believe there's a huge upside on our share price. If you look into the latest research done on PYX by the two investment banks that are following us, Cedrus out of Hong Kong and WH Ireland out of London, there's still a very high upside to the fair value of our company. The valuation based on our actual situation. With this, I finish the presentation of our third quarter in our company, and I open the floor to questions. 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 this morning. Thank you to all of those on the call for taking the time to submit their questions. And Oliver, if I may just hand back to you just to read out those questions, and give your responses where appropriate to do so, and then I'll pick up from you at the end. Thank you. Sure. Thank you. "Would you consider diversifying your product portfolio or exploring new mineral resources beyond zircon?" Not today. I believe in focus. We're a three-year-old company. Two of those years were very tough because of COVID. We have a very clear plan to increase our production to 48,000 tons of zircon and starting now the sales of the by-product rutile and ilmenite. I believe the next step is to look for other mineral sands mine in Kalimantan. Once we have shown profitability and us achieving the plan, sure, we could be looking at other geographies and other minerals, but I would not do so in the short term because it would make the team lose focus. "Also, is the company investing, looking at new technologies or methodologies to improve the extraction or processing?" Not at this moment in time. We have invested. We have a mineral separation plant that has a capacity of 24,000 tons. We have already invested in doing a test mine field unit in the mine, which we will now have to bring up to scale. I don't think we are the size to look for new technologies, but just optimize, and we should be focusing more on operational excellence with what we have in order also to optimize our CapEx. "Everything looks great, but what are the major challenges, opportunities you foresee in the near term?" Challenges is really the world economy. Until now, we have always found routes to get to the market. There is enough demand of our product, and we have a well-diversified portfolio. I mean, the unknown future of the economy is always a challenge that we could be. Locally, clearly the biggest challenge we have is now to make the big step into moving into our own in-house mining. As I mentioned, we believe we have the right technology, and now we have to bring it up to scale, but we haven't done it yet. That will make a huge jump of profitability and is our major focus today. Our focus on operations is clearly increasing our volume and drastic cost reduction. During the first half, we already show the cost reduction of 12%, but we expect much bigger numbers into the future. "Why does the share price not reflect the progress you are making? What do your major shareholders think? Would you consider buying shares back?" No, I would not consider buying shares back. We could do so once we have the profitability that we expect in year five with 48,000 tons. Our major shareholders have been very, very loyal. If we look at the register, none of the major shareholders have sold a single share. So they expect a very high return coming from share prices close to the ones shown by the investment banker. They expect much higher than that. What happens, what I understand for the market makers is beginning of the year, there was a family office in Asia that had invested also in our company, among other things which I was not aware of. The court requested or forced them to liquidate all their assets, and part of them were ours and our share price has fallen as a result of that. I guess the actual economy, what's happening everywhere in the world. We have very strong fundamentals, so the focus of management is to continue with our fundamentals, and I'm sure the market will follow. That was the last question. Oliver, t hank you very much indeed for addressing all of those questions that came in from investors this morning. 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 platform. And Oliver, perhaps before really just 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 just to wrap up with? That'd be great. Sure, thank you. For those that follow us since 2020, I think you have seen very clearly that we have stuck to our five-year plan. Quarter after quarter, we have been announcing an increase of volumes. After three years, we have been able, after lobbying to the government in Jakarta to change the legislation in order to allow the export of rutile and ilmenite, which we're fully licensed now and will start, and we are well in the process of moving into our own in-house mining. I'm very happy with the results of the team, as far as in this very challenging times between COVID and the world economy to perform and deliver the results and objectives we had in our five-year plan. I hope to be talking to you again in March when we publish our 2023 results. Thank you very much for your attention, and as always, we're open for any questions through the normal investor relations platform, which you can find on our website. Perfect. Oliver, 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 really 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 morning to you all.