Good morning, ladies and gentlemen, and welcome to the PYX Resources Limited Interim Results 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's 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 B. Hasler. Good morning, sir. Thank you very much. Good morning, everyone. Thank you very much for joining us today. During today's presentation, we will be giving you an overview of the key highlights of the first six months of this year, 2023, and we'll be giving you a summary of where we stand on our strategy. As you're truly used to, I will assume that you have all read every word of the disclaimer on page 2. 2023, which we published results on the 13th of September, has been a very successful year for PYX Resources, and we have been delivering very strong volume increases as well as operational performance increasing and strengthening our fundamentals like we have been doing over the last three years since we did our original IPO. As you're going to see, during the presentation, not only have we increased our volumes, we have generated a positive underlying EBITDA, and we have continued to have a healthy balance sheet with the same amount of cash on our balance sheet like we ended the year 2022. Very important as well, we have continued with a safe workplace, recording no accidents with lost time. In particular, we're happy to grow our production numbers and those who follow us in detail, you have seen that strategically we have aimed to start the export of our byproducts, rutile and ilmenite. We have been lobbying very hard with the government in Jakarta, which has now changed the regulation, allowing the export of rutile and ilmenite, and we have obtained the license a couple of weeks ago. We're also very pleased that we have a clean environmental record and that we have continued with our sustainability projects within our PYX Cares program. Based on these results, we believe we should expect a very strong second half of 2023 for the next six months. As most of you probably already know us, but I will take some time to introduce briefly our company. You know that we're a mineral sands mining company with a very large resource. PYX is the third-largest producing mineral sands company based on zircon resources. We're listed in Australia since February of 2020, and on the main board of the London Stock Exchange since November 2021. We are in production. The Mandiri deposit has been in production since 2015 and really started increasing volume since February 2020 when we did the original IPO. Not only do we have a very large resource, we're also known for our quality. On one side, we have a high assemblage value. Most of the mineral sands mining deposits in the world are ilmenite deposits with byproducts of rutile and zircon. We are zircon deposits with byproducts of rutile and ilmenite. This makes a huge difference since zircon is the most expensive of this valuable mineral. To put it easy, we have more of the expensive stuff. Every time we take a ton off the ground, we have a higher valuation because of this high grade of zircon. Not only do we have a high assemblage value, Kalimantan sands are also known for the very high whiteness, for their low radioactivity, and for the low alumina content, which makes this ideal for high-tech applications such as batteries for electric vehicles, semiconductors, solar cells, et cetera. Based on our location, we're a low CapEx project. Our offices are in Palangkaraya, which is the capital city of Central Kalimantan, which was a prospect city to become the next capital city of Indonesia. As a result of that, we have an international airport, we have hospitals, we have hotels, all the way to our mineral separation plant and our factories, a government-paved road. Also back to the two ports, which are deep sea ports, Banjarmasin and Sampit, from where we export. Most of the mineral sands projects in the world have to build their own roads and have to build their own ports. Based on that, our, which is this logistics is a lion's share of the CapEx investments, which we don't have to do. That's why I mentioned that we're a low CapEx project. The time for our project could not have been better. There is not enough supply for the actual demand. This has been projected for many, many years. It was delayed by one year because of COVID. Even if you add all the new projects that are in the pipeline and assume that they will start on time and the volume's predicted, they're not enough to compensate for the lack of productivity coming from the large older mines which are reaching the end of their mine life. Also, Australia is the largest producer of zircon. China is the largest consumer of zircon. With the trade tensions between both of these countries, Indonesia is a preferred supplier. As you know, Indonesia is the largest Belt and Road country, and with this, a strategic ally of China. Also, all of these minerals, zircon, ilmenite and rutile, are considered critical minerals necessary towards the transition to carbon zero. In Australia, it's one of the 24 critical minerals. It's on the list for the European Union, as well as the United States and most of the developing countries. As you can see here, in brief, our results this year have shown in the first half a growth of volume of 34%, after we realizing a production increase of 33, arriving to an underlying EBITDA of 46%, a positive 46%. The underlying EBITDA has continued to grow after already showing a positive number in the second full- year since the IPO. We have IPOed three years ago, from which two years were COVID, where we had a very difficult access to the mine. I consider this a wonderful results considering this. Our revenues reported during this first six months were of $9.9 million, which is just 7% under the same period of last year. We increased in volume, reduced slightly in revenues, which is a result of the pricing. International pricing of zircon have continued to increase, and international contract pricing is the lion's share of the market. We took advantage last year of spot prices, mainly in China, where we were selling 50% higher than the international contract prices. While the world was selling zircon at $2,000 per ton, we were selling at $3,100. Obviously, this is spot pricing. It doesn't last forever. This year we had to go down to contract pricing, which shows this decrease in revenue. Mainly it is because we could not take advantage of this particular situation we had last year, but the price market is still very solid. The contract prices have increased since last year. Our production increase was mainly based on the increase of premium zircon. Last year, we started to produce ilmenite and rutile, which mainly come from the tailings, and mainly to test our process. This year, based on the prices, we made sure to focus on the production of premium zircon, allowing the increase of volume that you see on the chart. On the 17th of August, just over a month ago, we announced that we received a license to export rutile and ilmenite. Today, we're totally licensed to extract, to produce, and to export 24,000 tons of zircon, 20,000 tons of rutile, and 50,000 tons of ilmenite, and we expect to be shipping the first ilmenite in the coming weeks. Based on the actual regulations today, in Indonesia, we can export ilmenite with a grade of 45% titanium dioxide or bigger, and rutile with a grade of 90% titanium dioxide or larger. As you know, we have been stockpiling the ilmenite. As of the end of August, we have 8,500 tons. We have been absorbing 100% of the cost within the zircon production. These sales of rutile and ilmenite will be at 100% margin, so will help us strongly to improve our EBITDA results during the second half of this year. For our Tisma deposit, which is not in production yet, we received the work plan and budget plan for 2023, so we're fully licensed also to extract, to produce, and to export 24,000 tons of zircon, which represents an incredible opportunity to accelerate our project in the future. Going into more detail, you see on the P&L that we had premium zircon and production sales volume increase, as I mentioned, with a reduction of revenue, basically, because of moving from spot pricing to contract pricing. Also, we have made an important shift of sales. We have a very diverse set of customers all over the world, which have shown strategically very important as the world goes through this different geopolitical crisis. At the beginning of last year, we mainly sold into China and into India as Europe was still in a crisis. During the second half of the year, as China slowed down, we moved ourselves into Europe and Latin America. This year we moved back to China and India. We're making sure to sell. We're selling all of our production, 100% of our production. We only have inventory to prepare for the last order, and we move this according to the situation around the world. As far as our cash, we can see that we have the same amount of cash as at the end of last year. We have consumed cash for the operating capital required to increase our sales. We also invested in CapEx mainly to maintain our capacity at the same rate as of last year, and we have received a positive cash to support our financing activities. The use of zircon has in high-tech applications, is the one that's growing the most. As you know, zircon is used mainly for industrial activities like ceramics, foundry, pigmentation, et cetera. As we go towards the transition to carbon zero, the need for zircon products will increase. If you look at this chart, you can see that if we look at the price of zircon, which is a commodity, prices go up and down. Over the last 17 years, the trend has continuously been going up, even if we cut through the commodity super cycle. I guess more important than that is that it's a very disciplined industry. 72% of the supply is concentrated in the hands of five players, which in a market where there's a lack of supply brings discipline. Nobody tries to steal customers or from each other in order to maintain this price stability. Today's zircon prices are stable for the last since the beginning of the year at $2,200 per ton. As I mentioned, we have a very diverse customer base. Last year, we opened also a warehouse in Port Klang. This in order to allow us to have inventory outside of Indonesia and one of the most important ports in the region. This allows us to reduce the transit time and cost mainly into India, Europe, and the Americas. All of our sales are done in US dollars, and we don't take credit risk. If we look at our deposits, most of our deposits are in Central Kalimantan, only 70 km from each other. Palangkaraya can be reached in a 1.5-hour flight from Jakarta. We have very easy access to both of our tenements. Our mineral separation plant is 100 km north from Palangkaraya, and our deposit Mandiri and the factory are connected to the Kahayan River, which is the largest river in Central Kalimantan, in the future will allow us to move our concentrate to the factory, and probably from the factory, move the premium zircon to Banjarmasin, to the port, and allow us to reduce the cost. Kalimantan is a very well-known mining area. It has been mined by the Chinese for 2,000 years for gold and alluvial diamond, also by the Dutch for a couple of hundred years. Today, West Kalimantan is mainly known for the exploitation of iron ore and coal, and East Kalimantan mainly for coal and mineral sands. This is our Mandiri deposit. It's a very large deposit on 2,032 hectares, not far away from Kuala Kurun. We have 6 million tons of zircon of inferred resources of zircon. It is in production since 2015, and today we are exporting premium zircon. All of our production is 65.5 grade zircon. As you know, Indonesia forces miners to process their material, which has been the news when talking about Indonesia, about bauxite and nickel. We have already done that, so don't have a risk of requiring further process. Today, we have an installed capacity in our mineral separation plant of 24,000 tons of zircon, so more than enough for the coming years, projecting. We expect in our five-year plan to gear up to a production of 48,000 tons. In 2021, we acquired a second tenement, Tisma, increasing our resource by about 60%. It's also a high-concentration zircon tenement with 3.99% of zircon. Typically, mineral sands mining companies have a concentration of zircon between 0.5%-1%. This is a huge potential to accelerate our project if one day we decide to start mining on Tisma as well. Here you can see the grade or the concentration of zircon compared to our peers, our publicly traded peers. You will see that our Mandiri project, the one that's in production, and Tisma, that's not in production yet, are outliers as far as the concentration. Mandiri has a concentration of 4.8% and Tisma of 3.3%, while most of the other players you can see they have a concentration between 0.5% and 1%. Yes, we have less titanium dioxide than the others, but we have much more of the valuable heavy minerals. Indonesia has shown to be a very stable mining country over the past years. There has been social and political stability. The exchange rate over the last three years has devalued against the U.S. dollar by 2%, so it has been incredibly stable, especially if we compare to many other major currencies. It's well known for its premium high quality zircon production. We still benefit from low-cost labor. The government has worked very hard to change the regulations and bringing in and promoting to bring in new foreign investments, and we saw that with the change of regulations allowing our exports. Sustainability. Since the beginning, sustainability was a very important point for PYX Resources. We built a program called PYX Cares. We also signed our commitment towards the United Nations Global Compact. We issued our first sustainability report in November last year, and our second one in March of this year. We are doing mainly our investments are towards the local community, in healthcare of the local community and our people. We have done the only campaigns done with Indonesian Red Cross for the donation of blood have been done by our company. We invest in the local schools. We have also invested in the local fauna by participating in a charity of orangutans. We have received the recognition of the local authorities for our zero accidents last year and also on how we handled COVID in our workplace. At the end, what's important from all these projects, I guess for any company in the world, that we are creating a positive impact towards the community, and this has attracted also the attention of the government, which also help us then with our project, which makes the different things we have to do in licensing, export, et cetera, easier. Actually, the conditions are perfect to focus on our strategy. In our operations, we will continue with what we have been doing since the beginning and increase our production volumes. We will drastically decrease our cost through shifting from third-party contract miners to our own in-house mining, and we will start selling the byproducts rutile and ilmenite over the coming weeks. Strategically, we have very important upsides. We're continuously looking for new tenements, and this should assure an important increase of shareholder value. This presentation, for those that have been following us for the last three years, should come as no surprise because we have been showing similar results over the last three years, and every six months showing an increase of volume and improvement of the bottom line. Don't expect big changes. We have a clear strategy of increasing volume, reducing costs, and having the benefits of the economies of scale. Thank you very much for your attention, and with this, I open to questions. Oliver, that's great, and thank you very much indeed for your presentation this morning. If I may, I will just bring back up your camera. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab that's situated on the top 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 in the Q&A tab there, 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. Oliver, if I may just hand back to you just to respond to those questions where it's appropriate to do so, and then I'll pick up from you at the end. Thank you. Okay. Thank you very much. The first question is: If the zircon price has remained stable and not fallen, what would the profitability have looked like over the period with increased production? I guess if we would assume that we would have been selling at $2,500 per ton, we would have had about $400 more per ton. I'm just looking here. We produced about 6,000 tons of zircon during the first half. We would have probably generated between $2.5 million and $3 million more in the first half. In the second half, it's difficult to predict pricing, but pricing seems to be stable, at least today. Today, the prices of the contract business is still at 2,200, and we should have the benefit of the selling of the ilmenite, which today the market price is. We haven't sold it yet, but the market prices are between $250-$300. If you multiply that by 8,000 tons that we have, brings you another number between $2 million-$3 million. With export now open, will you look at securing long-term sales agreements? Until now we have not, because in a market where there is more demand than supply, if you do long-term contract agreements just in volume without agreeing prices, I'm fine. What I don't want to do is lock the prices over a period of one year because I'm very bullish about the market, and I believe there's still a tension of pricing going up. I don't see a benefit in doing it. We never had a problem selling. Just so that you have an idea, our project calls for a total production of 48,000 tons in our five-year project. One single customer in China, one in and actually the second largest one in Italy consumes 124,000 tons. Our volumes at 48,000 tons makes us the fifth or sixth largest player in the world, but still not such a large volume that it puts neither the price in the world at risk nor gives us a huge risk of selling. No, at this moment in time, especially with the geopolitical situation, we're cherry-picking where we sell. Oliver, please can you talk to us about the in-house processing? Can you give shareholder firm data about when it's happening yet? Clearly, this will be extremely beneficial for the company. Yes, we are in the process of testing the in-house mining. We have decided not to accelerate it. It isn't the investment, and we have been on a cash protection plan. I guess you all understand, based on what's happening in the world, we have been privileging the increase of volume and using our cash for the operating working capital. We are going slower in this process just because we want to have enough cash on our balance sheet to be ready for any situation that might come, but nobody knows what's gonna happen in this world. Today we have no debt, and I want to remain that way. We are testing. We believe we're close to being able to define exactly which equipment we will acquire. No, I cannot give you a clear date. It should happen over the next 12 months. We are positive in EBITDA. We are going to increase our volume, so we should continue to do so, and the in-house mining will accelerate that hopefully over the next 12 months. How quickly do you believe you can sell all the titanium stockpile now that you have received the export license approval? What is the current price for this, and what kind of increase of revenue should you expect? 8,000 tons is not huge for the world titanium market, which is much higher than the zircon market. Today, the zircon price is someplace between $250-$300 per ton. We're talking about selling our titanium probably with its revenue and a margin of $2.5 million. The rutile, depending on the quality in the area, is selling for around $1,500 per ton. My expectations is to sell the first 2,000 tons over the next four weeks, and then every month to sell 2,000 tons. I don't think it's within the possibility to sell the full 8,000 tons this year. Oliver, if I may just jump back in there. Thank you very much indeed for being so generous with your time there and addressing all of those questions that came in from investors this morning. Of course, as usual, 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 your review. Let's add any additional responses, of course, where it's appropriate to do so, and we'll publish all those responses out on the platform. Oliver, perhaps really just looking to redirect those on the call now, for 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. Thank you very much. As you can see, we have shown strong results. I think we have been consistent in our strategy and on the delivery of our results in very challenging times. As I mentioned during the presentation, we have been three years in the project, in which two years were COVID, and now we're in a big geopolitical crisis. I think the results are extremely good. Also, the two investment banks that follow us have just published research on our company. I think for any potential investor, it's very important to look at this research since it shows that our share price shows a huge opportunity for increase under fair value, which means under the actual situation of the company. For anyone that has further questions, I'm also always happy to answer under investor relations @pyxresources.com. That's ir@pyxresources.com. Thank you very much, everyone. Have a good day. 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 may 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 to you all.