Good afternoon, ladies and gentlemen. Welcome to the PYX Resources Ltd 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 can review all questions submitted today and will publish those responses where it's appropriate to do so on the Investor Meet Company platform. Before we begin, I would like to submit the following poll, and as usual, if you would give that your kind attention, I'm sure the company would be most grateful. I would now like to hand you over to CEO Oliver Hasler. Oliver, good afternoon, sir. Good afternoon, everyone. Very happy to be here with you. I guess we have presented now this is the fifth yearly results presentation, the fourth to be exact. Today we're going to be informing on the results for the year ending December 31st, 2023. I'll be giving you an overview of the key highlights of last year's results as well as a summary on where we stand on our strategy. Like always, I will assume that you have read the disclaimer on page 2. 2023 was a hugely successful year for our company. We delivered strong volume growth and operational performance on the back of very strong business fundamentals. We finished the year on a very powerful note with a healthy bank balance and a positive underlying EBITDA, global investor support, strong demand for our growing product suite, and most important, a safe workplace. We're particularly pleased to have continued to grow our premium zircon production numbers and have been successful in adding the highly sought-after commodities of rutile and ilmenite to our product portfolio. A very important part of our accomplishment this year lies in the strategic decision to enhance trade dynamics by actively expanding our customer base in the Asian markets, particularly in China and India. We're also very proud about our safety and environmental record, and sustainability remains a major focus of our operations. We look forward to further strong growth in 2024. Once again, I want to thank you all for the support you have given us throughout the year. For those who are new in this presentation, I'll give a short summary about our company. As you know, PYX Resources is a mineral sands mining company with very large resources. Mineral sands is the category that encompass zircon, rutile, and ilmenite, and also usually contains rare earth. You have all seen zircon. When you look at your ceramic tiles, your dinnerware, or your bathroom furniture, what covers it, what makes it white, hard, scratch-resistant, chemical-resistant, that is zircon. It's also used for teeth and other products. As I was saying, we're a very large resource. Our company is the third-largest producing mineral sands company based on our zircon resources. We're listed since 2020 on the National Stock Exchange of Australia and dual-listed on the main board of the London Stock Exchange since November 2021. We have a large resource. We're a listed company. We are in production since 2015. Not only do we have a very high large resource, we're also known for our superior quality. On one side, we have a very high assemblage value. Whereas most of the mineral sands mining companies you know are ilmenite companies with byproducts of zircon and rutile. We're a zircon mining company with byproducts of ilmenite and rutile. Why is this important? Zircon is by far the most expensive of these minerals, around $2,100, and ilmenite is selling today at $250. Basically, we have much more of the expensive stuff, which gives us a higher natural margin. We're also known for the Kalimantan quality in sense of we have a very high whiteness, we have low radioactivity in terms of uranium and thorium, and we have a low alumina and titanium dioxide content, which makes us ideal for the fused zirconia industry and for the industries using zircon for high-tech applications. These are semiconductors, batteries for electric vehicles, solar cells, nuclear power plants, et cetera. Timing for our project could not have been better. In 2021, what was projected by the industry for many years and delayed by one year from COVID, there was more demand than supply, and prices skyrocketed. We went from $1,400 /ton to $1,900/ton. Even during the last 18 months with the world crisis and slowdown, prices increased up to $2,100. It's a very solid category because of this lack of supply. Also, since over the last three years, most of the developed countries have included zircon, titanium, and titanium dioxide, so rutile and ilmenite, within their critical minerals category. These are minerals required towards the transition to zero- carbon emissions. All three of the minerals we mine are critical minerals. The biggest mining companies for mineral sands in the world are in Western Australia. You know that the biggest market is China because of the tensions between both countries has made our mine in Indonesia an ideal supplier. Indonesia is the biggest Belt and Road country, and with that, a strategic ally of China. Chinese-like companies like buying in Indonesia. We have also made sure to operate in Indonesia under international standards, building our operations on a sustainable platform, investing into the local communities in which we operate. As a result of this, you will see a summary of results. In 2023, we had a growth of 24% of our zircon volume sales up to 11,350 tons and 20% increase in total sales. We had a strong revenue of $22 million, just almost $23 million despite the softness of the market. Underlying EBITDA grew by 61% to + $700,000. This is a very important number. We're only in our 3rd year of operation since the original IPO, and we have to remember that the original IPO was on February 25th, 2020, exactly when the markets or the countries closed because of COVID. From the three years, two of them were Indonesia was almost not accessible. We have really been active operating this mine or influencing the mine for just a year, and we already have positive EBITDA. Our net cash position grew by 8%. We're at $8 million on our balance sheet, and very important, we are, we have no debt. Our premium zircon inventories grew by 22%, just because of as a result of our growth of production. Our inventory remained at 17 days, which is just enough to prepare for the next shipment. All of our production since the beginning of the product has always been sold. We also decreased our personnel by 22%. This is done by attrition and is the result of our increase in efficiency. During the 12 months to December 2023, the company made significant headway in establishing itself as a leading player in the premium zircon market. Since our listing in 2020, we focused on delivering our strategy and creating shareholder value. The company performed strongly in 2023, mainly through the boost of premium zircon production and sales, and consequently, as I mentioned before, our revenue remained flat even if our average price was reduced by 19%. I just mentioned that prices had continuously going up. We have been selling on spot markets, and in 2022, when the world prices were $1,900, we sold up for $3,100. There was just no zircon to be obtained. When you're on spot market and the prices and the demand is flat, obviously the spot market has fallen, but the contract market is still very, very strong at $2,100. As you can see here, we have a positive underlying EBITDA, and our sales numbers, as I mentioned before, have grown by 24%. I also wanted to mention, you see a big loss in EBITDA of just over $10 million. This is mainly due to non-cash expenses. That's why it's important to analyze those with the underlying EBITDA, which are mainly incurred in fair value changes of the financial instruments and the cancellation of performance rights as we canceled 20 million performance rights. That is what mostly created a negative EBITDA. If you look at the underlying, this is the true result of our operation. At the end of last year, we remained debt-free and with a strong cash position which grew compared to 2022. This is mainly the result of the increase of operating working capital of about $1.9 million. We invested $2.5 million in CapEx, and we had a + $5 million income from financial activities, which shows the strong support we have from our shareholders. Strategically, we are located in Central Kalimantan, both of our mines. Our offices are in Palangka Raya, and this is important because this is a low CapEx in the logistics sense. Most of the mineral sands mining projects have the lion's share of their CapEx used for logistics. We're based in Palangka Raya, which was the prospective new capital city of Indonesia, and as a result of that, we have an international airport, we have hospitals. All the roads to most of our tenements and to the factory are government-paved roads, also to the ports. We have two major ports, Banjarmasin and Sampit. These are deep sea ports from which we export our goods. These are ports that are used to export iron ore, coal, palm oil, so high volume products. We have no need to invest in this. Most of the mineral sands mining companies or projects in the world have to build their own ports and their own roads. If you look at the zircon market, I mentioned at the beginning, typically the traditional uses of zircon are in ceramics, in the foundry industry, refractory, the bricks you see in glass and metal furnace are done out of zircon, and in chemicals. It's also applied in high-tech applications such as semiconductors, implants, solar cells, fuel cells, and batteries. Very important is if you look at the chart on the top right side, you will see that for the past over 15 years, although zircon is a commodity, so like every commodity goes up and down, and you cut through the super cycle in 2012, zircon prices have constantly been going up and now exploded. On the bottom left, you will see the balance between supply and demand. It was predicted that there would not be enough supply for the growing market, delayed one year because of COVID. In the future, the industry believes that this gap between supply and demand will continue to grow at a rate of over 2.5%. Even if you add all the new projects, they're not enough to compensate for the large mines reaching the end of their mine life, like Iluka's mine in Western Australia or Richards Bay in South Africa. The new projects will not be able to compensate if we assume that they will start on time in the new volumes they have been projecting. As you all know, the junior mines will have a difficult time receiving funding over the next years. Probably this will delay the projects, and with that, there will be an even more important lack of supply. I'm very bullish about the future of the zircon market. The same for the titanium dioxide. We announced last week that we have obtained the license to export ilmenite, something we had been looking for. Titanium is 90% of the titanium dioxide, so the rutile. Ilmenite is used to produce synthetic rutile, and 90% of the rutile is used for the pigmentation, what makes your paper white, that is titanium dioxide. Secondly, it's used for welding rods, and then a small part is used to produce titanium for the aircraft industry. We have obtained the license to export our by-product ilmenite, which we are loading at this moment in time. Very, very shortly we will be announcing our first export. For the last years, we started production of rutile and ilmenite in 2022. We have been stockpiling it, so we have over 10,000 tons of ilmenite. 2024 will be a strong cash year because we will be able to sell these by-products that we have been warehousing customers. Since the beginning, we have made sure that we have a very diverse customer base with blue-chip customers around the world in different geographies and industries. This diversification showed to be very important. When we started the project, we were selling mainly to Europe, so to Spain, France, Germany, and the U.K. In 2021, with the crisis in the West, we were mainly selling into China. Over the last year, mainly with the worldwide crisis and the softening in the market, we increased our sales into India by 126%. We have compensated our lack of sales in some geographies by having new geographies. Our customer base during the year grew by 23%. We remain selling 100% of our production in U.S. dollars, all prepaid, so we have reduced risk from exchange rates. Very important for us from the beginning is we grew our entire project on a sustainable base. We have done significant efforts in developing our sustainability program, which supports and benefits the environment and the communities in which we operate. To this end, we launched a program called PYX Cares, which is inspired on the UN Sustainable Development Goals in the five categories: planet, people, prosperity, peace, and partnership. During 2023, we continued our program with our commitment with the UN, which we started in 2021. This year, we have aligned with the UN Global Compact Initiative and signed our progress report. Last year, some of the projects we did, we're probably the only a company that has participated in Central Kalimantan with the Indonesian Red Cross initiative. We have, where all of our people have the chance to participate in blood donation. We built a cultural learning house in the local school where we're doing an initiative for the children to. We're improving their learning environment. One of the initiatives, we have a traditional dance initiative for young girls between eight and 12. We also look for the health of the children with our program, where we examine their health every year for all children in the surrounding schools of elementary schools. Don't forget, our materials, zircon, rutile and ilmenite are critical minerals required for the transition to carbon zero. With that, we are participating in the future improvement of the environment. What can be looked for? For those that have followed us from since the beginning, since 2020, the goal was always very clear. We want to our five-year plan as far as operational is concerned, is constantly growing our zircon volumes, which we have, and 2023 was no exception. We started manufacturing the byproducts rutile and ilmenite. Last week, we announced that we had obtained the license to export ilmenite. We're the first company in Kalimantan to do so after three years of lobbying with the local governments. It's the transition to move from third-party contract miners to drastically reduce our costs by mining ourselves. We have installed a test unit, so that is something that we should start bringing up to scale during this year. Strategically, we said that we're since we're the only industrial company mining for mineral sands in Central Kalimantan, the same way we acquired Tisma, we're constantly looking for new tenements to consolidate and become that way, the consolidator of the mineral sands industry in the world. If you look at the research done on our company, there's two investment banks doing so, one in Hong Kong and the other one in London. WH Ireland just published their results of the research on our company. If you look at the future, they have EBITDA margins of 65% once we reach our five-year goal of 48,000 tons. With this, I would conclude my presentation and be happy to go through the questions. Perfect. Oliver, thank you very much, indeed for your presentation this afternoon. If I may just jump back in there, and what I'll do is I'll just bring back up your camera now as well. 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 company takes 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, we obviously received a number of pre-submitted questions ahead of today's event, and as you can see there in the Q&A tab as well, we've received a number of questions, throughout your presentation this afternoon. Thank you to all of those on the call for taking the time to submit their questions. Oliver, at this point, sir, if I may just hand back to you to read out those questions and give your responses where it's appropriate to do so, and then I'll pick up from you at the end. Thank you. Perfect. The first one is from Gordon at Edelweiss, who have been following us since the beginning and have been a very loyal shareholder for our company. "Now that you have obtained ilmenite shipping export green light, how do you see your mineral sands revenue evolving over the next three years?" Well, obviously, it will increase them. The biggest part of our revenue will always be zircon. That's our main mineral that we mine, and it's by far the most expensive one. With the ilmenite, as I mentioned in the presentation, we have 10,000 tons in inventory, plus what we're going to produce this year. That's about 13,000 tons, with the costs in the past being absorbed all with zircon. These sales will be a hundred percent margin, and so will be an important entry of cash. If you look at the actual prices of ilmenite, which are around $250/ ton, this should give us some number around $2 million-$2.5 million, plus rutile coming, and then probably we're looking at selling our monazite, which contains rare earth. We are expecting to have a strong year as a result of these rutile and ilmenite on the back of our growth of zircon. Another question: "What major catalyst will affect this stock going forward?" I guess the most important is us continuing to announce what we have said was set in our plan for the last three years. Increase of zircon volume in sales, obviously continuing with what I just [audio distortion] Sometime at the end of the year, I expect the market to tighten again with the world's coming out of this crisis, especially China has started. In the last months, we saw some movements, prices went up $100, and they consume 60% of the zircon. The moment China reactivates its industrial apparatus, we should be able to see a strong push on prices. Charlie from Phoenix Fund Solutions, also a group that has been following us for a long time. "PYX has recently announced that it has received the modified license for export ilmenite from the Indonesian Authority and will start shipping. Are you expecting the same permit to be received sometime in the near future for rutile?" Absolutely. When? Any day. These things, one day they call you and said, "You can come up and pick up your license." I think it should be immediately after the ton of ilmenite. Any day. Despite the challenging global economic recovery and regional turbulence, PYX continued its upswing in zircon production and achieved another 31% increase in zircon production, 24% increase in zircon sales. How does PYX achieve this under your management? Do you expect PYX to continue this trend and ramp up production? Yes. As you know, our plan is to reach 48,000 tons, which would put us in a very profitable situation. Our actual installed capacity in the plant is 24,000 tons. The next milestone is to achieve 24,000 tons. We will then be in a profitable situation. We will use part of that cash to double the size of the factory. We have already bought land just next to it, so it's relatively easy to expand by adding the same what we have today. It is by adding shaking tables, dryers and high-tension separators. We're seeing new technology trend creating new demands for zircon, such as demand for zircon as a raw material source for solid-state batteries. What is PYX's positioning addressing these new demands from the latest technology advancements? Obviously, we have an interest in selling to these new sectors, which are the ones that are growing at the fastest pace. We have also an economic interest to do so because the cost factor of zircon in their products is small. Even if prices go up, it does not make the difference within the total product range. While categories like ceramics if zircon goes up, the ceramics suffer under it because it is a very important part of their cost. We have a true interest in selling to these emerging industries. I have another question here from Simon. What capacity constraints do you have on production and inventory? As far as production, I mean, again, we just finished at short of 12,000 tons. We have a capacity of 24,000 tons, so until there, none. Inventory, we have a warehouse that can hold outside warehouse but within our premises, but just outside of the factory, a new warehouse for 10,000 tons. We can have 4,000 tons within the factory. We intend to sell the ilmenite during this year, so that warehouse will end up having 3,000 tons. We usually just produce enough inventory to prepare for the next shipment. So inventory-wise, we do not have a constraint. How best should investors view the business when comparing EBITDA and underlying EBITDA, and how much is zircon price an influence on executing your strategy and allocated capital? As far as EBITDA and underlying EBITDA, if you go through our annual report, you will see that most of the EBITDA expenses that gave us a negative have been non-cash. Mainly the canceling of shares, which in Australia, what you have to do when you cancel shares, you have to accelerate all of it. You have to pass all of them through your P&L, which created this huge loss and the same from other financial instruments, but they're non-cash. Really the result of the operation is the underlying EBITDA. During 2024, most of these non-cash elements will have disappeared, and you will have. I expect a very little difference between EBITDA and underlying EBITDA. How does our price influence the execution of our strategy? At higher prices, obviously, we generate much more cash. If we look at the worst-case scenario, I mean, we put into our strategic document a zircon price of $1,500, and it's a very profitable project. I don't see prices ever going back to that. Again, they have been very stable now for 18 months at $2,100. I see more chances of this going up, which will allow us to grow faster. Another question here from Muggli. Please elaborate the plan for Tisma project. For Tisma, first of all, it is a good acquisition. At the end, it adds assets to our company, and with that, all the valuations are asset valuations, so it adds value to our company. Also, in February, we just obtained the relicense of Tisma, so we have 10-year license for 10 years, so this gives us much more visibility. For the moment, we have not invested in Tisma because we are on a tight cash protection. The world is this weird place this year. Even if we're doing well, we don't want to invest all of our cash in the operations and want to have a safety net. We're growing organically in Mandiri. If we happen to find the right shareholders that are willing to invest in our company, we would entertain to start Tisma with exactly the same project we did in Mandiri but go directly into in-house mining. That would require to start to bring it up to 24,000 tons, about $15 million. Okay, I guess I answered that. Those are all the questions. Absolutely, Oliver, and thank you very much indeed for being so generous with your time and addressing all of those questions that came in from investors. 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. 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 to wrap up with, that'd be great. Sure. We were very happy and proud about the results last year. Most important is my message has been very consistent. Every time we have sat together, I give you exact. We will grow our zircon production. We will get the license of the byproducts. We are working on drastically reducing the cost, and strategically, we will become the consolidator. I think with the news we have been sending out, you have seen that the news flow has exactly shown and consistent that we have not changed the direction we're going in. We have executed it according to the plan. If you look at today's share price, it's very low compared to what investment banks consider fair value. I think we're an immense opportunity for any investor looking for a long-term investment. Thank you very much. Perfect, Oliver. That's great. Thank you once again for updating investors this afternoon. 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 Ltd, we would like to thank you for attending today's presentation.