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 can review all questions submitted today, and we'll 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 if you could give that your kind attention, I'm sure the company would be most grateful. I would now like to hand you over to Chairman and CEO, Oliver Hasler. Oliver, good morning, sir. Good morning. Thank you very much. Good morning, everybody. Thank you for joining us today. I'm very pleased to welcome you to this PYX Resources full year 2023 operational results presentation. I'm sure some of you have read it from the press yesterday where we released our results. What I want to do today is give an overview of the key highlights from our 2023 12 months operational results and also where we stand as far as the delivering of our strategy. I will assume, like always, that you have all read the disclaimer on page two of this presentation. As you will see, 2023 was a very successful year for PYX Resources in which we delivered very strong premium zircon production and sales growth results together with a generally good operational performance on the back of very strong business fundamentals. We finished the first 12 months of the year on a powerful note with a very healthy bank balance. We finished the year with a higher net cash balance than we finished the first six months and last year. These numbers are still not yet unaudited. Last year showed a strong global investor support with a strong demand of our products in new geographies as we're going to see. Most important, we continued with our safety record with zero injuries with zero absences. In particular, I'm pleased to continue seeing the improvement of our licenses. It has been a very strong year on licensing for both of our tenements, and we obtained the rutile and ilmenite export license, something we have been working very strongly and lobbying in Jakarta. Like always, we have continued with our program, PYX Cares, which is our sustainability project. I'll let you look at my biography afterwards, and I will start. For those that are listening for the first time, I'll give you an overview of our company. As most of you know, PYX Resources is a mineral sands mining company with very large resources. We're the third-largest producing mineral sands company based on zircon resources. Zircon, you have all seen zircon. Zircon is what covers ceramics, what makes your tiles, bathroom furniture, dinnerware, what makes it hard, scratch-resistant, chemical-resistant and white. That's zircon. Exactly for the same reason, that's what covers, for example, the space shuttle, the Ariane program, turbine for airplanes, and also it's what the fake teeth is done. There's other applications like nuclear power plants, et cetera. We are listed in the National Stock Exchange of Australia since February 2020 and dual-listed also on the main board of the London Stock Exchange since November 2021. We are in production. The Mandiri tenement has been in production since 2015. Not only do we have a very large resource, but we're also known for our superior quality. On one side, Kalimantan sands have a very high assemblage value. Most of the mineral sands mining companies in the world are ilmenite mining companies with byproducts of rutile and zircon. We are a zircon mine with byproducts of rutile and ilmenite. Why is this important? Zircon is by far the most expensive of these minerals. Every time we get one ton out of the ground, we have a higher margin given to us by nature. Also, Kalimantan sands are known for the high quality in terms of their high whiteness, low radioactivity of uranium and thorium, and low alumina and iron content, which make it a desired product for those that do fused zirconia, which is where you use zircon for high-tech applications such as semiconductors, batteries for electric vehicles, solar cells, et cetera. Our project, the Mandiri project, is also a low CapEx project. Our offices are located in Palangka Raya, which is the capital city of Central Kalimantan. This was one of the candidate cities to become the new capital city of Indonesia, and as a result of that, we have an international airport. We have hospitals and hotels. The entire road to our factory and both of our tenements is a government-paved road. We also have a government-paved road to the two major deep sea ports of Banjarmasin and Sampit, where we can export our products worldwide. This is important because most of the similar mining projects have to build their own roads and their own ports, which is a huge CapEx item. Timing for our project could have not been better. There is not enough supply for the forecasted demand of the project, which has increased the pricing. In 2020 when we started, zircon prices were $1,400 per ton. Today, zircon is sold in the international market by around $2,000 per ton, even in the actual economy. Also, the biggest producers of zircon in the world are Australia, while the biggest consumer is China. You know the relations between Australia and China are not that good. We are in Indonesia. Indonesia is a Belt and Road country, and with that, a strategic ally of China. China likes buying our zircon products. Also, over the last years, zircon has been announced by most of the developed governments in the world as one of the critical minerals required towards the transition to carbon zero. In general, our projects that we started with the, when we went public in Australia was always built on a very strong sustainability foundation. On this slide, you can see the results, operational results for the first 12 months of the year. You can see that we produced 11,800 tons and sold 11,400 tons of premium zircon, rutile, and ilmenite, showing a 31% increase of premium zircon. On the other side, we have a reduction of 11% of total minerals produced. That is because we focused on zircon, that is the most expensive on the minerals, and we did not focus this year in going and producing our tailings, which we still have from previous years. We focused on premium zircon, which increased in production by 31%. Our sales of premium zircon increased by 24% and our total sales by 20%. I think this increase is particularly important if we consider the sluggish economy during 2023 in most of the world markets. Encouraging also was the second semester, which showed a premium zircon production increase of 29%. Sales followed exactly the same trend with 18% increase from July to December. From the beginning of our project, we had made sure that we diversified our customer base. This is important because the world economy over the last three years has changed very strongly from one geography to the other. When we started our project in 2020, most of our sales were focused in Europe. For the last nine months, for example, we shifted most of our production to China and with a very strong increase to India. This diversification with blue-chip customers all over the world has helped us to navigate over this difficult economy and the different geographies of the world. Our premium zircon inventories have increased by 22%, but this as a result of our increase in sales, while our days of inventory are only 17.1%, coming down from 17.5%, so we have reduced our inventory turn since last year. In general, all of our production is sold. We only have the inventory that we need to prepare for the next order. Also important is we have accumulated 10,000 tons of ilmenite plus rutile, which will be very important in our financial results in 2024. We have absorbed all of our cost in the zircon production, so the sales of titanium dioxide will be done at 100% margin. In addition to our operational fundamentals, 2023 was a very important and good year in licensing, which secures our long-term visibility. Facilitated by Indonesia's positive regulation environment, we received several licenses during 2023. On one side, we received a renewal for the exploration and mining license for our Tisma deposit for the next 10 years. Usually, licenses have been given for five years. We managed to get a 10-year license for Tisma, which gives us a very good long-term visibility in this tenement, which could represent, in the future, a very large expansion project. We were also awarded with the license to export ilmenite and rutile ores in 2023. We received a license to export 24,000 tons of zircon, 20 of rutile, and 50 of ilmenite together with where they're allowing us to export other products such as silica, et cetera. We're now waiting an amendment of this license where we have to integrate the export port, which in this case is Jakarta, which we should be receiving over the coming days. On the sustainability side, we have continued to invest in the local community. For the third year in a row, we have participated as the only company together with the Indonesian Red Cross in a blood donation. We have been protecting the health, in particular, the one of the children of the local communities. We're continuing with the process of planting Bengkirai yellow trees, which is the local trees we have. We're in the process of planting 10,000 trees on and around our tenement. As far as employment, we employ 28% of female employees, which is higher than the normal in our industry, five percentage points higher than last year, and 47% of our workforce are local Dayak employees, and 96% of our total group workforce are Indonesians. Moving over to the next slide. As you can see, our full investment case. On one side, we have a high demand for our projects. On one side, because there's not enough zircon for the future outlook demand in the world, and on the other, because we have a very high quality of projects, of product in our tenement. Operationally, year after year, we have been focusing on increasing our production, volumes. Also diversifying our product offer, which we have obtained now with the new licenses of rutile and ilmenite, and we're working on drastically reducing the cost by substituting third-party miners by our own in-house mining. There's also upsides where we can explore, different parts of our mine, increasing the assets, so we can drill, holes in new places of the mine, and we can drill, deeper. Very important is this, our minerals, so all of them, zircon, rutile, and ilmenite, are critical, minerals which are required for the transition towards carbon zero. We have a very flexible global network of clients which allow us to follow the world economy. We have also had a very strong support from our investors. We have a strong liquidity on the London Stock Exchange. It is a category very long-term. If you look at all our peers and all the investment banks that follow this industry, you will see very clearly that even if you add all the new projects that are coming along and assume that they will come on at the right time in the right volumes, there is not enough new supply to compensate for the lack or the loss of productivity with the bigger mines in the world reaching the end of their mine life. There's also a very strong investment case for you, I hope, future investment. The latest research done on PYX from the investment banks, both in Hong Kong and London, show a huge upside potential in our share price. The consensus share price is GBP 1.4, while our actual share price is around GBP 0.16. Representing a huge opportunity, and that's just against the actual fair value of our share price and not representing the future potential. In summary, as you can see, we had a very strong performance on one side, on the operational side, increasing our volumes and focusing now on rutile and ilmenite as far as future sales, with still a huge potential in reducing our costs. Strategically, I'm still convinced, and we're continuously looking at new assets, we can become the consolidator of the mineral sands mining business in Indonesia. We're constantly looking for new potential acquisitions of assets. Thank you very much. With this, I conclude my presentation, and I'm open to answer any questions you might have from the floor. Perfect. Oliver, thank you very much for your presentation this morning. If I may just jump back in then, I'll 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 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, 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. Oliver, if I may now, sir, just hand back to you just 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. Sure. Perfect. Okay, the first question: What is the outlook of the zircon industry and prices given the current weak world economy? Yes. I mean, most important is that the prices has still been strong, even with the actual economy. The increase of demand coming from India has compensated for a lot of the losses, mostly in the Western world. As I mentioned, the bigger mines in Western Australia and South Africa have been losing productivity, and with that, production. There's still a good equilibrium between supply and demand, which has allowed prices of premium zircon to remain constant in the world market. All the projections still indicate that in the medium and long term, there will be a very strong lack of supply. This will continue to grow. This lack or gap between supply and demand will grow at around 3% per year, which would make the problem much bigger. The world expects a big pressure on prices that will probably increase. I'm very, very bullish on the future of zircon prices. Second question is: With employee number lower, what has driven the efficiency in production and increase in production? Is it sustainable? Yes, we have reduced our employees by 22% and the production has increased by 31%. I mean, we're a relatively new project. We started in 2020. As you all remember, two of those years were COVID, so we had little access to the operations. As we can access them now, we're just being more efficient because we are doing things better. We have been able, through attrition, to reduce the workforce and increase the productivity. As we grow in volumes, there is a big amount of supply of local workforce. We're not sacrificing production by focusing on reduction in employees. We just want to have the right balance. We're in a low-cost country, so the priority is not margin increase by employee reduction. We want to make sure that we're managing a good business. I believe that as volumes increase, we will be able to hire locally again. The sales increase is great to see. Are you selling spot or looking into contracts to offtake? Could you also confirm at what sales volume and price we see breakeven beyond this? Can you highlight the margin assumption we should expect, cost of production over sales and the like? Okay, today, with a weak economy, we're selling mostly contracts. What we do is we negotiate with our customers on a three-month basis at international prices. Typically, when the market has a big lack of supply and pricing peaks, that's when we sell on spot, mainly into the Indian and Chinese market, which is what we did in 2021. Today we're selling contract-based prices, which we negotiate on a three-month basis. Next year we should see... I would prefer to get into the numbers once we release the financial results, but our numbers are very close to the research done by two investment banks that follow us. Both on one side we have Cedrus in Hong Kong, and the other one is WH Ireland in London. I would refer you to those documents to look at the forecasted P&Ls. During 2024, we should see a strong increase. On one side, driven by the increase of zircon production. As you saw, we had a quarter where we produced 4,000 tons, which is a speed of 16,000 tons. We have a potential of a very strong increase in zircon. Also because of the rutile and ilmenite, which we have 10,000 tons, which today the market of ilmenite is around $300 per ton and rutile is over $1,000. We have a very strong potential of dramatically increasing our bottom line. As I mentioned before, rutile and ilmenite has no cost since all the costs have been absorbed in our zircon. What progress has been made in the past year on ESG and activities and credentials? We joined the United Nations Global Compact in 2022, in August, I think it was August 2nd, 2022. We released our first report in November 1st, 2022. We reaffirmed that in March 2023, and we will do that again in March 2024. Since the beginning, we have made sure that we focus where we make the biggest difference, that is the local community. I'm very proud to say that we are probably the only company in the region that works under international standards. With that, we serve as a benchmark for other companies. We are liked by the local and by the government in Jakarta. We have received an award from both local and the central government for our zero accidents, also on the way we behaved with COVID. People look towards us. Even our competitors have asked to visit the factories. They are benchmarking. I think as we operate on international standards and continue with our PYX Cares project, the area will profit as people will want to, I guess, imitate what we're doing. Also, the customers that have come and visited, audited us, have been satisfied with our standards, and I'm talking about mostly European customers. "With the supply-demand dynamics as they are, has there been M&A activity in the zircon market to control supply?" There has been, but mostly on the industrial side, so not on the mining side. On the mining side we're the same players looking for new tenements, so also our peers have looked for new solutions on where they can mine in the future. While there has been M&A activity in different regions, mainly by the millers, so those that buy our products, process them and sell them then to the final industry. That was the last question. Oliver, absolutely. Thank you very much indeed for being so generous with your time then, 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. 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 would be great. Thank you. Sure. Thank you very much for your time in listening to our presentation. I know many of you have been returning to these conference calls. Very happy with the results. In this time in the world, that does not happen very often. I mean, we're growing in our sales, we're growing in operation. We have cash. We have zero debt, which is a very important position to be in today's times. It's very difficult for junior mines to have access to cash since most of the investment companies are keeping or sitting on their cash that are not investing. We have a strong operational results. We have cash on our balance sheet. We have no debt. We have a big upside on the share price. I hope to see those that have not invested in our company as future shareholders. Thank you very much. Perfect, 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 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.