PYX Resources Limited provided an update on the shipment of ilmenite. On the 17 August 2023, the Company announced that it had obtained the licence to export rutile and ilmenite from the Investment and One-Integrated Services Department (Dinas Penanaman Modal dan Pelayanan Terpadu Satu Pintu/DPMPTSP). A subsequent change introduced in December 2023 bythe Industrial and Trade Department for Export Tax Billing, requires the exporter to use two types of Port, Loading Port and Export Port.

The licence, which the government originally issued only stated the loading port in Banjarmasin. A request to modify the licence has been made to the Trade department and anticipate receiving the revised licence imminently. Accordingly, the Company will have to delay its actual ilmenite orders until the amendment of the licence is granted.

Further updates will be provided in due course as appropriate. PYX has been producing and stockpiling ilmenite and rutile since 2022, and by the end of December 2023, has accumulated 10kt of Titanium Dioxide material (pre-audit). The start of shipping will represent a significant milestone for the Company and strengthen its financial position through the diversification of its revenue sources.