PYX Resources Ltd (LSE:PYX, NSX:PYX) told investors it performed strongly in the fourth quarter thanks to a boost in premium zircon production, sales volume growth, and ongoing price increases.
The company, in a statement, said it produced 2,192 tonnes in the three months ended December 31, marking a 33% increase in production volumes year-on-year, whilst total volumes for the year was up 10% to 7,233 tonnes.
Fourth-quarter sales amounted to 2,105 tonnes, up 13% on the prior year, and for the full year was up 2% to 6,855 tonnes.
“The mineral sands industry is currently experiencing a strong upcycle, and market conditions are now ideal for the implementation of the company's growth strategy,” said chief executive Oliver Hasler.
"2021 was a truly momentous year for PYX Resources and with our ambitious expansion plans for 2022, I look forward to delivering on the next phase of our growth trajectory."
PYX highlighted that in 2021 it became the 2nd largest publicly traded producing mineral sands company by zircon resources after it acquired Tisma early in the year.
June’s £6.1mln fundraise meanwhile enabled the company to accelerate its growth plans, starting with Mandiri's Minerals Separation Plant (MSP) which is increasing the operations capacity four-fold, to 24,000 tonnes per annum. It also allows for the production of rutile, leucoxene, and ilmenite.
By November, the company added a dual listing onto the Main Market of the London Stock Exchange.
PYX highlighted that the timing of the London listing was ideal as it coincided with the buoyant pricing cycle premium zircon is currently experiencing.
It noted that London is a leading destination for natural resources companies and has a strong network of brokers, analysts, and institutional investors with a deep knowledge of the global mineral sands market.
“The LSE Dual Listing has provided a platform to broaden our investor base to include institutional and other investors, as well provide as access to a highly liquid market,” the company added.