PYX Resources (PYX) H1 2024 earnings summary

Executive summary

• Achieved first positive EBITDA since listing, reaching US$22.8k for HY 2024, a turnaround from a US$9.8m loss in HY 2023.

• Underlying EBITDA surged 457% year-over-year to US$732k, reflecting operational efficiency and cost control.

• Maintained a robust balance sheet with US$7.6m cash and no debt, supporting future growth and acquisitions.

• Despite weather-related disruptions, total mineral sands sold increased 84% year-over-year to 9.5kt.

• Received Gold ESG Excellence Award from the Zircon Industry Association for sustainability practices.

Financial highlights

• Sales revenue declined 11% year-over-year to US$8.83m for HY 2024.

• Cash cost of production reduced by 28% to US$6.4m.

• Net loss after tax narrowed sharply to US$136k from US$9.98m in HY 2023.

• Total assets increased 5% to US$98.8m; total liabilities rose to US$15.2m.

• Cash flow from operations improved, with net cash used in operating activities at US$1.19m, down from US$1.44m.

Outlook and guidance

• Expects continued strong demand and pricing for premium zircon due to global supply constraints.

• Operational improvements and new licenses are anticipated to drive higher production and sales in H2 2024.

• Focus remains on leveraging efficiencies and ramping up production to enhance financial performance.