IN BRIEF: PYX Resources shares down as loss narrows but revenue halves

PYX Resources Ltd - Indonesia-focused zircon and mineral sands producer - Pretax loss narrows to $4.1 million in 2024 from £10.5 million in 2023. This is driven by total expenses being reduced by 55% to $15.1 million from $33.2 million. Revenue, however, also halves, to $11.0 million from $22.7 million. PYX reports a loss per share of $0.75 for 2024, against a loss of $2.32 per share in 2023.

At the end of February, PYX was hit by a hike in royalties on the export of zircon, rutile and ilmenite from Indonesia. The royalties are now 20%, on an increased base price of around Rp4.8 million per tonne, about $293.50, against the prior 4% royalties on a Rp3.0 million base price.

At the time, Chief Executive Officer Oliver Hasler said this was expected to have ‘a big impact’ on the Indonesian mineral sands industry.

Current stock price: 1.40 pence, down 28% in London on Friday morning

12-month change: down 91%

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