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Started: Roy-SR, 26 Jun 2024 18:05
Last post: Roy-SR, 26 Jun 2024 18:05
In the halls of PXC, the whispers grow low,
Eighty million they raised, but the shares fail to show.
Promises were golden, the future so bright,
Yet shadows now linger, eclipsing the light.
-
Investors once hopeful, now hold onto loss,
Sixty percent down, they shoulder the cost.
Years drifted by as their patience wore thin,
While the market's great seven just watched them begin.
-
Magnificent marvels, their value ascends,
Doubling and soaring, with gain without end.
Missed chances like echoes, haunt every mind,
Regrets intertwine with the hope they can't find.
-
Eyes on the ticker, they watch in dismay,
PXC's numbers refuse to display
The dreams once envisioned, the profits once dreamed,
Now distant and faded, like moonlight that beamed.
-
The boardroom grows quiet, the outlook is stark,
The future seems distant, ambitions grow dark.
With funding in pockets but prospects so dim,
PXC's horizon looks terribly grim.
-
No end in the distance, no glimmer or sign,
The faithful are weary, their spirits resign.
As other opportunities shine bright and bold,
PXC's tale remains a story untold.
Last post: InTooDeep999, 26 Jun 2024 10:08
The answer to this question is unknown to us PIs. IMO, FWIW, it is unlikely the exercise window/price will be changed. They should lapse.
Will the exercise of 38.5p warrants be extended again?
Started: GST255, 24 Jun 2024 08:44
Last post: sportbilly1976, 26 Jun 2024 08:57
That could well be a valid theory - if he wants to increase to a significant round number, why not pick them up cheaply and when there is some apparently liquidity of supply too....one might suggest some of the selling volume is from those who bought in the 10-12p range and are taking their 100% profit or so - a decent return for a few months
Since the announcement of the funding news we have been held in a 23-25p range despite some nice trades 250k, 260k at the days highest price, almost without a ripple to the sp. Now how the tranches were set up, and a bit of uncertainty as to Caner's real intentions, has created the perfect storm into which a slow subtle buying spree could take place virtually unnoticed. Why would he wait until the 2nd, 3rd, 4th or 5th tranches have been released before he went on his buying spree to get a few million more towards his 25%, with an ever increasing share price. I don't think he would, or maybe it's someone else sneaking a few in the pot.
Started: london_, 13 Jun 2024 20:21
Last post: InTooDeep999, 19 Jun 2024 19:08
Https://x.com/donaldpond6/status/1803478643861004542?s=52&t=2sykSm6indEO7XIqtVce4Q
Posted on Telegram just now.
*Buys that is
Looks like a couple of chunky bits - 250'000 shares.
The next steps are likely to be receipt of tranches 2&3 ($5m and $20m), equipment purchase and groundworks at Empire, PFS/Financial analysis, broker notes, Permit application / Plan of Operation (all these before the end of summer), pit contruction (end of this year and all of next), tranches 4&5 (2x $25m) during 2025, then permit approval.
The permit approval is the only unknown timeframe, but 12-18 months from submission would be a sensible guess, dependant on whether we need an ES or EIS as part of the NEPA process.
The curveball, as ITD999 suggests, is M&A. Caner did mention supporting inorganic growth at the AGM, so this indicates that at least conversations are being had on the subject. We could find ourselves becoming a producer sooner than we think, and create some new synergies along the way.
The focus is on the open pit at Empire right now, but that's just the starter. The main course is going to be much more delicious, and the cherry on the dessert could be a nice takeover by a mid-tier or major within 4-5 years.
Nobody knows what price that would be at, but you can safely bet it won't be 25p a share....
Depends on whether you're looking long or short-term here I guess. Mid-tier M&A would be great short-term, but turning the company into a mid-tier itself would be better for LTH.
Started: Multiplier7, 10 Jun 2024 14:16
Last post: Neonin, 13 Jun 2024 14:14
Some nice chunky trades going in at the ask, looking to challenge 26p again.
Buying and accumulating, feel consolidated well and not long before begins move upwards imo.
As I said before. PXC are now buying mining equipment. The PFS will not be accurate until that procurement process is complete. Once PFS is finalised we get broker notes. Just need to buy the dips and wait it out for a bit.
The company are working up their strategy to inform the wider market. It’s coming we just need to wait until they are ready
I must say there is a fantastic story here - the Company could do much more to market it and create awareness.
Last post: Multiplier7, 10 Jun 2024 14:03
Valuation is a total joke here.
Expecting a big explosive move here at some point.
Most shareholders won't even be thinking of selling, could get super interesting very soon.
The company are now using the cash received to purchase mining equipment. They will try to buy second hand to improve economics so once this process is complete we get an optimised Empire open-pit mine compliant Pre-Feasibility Study and related economic model. I'm going to Sit back and watch this beauty unfold...;o))))
I did wonder what happened post AGM as all silence. Looks like they were moving behind the scenes. Expect movement upwards back to where I bought in. Saw all the indicators move over to weak buy earlier and wondered what I was missing.
Https://www.aimjournal.info/_files/ugd/4a43e3_db316a2685c44ccaa0f3e7fa737c9300.pdf
Page 10 .. Copper Bond..
Https://x.com/phoenix_copper/status/1798310106473394687?s=46&t=HgM4zbU7U9hvrXg5g7uc4Q
Rock solid finances and prospects moving forward.
The current share price does not reflect what’s happening here.
Solid cash flow and no chance of a share dilution.
Started: Barno61, 5 Jun 2024 14:24
Last post: Barno61, 5 Jun 2024 14:24
This RNS should light the blue touch paper under the share price.
We are now on the way to production with zero dilution to the share price..
$5M , not $5. Oops. ATB
First $5 payment received!!! That has got to be the best news PXC have given out in the 4 years i've been a shareholder!! ATB
Started: Antibacterial, 5 Jun 2024 09:12
Last post: InTooDeep999, 5 Jun 2024 12:28
Http://bit.ly/3VsnCAi
PXC/RW/bond mention on pages 9 & 10.
"On or around". No need to worry for a week or two i'd say.
Am i mistaken is the $5m payment not now overdue? Would have thought it would be announced if received by pxc.
Started: MTSparky, 31 May 2024 09:07
Last post: MTSparky, 31 May 2024 09:07
.....I can see a bit of consolidation and then a steady climb from here. Everyone can see the future is laid out so folks will hopefully take stock of that and invest at what should be the low point.
Started: Roymunna, 30 May 2024 07:00
Last post: PauldeGruchy, 30 May 2024 15:06
On the PFS....
Our main consultants are Forte dynamics, but a PFS uses lots of consultants and brings everything together into a 900+ page document.
Now, the Company has not yet made a formal decision on what level of engineering and economic analysis will be provided and when. Before the funding was secured the plan was to issue a PFS as soon as it was ready so that it would attract investors.
The biggest driver for a PFS is to achieve funding, which we have now got. So now we need to provide sufficient information to allow both investors and analysts to ascribe a value to the Empire Open Pit. Following the merger of Panmures and Liberum, it is likely that we will have a new analyst covering us, and we want to make sure we get maximum value from that relationship.
Ryan has identified most of the equipment he requires, though some of the availability does change on a daily basis. As soon as the funds clear, he will be engaging a purchasing agent who will be able to help him to quality check the stuff he has sourced. Also, the nature of the business is that if you are selling one piece of mining kit, the chances are that you have lots more kit, so often you may go to someone to buy A, and end up walking out with A, B and C.
The ideal plan would be to buy second hand equipment during June, and allow that to be plugged into the economic model which we could then publish shortly afterwards. However, if we choose not to go down the NI43-101 compliant route, we could publish an study before that which includes our estimated costs, rather than waiting to actually purchase second hand equipment.
The take away is that the company want to issue as much information as we can as soon as possible and are weighing up the pros and cons. An NI43-101 feasibility report will take longer, as it cannot be finalised until all the gear is bought and cost more, but has a greater degree of credibility. A report outside of that framework won't carry the same weight, but can be updated more frequently and produced more quickly.
For those of you on Telegram, I apologise as I will reuse some of the material I posted earlier.
As far as the sulphides are concerned:
Need to emphasise that the focus is on getting Empire into production and we will be very careful to only spend money on other assets if we have genuinely spare cash. Now we have $80m we are not thinking of anything other than spending it on Empire
However…drilling into the sulphides is complex and costly as you have to drill down a long way through the oxides before you get to them, and then if you hit any old workings the drill can’t cope and so you end up with a high proportion of incomplete results
So in an ideal world we would like to drill a horizontal tunnel into the sulphides large enough to walk into and explore. There would need to be two tunnels for safety reasons and they would provide us with a huge amount of information about the sulphides. Potentially we could even use them to produce higher grade ores which could be fed into the processing facilities.
Big caveat: we haven’t made any decision, we aren’t going to do anything that puts Empire at risk of running out of funds etc. But it is worth knowing that might be an option.
To which I would add that there is no doubt that the sulphides will be a mineable resource. The head grades being produced in the period up to WW2 were around 8%, and the zone is far from being "mined out". What is harder to assess is the volume of the sulphides and the average grades. The sulphide resource is huge - it extends 5.4 km across the site. We are obviously focused on the area below the open pit, and as that is on our land we won't need additional permitting to produce from it and we will be able to process some of it through the plant at the side of the pit. Longer term, it is a much bigger resource than the oxides, we just don't know how big.
I'd welcome some reassurance that the sulphides are minable.
Looking through the detailed notes kindly posted apologies if missed but I am not seeing too much meat on the PFS - i.e. which firm is actually doing it for PXC and when does the BoD think they will announce its findings?
It was a really good AGM, well attended and lots of positive feedback from investors. The Company is aware of the need to get the information out there that will enable investors and analysts to work out the economic value of the open pit project and we are working on doing that as soon as possible.
It is important to remember though that the vision for Empire was always a small scale open pit that would provide the cash flow to enable the other assets - especially the sulphides below - to be proved up. Our focus is 100% on using the money from the bonds to get that open pit into production, but when thinking about the value of the company, it is always worth remembering the bigger picture. The open pit is geologically like a cherry of oxides on top of a big cake of sulphides.
Started: Sp28, 30 May 2024 07:43
Last post: Sp28, 30 May 2024 07:43
Absolutely brilliant insight. Thanks all.
A huge vote of confidence from the PE owner, and commitment to attend the AGM 🔥
IMO We will get a twist with an M&A
Look forward to all the news in the near term...
1st bond installment withdrawal tomorrow
Purchase of further equipment
Release of Economic Model and PFS
Broker notes in the summer
Further exploration in 2024
Continued development of Empire
The biggest thing for any investor is confidence, full backing of a PE firm, they have done all the due diligence for small investors.
🤞As funding is now ratified and approved, they can attract some big investors to PXC, connections is everything. With the tiny free float, once we start getting huge surges in share price, we will know NIU friends are stake building 😉
Let's get to fair value, and grow from there 📈 sit back, relax, and reap the huge returns to come here.
If ever there was a multibagger written all over it. Exciting times.
DYOR
Started: ElIngles, 30 May 2024 00:01
Last post: ElIngles, 30 May 2024 06:22
Thank you for your comment regarding my post.
May I offer two points, firstly I attended The AGM and secondly share prices react to news, good or bad and I see a lack of news forthcoming, as such I posted my opinion.
As to whether I have or continue to hold shares in The Company, that is a private matter
For holders here, and those considering holding here, please see the AGM notes below that I re-posted from Telegram. They contain facts and opinion from an experienced investor in PXC who bothered to attend the AGM. I have corroborated the AGM account with at least 2 others who attended.
As for Ellngles? Well, you are entitled to your opinion. As PXC have no permit, I'll take it that you will have no further interest in PXC.
Would it be fair now to say that after the AGM, the shar price is going nowhere?
Until permits and positive news re action, then statements re buying equipment etc are all that can be expected.
Production in 26 hopefully!
As for the new shareholder, in exchange for drip feeding some capital into the company, they have been granted a very substantial stake!
Underwhelmed is my opinion., time will tell, but this share price is going nowhere
Started: InTooDeep999, 29 May 2024 22:07
Last post: InTooDeep999, 29 May 2024 22:11
Part 3:
What news flow can we expect for the rest of the year?
Financing is now in place, so all focus is now on permits and building the mine. These things can mostly take place in parrallel.
News will be mostly internal milestones. PFS, POO submission, Equipment purchase, construction phases, equipment arrival etc.
We are now focused on mine construction, and on the path to being a producer.
Summer will see a number of broker notes and analysis released, which should give a fair value to the assets. Today’s price is not a fair valuation.
What will be the next phase after the oxides?
Drilling will take place across the various assets (Navarre, RS etc), but all the focus is currently on Empire.
First production?
Late ’25, early ’26. It’s all based on permit approval now.
Questions were also asked regarding financial valuations, extraction processes etc, but nobody was in a position to fully answer these questions publicly. We need to wait for the PFS.
Key takeways
Firstly, AGM’s are worh going to. Reading this report gives you an insight into what was discussed, but being in the room, looking people in the eyes, reading body language, and asking direct questions are invaluable.,
Secondly, listening to Cevdet’s intentions gave a huge degree of comfort. He is committed to the green revolution, and is committed to PXC. With 25% of the company, he wants this to succeecd, and is giving the baord his full support to achieve this.
Lastly, we are now on the path to production. The major finance hurdle has been overcome, and we have a strong shareholder base to provide stability going forward. A lot of work has gone into the P.O.O, sustainability, relationship-building, and analysis. This hard work is about to pay off for all of us, and whatever your view, PXC will be a producer of metals within the next 18 months.
It would be great to hear the views of other attendees.
See you all there next year,
Part 2:
Q&A.
There was an engaging Q&A that followed the AGM formalities.
There were some questions that were asked that couldn’t be answered, others were answered with a passion. Academy mentioned this in his earlier post.
Some noteworthy questions included:
How long until we will start to target the sulphides?
This is hard to determine. We will basically mine the oxides first, and then the bottom of the pit will form the top of the sulphide mining area. The sulphides are still an unknown from a resource persoective, but it’s clear to all that there is mineralisation down there, but we will come to it in due course. All focus is on the oxides right now.
NGO’s and the permitting process – What impact will the NGO’s have on permitting?
Ryan speaks to various NGO’s on a weekly basis, and has been very transparent with the process we are going to follow. There are no water issues, it’s an old mining town, and on brownfield ground. If Empire cannot get permitted then nothing will. But that’s not to say that thre NGO’s won’t make noise.
It’s similar for residents. Some are for, some are against. But we are focussed on an environmentally friendly, community friendly process that works for all.
Are the directors still locked out from trading?
Per the Nomad, yes, directors are unable to trade right now (likely owing to the PFS).
When will the Plan of Operation be submitted for approval?
Ryan stated September. But this is Ryan-time, which is usually pesimistic. Summer submission most likely. The company will be given visibility of likely decision way ahead of the actiual deciosn. Likey by 3 months or more.
When will Konnex have to contribute or dilute?
This is a fluiod situation, and no hard date is in place. The relationship remains friendly, and it’s highly likely that they will find the money for their share of ther funding.
Is M&A likely?
Refer back to Cevdet Caner’s comments from earlier.
Are we still talking to other Institutions / investors?
Numerous conversations are taking place all the time. ESG funds, other financers, even old financers that haven’t gone away.
We can issue up to $300m in bonds, so there should always be money available if needed.
Reproduced with the explicit consent of the Telegram poster. In several bits. Enjoy the journey!
Notes from the AGM
The following is a personal summary of the 2024 AGM.
Attendance:
There were 70+ shareholders in attendance, including a number of familiar names from Telegram. Notable guest attendee included Cevdet Caner.
Most of the early-investing shareholders were in attendance.
Open.
AGM opened with voting on resolutions. All resolutions passed as per RNS.
Cevdet Caner.
Mr Caner attended the AGM, and was invited to give comments on the recent fundraising, and his investment vision.
NUI have been in discussions with PXC for over 12 months, and a friendly relationship has been developed.
PXC is NUI’s first foray into critical metals, but certainly not the last. In fact there is an investment in the pipeline that will be announced imminently. This backs up their commitment to metals, and PXC in particular.
PXC is a long-term relationship, and he is very supportive of the Board, and the direction they are taking the company. He isn’t seeking a seat on the board as he trusts the management stewardship.
He realises China’s dominance, and wants there to be western champions. Phoenix fits this mould.
He’s fully behind us, and supports any other “strategic investment” that needs to be made to underpin the strategy. This, to me, hinted at M&A.
He realises there is room for consolidation in this space, and sees PXC in the right place at the right time for this.
Other attendees had more time with Cevdet than I did, so will be able to give their own views of conversations outside of the AGM formalities.
But anyone doubting NUI’s intentions is misguided, in my belief.
He even made comment of how the company needs to look to the “next generation of investors”, and tailor the PR and messaging accordingly.
He’s in this for the long haul.
Started: InTooDeep999, 29 May 2024 11:52
Last post: StanleyUK, 29 May 2024 17:13
It was much more than just a brand name.
Cevdet Caner spoke about his intentions for building a critical metals portfolio, throwing his support behind the management team, and building western “champions” to counter the Chinese dominance.
A number of people looked into the whites of his eyes, and came away with the view that he’s in this for the long haul rather than a short term flip.
His comment of “supporting the company in strategic investments” was intriguing, and most people presumed this meant M&A for PXC…
I read the same and was looking at them after the RNS. Appears NIU Invest SE owner (https://niu-invest.com) turned up from Berlin at the AGM and I don't mind that if they are showing their support and being more than just a brand name for the feeds.
Posted on Telegram from someone at the AGM:
Positive AGM.
All resolutions passed, Mr Caner reaffirmed his long-term commitment to the company and the green metal revolution in general, and is supportive of the directors and the vision. He trusts the team and doesn’t want a seat on the board.
Probably 70+ in attendance, so I’m sure there will be lots of notes to follow.
Started: Plutus1, 28 May 2024 16:20
Last post: InvestPest, 29 May 2024 10:29
I was thinking 50-60p after reading they upgraded the mineral resources at Empire into mineral reserves of 10.1 million tonnes containing 109 million lbs of copper, 104,000 oz of gold, and 4.65 million oz of silver. Figures pretty much speak for themselves. With the funding done and massively derisked as Plutus1 says, they hopefully see more finds like at Lehman creek and keep adding to the pot of potential.
We are looking good for another leg up from here. Might pull back a touch but this is a good thing get the old traders out and get new investors in. Looking strong, hopefully we'll get back to past highs. 70/100p would be quite good ...lol....;o)))
I have to agree with this one, for what it is the price is below expectations but lets see the fallout from the AGM.
Agree re thanks market. Already overweight here. Added a further 30,000 shares in the mid 19s. At some point a large amount of the free float must be tucked away in sticky paws. Should be a fantastic AGM. I wonder if there might be a special guest speaker? (pure speculation, but educated speculation!). I would never have believed sub 20 (or sub 40!) was likely post finance. DYOR.
Just imagine if someone said you would be able to buy PXC just just 1 months ago, 6 months ago, 12 months ago, or 24 months ago AFTER the Copper Bonds were complete! Everyone would say what are you smoking! Lol
Incredible opportunity for anyone that can top up/buy, and see past the AIM games.
Should be 50-60p minimum right now. Just a totally broken Market. Some companies with nothing going on, worth many multiples of PXC. Just total craziness.
$250m Ebitda on just 1% of exploration and currently worth £30m LMAO
Thank you Mr Market for this incredible opportunity. Need to eventually leave AIM and go Main Market Listing.
DYOR
Started: Plutus1, 28 May 2024 09:56
Last post: Roymunna, 28 May 2024 13:41
I'm looking forward to attending the AGM tomorrow and to meet fellow investors.
As Plutus has outlined, now that funding is done, it is just execution of the plan.
I am confident that Ryan and the rest of the board know what they are doing. They will get the mine producing, I have no doubt.
The Bond Investor's own financial modelling for Empire Open-pit (see NIU press release) alone stands up comfortably for investors and that is without considering the other potential resources. No private equity fund is going to buy $80M of copper bonds without being very confident of PXCs future prospects.
I see the share price is firmly up today which hopefully will continue. This path to production for PXC is now massively de-risked.
I was hoping to attend but not feeling well today, will it be live streamed? Will someone report here in detail afterwards?
The SP is slowly creeping up for us. 19.5/21p now. Hopefully lots of good press tomorrow.
Finally the news embargo lifted.
Would expect further news by the BOD on ...
- Bond Issue completion
- Spending plans for the 1st tranche of Bonds on 31st May 24
- Savings on capex
- Plan to production
- PFS update? NPV, $250mln?
- Navarre Creek results
- Further drilling in 2024>
- Attract some institutional investors? Director buys?
- Permitting
I'm sure iv missed plenty
Anyone attending? Would be good to get an update.
Started: Derbyday, 27 May 2024 23:33
Last post: Derbyday, 27 May 2024 23:33
$40,000 copper price in next four years then a pull back.
I would settle for half that price.
https://m.uk.investing.com/news/stock-market-news/copper-to-40000-a-tonne-says-hedge-fund-titan-pierre-andurand-what-etf-investors-should-watch-3516821?ampMode=1
Started: london_, 23 May 2024 12:44
Last post: ButlerMan, 23 May 2024 19:06
Hopefully it was a Director buying - now that would send a clear message!
It's a BUY.
Nearly £100k. Nice.
They will multiply this in no time 🤑
Someone attending the Mello conference 🤔
Half a million shares put through this morning - unknown trade
Started: MTSparky, 23 May 2024 08:19
Last post: sportbilly1976, 23 May 2024 09:08
Ryan's last paragraph adding a bit more detail on equipment procurement
"In addition to reporting the Navarre Creek drilling results, I would like to provide a brief update on the feasibility engineering for our Empire Open-Pit Mine. We recently reported that the Company's corporate copper bond issue has been fully subscribed for a principal value of US$80,000,000, which will be drawn down and used for the construction of the open pit mine and processing facility.
While this funding will not have an impact on the mineral reserve estimate or the metallurgical and design engineering completed to date, it will provide the Company with the opportunity to outfit the open pit operation with lower-cost, pre-owned equipment. Much of this equipment has already been identified and is currently located within a 550-mile radius of the Empire Mine. The purchase of this equipment is expected to have a material impact on overall initial and sustaining capex, as well as on certain aspects of the process design detail, construction logistics, and the overall equipment procurement schedule.
We have already procured pre-owned ball mills, assay laboratory equipment and disk filtration units, at an estimated capex reduction of US$8 million. These items all form an important part of the feasibility work, which is now being updated accordingly."
The RNS is a good headline, but the devil is in the details.
The highest concentration is from drill hole six (NC23-06) at 45m down and it's 0.23 g/ton - and that's the best sample. A lot of the other drills only encountered concentrations around 0.10 g/ton.
There are 31.1 grams in a Troy Oz , even with the best concentration of 0.23 you would have to process 135 tons of ore to recover 1 oz of gold - assuming 100% recovery rate, which never happens.
I think it's interesting, and if it does not cost too much they should continue looking - because IF they can find the vertical pathway for the mineralisation, maybe, just maybe, there could be a high concentration , maybe.
Https://www.proactiveinvestors.co.uk/companies/news/1048251/phoenix-copper-hits-early-signs-of-gold-from-navarre-drilling-1048251.html
Early signs of Gold at huge NC acreage
More equipment to be purchased soon
Mello Conference today
AGM next week
1st drawdown of Bond Issue next week
Empire Alone has $250m EBITDA
Onwards and upwards. DYOR
These results are encouraging. Every where they drill they find resource. Well done team PXC.
Started: Roymunna, 22 May 2024 14:01
Last post: Roymunna, 22 May 2024 16:23
I was thinking that if the current P/E is in effect 1, it should really be, even for a Mom and Pop business, at least 5 - that would equate to £1 a share. Really cheap. Of course, there is so much upside here beyond the open pit.
Of course, NIU have considered that too, which is where they (and we, if we hold) will make the greatest returns.
Funding drawdown at the end of the month should get the price moving.
EBITDA multiple would be circa 6-9x
So on the crude $30mln p.a then that would be $180-270mln (£144-216m)...so that is more a £1.20-£2 equivalent
Phoneix presenting at the Mello Investors conference tomorrow, which is attended by institutions, fund managers, and HNW investors.
Hope we get a new presentation tomorrow, along with some more info.
And some new investors pile in on the back of it.
Wont be getting even 1 share of mine, firmly tucked away.
Pro rata (I know its not this simple), $30m EBITDA a year, for 8 years
1 Years EBITDA not far off todays market cap Hahahahaha
Funding done which was by far and away the biggest milestone.
And absolute nothing baked in for the HUGE potential upside. Craziness how it's still less than 20p LOL
And actually LOWER than before the funding news for which many waited for the last few years.
All the while Copper breaking ATH's.
Totally mind boggling, should be 50p+ minimum.
SP 60p to £1 sort of range?
Started: Plutus1, 20 May 2024 08:42
Last post: Westway001, 20 May 2024 20:15
I believe the reasons were given in the recent RNSs - if the company issues a PFS before purchasing equipment, it has to put the price of that equipment in at market cost plus a margin. On that basis, they propose to purchase second hand equipment funded by the new bond facility so the actual cost can be included, to bring the overall cost projections down. You’re very welcome to read them for yourself!
Sentiment seems to be shifting to commodities and CUAU prices strong = the BOD should be working round the clock to get out the PFS asap and some good news flow into the market to build momentum - not sure why a PFS taking so incredibly long but if they cant do it now then it could be a long while before such conditions return. Carpe diem BOD.
Early procurement of plant = early production
Sir Rampalot - if only the world was that simple.
On the face of it, securing funding a very positive headline.
The waters between here and production are shark-infested. Not least because when you have something good, the sharks smell blood. To quote one of those sharks, they make their money by "nailing juniors to the wall".
Should the bond investor deliver his cash and be a benign, supportive custodian of his shares - then this is a marvellous result. I will breathe easier when we have ore coming out of the ground and being sold. If the BOD can navigate us to that point then they are heroes and will be doing something pretty unique.
Plutus, very good evaluation, thanks - all aligning.
Bond issuer due diligence should create confidence - they were content to invest $80m, would have all pertinent PFS data/economic modelling outcomes to enable this decision - almost complete ready for public issue:
"Empire open-pit mine compliant Pre-Feasibility Study and related economic model nearing completion"
AGM approves bond
PFS issued
First tranche of $5m gained
Development plan initiates
innovation in approach also telling, using the pre bought plant:
"The new designs enable us to produce copper, gold and silver simultaneously, largely on patented (owned by the Phoenix Group) land. This should simplify the permitting process. In addition, the plant we propose to use for the open-pit oxide ore will also be capable of processing the underground sulphide ores. This will assist the Company as we embark upon our next quest - proving up the existence of mineable sulphides below the open pit oxide mine."
Started: Derbyday, 16 May 2024 11:22
Last post: yv00, 20 May 2024 08:35
An AIM minnow getting $80m of funding without production and without a PFS/BFS is very rare. This share price will react when least expected.
Took their sweet time but finally they got it over the line so credit where its due, regardless of who the bondholder is and how colourful they may be. Hopefully now more information could be fed to the market so we are not in the dark or being given constant slipped timelines
PM’s and Copper are flying again. PXC Sp has surely got to react to this at some point. We will have over £800m+ worth of chatter in the open pit alone very soon at this create of knots
I know PXC has a small number of shares available compared to other explorers, but I can't believe comparatively how quiet it is on here and how small the movement has been on such big news.
Exactly. Copper ATH's broken.
One would think PXC would be smashing ATH of 75p after Copper Bond is complete. Let's see where we are in a few weeks when the dust settles. Any small companies dream what they have just delivered.
Shows markets are totally broken. Nothing make sense anymore. As commented hardly any investors left, just a gang of traders in for a few bucks here or there.
All the metals we have in the ground are absolutely flying with seemingly no stopping them.
Copper has rocketed and will continue to do so as it’s become long very rare.
Can’t see Phoenix lasting to long on their own!
A rock solid buy.