Phoenix Copper Share Discussion Threads

[nomadiclord] 17/6/2025 22:43:13

Hi any chance you can post a link for the new page please?

[trader465] 17/6/2025 22:14:41

I’m no longer a holder I took profit on the spike, I think it’s going to zero.

[waterloo01] 17/6/2025 22:02:38

Write to the Nomad. Names on the rns

[qazwsxedc69] 17/6/2025 14:48:02

Even at 4.5p and dribbling downwards, this shower remain uninvestable IMO.

[cromw3ll] 17/6/2025 13:50:17

Phew results done and chairman’s reporting

“ I am pleased to report that we have signed a Letter of Intent with an accredited US investor to subscribe for the additional $75 million. This subscription, which is subject to the preparation and execution of definitive legal documentation, including the bond subscription letter, will enable us to complete construction and proceed into production at the Empire open-pit mine. We are hopeful that we will be able to commence drawdown on this additional funding later this month or early next.”

So not long now and if so this will rocket and I doubt there will be much liquidity!

[ih_839703] 17/6/2025 13:21:11

William - excuse my ignorance, but can you elaborate on the type of bond / equity instrument you think will be used for the new investor?

I had assumed the bond will be the same terms as the one that NIU took and so the new investor gets the same creditor protection as NIU albeit having greater voting rights in any insolvency process by dint of possibly being out for $75m vs $5m. Hopefully all hypothetical as funds will come, mine gets built, output sold, cash comes in and repays bond holders and provides good dividend to equity!

[williamcooper104] 17/6/2025 12:27:57

A five minute google search is all it would have taken to know that you don't want to be taking a credit risk on NIU More likely the board knew that but was a Hail Mary pass

[williamcooper104] 17/6/2025 12:25:35

The only bonds PXC will be raising is equity with a senior coupon and a liquidation preference In other words the downside of both debt and equity in one instrument

[klondykejohn] 17/6/2025 12:17:41

If I were a potential new bond investor then I would be alarmed at the huge stake that NIU have in the Company.
The NUI situation needs resolving first.

[ih_839703] 17/6/2025 11:06:08

At a high level, the annual accounts told us nothing new. Many of us have doubted NIU buying anymore bonds than their original $5m and this was confirmed with the accounts yesterday. In the scheme of things it is not material but I hadn’t realised that NIU only coughed up $4.75m for the $5m bond - and as we know, they got c.34m shares for doing so. You can insert your own value figure for those - if the US investor does provide the funding, NIU really are smiling. Remember, the $5m bonds attract interest and are repayable at face value in due course. And are secured on the mine assets.

We don’t know what lies behind the breakdown in the NIU funding. More may come out at the AGM and some may still be commercially confidential. Optimist or pessimist, decide yourself!

However, board have clearly learnt from NIU if you read about the proposed structure of the potential new funding. My take on it is that the board and advisors just did not consider the possibility of NIU funding playing out the way it has and haven’t got a clear breach of contract…but neither do Phoenix have the cash to pursue any legal case (at the moment) being pre-revenue. Would be a brave investor to stump up cash to pursue a legal case with all the uncertainties that has (time, cost, outcome) and more prudent to chalk it up to experience however painful, and costly, that lesson.

The bigger prize is getting the mine operational and hopefully the new investor gets signed up and we just look back at the NIU episode as a stumble on the journey.

[jasperthemonkeygod] 17/6/2025 08:57:01

Unlucky, unfortunate or stupid?

[echoridge] 17/6/2025 08:19:02

'...The impairment loss in respect of bond issue expenses arises from the value of
shares issued by the Company to a bondholder, as an arrangement fee, which
were classified as other receivables pending allocation to the net carrying
value of future bonds to be subscribed for. This subscription is no longer
expected to take place...'

[williamcooper104] 17/6/2025 08:12:06

That's truly staggering

Yes it's likely finders fees plus 2 or more years of costs written off


If it’s old costs that they kept on their balance sheet then they’ve likely been unable to convince their auditor that there was a realistic chance of getting the mythical copper bond away

That’s the charitable view

Else they really did spend nearly $5m and give away a quarter of the company to get $5m

[kaos3] 17/6/2025 07:45:47

i am missing the news how are they are going on with cener

good relationships, bad, contract fulfillment, legal options and actions taken.

probably i am the only one stupid enough to ask such a simple question.

about what is missing and is the loudest to my ears.

ups and on we go with the equity of the shareholders gifted away for non delivery.

wow

[kooba] 17/6/2025 06:29:38

So far they have raised $5m from the bond issue and gave a large slug of equity to that subscriber who then failed to meet the sizeable obligation at all.I note now "Group reports loss of $6.27 million (2023: loss of $1.57 million) after charging an exceptional $4.60 million write-down of bond issue expenses." They have written down $4.6m as bond issue expenses...how have they incurred $4.6m expenses in raising $5m ?Were there big finders fees for bringing NIU in...it seems the company got nothing net in reality.Will there be more bond issue expenses of this scale IF the new investor signs and divi's anything up?

[boonboon] 16/6/2025 17:04:51

To be fair to him he also said funding was a few weeks away well over 2 years ago.

[greyingsurfer] 16/6/2025 15:49:11

Do you have the name for the new telegram board, I can't find it

[sithuk] 16/6/2025 15:32:38

Results out. For what it's worth, the chairman has said funding is within the next month. "This subscription, which is subject to the preparation and execution of definitive legal documentation, including the bond subscription letter, will enable us to complete construction and proceed into production at the Empire open-pit mine. We are hopeful that we will be able to commence drawdown on this additional funding later this month or early next."

[jaf1969] 16/6/2025 15:31:09

Results out

[sportbilly1976] 16/6/2025 14:58:40

seems the original owner closed it (probably had sold out). A new replacement one is up and running

[london07] 16/6/2025 14:57:33

I hope its not a prelude to anything bad. PXC has been through some bad times, but the Telegram group has been a constant. Weird.

[jasperthemonkeygod] 16/6/2025 12:38:57

ah, I thought I'd been kicked off

maybe I have