Richard, Ryan & Marcus, not necessarily in that order, re who is running PXC. Certainly not CC. Night all! |
 They seem to be thinking how to communicate after the price reaction not before...if they had answers and could get NUI to sound supportive after the 33% fall why could they not see that would be the reaction to a set of results that dropped a bombshell that NUI had not paid up for the second tranche after they had asked for it and face it up not try to ignore it and mention the fact in the small print.The key to comms is getting ahead of these things not reacting to them with damage limitation exercises..all rather amateur and I agree that those that panicked this morning on that news...something the CFO understands apparently could feel rightly aggrieved as they put out more information ..bit bloody late and still ambiguous in terms of what a revised schedule might look like and when NUI make up their minds on when PXC need the money it seems !! It would have been very reasonable for PXC to be progressing more plant acquisitions as they said they would ..only to find NUI wouldn't cough at the end of June...whether that cost anything more than time we might never know but the two parties seem to have been under different impressions of what was promised...thats why they have a formal agreement ..that is communicated to shareholders accurately ...normally and therefore something I understood was settled some time ago. Will now have to await the revised terms now that the bondholder has been given 18% of the company and has the whip hand. Who is actually running the company now ? |
CHAR, HARL, BIDS
Just some of the companies whereby a great story has been given by the leadership and then total failure, Char is 1.4p from 20p few years back and the other 2 have gone into administration.
The ineptitude of this BOD will be there downfall, just look at the last 2 years, culminating in thr fiasco today.
Many long term investors folded today because of the sheer failure of the board and investor relations, trust is gone forever. |
Having watched the interview with wilkins he is certainly bullish.A billion dollar company from empire alone!very odd they have not sort permission yet to operate the mine,they will need to find a water source as well.Best chance here is that they can buy a producing mine with the bond money as it seems to me empire could well be years away from ever opening again if at all.Best of luck to all holders |
NIU has commented.hTTps://www.sharesmagazine.co.uk/news/market/LSE20240926180816_5366365/niu-invest-se"Cevdet Caner, founder of NIU Invest SE, said: "NIU Invest SE confirms that Phoenix Copper Limited has our full support. We are in the process of reviewing the information in the recent feasibility study and expect to resume a revised drawdown schedule in the near future."" |
Bumpa - NIU reaffirmed support |
They were now only indicative apparently! Find it difficult to think these dates were not in the legal agreement myself.15th of May ..not so much"...unless and until agreed otherwise, the Bonds will be drawn down as to US$5,000,000 on or around 31 May 2024 (the "Initial Drawdown"), US$5,000,000 on or around 30 June 2024, US$20,000,000 on or around 31 August 2024, and the balance of US$50,000,000 in two tranches during the first half of 2025."No change to above ever announced1st July"The Company is also pleased to confirm that it has instructed BNYM to issue the second tranche of US$5 million Bonds to NIU Invest in accordance with the previously announced drawdown schedule, via delivery vs payment."Makes you wonder why they instructed BNYM if they knew that NUI would not release funds prior to a PFS...and they weren't even close then.One has to think there was a disagreement ..the question is if NUI having wanted to wait for the PFS ( that DP said was unnecessary now the funding agreed away) are more pleased with the outcome than the market was..were they going to release funds whatever the PFS revealed? If so why wait??Things don't align I'm afraid. |
Well considering the current circumstances that's the worst interview by a CFO I've ever listened to maintaining everything is fine and dandy. It is clearly not if you were to read the original Bonds RNS about specific payment dates. |
My only regret after listening to RW.....is not keeping all of my top up today...mind you still increased by 20% odd....so maybe can get more tomorrow! Yep...still got my pink glasses on......need to keep them handy..investing in AIM!
GLA |
If one was cynical this has presented a pump then dump before news and now a dump and pump opportunity for the right folks after the news.Short them into the recent run ahead of disappointing updates..close and buy back in and go long on the collapse before them trying to talk them up again after the close.Of course that would not be the case but they do move strangely around events ..and there have been many such missteps .Maybe someone is doing well out of all the volatility and confusion? Looking at the volume certainly a fair few folks cut and ran on the text this morning that might have had second thoughts if they had the CFO narrative given later in the day...a rather different picture was put forward.Not good enough. |
That's a yes then
Hype over reality, reality over hype
:) |
Good interview or what. Glad I added 3 tranches today. The wheel is most definitely still in spin! Game on? |
Billion dollars you say !Very strange interview. Same guy who updated this morning "Despite instructing BNYM to issue the second tranche of bonds totalling $5 million in early July, these bonds were not drawn down due to ongoing discussions with NIU Invest regarding the Company's updated economic model, prepared in association with the Company's PFS.Following the publication of the PFS on 19 September 2024, the Company has recommenced discussions with NIU Invest regarding the Company's cash flow requirements of the PFS's economic model, and a revised drawdown schedule for future tranches of copper bonds. Further draw downs will be announced as appropriate."The agreed schedule was now only indicative apparently...first time that has been mentioned.Why did they not clarify the position around drawdown being conditional on production of the PFS expected June July but then again delayed...they had told shareholders that it would only be produced once they had bought the second hand kit so who else was expecting it to drop then exactly.Don't think it stacks up and the comms generally is appalling..I still don't think they know exactly where NIU stand otherwise they should have said when funds they asked for 1st June might be available. But nothing can progress until they can access the funds.He did say the "legal" commitment was for another $25m by the year end..but since he expects to be adding sulphides to production by the middle of next year I'm not sure his concept of time is the same as others as they have missed just about every timeline since listing.Easier to say stuff than actually deliver...as to secret squirrel stuff maybe if the management actually focused on delivering on this project rather than complicating things further might be an idea at this stage..their ability to manage preproduction seems to test their abilities as it is. |
Will you be putting on a long trade early doors, Bumpa?
:) |
Or, Bumpa? |
It's always been about the sulphides. The open pit is a nice, low execution risk project, but the sulphides have always been the major asset.
And don't forget, just before the mine closed in 1942, they were finding tungsten at 4%. |
Here it is... |
Probably fair to say its 99% done then... look forward to watching it in 18 months' time. |
An interview has been recorded.
Just going through final editing and will be released after that. |
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