where pcx stands on the death spiral financing loan .... i lost track .... is it still on or was it paid back?
if not, why not?
cost and risk management and all the rest. first thing to do i would assume |
They need to keep money aside for the interest payments so even if they get the $80m they won't be able to spend it all. |
In the PFS the initial capital requirement for the project comes in at less than $63m taking their second hand kit into account..the bond finance " committed" goes to $80m ..I'm not sure finding the $2.5m mentioned would be an issue. Also once the first $25m is drawn against the bonds Phoenix can also draw more against the Riverfort facility.The issue is why is the funding stalled and when does Phoenix run out of existing resources? They had $2.7m cash end June which won't last long ..and I think the $2m outstanding to Riverfort is already under repayment terms.There really needs to be some clarification. https://www.proactiveinvestors.co.uk/companies/news/1042265/phoenix-copper-agrees-refinancing-terms-with-riverfort-1042265.html |
 I’ve not looked in here in a while, didn’t these experienced mining executives use shareholder cash to allegedly buy a load of old rusty ball mills for a mine they don’t have?
Interestingly I see Emma Priestly mentioned here, she’s connected to Richard Wilkins and Bill Trew via GRL. And don’t forget honest Angie List in the gang too. I’m surprised some of these are not in prison. Is there anyone foolish enough to be still holding these?
“In Jordan, documents reveal that List forged documents to take over a joint venture investment by BCM International Company. She reportedly withdrew USD 4 million using forged documents, leading to charges of complicity in fraud and an arrest warrant issued on March 19, 2024.
Misappropriation and Misconduct
The SNA investigation uncovered that List misappropriated funds and engaged in unauthorized cash transfers. Evidence shows that during her tenure as Finance Manager at BCM, she transferred more than USD 7 million to purchase a resort, and a plane, and placed funds in an offshore trust. These actions were taken without the knowledge or consent of her business partner and estranged husband, Paul List”
Isn’t Richard Wilkins one of only two people on the GRL audit and compliance committee to make sure Angie is a good girl? |
Presumably the "resources permitting" comment reflects the fact that the adit was not planned at the time of the fund raise, so the resources would presumably have to come from savings from used kit etc, which won't be resolved yet. |
Hi Donald can you answer on here as you can't use Telegram at the moment, is the 25 million in an escrow account? |
Live interview ..the type of thing that gets misconstrued at a later date ! There are no official terms of the bond issue available so shareholders were unaware that the release of funds was dependent on the PFS being issued ..in fact quite the opposite the PR previously said there was no need for one now the funding was secured.https://youtu.be/Rp5fQy1o7jc?si=OVvz2HEaB0UdqUE8 |
Yeah but I wasn’t sure whether the tunnel was being dug. Sorry I’m not a shareholder so don’t follow this share as closely as those I do hold.
Is the quote from the CFO documented? |
I was seeking a confirmation that that is the position...it is rather important. I note you ask the PR questions on the cost and duration of digging a tunnel..not sure thats his brief either...but hey ho.The fact that there is no confirmation of rescheduled funding almost a month after the PFS was published when we were never informed it was in any way dependent on its publication is rather a concern. |
If the CFO has said that then that's the position. You think investor relations will know the deal better than the CFO?
If the CFO changes his stance in early Nov it's because the deal has been changed, reneged upon, altered... etc |
"resources permitting"But the company has full funding in place doesn't it ..if they need it now why can't they get it from the committed and supportive bondholder? It seems plant purchases and other work are being delayed now.Please confirm as the CFO said that the legal position is $30m has to be made available by early Nov ..5 months post agreement , so another $25m is due in the next few weeks. |
It's about $1k a foot to tunnel. It would be 1100 feet into the sulphides and then the same back out (need 2 tunnels for safety. So overall best to assume a budget of $2.5m. Which is why the RNS said resources permitting. The company will announce when it is happening.
It would constitute "production" when it happens, but it will just be producing high grade sulphide ore ready for processing. The actual processing will have to wait until the plant is complete. |
Why not let OHRLsw7 speak for himself. Won't hold my breath - not a good idea whilst sleeping. Can't keep the one eye I opened open....try saying that whilst hibernating. |
And can you confirm they're doing that?
Whats the timescale for completion of the tunnelling? It's quite expensive. |
BTW, while old Charlie is right that drilling in Idaho is easier in summer than in winter, once you have started to drive the adit into the side of the mountain it doesn't make much difference. Drilling through rock underground is an all season activity. |
RetirementPlan14 Oct '24 12000 of 12000
OHRLsw7: it might be useful if you explained your previous connection with PXC. That might explain why you are so disgruntled. It won't explain why you have failed to move on. Back to sleep whilst H1 2026 gets closer :-)
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RetirementPlan - 27 Sep 2024 11931 of 12001
Anyway, signing off for a long while now. Gonna let the company get on with their job, and ignore comments from wannabe armchair CEOs, CFOs etc.
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It seems he woke you from your slumber?
:D |
OHRLsw7: it might be useful if you explained your previous connection with PXC. That might explain why you are so disgruntled. It won't explain why you have failed to move on. Back to sleep whilst H1 2026 gets closer :-) |
Agree ORH ...was just taking what the CFO said to shareholders when trying to instil confidence in the funding being available ..after the schedule they gave went up in smoke...that in hindsight was indicative apparently ..even though PXC asked for $5m in line with that schedule and the funds did not materialise.I think the only real comfort that shareholders will take is if the funds "legally" committed to are forthcoming within the firm committed period of 5 months from signing the agreement and first drawdown ..or maybe that was also just indicative too? |
White collar crime is always forgotten very quickly |
The minute the word legal is mentioned in conversations means it is not going to well. |
Let's see how close they are to processing and selling "the sulphides" come springtime! LoL!! |
I think that would be the normal way of doing things to get certainty on the recoverable resource and if tested and quantified I presume it could have been to a limited extent relative to what they "say" is there been added to the PFS of the project. Rather than effectively wildcatting an adit to what they think might be there..but hey ho all very Wild West isn't it! |
Just out of interest, do you think it would be handy to drill test "the sulphides" first or not bother? Furthermore, and imho, the North Americans normally like to drill test in the summer season and not the harsh winter. |
I guess there must be news before Nov 5th on funding ..or lack thereof as the CFO stated that there was a legal commitment to provide $30m of funding within 5 months of agreement ( first drawdown June 5th) and they still have $25m to cough up by then ...well behind the "in hindsight indicative" schedule which proved to be wrong..that legal position remains.Be very interesting to see what happens and whether the goal posts are moved again by the supportive bondholder.How such delays in funding might and surely must impact on development we might never know as there is not a timeline given.The idea though from the CFO is that sulphides could be added to production middle on next year...would be very interesting to get some detail on how that might be able to happen. Seems the secret squirrel business around something ..M&A ? is still being used to avoid having to get too involved in such trivia. |
Anybody got any news bites that may be coming out of the woodwork? |
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