I’m baffled you’re baffled. |
 And then you have PXC Vice President of Investor Relations saying the following about PXC on AAZ board! Totally flabbergasted, speechless tbh, absolute shot show, just dont know what to say..
""My view is that PXC owns a project that is likely to have very significant upside. The question is whether existing shareholders will benefit. That's the challenge. I have never pretended otherwise":
donald pond10 Oct '24 - 10:46 - 69484 of 70703
0 2 1
Bumpa,
You have made your position clear on PXC. But its the next step in your thinking that makes no sense. If I shared your view that PXC was worthless, how would I be saving investors by telling them that? It would just become worthless a little bit quicker, perhaps.
I don't think it is worthless. I think the open pit is a decent, low-risk starter pit. The bigger asset is likely to be in the sulphides below, as has always been the case. The big questions are, as they have always been, can the company fund the starter pit, and how big is the sulphide deposit. We don't know the answer to the latter question, but we do know that it produced 20,000 tonnes of high grade copper in the past, and the copper sulphides stretch for over 5kms and are open at depth and barely explored. As for the funding, that's all out in the open.
My view is that PXC owns a project that is likely to have very significant upside. The question is whether existing shareholders will benefit. That's the challenge. I have never pretended otherwise.
My aim is to have better informed investors that can understand the project, the risk and the opportunity is better detail so they can make a more informed decision. |
As predicted. Just all about how much you want out of this. Something better than nothing? Not for everyone.
Not surprising that some won’t crystallise their loss, they’re incapable of admitting they got it wrong without it being enforced by the company, ie going bust.
Those who cashed out at 9p with a loss, whilst it was painful at first, trust me, they’re feeling a lot lot lot better about the situation now.
Same happens here now at 5p.
Is admitting you got it wrong really so painful as to make you lose 100%?
Crazy. |
You need to RNS that Donald.
Your twitter adds significant and important context vs RNS. |
DPThe CFO in the interview post results said."I don't think people need to worry ..""The construction of the Idaho mine is fully funded and we'll have the cash to do that when required.."Is this 100% the case as the rns today casts real doubt on the certainty of funding...it also begs the question if NIU are supportive and had done any DD before signing a legal subscription agreement why they are wanting to change the timetable of releasing funds long after shareholders had agreed the issue of shares against their subscription.Surely if the company wants to develop the mine as quickly as possible it needs funds to buy further equipment..that is what we were told ..now they can't buy equipment because they don't have funding...so because of the delay in funding there will be a delay in getting the mine to production.The company asked for $5m in early July and it is still not forthcoming today over 5 months later...what was that money to be used for?Too many questions to be able to wallpaper over the cracks in what shareholders have been told I'm afraid ..credibility of the word of the board and those that act for them is very badly damaged as can been seen by the share price...unless there is cash not just talk its difficult to believe anything from the company. |
I wrote a tweet giving as much background to today's RNS as I could. Twitter is a better mode of communication as it can be done in the name of the company and is available to all investors at the same time.
hxxps://x.com/Phoenix_Copper/status/1856993219856273716 |
This is when PXC knew that NUI were not there.Since then there has just been excuses."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."Cfo with interims.If you were in discussions and the drawdown was ever conditional on producing a PFS you don't ask for the draw months before you were able to provide a PFS...they asked because they believed there was a set timeframe for drawdowns legally agreed..since then they are just pedalling backwards hoping that NIU come up with something.Oh did they mention the sulphides...again?Now it seems they require additional funding for the adit...something they said was funded by the $80m and only a few $m..the sulphides that were to be added to the open ore (see PFS) and in production by mid next year after the work to access them done over winter (cfo..again) are now not funded it seems. These guys cant even hold a narrative together it jumps all over the place to suit whatever plate spinning they need at the time. |
They knew all about NIU and Cevdet Caner before signing the deal. They presumably went ahead because nothing else was available. The outcome can hardly have been a great surprise. |
Well just like many others in the world of AIM....I will continue to hold all my PXC.....on the back burner....will come back on here.....if and when the story improves!
Sure it's a paper loss...just like most of my AIM....please remind me... if I'm reincarnated...to avoid AIM totally....and probably shares in general....I'd be worth a £m more today if I'd stuck to deposits in the bank....lol
At least I can hold my PXC for another 12years...may come good again...may go to 0p!
It's as well to have a balanced portfolio!
GLA |
Don't bother. It will be an echo chamber like every other telegram group. |
Does look like a storm in a teacup. Misunderstanding by investors but the RNS was worded badly. |
Long term investor of PXC here. How do I get access to the Telegram Group? |
You've got to love a telegram group. |
All over Telegram, telling us everything is fine. Lol |
I agree all your points that everything in the PFS was maxed out . However to be fair i believe they came out at a much lower production cost than the earlier $3.6 in the economic model ..i think was at least a buck lower from memory ..the CFO mentioned it in the interview post interims , what a low cost producer they will be...but he said a lot didn't he..a $b company , dividends , producing mid next year, NUI good for the money ...he said a lot!! |
Still no sign of Donald? Where on earth is he? |
They've not the money and the funding agreement is backed with an SPV covenant would be my guess Totally legged |
The other concerning thing is the level of insiders. Categorically undeniable there are some that are trading in advance of news being released. Someone always knows. Like the price action over the last few days, makes you sick.
They are selling, once it drops, I bet they buying back, to lower the average.
Many things from the PFS. Firstly it's not compliant, it's one of the conditions of the bonds funding which no one knew, the discounted rate used of 7.5% is so low to make the project seem somewhat ok! It's a ridiculous situation, handled awfully.
So another few months and if not sorted there will be a placing, unforgiveable.
Also when there are big holders sat on 6 figure losses, and say doesn't matter, resigned to losing everything, I'm sorry but if you can lose 6 figures, and not be too fussed, unfortunately not everyone is in the same boat. It's a tough AIM market, if this went to alot lot lower, I would not be surprised. Look at CHAR would never ever think it's dropping to 2p. Just furious with the whole situation. |
My guess would be the Nomad has forced the company to make this update..overdue ...and questions what the Nomad was doing when they put this funding i place and announced it to the market ..if there is no surety of the funding and the timetable was not binding they should have told shareholders befor asking them to vote on the share issue t not drip feed the flakiness of it all months later. |
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