 I sold at a substantial loss. 39p down to 20p. and it hurt like hell, both financially and mentally. This was a company given great reviews in the Daily Mail, and I bought in to that "feelgoodfactor" after doing some research of my own.
Does it feel good now to see the company down in the pits. No, of course not.
This is the second Company this year that has cost me dear HZM being the other.
As a comparison, HZM were actually building their plant, all was fine, directors were very well paid, then the money dried up. A massive fall from grace,. I just hope that PXC is not on a similar slippery slope.
I don`t know what DP can say, but something was not right if the first $5m was released then money suddenly dries up and the bond lender needed more substantive information before proceeding further.
Yet all those months previous of telling all and sundry that PXC is close to finally getting a backer, information must have been requested and answers given.
Suddenly, the brakes were applied and MORE info is required.
Smacks of one of two things to me, firstly, the Co. did not give correct information out, and/or, secondly, the lender is getting cold feet.
I leave out the third option which is that everybody is happy and although there is a short delay owing to some updated information now being available, the monies will be released soon. I think the current share price probably negates option three.
Right, going back to bed, got terrible covid and it hurts like hell |
And jbravo2 if funds become available as the company keeps saying they will how do you think i would feel if the price doubles or more with a clear funding line to production they promise? Liberated??Unless you are 100% sure they are lying through their teeth ( and if you can prove it ..call the cops) then that is a call that you cant make without a large potential margin of error in saying selling is the only course of action.I agree that it looks flakey right now and the company keep changing the story ..as i have posted ...but that does not mean the market is now discounting a very poor outcome that might not be the case...though that price action alone tells you many have stopped trusting the company and their mouthpieces anymore.So thanks for the advise but at this stage i will ignore it ..and unless you are inside and know exactly what is going on and are qualified to give advice i guess you should not be dishing out advise however well intentioned . Since you have no skin in the game it is quite easy making such after the event observations though isn't it. |
What's happening here then with PXC? Explain it to me like I'm a 7 year old..... |
@kooba
"so on a risk reward position what should i be doing ..you seem to know though are not even invested here…or ever were??"
Ermmm, sell.
EVERYONE who has sold so far is feeling better about the fact they sold. It's painful when you do it for a loss but when the share price continues to decline it is the holders who feel the pain and the sellers realise how liberating it was to be rid of a losing position. |
You think he has anything left to uphold? It's in absolute tatters |
Normally I'd agree but Donald pond has a reputation to hold. Be surprised if it does. |
I can tell you how this pans out....the company goes into administration and someone picks up the licenses on the cheap and the takes it into production |
Would be interesting to hear Pants take on the sudden demise of the company.
Is he still a shareholder here, or has he retired with bundles of toilet roll, looking for a safe haven to dump his holding. I do sincerely hope that he is alive and well. |
Jbravo2 interesting takeThey are relying on people like you "hanging on" and moaning about "why don't they do something? We need action!", when it is YOU who should be doing something.Not sure what you want ME to do ..i am just an investor with a relatively small interest here that is somewhat frustrated. The update is forced by the share price movement ..if a cfo of a listed entity says that a project is fully funded by a legal subscription agreement then you have to take them at their word ....normally. Here i have been concerned at the lack of confirmation of that position and voiced my concern here and to the Nomad a couple of days ago ..i clearly had nothing but silence to figure something was still wrong despite the CFO'S words in sept that there was no problem with the bond investor.The moving past 5 months from first drawdown was a trigger though.Now you think i should cut and run because you don't trust the CFO or the latest attempt by the company to calm nerves. See i don't know for sure how this pans out ..they may get full funding flowing shortly ..they may never do. So it's a question of risk reward now..there is more upside if they get funding and commence development than downside if they don't i would say ...so on a risk reward position what should i be doing ..you seem to know though are not even invested here...or ever were?? |
Kooba - I see you’re doing well here my good friend, what was the NPV here again? |
@someuwin
You go first
:D |
Why are you struggling with this kooba?
They would provide certainty around the funding if they could.
They want the money.
It pays their wages.
But there are fewer and fewer places for outfits like this to get money.
They are relying on people like you "hanging on" and moaning about "why don't they do something? We need action!", when it is YOU who should be doing something. |
The comms to give confidence to shareholders leaves the shares down another 20% having already fallen a like amount in the days ahead. Extraordinary the company don't understand what has spooked the market or how they might address it ..they just make it worse because they can provide no certainty around funding ...funding they said was in place. They don't seem to get it ..their spin means nothing now shareholders need action and surety not just being fobbed off anymore. |
Probably worth a punt at this level imo... |
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. |
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