Phoenix Copper Share Discussion Threads

[williamcooper104] 24/3/2023 08:54

Yep - plenty of macro stuff that could have been used to blame Also let's not forget that the next three months for raising debt; particularly in the US are likely to be pretty brutal

[soulsauce] 24/3/2023 08:48

Waited all this time for an update and that is what we get served up.

That said if copper trades at $6.00lb down the line we won't mind paying that inflated interest rate.

[williamcooper104] 24/3/2023 08:46

Well said If IG are allowing you to short this that's likely because they aren't hedging your position and are happy to trade against you

[jbravo2] 24/3/2023 08:44

Re 7442
"ATS: work continues and nothing has cropped up, to my knowledge, which indicates that it doesn't work. However, the labs have been very slow turning around assays. Last week's news of terrific grades was very good, but it means the lab needs to do some work on reblending ores to see how ATS copes with those higher grades. In the scale of things if the results come through a few weeks either way it isn't hugely important: getting a top Digbee rating is more important in terms of getting the project into production."

So only now are they running tests on higher grades???? Even after all the shouting about 8% copper this and that? I'm not sure that finding 1m @ 12% copper substantially changes the overall grades of the deposit anyway does it? It's a small proportion of the drilling done to date so it can't change expectations by even 0.1% overall I'd imagine. What difference does that make anyway if you're blending the ores?

As for being confident about the bond. Equally confident as before?
Have the board not considered moving back to a more typical model? They can even dress it up as due to the changes in the macro environment mean that now equity raises will be needed. Plenty of the supporters will swallow it. At the moment it smacks of desperation to save face, not wanting to admit they're wrong on equity raising. And making far far far worse decisions as a result. Just to save face. Ridiculous.

Just like investing its sometimes less painful to admit you got it wrong, change tack and move on from there. Tell 'em to change their mind donald.

[sipptrader88] 24/3/2023 08:34

So we've strengthened our US funds to keep on target with Navarre and greater Phoenix/Red Starr etc. area ...exploration drilling. We've done a deal that gives us $1,940,000 (net of 3 months interest)...will pay it back early (as before with same lender)from the BOND issue? or Plan C??...or worst case convert into shares....maybe 5% of our total diluted shares plus <2% dilution with warrants at 42p.
No Biggy IMO....I would be more worried if our exploration programme was at risk...due to the need to conserve funds!

I hope those that had the foresight to sell yesterday ...may now buy back in??

GLA

[orhlsw7] 24/3/2023 08:29

I shall see you there then

[orhlsw7] 24/3/2023 08:28

You cannot assume anything anymore with this lot.

[jasperthemonkeygod] 24/3/2023 08:28

not if you go

[orhlsw7] 24/3/2023 08:28

This might be a very interesting AGM this year.

[jasperthemonkeygod] 24/3/2023 08:28

looking at the Riverfort bridging loan then, I'm assuming the bonds will be sorted in the next 2-3 months

[orhlsw7] 24/3/2023 08:23

Ahh. There we go. Low twenties. A bot sooner than expected.

[jbravo2] 24/3/2023 08:22

@m1sterx
Very few people will be short on a stock this size. IG don't allow it as a matter of course so you need some good contacts. Any shorting would be small in size and usually only for a few days. I know some will have managed it this morning but they'll be out in hours.
I know it's easier for the ego to look for people outside the company to blame but as william cooper has said, the blame lies at the company door. They painted themselves into a corner needlessly here.
Only when you grasp that nettle does it open your eyes and free you to make better investment decisions. It IS painful but it helps from that point forward. I went through it with EMED mining a decade ago. Try it. It's liberating and you will make better investment decisions.
This is a perfect demonstration of the psychology of investing/trading now.
The "opposition" don't bother tracking who manages to change their mind and who doesn't. It isn't an admission of failure. It's just a realisation that no one ever gets it right 100% of the time. Don't try to. Don't sweat it, just make a better decision next time.

[williamcooper104] 24/3/2023 08:13

They're really difficult/dangerous to short in any material way

[williamcooper104] 24/3/2023 08:11

So about that technical analysis ;)

[m1sterx] 24/3/2023 08:11

Those going short on AIM minnows have made a fortune and you wonder why the BB's are full of bashing trolls.

[williamcooper104] 24/3/2023 08:07

Well into 2024 - and that's "corporate overheads" which is not necessarily committed spend - means they may not get going concern sign of at next balance sheet date

[soulsauce] 24/3/2023 08:07

Silverspoon correct.
What a shambles.

[williamcooper104] 24/3/2023 08:06

"Well into 2024" could just mean 14-16 months

[qs99] 24/3/2023 08:03

"The Company maintains sufficient sterling working capital to cover corporate overheads, well into 2024."

[williamcooper104] 24/3/2023 08:00

Yes - and the people they are trying to sell those bonds to They are aware of that and will act accordingly

[williamcooper104] 24/3/2023 07:59

The investors who they are trying to sell the copper bonds to are well aware of the deadline This is now in the realm of distressed funding Really poor financial management

[silverspoon2009] 24/3/2023 07:57

I am coming to the conclusion that any investment in this sector is simply pouring money down the drain.

The junior resource sector has been in the doldrums for 2 years now with most share prices down 80%+ from the highs of Q1 2021.

The market is designed to take your cash, dodgy brokers, market makers, forward sellers, shorting, bashing, etc etc, there is no positivity, retail investors are leaving in droves, will this market ever recover?

PXC looks a better bet than many I must say but usual caveats apply, using Riverfort as a loan provider, well I never thought PXC would stoop so low. Thankfully the death spiral does not kick in unless they extend beyond 3 months.

[bumpa33] 24/3/2023 07:57

DP - £32m mkt cap but its having to cap in hand to Riverfort…?!

[williamcooper104] 24/3/2023 07:55

Very disappointing Just because management screamed that they wouldn't do an equity placing (which I kept saying was stupid) they've been backed into the corner where they've effectively done a placing only with greater financial risk and they've only extended the benefit of that placing to Riverfort and not existing shareholders