Phoenix Copper Share Discussion Threads

[haveapunt1] 29/1/2024 13:09

well someone sold over 1mil (£112,000) Friday - delayed trade now printed, so someone had enough, and the size isn't a retail investor

[boonboon] 29/1/2024 13:03

I've also already explained what part of your post I took exception too and why I posted that emoji.

[boonboon] 29/1/2024 12:58

PXC must be a great place to work the average American only gets 11 days paid holiday.

[jbravo2] 29/1/2024 12:55

They just need a signature before they can release them.
And the guy who signs them off has been on holiday.

[boonboon] 29/1/2024 12:45

We're still waiting on Navarre creek results. Their reluctantce to publish and the recent tempering of expectations by Donald makes me think they're not as good as hoped.

[sportbilly1976] 29/1/2024 10:57

SP Angel morning note

Phoenix Copper* (PXC LN) 11.18p, Mkt Cap £13.7m – Raising £2.2m to purchase equipment at a discount
Phoenix holds 80% of the Empire mining property in Idaho)


• On Friday, following its early morning announcement of plans to raise funds to purchase equipment for its Empire mine project in Idaho Phoenix Copper reported later in the day that it had “conditionally raised approximately £2.7 million in aggregate (before expenses) through the placing of 14,130,434 Placing Shares at the Issue Price, being 11.5 pence per new Ordinary Share, and a subscription of 9,000,004 Subscription Shares at the Issue Price”.
• The £2.7m exceeded the company’s £2.2m indication provided in its 7:00am announcement.
• The funds “will be used to progress the purchase of the Equipment (including taxes and shipping) and for general working capital purposes”.
• Phoenix Copper also confirms that “remains in advanced discussions with a number of interested bond investors in relation to the Company's proposed corporate copper bond financing which is intended to finance construction of the Empire Open-Pit Mine in Idaho”.
• The funding was supported by management, including the Chairman, Marcus Edwards Jones, CEO, Ryan McDermott and CFO Richard Wilkins who each subscribed for 140,582 shares as well as by non-executive director, Andre Cohen, who subscribed for 50,000 shares and advisory board members, Dennis Thomas and Harry Kenyon Slaney who took 25,000 shares each.
• The additional ~23.1m new shares represent around 15.6% of the company’s enlarged capital.

Conclusion: Phoenix Copper has conditionally raised £2.7m, in excess of the £2.2m originally sought, to purchase equipment for the Empire mine project in Idaho at a discount to the manufacturer’s price, The additional funding gives the company an opportunity to reduce the capital required for its Idaho project in tandem with a possible shortening in the development timetable.

[boonboon] 29/1/2024 10:20

Because it would have been outrageous to dilute that heavily, at that price? Would have mean massive dilution. They should have done it between 40p and 80p 2/3 years ago and we'd probably be in production now.BTW Ryan is severely underpaid with an annual salary of $239k according to Donald. Disregarding the fact that if they'd actually achieved their objectives he would have been eligible for a decent chunk of options.It just shows where their priorities lie and I don't think it's with shareholders.

[seagreen] 29/1/2024 10:14

PS I would have bought back in.
Rome was not built in a day

[boonboon] 29/1/2024 10:09

This is from the presentation, but they think they'll get permitting this year?"From fiscal years 2010 through 2021, the Bureau of Land Management (BLM) and Forest Service approved 94 mine plans of operation in the Western United States, including 9 in Idaho.* • Approval time averaged approximately 2.8 years".

[kooba] 29/1/2024 10:09

Just wondering if they just changed the date on the presentation from 2023 as so little has happened hoping no one would notice ?

[kaos3] 29/1/2024 10:07

still time to change direction and go on with classic pilot plant as a start imho
then expand. then include more materials. then use the optimised large scale processing

would save the day probably

[boonboon] 29/1/2024 10:06

BTW did Donald actually answer the question that only 10% of the shareholders are private investors?He was called out on that, but never gave a straight answer other than saying the price was below the offer price so all is well in the PXC world.

[kooba] 29/1/2024 10:05

Is this Jan 2024 as stated ..refers to upcoming Q1 2023 results !It's their website though!

[kooba] 29/1/2024 10:01

I guess this presentation Jan 24 is the basis for raising moneyCurrent Position - Empire Open Pit Mine• Metallurgical test work underway to determine whether Ammonium Thiosulphate (ATS) can recover copper on production scale• Favourable results in laboratory testing to date• Enable copper, gold & silver production from day 1, increasing revenues• Environmentally friendly, non-toxic processing reagent,replacing sulphuric acidReduction in operating costsResults expected late Q1 2023•Dependent on ATS results, Plan of Operations to be refined and finalised, to complete permitting processOriginal Plan submitted June 2021Environmental baseline studies completed - no critical issuesidentified*$80M corporate copper bond financing underwayhttps://phoenixcopperlimited.com/CompanyPresentations/It just doesn't sound like they can produce a PFS study yet and guess there is little chance of funding before one..there are still variables depending on test work and the full presentation still refers to permitting.

[jbravo2] 29/1/2024 09:59

The permitting can't happen within a year so its immaterial

[boonboon] 29/1/2024 09:58

That's absolute rubbish. Permitting is still required. It's arguably easier to obtain if the majority is on patented land.However if they don't apply soon they run the risk of missing the summer inspection window and it getting delayed for another year.That was also a question that Donald has refused to answer.When does the permitting need to be applied by, for the authorities to be able to do their due diligence this year?

[kaos3] 29/1/2024 09:51

ok - if just one signature is missing ... i can do it. but not for free of course. pxc culture in action. will not hurt the feelings and not charge in full.

kaos the jester

[kooba] 29/1/2024 09:49

Think they have set out what the kit is I'm sure i read it somewhere..mostly crushing milling equipment didn't mention jcb's and diggers ..theres pretty much a ready price for those things..can't find the detail right now though.I stand fully behind my comments though , it seems madness to raise money at these levels just ahead of all that great news to come through...why would you dilute down here to buy a bit of second hand kit , unless of course you were getting some mates in before they roof...some chance! ..this really makes no sense and basing much on the companys comments or DP is not really acknowledging the position the company finds itself in and the serially missed delivery of anything on any time frame ever given.