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Share Name Share Symbol Market Type Share ISIN Share Description
Phoenix Global. LSE:PGM London Ordinary Share VGG7060R1139 ORD NPV (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 26.00p 0 08:00:00
Bid Price Offer Price High Price Low Price Open Price
25.00p 27.00p 26.00p 26.00p 26.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Metals -1.01 8.3

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Date Time Title Posts
18/12/201810:37PGM - Phoenix Global Mining Ltd405
28/2/201223:45The Coming Major PALLADIUM Bull Market of 2008-2021216
26/6/200813:10The Platinum Group Metals Thread176

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Phoenix Global. Daily Update: Phoenix Global. is listed in the Industrial Metals sector of the London Stock Exchange with ticker PGM. The last closing price for Phoenix Global. was 26p.
Phoenix Global. has a 4 week average price of 26p and a 12 week average price of 26p.
The 1 year high share price is 36p while the 1 year low share price is currently 2.90p.
There are currently 31,800,075 shares in issue and the average daily traded volume is 57,176 shares. The market capitalisation of Phoenix Global. is £8,268,019.50.
rampair: The problem for DRC and tripling the Levy is that it pays to research the Cathode blend, this is where the Cobalt is going. However, in the short/medium term we can safely say that Cobalt use will still be with us - as such PGM is well placed to Capitalise on US demand. The recent drill intercepts of high lead and very high Silver are quite intriguing it certainly is an interesting site that PGM has and I really am baffled as to why it has yet to reflect this in the Market. One explanation could be in the fact that investors look at headlines, We are known as Empire & it’s been correctly associated with Copper, however, now these different metals will add a bit of confusion to the layman (myself included) but basically it all boils down to one thing - what is the ore worth per tonne? Once a Feasability study gives us all an idea of the sort of return we can hope to get it becomes easier to understand- I guess in the meantime we could take advantage of the share price if possible. Good to see that management own a decent amount. Not advice, and as this is a complex orebody (for this holder!)DYOR.... - thanks to Zaphod99 for the work put in too. R.
goldrush: If as seems likely (and the Directors have said so in various ways) there is demand for shares from people in and around the mine in Idaho, this will not take long for a bit of a re-rate to a higher share price and valuation. The Directors would not have gone down this route without a good bit of PR and a RNS or two to perk up interest....IMHO
zaphod99: At the risk of sounding like a "company stooge" here's my review of yesterday's PGM lunch in London. First of all, many thanks to PGM for agreeing to host it and to Richard Wilkins for arranging the venue which was absolutely perfect. I'd previously met Richard and Marcus so it was good to meet Dennis for the first time and also to meet some of the other shareholders. I arrived fully prepared to hear something negative that might explain the continued weakness in the share price, however no such news was forthcoming and I left feeling even more confident that we're onto a good thing here and the share price will break out at some point to reflect the true potential. Throughout the 3 hours or so there were various chats, both one-to-one and as a group over lunch and I'll do my best to share what I can remember. Hopefully the other shareholders can step in if I've got anything wrong or if I've missed anything worth mentioning. Firstly, there was some interesting discussion around the company financing and after the recent placing which, as we know was oversubscribed, the company is well funded to see us through to completion of the BFS. As far as the actual mine construction financing is concerned, it seems that there may be opportunities to tap into the considerable interest shown by wealthy US investors in the Sun Valley which should hopefully reduce the dependence on conventional bank financing that inevitably comes with the usual painful banking covenants and conditions. There was discussion around some sort of merger with Exgen which would give us an easy route to a TSX listing. I was left with the impression that moves are afoot in that direction and it may well happen if an agreement between the two parties can be reached. As far as the various projects are concerned, the primary focus will obviously be on the low-hanging fruit that is the open-pit oxide mine which will provide serious cash-flow to help finance the underground sulphide mine plus the other projects. The conversation also suggested that the cap-ex could be significantly lower than expected due to some sort of deal to acquire the "yellow iron" (think caterpillar trucks etc.) that is pre-owned rather than new. The oxide mine seems to be just the tip of the iceberg and much more at higher grades lies hidden beneath, most of which has been unexplored to date. The Gordon Lake gold project in Canada looks to have very decent gold grades but apparently is best worked on during the Winter months when the ground is frozen rather than marshy as it tends to be at other times of the year. This will be dealt with in due course but it's there in the background and seems to be highly regarded by the team. Regarding the two highly-prospective copper-cobalt properties in the Idaho Cobalt Belt, such is the current global interest in cobalt that Dennis receives frequent enquiries from other parties (including I think he said, from places like South Korea) which he has politely rebuffed. A significant sum from the recent fund-raising has been allocated to exploring the two prospects in more detail to come up with the optimum drilling campaign. Much excitement here. There was mention of the great relationship with the governor of Idaho who is very supportive of everything PGM is doing. Richard mentioned that the governor has recently set up a dedicated office to deal with mining permits and licencing to make the whole process as streamlined and quick as possible. State and federal licencing now runs in parallel rather than consecutively, unlike in all other states, to further improve Idaho's position as one of the best states for miners. It's currently ranked as the 4th best US state for mining but the governor has ambitions to move Idaho even further up that particular league. Central Asian Metals (CAML) was mentioned frequently and they seem to be the 'role model' that the directors are keen to follow. I understand that within the first few years of production, the early investors in CAML received back in dividends the equivalent of their original investment. Not sure if the PGM directors have such lofty ambitions but the intention is certainly to be paying dividends as early as possible. There were some very useful and informative handouts with maps which give a great overview of current operations and future plans. I presume they'll be available to those attending the AGM on 11th June. I also had a look at the financial report to see if there was anything "hidden away" at the back. I'm no expert but there was no sign of anything, so unless they're using invisible ink or a vey small font to hide something, it all looks good. We had a couple of the other shareholders asking some seriously intelligent-sounding questions. I nodded along in a "I was just about to ask that" kind of way and I think I got away with it, but between you and me, much of the mining and geology-type stuff was way over my head. I can however, confirm that we have some seriously smart and well-researched PI's on-board and until such time as I'm found out, I'll continue to pretend I'm one of them. All in all, it was a very enjoyable and informative meeting with an excellent lunch and I would encourage other shareholders to come along to future events like this if possible. Anyone else who was there, please feel free to chip in to correct anything or add anything as you see fit. I've added a flag counter to this thread as requested.
the_sage1: You do have to ask yourself how these junior mining companies can all of a sudden pick up, in many cases, abandoned projects for peanuts then suggest they are worth tens/hundreds of millions of $ once they list on AIM. I notice here the BOD have seed capital stock at a fraction of the current share price, always worth looking at the back pages of the listing document for that info. Was there not a massive pump concerning Regency Mines (Andrew Bell) who picked up some abandoned coal mine in the USA only for investors buying in on it to lose 50% of their cash in quick time? USA 'assets' indeed !!!
the_sage1: I think the BOD must be hugely disappointed with the share price, hovering around IPO level of 4p, however there are market participants who are aware of companies needing to raise cash on a regular basis. PGM stated a long time ago they will need to raise again (likely in Q2 or Q3 this year) I suspect there has been some forward selling in anticipation of a placing. I would take a position here but am aware a fund raise is coming soon and will wait, I am sure others may thinking along the same lines. Once the bank balance is healthy again I think there will be a re-rate but not until IMO. Question is what price the placing?
the_sage1: Have met the management a few times and am impressed by their honest commitment but I wonder if the current share price weakness is due to the admission that they need to raise funds. hTTps:// A question was asked at the end of this recent presentation and they suggested they would need funding pretty soon, unfortunately AIM decimates companies that admit to funding needs and placing discounts can range anything from 15% (good) to 25%+ (bad) Any thoughts on this, as a prospective investor I may wait for the next funding before buying in.
zaphod99: Following the recent acquisitions I had a few questions and was also keen to find out more about the proposed roadshows in US that were mentioned in a recent podcast. Richard Wilkins, whom I’d met previously, invited me to join him and Marcus Edwards-Jones for lunch since they were coming into the City anyway to meet one of the brokers near to where I work. It was very reassuring to hear that everything is going well at the Empire mine and there is genuine excitement over the cobalt and Gordon Lake prospects neither of which appear to have been reflected in the share price. Regarding the US roadshows, it looks like plans may be afoot for a listing in North America with TSX (Toronto) being the most obvious choice. The feeling is, that if Phoenix are also listed over there the market cap would be considerably higher than it is now plus it would give Phoenix much more exposure and generate more interest from institutional and private investors. There aren’t many companies similar to Phoenix in terms of size and location listed on AIM but there are on TSX and in comparison to a peer group of TSX-listed companies PGM would look very undervalued at the current market cap. US brokers tend not to offer access to AIM stocks so a TSX listing makes a lot of sense given that all of the operations are in North America and there is known to be a lot of local interest in the areas surrounding the various projects. Interestingly, ExGen already have a listing on TSX and as a result of the recent Gordon Lake deal, one of the ExGen directors has been appointed to the board of Phoenix and our CEO, Dennis Thomas is already on the board of ExGen. Given the close association between the 2 companies, it begs the obvious question, could Phoenix and ExGen amalgamate in some way and in doing so, PGM gains a listing in North America, thus raising its profile and creating the opportunity for US and Canadian investors to get involved? It will be interesting to see what develops on that front. It was really good to meet Richard and Marcus and hear first-hand how things are going. They made it clear that they’re keen to engage fully with shareholders so I suggested that they might want to consider holding informal lunch meetings like this with small groups of shareholders every few months. They’re both keen on the idea so if anyone is interested in coming along I’d be happy to organise it and find a suitable date for the first one which would probably be in late April or May. Richard mentioned that he may be able to arrange a suitable venue in the St James’s area of London. If interested, let me know here or by sending me a private message.
zaphod99: Broker update available on VOX 09:1507 Mar Phoenix Global Mining* (PGM LN) 4.75p, Mkt cap 10.9m – Rebuilding Empire – a new start Valuation: Base Case – US$37.6m, 11.6p/s *SP Angel acts as Nomad and broker Key Points The current share price stands at only approximately 40% of our base case valuation suggesting scope for significant share price appreciation as the company becomes more widely recognised. Phoenix Global Mining’s flagship project is the re-opening of the historic Empire mine in Custer County, Idaho to produce copper cathode from heap leaching and SX-EW treatment of near surface oxide ores. The Empire Mine project benefits from a substantial archive of historic geological, drilling, mining and production data The company has secured licences in the Idaho Cobalt Belt which is attracting considerable exploration interest from a number of Canadian and Australian juniors. The recent option over the Gordon Lake gold properties in Canada’s Northwest Territories provides exposure to promising exploration areas in close proximity to a number of historic, multi-million ounce gold mines. Our Base Case valuation is US$37.6m (11.6p/s) see page 3 for valuation scenarios. Summary The historic Empire mine in Idaho produced from the early 1900s to the late 1930s. Phoenix Global Mining is working to restart the mine, initially producing copper cathode from oxide ores using SX-EW technology while it establishes the full potential of underlying primary sulphide mineralisation. Valuation Our assessment ascribes the majority of the company’s current value to its 80% interest in the Empire mine oxide project which we have assessed on the basis of our estimated NPV of future production using our long-term copper price forecast of US$8,500/tonne. At this stage we have not ascribed a value to the underlying sulphide potential of the Empire mine or to the recently acquired 80% interest in the Gordon Lake gold property in Canada. Our estimate of the value of the cobalt exploration in Idaho rests on the value of a recent transaction disclosed by the purchaser. In summary, our valuation is shown in the table below: Table 1 Valuation Summary Valuation Summary Lower Case Base Case Upper Case US$m p/sh US$m p/sh US$m p/sh Empire Mine Oxides 17.6 5.5 35.3 10.9 52.9 16.4 Empire Mine Sulphides Nil at this stage Idaho Cobalt Exploration Nil 2.3 0.7 5.0 1.5 Nil at this stage Total 17.6 5.5 37.6 11.6 57.9 17.9 Source: share price Angel The Empire Mine Oxide Project Our valuation of the Empire mine (100% basis) is based on our assessment of the NPV(7.5%) of the current plan to mine oxide copper ore in the AP Pit area which aims to produce around 7,000 tpa of copper from the mining and treating of 2mtpa of ore from the currently defined resources over a period of approximately 9.7 years. As the project evaluation progresses we expect the detailed mine plan to crystallise in terms of the production and grade profile, as well as operating and capital costs. Our assessment is based on share price Angel’s copper price forecast of US$8,250 (US$3.74/lb) in 2019 and a long term price of US$8,500/t (US$3.86/lb) thereafter. These compare with a current price of approximately US$7,100/t and a 2017 average price of approximately US$7,250/t. Table 2 Valuation Assumptions Empire Mine Valuation Assumptions Per Year Total Economic Assumptions Copper Price US$/t 8,500 US Federal Tax Rate 21.0% Idaho State Tax Rate 7.4% Royalty Rate (due to a previous owner, Exgen) 2.5% Resource Assumptions Tonnes (MI&I) 19,365,000 Copper Grade 0.52% Operating Assumptions Mining Rate (ore tonnes) 2.0mtpa 19.365mt Mining Rate (waste tonnes) 2.7mtpa 27.000mt Copper Grade 0.52% Copper Recovery 70% Copper Production (tonnes) 6,700 69,988 Life of Mine (years) 9.7 Cost Assumptions Pre-Production Capital US$41m Sustaining Capital 2.5% of EBITDA Mining Cost US$/t moved US$2.00 Treatment Cost US$/t treated US$6.00 G&A Cost US$/t treated US$1.50 ? We have discounted the future cash flows of the Empire mine at 7.5% based on our calculation that at current interest and tax rates the fundamental weighted average cost of capital for a 50:50 debt:equity model is 7.6%. We observe that this estimate is broadly consistent with a January 2018 estimate published by New York University’s Stern Business School that the weighted average cost of capital of the US Metals and Mining sector was 7.37%. Based on these assumptions, we estimate the net present value, post financing, of the Empire Mine oxide project, discounted a7.5%, at US$110m. We estimate that the project generates an IRR of 53% and a payback of 1.8 years. We comment that, at the current copper price of approximately US$7,100/t, the NPV7.5% is US$70m, the IRR is 38% and the payback increases to 2.3 years We note that the project is particularly geared to fluctuations in the copper price with a 10% variation in the base case copper price representing a 23% change in the NPV7.5%. By contrast a similar 10% change in the estimated operating costs translates to a 5% change in NPV7.5% and a 10% alteration in the pre-production capital cost assumption is reflected in a 3% change to NPV7.5%. These sensitivities are shown graphically in Figure 5 and the effect of different flat copper price assumptions are illustrated in tabular form as Table 3. Table 3 Empire NPV- Sensitivity to copper price (Source: share price Angel) Empire Mine NPV Sensitivity to Copper Price Copper Price US$/t NPV7.5% US$m IRR Payback (years) 7,000 US$66.8m 37% 2.4 7,500 US$81.7m 43% 2.1 8,000 US$96.4m 48% 1.9 8,500 US$111.2m 54% 1.7 As the Empire mine oxide project is not yet in production, we have examined the discount to the assessed after tax NPV which the market ascribes to a number of other, largely North American, precious and base-metals development projects. This suggests that the market typically pays between less than 10% and around parity with the after tax NPV. In our view the range, in part, reflects how close the projects are to production. The results of this analysis are summarized in the following table. Table 4 Market discount to NPV of development projects (Source: share price Angel) Typical Market Discounts to Project NPV of Development Projects Company MV U$m Project NPV U$m IRR Payback MV/NPV CKG CN 109.4 Metates 737 7.7% 10.1 0.15 CNL CN 579.4 Burtica 860 31.2% 2.3 0.67 MIN CN 211.2 Gunnison 808 40.2% 4.6 0.26 IDM CN 30.0 Red Mtn 83 32.0% 1.9 0.36 LMG CN 1.3 Pine Grove 23 23.0% 2.7 0.06 MAX CN 139.0 Stibnite 832 19.3% 3.4 0.17 NEE CN 73.6 Moss Gold 93 52.5% 2.2 0.79 SBB CN 367.6 Black River 381 24.2% 2.9 0.97 VIT CN 172.3 Eagle Gold 508 29.5% 2.8 0.34 Tot/Avg 1,683.8 4,325 0.39 In our view, it is appropriate therefore to apply a factor of 20% of calculated NPV for the lower case valuation of the Empire mine oxides and 60% of NPV for the upper case. Applying these factors values the project in the range of US$20.2m to US$60.7m with a base case of US$40.5m. Phoenix Global Mining’s 80% share of the Empire copper oxide project is, therefore worth in the range U$S17.6m to US$52.9m with a base case value of US$35.3m.
snowyflake: zaphod - I agree with you regarding Ryan McDermott. Local yes and with a lot of experience. Also it is a vote of confidence in the assets that he added to his holding this past week. Good to see that he has slightly more shares than my holding! Please let be summarise my thoughts. 1. Management. My analysis is that the board have the necessary experience, ability and honour in their dealings to make a success of the underlying assets. I have not researched the history thoroughly, but I have sympathy with Richard Wilkins, the PGM FCO and Roger Turner,PGM operations over the way in which they appear to have been treated when running Oxus, having been successful with Oxus Gold. I also have sympathy for Oxus shareholders like you who have also suffered. I hope that it works out but as with many other situations, authorities often do not assist. That brings me to 2. Jurisdiction. The PGM assets are in a good jurisdiction e.g. Idaho USA. They are not in Africa where I have had success with a sands company (although it was acquired at an undervalue)but lost with two other companies where the assets are in African countries I tend to avoid Eastern Europe. 3. PGM does not appear to be a lifestyle company for the directors. 4. Assets. The underlying assets look sound. There is plenty of work to be done but that work is achievable. The assets are helped by the fact that the historical copper assets are patented and as I understand the position do not need permits in order to explore and produce from them; I may need to be corrected I do not think that applies to the add ons nor the cobalt tenements. I and another investor are concerned about the physical space for the leach procedure. 5. Registered jurisdiction of PGM. This I am afraid is a downside for me. I prefer the companies in which I am invested to have their registered office in England and Wales. The laws of the BVI are different to those of England and Wales. 6. Future capex and financing. I appreciate that it is early days but this is an area where I am not as sanguine as you. Imo one cannot just sit back and hope that gradual news flow will prepare the company for a rising share price. I am invested in another company where I first bought at 5 pence and the price exceeded 25 pence at a point last week. It has similar attributes to my criteria in 1-5 above save that the RO is in England not in the BVI. That company had a placing in December 2016 at 7 pence in which I was fortunate enough to partake to a small extent. An institution came on board at that point. There was a share transaction in June 2017 resulting in another institution coming on board at a higher share price and so on. I have helped see off an analyst who shorted the stock (imo he lost out) and feel very much at ease with the board and a few other holders. All this and the company does not have a DFS yet!! In my view PGM needs promoting; it needs good communication with loyal shareholders. It is insufficient to sit back and hope that those holders remain holders; after all there has been what appears to have been a flood of sales of stock acquired at the IPO in July. It is quite possible that many at that time bought with a view to flipping the stock but any joy has been limited. The view of the chairman in the Vox interview with Justin Waite that the company intends to have a roadshow(s) in the USA is in my view naive; some might even think it is a smokescreen for lack of involvement with its UK shareholders. After all I doubt that the board is intending to list the copany on Nasdaq or the equivalent!!
moreminer: Well spotted Zaphod99, and indeed good news so it seems. To make reading easier, see text of article following; Phoenix Global Mining – Proposed new US Tax Regime and revised copper price forecasts boost valuation of the Empire Mine Phoenix Global Mining Current Price: 5.025p Market Cap (M): £11.5 EV (M): £10.3 Event BHC has increased the NPV of Phoenix Gobal’s proposed Empire SX/EW copper mine in Idaho to US$56.3M from US$36.3M. Following the release of the details for the new company tax regime in the USA, BHC has re-run its model for Phoenix Global using a 28% tax rate. Historically we had used a 42% tax rate, comprising a 35% Federal Tax and a 7% Idaho State Tax. The revised 28% tax rate comprises the proposed 21% Federal Tax and the 7% Idaho State Tax. Also, we have revised our longer term copper prices to $3.08/lb from $2.96/lb at the time of initiation on 8th August 2017. All NPV calculations are based on Phoenix Global owning 80% of the Empire Copper Project. Comment Copper Price Since our original Initiation Report the model had been revised twice reflecting the increase in copper prices on both occasions. These revisions correspond to our quarterly revision of the copper price forecasts, which are based on Bloomberg consensus figures. The first revision raised the NPV (8%) from US$36.3M to US$39.3M and was made in early October 2017. Now that the new quarter has commenced (January 2018), the forecasts have again been revised and this has pushed the NPV up to US$43.2M based on the updated copper price forecast over the duration of mining which is US$3.08/lb compared with US$2.96/lb in the initiation report. These changes impact the early stages of mining and therefore impact the NPV calculation significantly and reflect the current spot copper price of US$3.23/lb. Taxation We have now applied the new proposed US Tax Rates to the model. As discussed in the original initiation report, the valuation is extremely sensitive to the tax rate. Using a combined Federal and State Tax rate of 28%, the NPV increases to US$53.6M. Valuation At the time of the Initiation Report, we stated that “the valuation represented a Phoenix Global Mining share price of US$0.16 or 12p based on the 80% ownership of the copper SX/EW project alone. Under the revised assumptions these values are now US$0.23 and 17.3p. When the Internal rate of return (“IRR”) was calculated for 100% of the mine in the Initiation Report it was 29%. The marginally higher copper prices and significantly lower tax rates have raised this figure to 45%.
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