Phoenix Global Mining Share Discussion Threads

[zaphod99] 13/6/2018 21:34

It seems that the demand for cobalt will continue to increase for the foreseeable future despite efforts by some vehicle battery manufacturers to reduce or even remove it's usage in lithium-ion batteries.https://techxplore.com/news/2018-06-cobalt-free-batteries-goodbye.amp

[zaphod99] 12/6/2018 22:28

Bloomberg article on that Vale deal.https://www.bloomberg.com/amp/news/articles/2018-06-11/vale-signs-first-major-cobalt-deal-in-benchmark-for-battery-boomBig push to secure cobalt supplies from ethical producers outside of DRC.

[zaphod99] 12/6/2018 17:45

"Wheaton Precious Metals, Cobalt 27 acquire cobalt stream from Vale for US$690M"

[zaphod99] 12/6/2018 17:41

Interesting article on eCobalt, also based in Idaho.hTTps://www.streetwisereports.com/article/2018/05/29/the-only-us-based-primary-cobalt-mine-is-nearing-production.html

[zaphod99] 11/6/2018 22:01

Many thanks Snowyflake.All sounds very positive, especially regarding any financing solution that could result in no further dilution!That would be a major achievement assuming it was on reasonable terms, which seems likely.Thanks again and I look forward to seeing you again at the next PGM lunch meeting.

[snowyflake] 11/6/2018 21:08

MM - I obviously did not make the position clear and so I have amended the last paragraph of the post which please re-read.

[moreminer] 11/6/2018 20:23

Many thanks for the information Snowyflake,

So all lights on green it is then?
You state there is demand for the stock, but yet I fail to see turnover?
Must be soon to come then.

And lets hope ADVFN will not follow the III site and basically kill the site!
Vjeers, and thaks again.

[snowyflake] 11/6/2018 19:58

I attended the AGM today. The general manager of the company Ryan McDermott had flown from the US for the meeting. I managed to have a chat with him before the meeting formally started. A very nice, knowledgeable and family guy.

After the resolutions had been proposed and voted on affirmatively, Richard Wilkins, the FD, addressed the meeting and advised that the board's visit to New York had been very successful; in short it was good for the financing of the project. Whilst Richard made it clear that it would be unwise to completely rule any further share issue (no FD would unequivocally do so) he felt that the company could build the mine without any further shares being issued. Following presentations made by the board in NY the feeling was that the finance would be obtained without further dilution. CEO Dennis Thomas made the point that there is a finance meeting tomorrow led by Roger Turner to discuss the costs of the mine build but the costs are going to be reworked downwards which is good news.

Richard W then make the point that whilst in NY financiers were keen to finance the mine build. Further it was possible that there would be a tie in to the US market by October this year.

Ryan McDermott who after all is the man on the ground was invited to address the meeting. hThey have completed what they set out to achieve and the new drilling programme commenced on 1st June. They will complete sufficient drilling for the DFS which should be completed in September. There are currently two rigs operating on site with three more to come. There is a great demand for rigs in Idaho presently but as Dennis Thomas pointed out the company pays its bills on time and is not having difficulty sourcing rigs. He also made the point that Ryan should be complimented for the way he is conducting things.

There is an updated map (it maybe on the company's website - I have not checked yet)Ryan pointed out that there is an orange coloured section at the top on the map which has been added to the licence in 2017/18. We now have 1774 acres which is more than adequate for the operation.

The conversation changed to the cobalt tenements. There are currently 26 plans from us and others with the Salmon authority; we are one of the 26. We are working alongside many experts in the Idaho cobalt belt. Ryan said that they are going to complete the exploration plan for submission to the regulator for drilling in 2019. The regulators are very busy caused by the fact as Ryan explained they are understaffed but Ryan does not see any problem in getting permission for their plans.

Dennis Thomas emphasised the Trump Effect; in short many commissions have been told to "get on with things". Ryan is certain that they will get permission for 2019, The fact that Iron Creek is next door and that whilst they are two years ahead of PGM. It should not be forgotten however that First Cobalt have acquired US Cobalt the owners of Iron Creek for just short of $150m or roughly £87 million but as it was said Iron Creek are two years ahead of us. Drilling rigs for every thing cobalt are pre-planned and there will be no problems.

All in all it seems that all being well finance for the Empire mine should not be a problem; a listing on one of NY markets (OTC?)could be achieved by October, rigs do not seem to be a problem and there was a ring of confidence in the room.

There is a demand for PGM stock which means that it can only be achieved for US investors by access to stock in the US since they cannot buy shares on AIM. Thus there has to be a US listing for such persons to buy the stock. Dennis Thomas even said that there are those in Mackay who see the equipment moving up the mountain who want shares in the company!

[zaphod99] 10/6/2018 20:51

Just a brief synopsis of anything interesting would be appreciated Snowyflake.

[snowyflake] 10/6/2018 18:58

zaphod99 - I am useless at posting links. I will have to get a lesson!!!

[snowyflake] 09/6/2018 20:48

Good tweets coming through of metallurgical drilling taking place at Empire Mine.

[zaphod99] 08/6/2018 15:21

Incredible stuff going on over at Petropavlovsk - POG (formerly Peter Hambro Mining).Check out the last couple of news releases.So glad we're in Idaho, USA.Asia, Africa and Russia becoming even more dodgy with every passing day.

[snowyflake] 07/6/2018 21:29

Company has just tweeted - drillers are drilling through the night. Good to know.

[zaphod99] 07/6/2018 13:11

hTTps://www.weare121.com/121mininginvestment-new-york/phoenix-global-mining/Busy few months ahead......What are your key goals for the next 3, 6 and 12 months?3 MonthsCommence and continue our BFS programme including:25,000 feet of RC drilling(15,000 feet infill drilling &10,000 feet of step-out drilling) to increase resources' base.10,000 feet diamond drilling3,000 feet diamond drilling for further metallurgical testwork.Continue exploration of Idaho Cobalt Belt projects.6 MonthsComplete Empire Mine oxide drilling campaign, update resources and continue BFS work.Complete successful field exploration programme on the Idaho Cobalt Belt properties and plan for the 2019 drilling programme.Commence Gordon Lake gold exploration programme in NWT, Canada.12 MonthsCompletion of Bankable Feasibility Study.Commence formal permitting process for the Empire Mine oxide open pit.Continue exploration of the sulphide orebody of the Empire Mine.Commence the Idaho Cobalt Belt drilling programme.Continue the exploration and drilling of the Gordon Lake gold project.

[snowyflake] 05/6/2018 06:44

Dennis Thomas CEO is presenting for Phoenix Global at the 121 Mining Investment Conference in New York tomorrow 6th June at 10.20 am NY time.

[shutittrev] 04/6/2018 11:27

Thanks for the update Zaphod99. Much obliged.

[zaphod99] 04/6/2018 07:52

"China goes all out to secure lithium, cobalt supplies – key to dominating the world electric car market""The emergence of electric vehicles has seen Chinese companies go on a global hunt to secure lithium resources. Now they are rapidly clinching deals to get hold of cobalt whose supply is even more concentrated geographically."

[zaphod99] 02/6/2018 14:51

US getting serious about electric vehicleshTTps://www.cnet.com/roadshow/news/2018-california-new-york-new-jersey-ev-investment/California, New York, New Jersey make a $1.29 billion investment in EVsThe money will go to programs to help further popularize electric vehicles as well as building out charging networks.by Kyle HyattJune 1, 2018 11:37 AM PDTWith automakers duking it out for electric vehicle supremacy, EV's are becoming a fairly common sight on the streets of America, and in New York, New Jersey and California they are about to get more common still.California has long been a bastion of electrification and already features a number of buying incentives as well as a relatively robust charging network. But as of today, it is effectively doubling down on an electric future with a $738 million allocation for projects that promote EVs.A charging station of Tesla in Beijing CBD. Tesla's salesCharging infrastructure in New York and New Jersey is about to get a big leg up thanks to an investment by both states.New York and New Jersey are riding the EV wave, too (presumably in response to criticism by The Pixies, re: sludge), with a combined $550 million investment in electric vehicle charging stations, including locations at airports, which is cool.What's interesting is that these significant investments come in the wake of the EPA's most unrighteous attempts to dismantle federal fuel economy standards. In fact, Bloomberg estimates that the US will have over 1 million electric vehicles on its roads by the end of 2018 and that we'll see 16 million EV's hit the streets by 2028.It will be interesting to see if this nearly $1.29 billion investment will spur other states into action, resulting in more charging stations and better incentives for people to switch from gasoline to electricity.

[zaphod99] 01/6/2018 07:05

Yes indeed snowyflake, thanks for picking that up. I do now recall the connection between the two.I've also just remembered Dennis mentioning that they've recently been granted permission to draw water from a nearby creek rather than have the expense and inconvenience of having to send it via tankers from the nearest town. Drilling requires a lot of water apparently and they now have a ready supply almost onsite. Further evidence, if any were needed, of the support they're receiving from the local community and local authorities.

[snowyflake] 31/5/2018 22:08

zaphod - admirable. You have mentioned the Sun Valley investors; that interest should be linked to your comment about 'yellow iron'the point being that there is a possibility that almost new equipment could be 'hired' which would reduce the mining capex considerably.

However the discussions are at a very early stage and may not lead to an agreement. Were it to happen the investment criteria improves considerably. It could even lead to a case where the B almost comes out of the B in the bankable feasibility study.

The board are very very keen to get into production as soon as possible. Whatever may have been said by some on this bb recently, the directors do have skin in the game and it should not be forgotten that Richard Wilkins and Roger Turner did well with Oxus Gold until certain events befell them. Richard made the point that he lost his pension over that and that his aim is to recover it with success with Phoenix. The argument continues for if he does well private investors do well.

[zaphod99] 31/5/2018 21:38

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.

[tribal dance] 31/5/2018 16:52

the_sage1 - if you look at the Admission document dated June 2017 you will note that the directors as a group (between all of them) were paid a total of £26,944 for 2014 (highest paid being £7,336), £31,412 for 2015 (highest paid £14,566), and £126,433 for 2016 (highest paid £36,478). Most of this was paid in shares. Having successfully listed the company on AIM and raised the money to develop the Empire mine, for the benefit of all shareholders, the directors were awarded a bonus, which they invested into the company. This was done with the full blessing of the brokers and advisers at the time, and properly disclosed in the Admission document. It is strange that you make an issue of it one year later. It is also strange that you think that it should be mentioned in recent media events. Since the IPO the directors have bought shares requently in the market, and all of them participated in the recent financing. It is clear that they believe in the company and support it, and are not trying to rip it off or get a free ride. But you are of course absolutely entitled to your own views, and if you don't like what you see, I assume you will invest your money somewhere else

[the_sage1] 31/5/2018 15:31

So no comments on why the directors were awarded £180,000 from the IPO proceeds to buy 4m shares in the company for their own benefit?

I notice this was not mentioned during any of the recent media events. Strange that!