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Share Name Share Symbol Market Type Share ISIN Share Description
Phoenix Global Mining Limited LSE:PGM London Ordinary Share VGG7060R1139 ORD NPV (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 15.00 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
14.00 16.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Metals -1.30 -4.56 6
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 15.00 GBX

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05/7/201908:38PGM - Phoenix Global Mining Ltd505
28/2/201223:45The Coming Major PALLADIUM Bull Market of 2008-2021216
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Phoenix Global Mining Daily Update: Phoenix Global Mining Limited is listed in the Industrial Metals sector of the London Stock Exchange with ticker PGM. The last closing price for Phoenix Global Mining was 15p.
Phoenix Global Mining Limited has a 4 week average price of 0p and a 12 week average price of 0p.
The 1 year high share price is 0p while the 1 year low share price is currently 0p.
There are currently 42,784,881 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Phoenix Global Mining Limited is £6,417,732.15.
zaphod99: Snowyflake - would you be as confident if our assets were based in for example, Zambia or Chile or Indonesia or the Democratic Republic of Congo?Will financing be easier to raise on favourable and less dilutive terms given that our projects are in the joint highest ranked location for mining in the world?Will PGM, once it becomes a producer, be more or less attractive to larger mining organisations looking for acquisitions in a safe and mining-friendly jurisdictions?Even the majors like Vedanta, Freeport Mcmorran and Rio Tinto have experienced problems recently in Asian, African and South American countries with some pulling out or having concede control to local partners.I post these articles not to highlight the woes of others but to emphasise one of the major attractions of our assets being located Idaho.Resource nationalism, which seems to be increasing all over the world plus the ongoing trade wars, makes PGM are more compelling case.
snowyflake: From my perspective zaphod99, the woes of others do not encourage me over the prospects of Phoenix Global and its prospects at Empire mine and to a lesser extent the cobalt assets. We have a super asset in Empire Mine and Red Star has proved to be a great find. We are, in my opinion. now into project finance and we need the money with which to develop the assets and in particular Empire Mine. There is a particular section in the chairman's statement released today and I summarise it as follows: that the Empire Mine project is already attracting interest from mining finance and trading houses and that management intends to limit calls on the equity market i.e. limit dilution. I believe that it is possible that with the quality of the asset and the jurisdiction in which it is situated, management could find debt finance for the preparation and completion of the BFS. Now that would be good and in itself, if achieved, give a fillip to the share price. The market cap is under £7 million and that figure undervalues the company in my opinion.
goldrush: deuchar Thanks for your confidence in me !! There are always reasons why people sell in distressed a result of someone's death, required to cover losses elsewhere, divorce settlement.... as a few.... If you know of AAZ we had someone who fell out with the tax authorities and had financial problems and had to sell.... the share price fell from 50p to 4p....2 years later it is now 80p and looking to go a lot higher. Other than a few miss-steps by the management this distressed seller is the reason why we are down here share price wise.The management know they have got to up their game and they are showing very good signs of doing so.....let's see how the RNS's go and confidence comes back to the mining market generally. The main conclusion IMHO is that our valuation at 6m is far too low.... it should be more like 5 times that at 30m g
goldrush: deuchar Very little volume and market quiet generally so no great worries on my part. As Snowyflake says above, next week is when the market should be back to business and is a great and appropriate time to get things RNS'd....then we can see how things go. With our Resource, an Experienced Management Team who should be able to deliver on their vision, we should be able to put our share price weakness, caused by a distressed seller, well behind. I am sure if they do not deliver someone else will take it off their hands....pronto...IMHO
zaphod99: Been in touch with the company after today's update and following the recent dip in the share price. All continuing to go well although from what I could gather, there were delays bringing US based investors on board due to compliance and regulatory reasons plus the complexities of setting up brokerage accounts and they ran out of time to get it all completed before the festive holiday period. Sounds like it will be wrapped up shortly. Recent negative sentiment across most markets hasn't helped so the share price has taken a hit recently even though trading volumes have been low. So we're likely to see US high net worth and institutional clients appear and once the OTCQX electronic trading is fully up and running there will be more liquidity and trading activity over there. Awareness will be raised over in US with some marketing activity. I get the impression that financing is not going to be a problem and future dilution is likely to be kept to a minimum with much of it being done via debt such as loan notes, rather than equity. Today's RNS has some interesting pointers on recent progress. "As reported throughout late 2018, mineralized drill hole intercepts were prevalent in multiple directions outside of the previously modelled open pit mine, particularly to the north in the newly discovered Red Star area. The 2018 drilling programme obtained numerous high grade interceptions, including grades of 12.05% copper, 20% lead, 5.83% zinc, 2.52g/t gold and 580 g/t silver, all of which will be included in the Q1 2019 resource estimate. Known mineralisation now covers a strike length of 3.5 kilometres within the Company's claim block. The April 2018 pit design covered 1 kilometre of this. The Company continues to believe that the Empire Mine Project, including the historically mined high grade underground orebody, represents a major mineralised system and will continue to explore the underground sulphide mineralisation potential of the Empire Mine in 2019, whilst looking to consolidate land holdings adjacent to the mine." Looking forward to seeing the updated resource figures which I believe we can expect next month or soon after. There should be a significant uplift on the previous figures in the PEA last April given the impressive drilling results since then.
zaphod99: Phoenix Global Mining Ltd (AIM: PGM; OTCQX: PGMLF), the North American-focused base and precious metals exploration and development company notes the recent movement in the Company's share price.As announced on 24 December 2018, the Company completed a subscription to raise £358,099 at 28 pence per share. Directors and senior management all participated in this subscription. Despite substantial interest, aided by its recent admission to trading on the New York OTCQX Market, the Company confirms that a number of potential strategic and other qualifying institutional investors from the US were not in a position to close prior to the 2018 year end. The Company confirms that it remains in positive discussions with such investors with a view to completing a further subscription during January 2019, as foreseen at the time of the December 2018 close.The Company is not aware of any material change in its business or affairs that has not been publicly disclosed.
zaphod99: I'm not sure that direct comparisons with a company like CMCL, who are also dual-listed on AIM and NYSE OTCQX, makes much sense. Phoenix's operations are 100% based in North America whereas Caledonia Mining have 0% of their operations in North America and their primary focus is in fact in Zimbabwe which has got to be at opposite end of the scale in terms of safe countries in which to operate. Not sure that I'd be brave enough to invest in ANY company in Zimbabwe! A very high risk jurisdiction which might explain the lack of interest by US investors. PGM's management have clearly stated that there has been considerable appetite at both institutional level, with declared interest by financial institutions in New York to get involved in the financing of the project, but also from private investors in the areas surrounding the mines who are witnessing first hand the operational activity in the area. If there's to be any further placing in the near future it's likely to be to specifically satisfy initial US demand and to create liquidity on OTCQX rather than on AIM at the current low share price One thing is for sure, junior mining companies tend to be rated and valued significantly higher on OTCQX than on AIM which may make PGM more attractive to US investors when peer-group comparisons are made. Can't really see PGM being an attractive shorting proposition, especially at the current undervalued share price since there surely can't be much scope for further drops. Shorting normally works better with companies that are perceived to be overvalued rather than undervalued and trying to perform some sort of arbitrage strategy between the two markets wouldn't be possible. Also, you just never know when a rerating might kick off which could result in having to pay considerably more to close out any short positions. On the operational side, we've only had drilling results from one hole so far, so we can expect further results soon. Following the success of the last lunch meeting with some of the PGM directors I'll get in touch with them to propose another sometime in September. Will post again when I have a date.
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.
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!!
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