Phoenix Copper Share Discussion Threads

[deuchar] 27/5/2020 13:08

Amazing shorters are the only who can't stop saying the "F" word and other foul language

[trad3m3] 27/5/2020 12:51

Well it's all about give and take...

[onedayrodders] 27/5/2020 11:59

yep all good investorman .. that helped get one knee off the canvass

;0)

[investorman33] 27/5/2020 11:49

Rodders

Share price right now is about 22p - less than the heights of yesterday - and only slightly slightly higher than the price the day before.

However the opportunity today is to buy shares in a company which is funded to further develop the projects it has.

Importantly that includes drilling Red Star (both RC and diamond)so as to be able to announce a further resource, and probably doing the metallurgical testwork and announcing a Project economic model. At that point its a properly defined project with a real value as its cash flow can be calculated - and that means its creating real shareholder value.

Equally further developing Empire which will include drilling to increase the resource (already viable on old resource, this just improves the economics) and announcing the Project Economic Model for the gold/silver element of the project will add significant value to Phoenix as its a couple of steps further closer to going into production.

And lastly demonstrating some real value at Navarre Creek, probably with geophysics/geochemistry and sampling to show what there is on the property and its potential. All adding value to the property - before deciding how to develop it further, whether by itself or involving other companies to help fund its development.

So all good stuff - and with funding in place we should see Phoenix with much more higher valued projects by the end of the year.

Sure many missed out on buying at 5p or 6p (I did too) only a month or so ago. But if the Directors and Martin Hughes (largest shareholder) are buying shares at 18p now its not for a quick flip at 22p - they think its going to be a much more highly valued company in the future. Only question is whether people want to follow their lead and invest now - or wait until the value add work outlined in the RNS today has been done by which time the share price should be far above what it is today.

[trad3m3] 27/5/2020 10:48

I see it as a good opportunity to get some... bit lower and I want to grab more :)))

[pantsonfire] 27/5/2020 09:49

I feel for you rodders. Many of us bought in at listing at 40p, back in 2017, so it's been a long road, including descending to 5p less than a month ago. Yes, that hurt. You'll get your money back, and more. Look at the number of shares in issue which is low for a company of this nature. It won't need much activity to see that price zooming up once more since there is little in the free float. You'll be glad you bought in at any price when that day comes.

[onedayrodders] 27/5/2020 09:39

agree ... it's part and parcel of this business and you need cash to 'walk the walk'.
However for today, personally .. it's like a Mike Tyson rib punch.

Of course I'll get my wind back soon .. just not today

[milliecusto] 27/5/2020 09:01

Directors took a lot of the placing, that shows how confident they are in the assets.

[pantsonfire] 27/5/2020 08:38

Regarding the pricing of the offer, the fundraising would have effectively been carried out and completed last week, when the shares were nearer 20p. So 18p is a vote of confidence (many companies are having to raise at large discounts to market - no choice). Yesterday would have been basically a paperwork day to close the financing (placing letters, placing agreement, board meeting, etc). The fact that the price rose was great news but did not affect the fundraise, which was all but done. It’s not then the done thing to change the price upwards in the middle of closing just because the share price has risen. In any case, this issue will be fast forgotten when the results generated from the fund raise come out.

[pantsonfire] 27/5/2020 08:18

My opinion. This is excellent news. Read between the lines, and for me the key words are “As we have recently expanded the network of roads and drill pads in the shear zone, several additional mineralised structures have been exposed in the dozer cuts below the alluvium. These structures have been added to the list of drill targets in the Red Star zone.” First, these drilling rigs are heavy beasts, for which they would most likely have had to construct new roads. As they cut them, they exposed new seams. The drilling team are presently on site, and as is known, the mobilisation costs are very significant, so in these troubled times of Covid, they are just carrying on drilling, saving money and potentially bringing more value to the company and sooner, since we’ll have these new mineralisations included in our M&I resources. Roll those drills on!!

[dave4545] 27/5/2020 07:57

You'll be back in profit very soon.

mm's were bidding 26.6p at the close yesterday

Some of them will love it if people sell at the open some 5p+ cheaper

I'm in for another 100k if the price drops too much

[onedayrodders] 27/5/2020 07:36

Ahh the good old OneDayRodders curse has struck again

[zaphod99] 27/5/2020 07:32

Looks like the Empire Open Pit which many, including me, thought would be put on hold will be coming into play on the back of this placing due to the attractive gold content. The copper can wait.

It also looks like the potential standalone gold mine at Navarre Creek is coming into play sooner than expected.

This placing to facilitate the additional drilling and test work should add massive value in the short term so it will be money well spent.

[bigboots] 27/5/2020 07:28

I see that as really great news. Very small free float here, directors participated in a big way and lots of near term projects to look forward to

Don't see it dropping too much

If it does i will be doubling my £30,000 investment here

[dave4545] 27/5/2020 07:24

You need a new calculator !

50% discount is 13.75p, placing is done at 18p.

And it closed last week at 19p bid, take out yesterday's spike and it's a great price.

Seems to have been well hidden yesterday, there was no signs of any forward selling and the price closed well bid around 26.6p

I see a big drop then big rally as the day goes on here

[silverspoon2009] 27/5/2020 07:22

It's not a 50% discount, but feel sorry for those buying recently above 25p.

[itsnotmeitsy0u] 27/5/2020 07:16

Lol placing at a 50% discountBut it's ok 'cos the directors bought loads!

[zaphod99] 27/5/2020 07:04

All of the directors participated.

[zaphod99] 27/5/2020 07:03

Phoenix Copper Limited / Ticker: PXC / Sector: Mining

27 May 2020
Phoenix Copper Limited (the "Company" or "Phoenix")
Oversubscribed Placing & Subscription to raise £1,760,000

Phoenix Copper Limited (AIM: PXC; OTCQX: PXCLF), the AIM quoted North American focused base and precious metals exploration and development company, is pleased to announce that it has raised a total of £1,760,000 (before expenses) by way of a placing and subscription for ordinary shares of no par value each ("Ordinary Shares"). The funds will be used to accelerate the gold and silver work programmes at the Company's Red Star, Empire open pit and Navarre Creek mineral properties in Idaho, USA.

Highlights:
- £1,760,000 raised at 18 pence per share
- Placing & subscription oversubscribed
- Use of proceeds:
o Diamond drilling at the high-grade Red Star silver / lead deposit
o Additional drilling and metallurgical engineering on the precious metals extensions at the Empire open-pit
o Gold exploration at Navarre Creek
£1,760,000 has been raised by way of a placing and subscription for 9,777,641 new Ordinary Shares at a price of 18 pence per share (the "Fundraise Shares") (the "Fundraising"). The Company will also grant a total of 453,467 broker warrants exercisable at 18 pence per Ordinary Share and valid until 30 June 2023 (the "Warrants"). The Warrants will not be listed or quoted on AIM.
The net proceeds of the Fundraising will be used to accelerate the gold and silver work programmes at the Company's Red Star silver / lead deposit, continued precious metals work at the Empire open pit, and the Navarre Creek gold exploration project. These work programmes will commence immediately and the funds will also provide the Company with additional working capital.
Ryan McDermott, Chief Executive Officer, commented:
"This Fundraising marks another significant moment in the Company's development. Early in the second quarter this year, we reported the addition of significant precious metal value to the Empire open-pit resource, and we commenced the 2020 Red Star drilling programme on 27 April 2020.

"This £1.76 million Fundraising will allow the Phoenix team to continue its work on a precious metals expansion programme at the Empire open-pit through a combination of drilling and metallurgical testing focused on the gold and silver trends recognised in and around the oxide-copper resource area. Additionally, it will enable the expansion of the Red Star drilling programme throughout the Red Star shear zone, and allow the team to conduct a focused, geophysical and geochemical programme at the Navarre Creek claim block.

"The drilling programme at Red Star is progressing well, especially as the wet spring time weather is now turning toward drier, summer conditions. As we have recently expanded the network of roads and drill pads in the shear zone, several additional mineralised structures have been exposed in the dozer cuts below the alluvium. These structures have been added to the list of drill targets in the Red Star zone.

"Metallurgical testing on samples from the precious metals trends in the Empire open-pit is currently underway. The results of the test work should be completed later this summer and, when they are available, will be incorporated into an updated PEA.

"We look forward to sharing additional news from our ongoing programmes as it becomes available and, as always, we appreciate the support of our shareholders as we continue the successful development of our projects."

Director Subscriptions
Each of the directors of the Company (the "Directors") participated in the Fundraising, details of which are set out below:
Director

No. of Ordinary Shares held as at date of this announcement

No. of New Shares subscribed for in the Fundraising

No. of Ordinary Shares held immediately following Admission

% interest in Ordinary Shares immediately following Admission

Marcus Edwards-Jones
925,000
75,000
1,000,000
1.60%

Ryan McDermott
343,747
55,556
399,303
0.64%

Richard Wilkins
725,243
55,556
780,799
1.25%

Roger Turner
1,363,809
55,556
1,419,365
2.27%

Dennis Thomas
1,321,539
55,556
1,377,095
2.20%

Andre Cohen
382,809
50,000
432,809
0.69%

Jason Riley
15,000
8,333
23,333
0.04%

[goldrush] 26/5/2020 22:34

I33

The 2,500 trade in USA went through at 32.08 US cents.....long may it continue....

[investorman33] 26/5/2020 17:50

Worth commenting that in USA its all but impossible to buy shares at a price of less than 25 cents per share (circa 20p a share).

Now Phoenix seems to have broken clear of that 20p figure, its likely that there will be a growing demand for Phoenix in the USA - pretty sure that a number of Idaho people will want to get involved with a stock which is involved in their local state.

[investorman33] 26/5/2020 17:45

Big increase today - up to 26p bid 29p ask - mid shareprice 27.5p, up 7.5p on the day,
close to 40% increase on the day after a lot of activity.

Good to see, but wouldn't surprise to see a bit of a pull back after such a large rise. But any sniff of good news and equally wouldn't surprise me to see shareprice come back and more upwards.

[goldrush] 26/5/2020 16:50

Although not very much traded in USA.....at least a purchase transaction of 2,500 shares has gone through.....it's a start !!

[deuchar] 26/5/2020 16:37

Dont worry pantsonfire I'm still there been there since inception those shares are still under water. Just part of the portfolio.