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Reserves are the integral part of the PFS, reads to me its nearly there to NI43-101 reqs :
"The mineral reserves presented herein are an integral part of the Company's ongoing pre-feasibility studies and will be reported in a NI43-101 PFS in due course."
Phoenix Copper LinkedIn post:
Delighted to announce that we have upgraded the mineral resources at the Empire Open-Pit into mineral reserves.
Highlights include proven and probable mineral reserves of 10.1 million tonnes containing:
Copper – 109,487,970 lb
Gold – 104,000 oz
Silver – 4,654,400 oz
This marks a major stage in developing the Empire Open-Pit mine. The Reserves statement is the result of analysing 485 drill holes and converting those into an economic model for bringing the mine into production.
At current prices, those metals will be worth around $900m, and can be produced profitably and to the highest environmental standards.
Mineral reserve ✅️
Following news should be imminent:
Economic evaluation released next
AGM called in a few weeks, now in a news rich period, a snippet of PFS released, everything can be discussed.
$25m bonds issued
IMO With a very small tight free float, expect to be back in the 30s very quickly
Closer than ever for Empire to start, and then onto the BIG prize underneath.
Most won't understand the bigger picture, after several months of silence, looks like the news rich period has got the 🟢 light.
Onwards and upwards
DYOR
BTW at todays prices the resource has a value of $900m so £700m. Wow
P.S. I would have thought the BOD would need a market cap in excess of £50m....rather than my £35m.....so we'll see what analysists say!!!!
It's hard to know exactly the size of the operation that would result from reserves worth in total £ half a billion......and what operating profit or net profit would result etc. .....
but very very roughly I see minimum circa revenue of £20m per year and perhaps a net net profit of minimum £5m per year to be used for further exploration.
I would have thought the market may value us nearer the £35m at present which is a bit disappointing for me as I saw higher in my mind...but hey ho....it would still be a leg up from here.....perhaps 23p SP?????
Purely my thoughts based on peer valuations I quickly did on some juniors and seniors on a relative % basis this morning...probably well off....too many unknowns at this stage.
All IMO only.
GLA
Now we have reserves i'd like to know what the revised NAV is.
Highlights
· Proven and Probable mineral reserves - 10.1 million tonnes containing:
o Copper - 109,487,970 lbs
o Gold - 104,000 ounces
o Silver - 4,654,400 ounces
· 66,467 copper equivalent tonnes of contained metal
Ryan McDermott, Chief Executive Officer, commented: "I am very pleased to report the first mineral reserve statement for our Empire open pit copper-gold-silver mine. The Proven and Probable reserves at Empire are 10.1 million tonnes containing 109,487,970 lbs of copper, 104,000 ounces of gold, and 4,654,400 ounces of silver, which equates to 66,467 copper equivalent tonnes.
"This reserve calculation upgrades our mineral resources into mineral reserves that represent the economically mineable portion of the mineral resources. The reported reserves are the result of years of exploration, drilling, and metallurgical testing, followed by meticulous engineering evaluation and analysis. It was estimated using assay data from 485 drill holes, extensive geological modelling, metallurgical recovery test work, geotechnical evaluation, and mine design.
"Mineral reserves meet the requirements of geological certainty, accessibility, and economic viability, and are estimated after allowing for mining and processing dilution, and thus represent the recoverable contained metal that is expected to be delivered to the smelter for refining into saleable product to generate revenue.
"I want to thank our team for their tireless hours of work and their dedication to our Idaho project. I look forward to sharing additional updates regarding the Empire open pit development in due course."
Https://www.google.com/amp/s/amp.theguardian.com/business/article/2024/may/03/glencore-may-trigger-bidding-war-for-mining-rival-anglo-american
Everyone wants the copper!
Shares are being gobbled up. Looks like the next leg up is coming. I hope there is a big order being filled. We should be in the 20’s next week with a bit of luck !!
Blencowe got US DFC funding for a critical/strategic mineral project in Uganda - so its possible (or sensible) they would look in their own backyard for such minerals!
In terms of US government funding, I was doing some research on another US mining company, and they had stated the following in their RNS, which I find really interesting and intriguing! Can this be the reason for the sudden news blackout since 24th Oct, where we heard about NC, and then gone into silence since.
"While at this time we cannot disclose many details about our strategy as it relates to government funding opportunities"
"Targeting non-dilutive funding is a critical focus of the Company. However, minimal updates will be given for the time being, as such disclosure may interfere with our ongoing endeavours in this regard"
Hence why timelines are out of the BOD's hands. There seems to be a news embargo. And the final result on Bonds will be surprising!
With the 2nd hand capex purchases, part government funding, maybe total bond funding required will be materially lower?
DYOR, IMHO
I think DP stated that the PFS had to be independently verified too which has taken time. All sounds very positive from DP lets hope they deliver this time. 3 weeks of SP rise in anticipation of AGM news….;o)))
Nope. End Q1/early Q2.
Paul (DP) posted on Telegram on 25.4.24:
"We are aiming to get a PFS out asap. In the event that we cannot finalise the whole thing we will certainly publish a resource statement and an economic analysis (which are the key parts of the PFS) in the next week or so. We are aiming for an AGM on 22 May but that is not yet confirmed. We expect to be in a position to talk freely about both the resource and our plans to fund, develop and profit from it, at the AGM."
Make of that what you will. I remain positively positive. 🙂
Was it not due end of Q1?
I would think the PFS will indicate more resources than those quoted.
Seems to good to be true at this level.
Since 2017, Phoenix has executed extensive drilling initiatives, resulting in an expansion of the Empire Open-Pit resource by over 200%. The measured and indicated resource currently stands at 22,909,059 tonnes, with an average grade of 0.38% copper, 0.324 grams per tonne ("g/t") gold, 10.3 g/t silver, and 0.19% zinc. This resource represents 87,543 tonnes of copper, 238,406 ounces of gold, and 7,595,198 ounces of silver.
Hard to tell what the catalysts are these days. Market is very funny ATM generally from what I look at.
Welcome rise though. Just fingers crossed it is sustained.
Atb
Reckon this is leaky? Bond financing is a go?
Bid now 17.50p.
If you think its hot at todays price then just wait for another 12 months :)
And then again in a further 12 months !
$13K to $15K IMHO within next 2 years.
Copper is HOT
Well a profit is a profit...and that's why we're here BilkosBuddy......hope you return with renewed confidence someday...ATB for now!
Sold the last of mine for some profit. Thank you Plutus 1. BW
Being offered 17.44p to sell on a dummy sell. I think we will cross 20p very quickly.