Phoenix Copper Limited Share Price (PXC)

£9k buy @ 08:57 🙌🏻 👀

Stocks… 100% agreed.

Whichever way one looks at it, it’s “advantage NIU” and an early morning visit from the local constabulary for the former CFO and Chairman.

It will certainly be very interesting to see NIU's next move here. Wildcard of course is US investor playing whiteknight, but as he's already been kicking the tyres for a year, chances of that seem slim now.

Assuming nobody else is coming to the rescue, with cash runway only until end of Q2, NIU must be weighing whether they just let this fall into administration. On the one hand they'd forfeit their shareholding, but then they'd be able to crystallise their secured stake in the project, shorn of unsecured creditors. You can see the appeal. How ever all that plays out, and undoubtedly there are multiple scenarios at play, the most unsatisfying part about this story is so far no repercussions or news of pay back from ex chair/CFO.

Stocks… PXC is still working toward a funding solution, otherwise NIU may well have chosen to escalate further rather than withdraw its requisition. That said, NIU has already demonstrated its willingness to intervene, so withdrawal should not automatically be read as a clean endorsement of management’s position. Whatever route emerges, the Company still appears to face multiple funding hurdles before Empire reaches production, so some form of material dilution or economic restructuring remains highly likely.

GLA

Let's be honest, it's not looking good here. Going to need some absolute heroics at this point.

It's pretty much down to a game of Russian Roulette, where 5 of the 6 the chambers are loaded and pointed at the equity.

At this point the copper price surge is nothing more than a tragicomic footnote to this story.