Member Info for Andrew4444

"Last week’s placing was for a specific reason – to buy a piece of kit at a price that the company felt was too good to miss - which we will communicate when it is complete. "

I look forward to that news being RNS'd. It would seem unbelievable to think that a substantial amount of money would be spent by the BoD on equipment unless they were 100% certain finance was going to be approved and the mine was going to be built.

Well that's my view.

I look forward in seeing that RNS.

.

For me its not so much criticism of CB's exploration strategy, but the BS he came out with re Bushranger. and now lack of trust in what he says

Remember what he said re Bushranger:

We know we have the grades and I'm not worried about the grades

This wont be a death my a thousand lashes (re sale)

Looking to make a sale in a few months

If they offer me 10p I'll tell em they can stick it

We were biting our nails re 2mt but now with Ascot find we dont have to.

This is a tier 1 asset

etc

Many didnt sell at 6p as CB had given all of us great confidence that it was going much higher after the imminent sale.

If you can't trust a word the CEO says then it doesnt give you much confidence in him delivering.

That doesnt mean to say he wont deliver though

Whoever is selling , it can't be because of the poor assay results as they have not started drilling yet !

The temptation is to think someone knows something we don't. I suspect anyone selling may be a distressed seller or because of one of many other reasons.

I'm happy to wait and see what the drill results show, good or bad, but the point is no PI knows more than anyone else at the moment.

Pi's control much less than 50% of total holding

It is certain to be approved

"The agreement xtr. entered into with MMP was perhaps sieve like"

No perhaps about it IMHO. I guess CB now realises that he did not make it water tight so MMP can manipulate "costs" in many ways and are doing so !

$1000+ AISC?? Hmm. Really?

This is on CB and he probably now thinks better to not fight a losing battle, take the easy option and leave it.

That added to the fact his time horizon is now very near due to his age, makes sense for him to sell up and go for a cash grab with no hassle.

Last throw of the dice on Zambia and see if he gets lucky.

(PS In the old days that pod cast would have seen the sp rise. Not now. CB has now lost his magic BS powers ! He now has to deliver actual results for the sp to rise. !)

Is that correct?

Two £90K buys.

"...would you rather spend the money on our existing site that we know has potential or go rainbow chasing with the money and have no money and no asset in 2027 "

Most SH, I believe, will go for first option. Play the long game.

But by 2027 CB will be circa 84. I doubt CB will be around in a professionally capacity by then and there is every chance he will have "shuffled off this mortal coil" by then

Why should CB care about what's best for long term planning. It is irrelevant to him now !

And he knows it.

SH best interests and CB best interests are now not aligned.

I hardly post here much now as there is not a lot to say. This is bottom draw now - unless CB actually surprises everyone with a successful copper exploration play this year. All his previous exploration punts have failed but maybe he thinks he must get lucky soon :) Unless he gets lucky with exploration, I cant see the sp doing much now until POC hits $10K when bushranger value moves from being worthless to potentially profitable.

I think some are overthinking the manica sale rationale. The manica sale imho supports my previous view that CB knows time is running out for him (81 this year) . He has now accumulated a lot of cash quicker than he would have done under the original deal and he can now gamble it all over next 2 years on 9 Red and 15 Black on the roulette wheel, and hope he finally can make a name for himself and get the kudos from his peers.

Its not about the money for CB - its about the acclaim of finding a discovery before he leaves the stage. He wants to leave a legacy and his current legacy is not one that he wants !

It's a bit like someone selling all their assets and gambling it to see if they can be a millionaire. Madness to do that if we did it, but as CB is gambling with our money then very sensible approach from CB's perspective !

If he was in his 50s and had more time I think he would have kept manica and developed it long term and we would have seen 2p after official profit was announced in the final years accounts.

I will leave on some positive news. I haven't sold any as I think POC will ensure Bushranger will be very profitable and will, eventually, be sold but not for anywhere as much as CB implied and in much much longer time scales. 4 to 6p is my thinking but that may take another 2 years.

I'll see you again in 2 years or when POC hits $10K !

"They are going to need the equipment anyway"

I hope you are right about that.. If that is correct then that, to me anyway, implies we will definitely get finance by some means at some point - even if it is not via bond financing.

Irrespective if they finance this through bond financing or a Plan B alternative method, I still think an RNS stating we have bought the equipment and machinery implies finance, by whatever means, would have been agreed. That's why I see that RNS as pivotal (IF that RNS it ever comes)

That's my take anyway and I accept some may see it differently and that I may have got that completely wrong !

Hi Trek

I take your point and understand that lead times could be long. However, my main point was that IF they announced purchase of equipment I would assume that would indicate the bond financing is 100% certain to happen (whenever officially announced). If not they would have spent possibly $1M on machinery / equipment that will never be required.

The purchase of equipment would seem to confirm (to me anyway) bond financing is certain - whenever is is officially announced, That's why I see RNS confirming purchase of machinery as so important and not just because of long lead times (as you rightly said).

The BoD are a tad overly optimistic in timescales (arnt they all in Aim) but I assume the PXC Bod are not complete idiots who would commit $0.5 to $1m on equipment that we may never need !

Well I'm hoping they are not complete idiots :)

If we do get an RNS confirming hat we have spent hundred's of thousands of $ on machinery, then I would assume (maybe naively) that that implies Bond financing is a certainty.

Why would you commit that amount of funds on machinery unless you know Bond financing was definitely going to happen and soon?

That RNS, if it came, would be very significant

Of course AIMHO

Thank for your thoughts Stanley

One of the most annoying things about yesterday was that they could have done this raise at a much higher price very recently. As you say poor planning which implies a panic move for some reason?

Not sold any and even added a little yesterday but my trust in the Bod has been dented now. Looking at the number of buys yesterday many still seem confident this will end well?

Tbh I would be happy for some of the raise to be used to keep the lights on as interest rates are going to come down this year and into 2025 so if we have to go into "care and maintenance" for 12 months to get a better deal later, then that's fine with me.

Always seemed strange to try and get financing at this difficult time when the financial environment should be so much better by end of the year.

I reckon they may have more than one option and are trying to get the best deal, which may mean taking more time and originally planned.

Unless they are telling lies in the RNS, there is more than one option or interested party

AIMHO

.".and confirms that discussions remain at an advanced stage with a number of interested bond investors"

Sounds to me that they have a few offers and options and are trying to get the best deal. No doubt there will be a a bit of poker playing going on so the best deal for PXC is achieved.

Brinkmanship often means timescales are stretched and it goes don to the 11th hour.

With US interest rates expected to keep falling each quarter from now until end 2025, it looks as though head winds in the Commodity sector should soon start to turn into tail winds ?

Even if there are delays in financing (not saying that will happen) the long term outlooks good here.

I will be adding more IF this goes sub 20p.

DYOR

AIMHO

Would it not be better to compare the sp performance against an event outcome ie drilling results rather than a random time date?

If after the first drilling results he sp has not moved up, or fallen, then that would indicate the pessimists were correct.

Until then, I'll make no judgement call - just wait and hold for actual empirical results before making a call.

With US interest rates expected to keep falling each quarter from now until end 2025, it looks as though head winds in the Commodity sector should soon start to turn into tail winds ?

That said, it may take another 12 to 18 months before POC reached the required level before bushranger becomes economic. But Manica profits should keep increasing.

It would be nice if CB told us exactly what they are though :)

This is not a surprise to me and not a worry.

Three weeks ago I stated

"As ever in small caps, things take longer than anticipated so the RNS confirming the agreement may take until mid Dec / early Jan?"

Having been in junior mining co for years find the BoD are always a tad overly optimistic with time scales:)

If it does go sub 20p (I'm not saying it will) then I'll be buying the dips.

AA were never the most likely buyer re Bushranger so that news doesnt change anything.

Well actually that's not true, it might change something.

It could be argued that by AA reducing capex, it increases the chances of them letting us out of the AA clause and they get some agreed cut of any deal we do with another major??

I'm not suggesting that will be soon, but the AA clause may be more likely to be removed now if AA have zero intention of spending any capex on Bushranger.

They may aswell try and monetise what value will be there (at a higher POC) by letting us out of the clause and sell to another - with AA making some money from that deal (in some way).

The way I see this is if you believe there is going to be a financing deal announced in the next month or so, you just hold and buy the dips. If there is no news prior to xmas then there will be opportunity to buy more at sub 20p imho.

If you dont believe the BoD then best sell -up and move on.