Member Info for BritishPeculeum

Sorry, Andrew4444 I read it that you thought it was somehow NIU’s fault why the funding beyond $5m hadn’t been advanced, and the Company’s due diligence hadn’t scrutinised NIU sufficiently.

Andrew4444… “We even got an RNS saying $85M funding now all approved only to find the BoD had not done proper DD on the new investor who only paid the first $5M then stopped !”

I’m not so sure that this was the situation why NIU funding stopped at $5m and progressed any further. There was an obligation on PXC to provide a bankable feasibility study to ExGen Resources Inc. at the point of funding, which the Company didn’t have at the time. That possibly gave EXG the right to veto on its consent to PXC to extend the funding from NIU to PXC beyond the initial $5m that PXC more than likely took from NIU without prior agreement from ExGen. It then led to the revised Carry Agreement of December 2024, that did away with the obligation on PXC to provide a bankable feasibility study to ExGen, and other things. I don’t think it was a due diligence issue. I’d say NIU did everything they were meant to do, and fulfilled their part of the bargain. I’d say it was poorly managed on the part of the Company, yet again, to do the basics right.

Howzap… bogged down in more than just financing. Bogged down in mismanagement and governance issues also. Ongoing claim being made by the Company against former Chair and CFO, on corruption charges. We have the CEO and a NED navigating the business between them in the interim. No Company Secretary, no CFO, no Chair in post. I’m tempted to throw my hat into the ring to help them out. I’d do it for nothing. I hate seeing businesses run into the ground like this one has. As you rightly say, the asset itself looks like a runner with the right management in place.

Howzap

The 4th December 2025 RNS you will see refers to the use of the Indigo facility being partially utilised to repay the loan facility from Riverfort Global Opportunities and thus terminate the relationship between Riverfort and PXC. However, Riverfort has raised an issue with how the termination of the relationship was handled by PXC (see 27th January 2026 RNS), extract below:

“Following the repayment, the Company was informed by Riverfort that the repayment should have been classified as a prepayment, pursuant to the terms of the Facility.

The Company is now in discussions with Riverfort to determine whether there is a further financial obligation for the Company, pursuant to the terms of the Facility.

The Company will make a further announcement once the discussions with Riverfort have concluded.”

We haven’t heard anything further on this matter. Riverfort is therefore a liability that is yet to be determined before PXC can determine the amount of cash runway it needs to see it through beyond the expiry of the Company's current cash balances “which will provide sufficient working capital to meet ongoing obligations until the end of Q2 2026”(extract from RNS dated 9th March 2026 - ‘Financial Position’).

“Further to the announcements dated 27 January and 9 February 2026, discussions with Riverfort Global Opportunities PCC Limited ("Riverfort") regarding the terms of the Short Term Loan Facility remain ongoing. In addition, the Company is in discussions with Indigo Capital LP ("Indigo") to renegotiate certain terms of the agreement with Indigo which was announced on 4 December 2025.

Shareholders will be provided with a further update once the discussions with Riverfort and Indigo have concluded and a further announcement regarding the Company's fundraising strategy and financial position will be made as soon as practicable.” Also extracted from 5th March 2026 RNS (‘Financial Position’).

One other final point that you need to be aware of if you do decide to invest here now: Nurse Ratched will begin “medication time” at 6:00pm daily.

Howzap… it’s not straightforward this one by any means. Dangerous to look at MCap for this and take that as a green light for investment, because atm market is pricing-in probability of failure, and for good reason. Have a good look at the RNS’s certainly dating back to Summer 2024 onwards.

One particular one to note that will have possibly the most immediate impact is 4th December 2025 RNS (extract below):

“Phoenix Copper Limited (AIM: PXC; OTCQX ADR: PXCLY), the AIM quoted, USA focused base and precious metals emerging producer and exploration company, is pleased to announce that, further to its announcement on 13 August 2025, it has drawn down on a $2.1 million convertible loan note (the "CLN") and utilised the funds, in part, to repay the balance of its Short-Term Loan Facility (see below).

Key terms of the CLN

The CLN, which has been issued to Indigo Capital LP, a private family office investor (the "CLN Investor"), is unsecured and has been drawn down in an amount of $1.96 million net of a fixed 5% coupon and a 2% commitment fee. The CLN has a 12 month term and is convertible into new ordinary shares of no par value in the Company ("New Ordinary Shares"), at the option of the CLN Investor, at a 20% discount to the prior 5 day lowest Volume Weighted Average Price ("VWAP") on the day a conversion notice is submitted by the CLN investor, or on maturity.

The CLN Investor may convert up to $1 million prior to 30 April 2026, plus a further $250,000 if the Company's share price has closed at 5.5 pence or higher for 5 consecutive trading days prior to 30 April 2026. From 1 May 2026 the CLN investor may convert the CLN in full. The Company may redeem the CLN in cash at nominal value plus 20%, with the written consent of the CLN Investor.

The CLN investor will also be granted 10 million warrants to purchase New Ordinary Shares at an exercise price of 5 pence at any time from 1 May 2026 to 31 October 2028.

Partial Loan Conversion

The Short-Term Loan Facility from Riverfort Global Opportunities PCC Limited has been repaid in an amount of $1.46 million inclusive of accrued interest at 15% per annum and net of conversion of $627,251 of outstanding principal and interest into 19,549,276 New Ordinary Shares at a price of 2.41 pence per share (the "Partial Loan Conversion").

Application has been made for the 19,549,276 New Ordinary Shares issued pursuant to the Partial Loan Conversion to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings will commence at 8:00 am UK time on or around 8 December 2025.“

Not all of those CLN’s up to $1m in value exercisable prior to 30th April 2026 have yet been converted by Indigo Capital. $536,000-worth have so far been converted, so far as we are aware (see 23rd Jan 2026 RNS). From 1st May 2026, the remainder of the CLN’s, up to $1.424m in value can be converted at a the agreed conversion rate of 20% discount on 5-day average VWAP.

Possibly, 86KB. Don’t forget however that Indigo still has the balance of CLN’s up to the initial tranche of $1m to take before 30th April 2026 at 20% below 5-day VWAP. That would have a significant impact on shares in issue, and share price.

MTSparky… “BP those are the words of PdG, not from an RNS.”

The fact that the Company is not willing to put the weight of that statement behind this morning’s RNS is the most telling thing of all. My earlier statement still stands:

If a $75m LOI investor were still active, that sentence would almost certainly read differently.

It would say something like:

“The Company continues to progress discussions with the LOI investor regarding the bond financing.”

GLA

MTSparky… “There has been no change as regards the LOI investor in the US: the investor remains engaged and has always acted in good faith.”

I don’t see wording like this anywhere in today’s RNS.

“The Company is still considering a range of both short-term and longer-term funding options.” Is the closest mention to LOI investor that I could see.

If a $75m LOI investor were still active, that sentence would almost certainly read differently.

It would say something like:

“The Company continues to progress discussions with the LOI investor regarding the bond financing.”

The absence of that is very telling.

The only mentioned counter-parties were Riverfort and Indigo, as existing creditors of the Company.

Reincarnated2… maybe it is what this RNS doesn’t say that gives you a closer understanding of valuation on the next placing, than what it does say. But now that the governance issues regarding Director’s dealings has been tidied-up, PXC can at least now move forward. But I am pretty sure that will be without the June 2025 non-binding LOI Investor at the table.

AIMHO

GLA

2Reincarnated… the unknowns that are making a valuation of PXC difficult:

1. dispute with Riverfort remains unresolved. How much cash does PXC need to secure to resolve this (if anything)? .

2. Will Indigo convert the remainder of its CLN’s prior to additional cash required? How much of a dilutive effect that will have on the sp is difficult to say.

3. Where is the LOI investor in all of this? Will anything happen with LOI investor before PXC requires additional cash runway via another raise? The timing of LOI investor coming on board to steady the ship will fundamentally impact on the level at which PXC will be able to raise, if at all.

It’s really not as clear cut as you seem to think. There’s a good amount of variables at play atm.

GLA

MTSparky I respect your view but I’m not aligned with it for the sole reason that a placing price doesn’t mean “the asset is worth £750k.” It means that Investors are only willing to buy equity at a level that compensates for the risk of the company failing before the asset is financed. PXC is in a distressed situation now, and the valuation dynamics shift to a probability-weighted valuation, not an asset valuation.

As I have already said, I’d be surprised to see any institutional money coming in to PXC at this stage UNLESS one of two things happens:

1. The LOI investor gets on board, or

2. LOI moves to binding.

But if further cash runway does come prior to those two things happening, I would not be surprised to see a raise at fractions on a penny.

GLA

Gibdog I agree, it’s frustrating to watch the share price taking a tonking this week, but this week’s experience alone tells us the Company has good reason to air on the side of caution with the drill bit in-hand. Neither Sasa or Kounrad close their doors tomorrow, and whatever cash CAML can continue to stockpile in the meantime will be used once and once only in its next opportunity.

Scotland seems to be a slow burn and a binary bet as to whether it’s a commercially viable zone or whether it’s of academic interest only. What’s happening elsewhere in Kz, time will tell.

GLA

Gibdog, regarding those shares now held on treasury by the company, there are quite a few different things that the Company can do with them. They might use them as part of an acquisition, or for the employee share scheme. Or just reissue them for cash if they need to raise some quick money without having to go through a new book building process. Or they could just cancel them. At this stage of the game, the sensible thing would’ve thought would be just to keep them in Treasury pending clarification of the structure of any further acquisition.

Sandyman, we don’t really know how low MC will go. Essentially comes down to risk exposure. So much of that depends on factors such as attitude to risk with new ownership/management team on board, the amount the company needs to keep the lights on, and for how long, before income generating, plus there’s the question of whether the amount the company needs now should include a sum to settle with Riverfort, and what that needs to look like. Throw all of that into the melting pot to figure out how much dilution is required to achieve this? Lots of variables. Lots of spreadsheets being produced by people (I hope) that are far far far more intelligent than I am atm. I’m also hoping that the plan to release/restructure of NIU and the ExGen exit package is taking shape as we speak. It would be good to see all of this get sorted out at the same time.

Someone, and I think it might include you Sandyman, stands to make a nice little touch out of this puppy. Fair play to you if you do. Sadly for me, I’m hocked up from the days when NIU copper bond was announced. It’s a damage limitation exercise for me at this point.

Good luck all.

Batterseafish… that’s a really good question, one that I was asking when the announcement came last year that they were going to reduce the dividend in lieu of share buybacks. I seem to recall that someone else on here posted just after the announcement that they thought it would be about switching CAML from primarily “PI-focussed cash cow for retirees” to “sustainable cash-generator with conservative dividend policy and yet robust institutional investment case”.

I can see that argument.

100% James. The reality is that if there is a next raise, with it will have to come news of new ownership and restructuring. Highly doubtful any institution will back this from here unless or until that is the case.

GLA

Yep. Looks oversold to me this morning. The revised figures at Sasa impact LOM estimates, but have little to no bearing on current earnings.

GLA

Mineral resource estimates at Sasa as at 31st Dec 2025 trimmed, but to my mind all this does is sharpen the focus and motivation of management to find alternative opportunities.

GLA

Tbcx… EXG’s finances actually remain heavily contingent on near-term cash resources from Empire. If PXC slips into default on NIU coupon payments, it’s catastrophic not only for PXC but also for EXG. EXG is raising $200k on a private placing atm. That’s barely scratching the surface of what EXG needs over the next 12-24 months to pay for option maintenance fee obligations on (non-Empire-related) prospective mining opportunities that it has taken up, and the further drilling of its Southmore Project.

EXG knows that it cannot rely upon (a) PXC to build out and get producing at Empire Open Pit and (b) PXC to have produced and sold sufficient copper to begin its first royalty flow to EXG before the payment of its option maintenance fees. That, with a following wind, has to be at least 5-6 years away for EXG, if it sits and waits for the Revised Carry Agreement to yield an income for EXG. Yet in the pre-merger document between EXG and MTB Resources Inc in the latter part of 2025, Empire was referred to as the merged companies’ “most viable option to near-term cash generation opportunity that it had”.

Since that document was produced I accept that the wind direction could well have changed between PXC and EXG. EXG invested $1m cash in two silver streaming deals with Galantas in Chile in December 2025 which will yield a monetary return in 2027, but that still leaves EXG with a $3m-$5m hole in its cash requirements beyond the $200k it is currently raising for the interim period between now and the GAL silver streaming deals deals coming to something. So what could fill that gap?

If I’m reading in between the lines correctly, it would not surprise me to see the LOI investor reach a monetary settlement with EXG to extinguish the 20% carried interest in Empire. Having run the figures, EXG’s carried interest is worth no more than $7m-$10m to walk away. Looking at the shape of EXG today and its recent site acquisitions, I can see that a deal of this nature would be a good option for them. For the new owner of PXC, this would clean-up Empire as a fundable entity going forward and remove decision-making friction from EXG further down the line.

It might be why EXG has pushed on in its sp in recent days.

AIMHO

MTSparky… clearly, there are a lot less risky ways to buy copper than via PXC. Otherwise we would be home and hosed on the open pit and focusing right now on the extraction of sulphides from underground at Empire by now. Many many hurdles to clear before that becomes a reality here.

GLA

Roger Jolly, so many reasons, but the fundamental one is that at this point, no one knows the scale, content and potential of CH-1.