Member Info for daramuda

I have not been following what appear to be endless emails concerning Chris Aker's position. I messaged this thread a while back that unlike others, I did not take it that Chris Aker's had exercised the option to acquire the further 50 million shares at 8 pence.
As I understand the position on 20th January 2020 in the primary placing he acquired 13 million shares. Via the secondary placing he increased his holding and reached 35.65 million shares.
He has a call option to acquire a further 50 Million shares. That as I understand the position has not been exercised as yet.
I have shares in DEV. It is an attractive investment and in my opinion has good prospects.

I agree that YCA is still a bargain. Spot price of uranium still increasing - last data I can get is 34.10.

Thanks for the answer 15 gotnocash. A bit behind you @ 200k. I am confident that we should do well.

I5nocash - how big is big by reference to your holding referred to in your earlier post?

How big is big since you have mentioned it?

Bigbrenda - Christopher Akers has been granted an option to buy the 50 million shares. He already has a sizeable holding. When he exercises that option (if he does) he will then own the extra 50 million shares.

At present therefore as others have said (and corrected you) he does not own the 50 million.

soutie - the RNS was/is dated 15 April, the day after the operation update. Try Investigate or ukwire which is the same ( I could never get used to the name change!!_

Welcome as a holder cornamaddy. There are assets which could JV. If you have the time get into the Greenland government mining website where you can study the areas where Bluejay has exploration licences and then by zooming in, you can see those other companies which have exploration licences in those areas. Good for considering possibilities.

You have the advantage over me. Bluejay Mining on twitter?

A not so interesting post Ivans given that no one has tweeted on the Bluejay twitter site today.

luckypunt - as a new PXC poster and perhaps new investor on 20th April, you posted at 14.32 on that date with your own doubts as to how the capex would be raised. The directors have added shares off and on since the IPO. I have never been clear as to how the then directors in situ allowed the assets to be seized or what led to them being seized by the company. Just as I have never been clear as to how those in charge of the original OTC listing in the States was botched up other than the blame was attributed to the advisers they employed.
You are surely aware that Cheviot Capital nominees has been an investor since February 2019, that Martin Hughes is an erstwhile director as he was a director in other Cheviot companies and that in March 2020 Cheviot increased its holding only for the 20th April release that of those shares (27.74%) Martin Hughes owned 22.4% of PXC. I am afraid that I cannot back beyond the name change when the epic was PGM for my papers are in my office and I am currently working remotely. I cannot therefore tell or recall if Cheviot was a holder before February 2019. Mr Hughes is a clever investor.
You are right that I am cautious. I have experience of being an investor in a company previously where the ceo was eased out of the company by a private equity fund which had invested in the company. The company lost its aim listing. I got out before that took place without too much of a loss.
Righton - you have been an investor in Phoenix for some time. You have correctly set out that section of the chairman's report from the 2019 full year results. The stated intention is that repayment of the loans which have accumulated over the past few years will come from production. A hypothetical question - suppose the capex to enable mining to take place is not forthcoming how will production take place?
I first invested in Phoenix in 2017. The company has been a continuing disappointment ever since with various plans as to how the capex might be achieved - the initial intention was to work towards a BFS, That failed. Then an attempt to list on the OTC - botched; recently rectified. If the capex can be found for Red Star and mining takes place good luck to investors. I do not have that confidence. Let us leave it like that.

ruman99 - not MMs playing games but investors selling. The company has licences for fine prospects at Empire Mine including many that are patented but it has never got into a financial position to fund the necessary capital costs to fund the mining to get it into production. So in short no funding = no mine; no mine = no production; no production = no income. No income means that a white knight will be needed to save the project. White knights are not altruistic.

It is worth looking at the results for the year ended 31st December 2019 published on 14th April. Starting at the first page it all sounds (reads) excellent. $3.3 million raised in the year. Then the statement that $1.85 million has been raised since the year end; i.e. since 31.12.19. Then look down the release to the financials. You will find that the cash and cash equivalents at 31.12.19 amounted to $210,591. But you must not forget that $3.3 million was raised in that year.

Then think in terms of the involvement of part of the Phoenix management in an earlier venture Oxus Gold. Yes a harsh jurisdiction in which to mine but although Mr Wilkins the finance director of Oxus Gold who is the FCO of Phoenix has said that the Oxus share price went from 4 pence to 70 pence, the fact is that Oxus Gold went bust. Shareholders got nothing.

On the face of it, it looks good for the Phoenix management to have raised finance through loan notes but as with a mortgage on a house, money borrowed by a government to fund the expenses of the state or bank borrowings to fund a business, the loan notes will have to be repaid. Take a look at the repayment dates for each loan note and the interest rate for each, then look at the estimated date for construction finance and production. How will the loan notes be repaid? That still leaves the finance to build the Red Star mine. Good to see a much smaller capex than the original estimated capex in 2017 for the Empire Mine project. It must have taken a bit of reality to go for the smaller project. But enough?
So it may not be fair to blame the share price fall today on the the MMs!! Good luck.

Please don't apologise RightOn. I first invested in Phoenix Global, as it was then called, before the 1 share for 10 share consolidation The attraction was a fast track to production of, as you say, the Empire Open Pit and the intention was to work towards a BFS. After early drilling took place, the geological and mining members of the board ran into a wider and longer resource and Red Star. It is trite to point out that to get to production the required finance to achieve a BFS was needed. Indeed early on I suggested to a director obtaining a listing in the US.
Sadly, the finance members of the board Marcus the chairman and Richard Wilkins the CFO mucked up the US listing. As I understand the position the blame attached to the US advisers but of course they appointed the advisers. At long last the company has a stable OTC listing with 3 MMs. As I see it , Richard Wilkins has history. He was the CFO of Oxus Gold from which he resigned for "personal reasons" after administrators were appointed. You can find the reasons and what then occurred by googling Oxus Gold where you will find the initial report of the administrators and the annual progress reports. Oxus may well be struck off the Register given that accounts are well overdue. You raise a good point about the governing jurisdiction of the Phoenix assets. In comparison, the Oxus Gold assets were in Uzbekistan. But whichever way one looks at it the board of Oxus Gold lost the mine. That brings me again to San Leon. I would point out Tosca have been an investor in SLE for many years - jurisdiction has therefore apparently been irrelevant. Tosca has grown its stake so that it now has over 70%. I raised the issue of SLE merely to point out that whilst Tosca is an investor, SLE share price has not imo been a success story for private/retail investors.
I believe in and have been an advocate for the reduced capex needed for Red Star but one still needs to fund that capex. Whilst I am a fan of Red Star (indeed the whole of the Empire Mine project) my concern is about the company raising the capex . People are excited about Martin Hughes but Cheviot has been invested for a long time. Also you may have missed that Cheviot announced on 17th March that it had 27.74 % of PXC but when Martin Hughes announced his interest via Cheviot of 22.4% on 20th April that still on my maths meant that Cheviot the company retained 5.34%. Mr Hughes is clever.

I have read a report by a poster of the AGM. The report I read showed me a lot of flannel by the board. There was a comment that the board does not want to dilute but if one looks at the February presentation on the company's website, production is not estimated until 2022. So no income until then but loan notes which the company seems to favour and carry a decent coupon and will fall in for redemption in 2021 - something which appears to have been ignored by posters.
In the meantime as with SLE, Martin Hughes will in my view hove

RightOn - I think that you may have missed my point. To elaborate, I have regard for the mining folk behind Phoenix and I agree that one needs to have resource updates; one should be achieved with Red Star some time in Q3. However the company have had resource updates in the past but have sadly failed to prepare a BFS or raise money to take the company forward to mining and the oft promised drive to production. As I recall, early production was promised at the IPO. Mining finance has been illusive.

The listing in the USA was an abject failure.

I think that the company will deliver a good Red Star resource but where from there? Investors place great store in Martin Hughes who has been and I have little doubt remains a very successful market man.

I would however suggest that you take a look at San Leon (SLE) where, if you study the history of that company, you will find that Tosca Fund Asset Management have been invested for many years. Tosca now have 72% of the company. Tosca is a hedge fund. But how has the SLE private shareholder benefitted from the share price over the years? You can answer that one yourself.
Finally what about the two cobalt tenements? Will they be ditched like the Canadian licence which was allowed to lapse? GL.

Wise words Jimmy. Designs to raise money for mining leading to production have been stated in years past since the IPO but nothing has come of them. Lack of money has always been the achilees for this company and loan notes have to be repaid which is a fact often forgotten.

and Panda that shines out from the Artemis release to the Australian market announcing the deal when Proctor refers specifically to the expertise of the EEE management and by that I believe that he was referring to Neil O'Brien and Mike Struthers.
Whilst I agree with comments that this company has had a very chequered history, I feel that investors are now in a position to benefit if they are patient.

Scampthedog - their concerns are very valid my reason for remaining and not running for the hills is my belief in Neil O'Brien and Mike Struthers' ability to make something of this company given their troublesome treatment at the hands of the Georgian authorities. Yes it will take finance to develop the resource but if there are facilities at their disposal as have been suggested, then there could be good value in the project. Therefore worth supporting but not such to carried away and mortgage the home for.

We may need patience but my view is that the Georgians have done themselves no favours in ignoring the expertise of Neil O'Brien and Mike Struthers and their Lonmin connections . For my part I am prepared to support them. I doubt that we will ever learn the truth as to the Georgian shenannigans; certainly not so long as the appeal process in is progress.

Who could ever support an honest company to invest in Georgia?

I note that you are a new poster to LSE in this company or any other. I first bought into Phoenix in November 2017 at .0435 which following the later consolidation of shares the equivalent now of 43.5 pence per share. I averaged down at last years placing at 17 pence plus warrants.

I have heard all the intentions to mine and produce. I find it impossible to track back all the RNSs since the IPO. First because the company changed its name and secondly I expect because they are no longer available on advfn or LSE unlike some other companies into which I have invested- may be my fault but check for yourself. Nor can I find a company website which enables me to track back presentations etc since the IPO. That might again be my failing but you might wish to try yourself.

The company has potentially wonderful assets but those assets are only really valuable if they can be brought into production.

So far the board have failed to raise the necessary capex either for the original Empire Mine projects as they were amended following enlargement and so far for the Red Star project. Yes I agree that one needs resource reports verified by a competent person. We have had them before. Also Cheviot are not a new investor; just that the interest has increased and even then it seems that there was a delay in reporting that increased interest.

Those taking part in the AGM should ask themselves and the board whether the company needs $30 million capex to develop Red Star. If so, is the money that was being considered by a small consortium to develop Red Star still available. If not, is the proposed drilling campaign another drilling campaign to prove a resource (in this case Red Star) which is a similar exercise or exercises to the earlier resource updates for the larger Empire Mine copper prospect which needs an even larger capex to develop the copper/gold prospects which has proved beyond the efforts of the board to be unobtainable, including a failed attempt to raise money in the USA which is where Empire Mine (and Red Star) is situated.

Under current corona virus restrictions, what are the "real" prospects of obtaining what I understand to be the $30 million capex for the development of Red Star. If the "real" prospect of obtaining the $30 million capex is remote, where is this company going other than as a possible acquisition target at market value for a predator at a time when available funds are limited. If no predator is interested, what is the company worth ? In short, with no real development money in place (way in excess of loan note money) the undoubted prospects could be very limited.

That in reality is the contrarian view to those bulls who consider that the company is "massively undervalued".