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If anyone was even considering taking any guidance from Banknumpty, just take a look at his posting history. Buys in, and then pumps and then sells a few hours/or a day later for £50 profit, and thinks he's a mega trader.
One of his claims to fame is; he Bought 50,000 shares around beginning of Sept 22 @ 22.85p and then posted saying that it could go down to 8p, absolute plonker.
Another interesting article, more and more analysts agreeing that copper prices look set to explode :)
https://investingnews.com/will-copper-prices-rise/
I still think its been the company and not the investors holding up the financing. If the company had executed the bonds in July 22 when the book was opened for the $50mil and then as we now know decided to assess the ATS route we would of been paying around $250-300,000 per month in coupon payments. Knowing the ATS was going to take time to assess good business sense would be delay activating the bonds until they can use the money, start forward buying long lead items for
construction.
JG68, I don't think this is a sign of no funding.
Following RightOn's comments a while back the sp rose almost daily for a couple of weeks upto 48p ish intraday, it was bound to pull back as the days tick by without the RNS we are all waiting for.
I don't think 450,000 shares traded is any great cause for concern out of 123mil shares, 5 million shares is less than 5% of the shares in issue, 5% of shares would not be considered a sell off in most companies.
Its probably those that jumped in on the rise and can't hold shares for more than a couple of weeks. Most lth's think this could do 60-70p on the financing news, watching the scramble for shares on bonds news will be fun. There are only 123m shares in issue, not billions as in most miners. If ATS works revenue rises from $50mil to $100 million a year, quart 3 ends in a few weeks and the guidance was by the end of Q3, not necessarily at the end of Q3 so it could drop anytime, and as per my previous post I don't think the bond investors are waiting on ATS, they only want their returns, they don't care how much margin the mining is making. So financing could drop anytime, selling out now to try and get a lower entry could prove a costly exercise for those trying to get back in. imo :)
Interesting article report on Potanin and Nornickle reducing their dividend by for major investment.
https://www.mining.com/web/trafigura-plans-to-take-large-amounts-of-lme-copper/
I don't think that it matters that much to a bond holder how the copper is extracted. I understood the bonds pay a coupon payment relative to the price of copper, not the net cost to extract it.
I'm sure I saw somewhere or heard on a webinar a board member say they didn't want to be paying interest on monies they are not putting to good use ie, mine construction etc. Considering we are in the experimenting stage of ATS and PXC are the ones holding up the permit on the results of ATS they don't want the bonds converting at the min.
So is it more likely that they could have investors waiting for PXC to push the go button on ATS results.
Also PXC could be saving $2-300,000 per month in coupon interest payments on the bonds had they been exercised.
I still think the comms could of been better from the BoD but still invested.
Stanley, where the problem is that when the BoD decided to go down the ATS route they didn't notify the market via RNS that this would stop the permit process until PXC notified them of which route they were taking, heap leach or ATS. People were led to believe that the permit process was ongoing and waiting daily/weekly/monthly for it to drop. We now know that it was never going to drop until sometime after Q1 23 once the BLM had been notified of the preferred route. Some investors may of thought ok, I will sell up @50p or whatever the sp was at the time, and reinvest nearer Q2, or hang in there for the longer term and watch the sp dribble down to 23p, but happy to wait. That's why I think some people feel aggrieved . This is how i see it anyway, still invested. Aimo
I was under the impression that the investor relations mantra was to help explain technical terms etc that are used in RNS's. It now seems that in the absence of any meaningful RNS's over the last few months detailing exactly what's going on, funding, timelines, delays etc that the company are quite happy to allow their investor relations to be relayed to just one outlet, the telegram group. I would of thought that the reason to have investor relations is to get the information to as wider audience as possible. BoD, what happened to the American depository's, seems a complete waste of time, panic buying ref RW after the sell off on 29th September etc etc, man up, get the info out there, honest RNS's, surely the truth can't decimate the sp any further, or can it?
Bankrupty, I text Richard Wilkins and emailed Brittany at PXC asking both of them why as Investor Relations Paul De Gruchy does not post on LSE, (even tho he said he would back in July) I have not had a reply from either of them, seems to be the way the BoD and company are these days unfortunately.
Yep, he took 2.4 million in last placing @ 20p with warrants @ 40p exercisable within 12 months, double his entry price not the usual 1 for 1 at the same price, be interesting to see how they could look in 12 months time. :)