Member Info for InTooDeep999

https://phys.org/news/2022-10-discovery-porphyry-type-copper-deposits-crucial.html

"Phoenix are ahead of the game and are moving the next big porphyry-type deposit into production, almost under the radar."

Above posted by Zaphod99 on TG. A reminder of the elephant below. This is just one of the reasons I remain very confident here. Patience will pay handsomely.Not just copper, but a whole suite of metals in several different deposits in a mining-friendly, low tax safe jurisdiction. ESG great. An experienced BoD you can trust. Don't sell your shares cheap!

It's at least as safe as anything else. It's certainly the investment I'm most confident with. I'm in no hurry. What do you think the SP will be in 5 years?

Thanks for sharing. On a free carry with ALL. Very sticky fingers and a long term timescale. Warms up my cold Friday night in the central belt, too.

Posted on TG today. Articulates why we are where we are now, well: "I think too many are looking at the bond as binary for the project, but there’s also failings on the company for not articulating things better.

We have possible bank loans, project finance, plus countless other NDA’s in place from financiers, but none of this has been released through official channels, only on the lunch notes.

Now with the bond being interpreted as delayed (and therefore being seen as at risk), the market is pricing us closer to failure.
But if we really do have alternative finance options it would reassure many to hear it officially.

I can understand that recent circumstances have made raising finance harder, particularly with various traditional investments offering easy access 6-8% elsewhere, and I’m guessing that lenders are looking for an extra pound of flesh from us, but with the future copper price predictions this could easily return 10%, and would be an investment a lot of funds would want in their portfolio.

We’re waiting on so much right now. Bonds, DigBee ESG score (which could unlock additional “green” funds), Red Star drilling, the assays following said drilling etc (I’m not going to mention permit yet!).
Richard promised us a news-rich period. Let’s hope it starts to flow very soon."

FUD has clearly set in for many investors here. Perceived PXC 'delays' (unfounded) and the obvious macro. I want to make a life changing amount of money here, and continue to hold (and add to) my 300,000 core + 100 000 trading pot here. I thoroughly re-read the website, the 'pub lunch' notes, J Temples detailed explanation of the case for investing here, plus much more, yesterday. All measures , logical and positive. As I don't need the money here for years & I'd be gutted to be out when funding news lands (permits will not be till some point in 2023, not likely Q1 or 2, IMO), I will hold through thick and thin for the full PXC story (not 'just' Empire) to unfold.

If anyone understands exactly what is happening with the cobalt story, please let me know.

GLA. DYOR. Lawrence H - sounds like you are here for the long haul exciting journey too.

I've got my average down to 0.71. That excludes a bit of trading on the last 'spike'. Can folk, in any volume, be selling at 0.63 or below for profit?

"process right from the start"

DP on Telegram. "Lenie in particular does lots of work with the community. The risk with a lot of miners is that they are seen as “outsiders” exploiting a resource but we have people with deep local connections in key positions, which both gives local credibility and underlines our commitment to the environment."

This long term thinking is why I am confident to hold through the ups/downs over 5-10 years. Great resource, trust in BOD, safe jurisdiction and a drive to get the process (eg ATS v sulphuric acid) from the start. I was sitting on a free carry on RMM before it fell off a cliff: that's what happens if the process is not correct/costs unknown or high & investors are always worried about dilution. Not on a free carry here, but I sleep very well whatever the macro. Fundamentals, trust, future almost guaranteed production without dilution and future dividends: just need to wait for PXC to do its stuff. GLA. DYOR.

https://t.co/TJBicy54DA

Hopefully the link works.

Not tedious at all. Prospects are hugely exciting..The 'notes from the pub lunch' contain the detail that a serious investor would want. The fellow PI who wrote it did so after conversations F2F with key board members. Any concern I had about long term holding evaporated on reading this, plus the ensuing discussion on Telegram. From other comments there, I am not in the minority. Short term news awaited is that of the bonds. This will come, and likely without warning. Long term...well, read the notes. I did not write them and only know Rick from his posts on Telegram. He strikes me as articulate, intelligent and he is clearly up to speed with where PXC are at.

OK. Didn't like doing this without explicit consent. However, the information was meant to reach a very wide audience. In my view, that should be as many potential investors as possible. Hopefully I have not stepped on anyone's toes. I genuinely did not know how to do this in the morning. Doing this after a glass of wine & no glasses. As a LTI (with a recently acquired trading pot), I am hugely grateful to Rick. and confident in the BOD. The bond RNS will land without warning, and North we will go. There will be no permit this year. I am happy with this - I would far rather it is the correct plan from both a financial & ESG perspective. GLA. DYOR. But, I hope this reassures some understandably nervous investors.

versus $50 million. The risk : reward equation for this is a no-brainer imo.
Mining starts in 2023 from current (standard heap leach) plans but if we’re able to make ATS work then we would delay and make a H1 2024 start. This, however, will bring the silver and gold forward and economically will bring the entire project 12 months forward.
Once the bonds are secured we will be able to carry out preliminary work before any permit is issued (as this would be on our own patented land). We are is in regular contact with mining contractors in the US, and see no difficulty progressing the project quickly as soon as it receives the green light.
Collaboration Potential: The board are in regular contact with other miners and all the key suppliers in Idaho. There have been approaches from / discussions with existing copper producers. There is the potential for current producers in the region that could partner with us/financially merge (with PXC in control) and bring production forwards also. I didn’t get to fully discuss this aspect but I got the gist that if we partnered up with an existing producer we wouldn’t need the permitting as they would already have it [I stand to be corrected here] so we could go into production earlier than planned.
Don’t forget the other areas:
We have a massive resource area that has only been explored to a very tiny extent so far. Navarre Creek is permitted to drill and we have pre- paid a drill rig to start in June ‘23. Navarre on its own could be a major mine with massive potential or spun out into its own PLC/INC.
The Empire pit is Skarn on top of a potential enormous molybdenum copper (+others) porphyry system which is also to be further explored.
This season’s drilling is on schedule and should complete in early December. Results to follow.
Summary: All in all a very positive afternoon. I was delighted to meet Marcus, Ryan, Richard & Paul in person and to hear the thoughts of the other investors in attendance. I will be going again – assuming I’m invited – and would encourage others to do so also.

ATS as a chemical is more stable and is easier to transport, store and use than sulphuric acid as a reagent. It is also cheaper and far less volatile in price varying by +/-$10 per ton over the last few years vs significant volatility in sulphuric acid.
As a process [THIS IS THE BIG WIN BIT] Using ATS allows us to recover Gold, Silver and Copper in a single process . If we can make it work we will significantly increase our revenues from day 1. As you will recall our initial plan was to extract copper then recover silver and gold later on through further processing so it would, therefore, be fantastic if we can achieve this.
Because the ATS process includes grinding the ore up into finer granules there is greater surface area and it can return copper, gold and silver in one single process with less aggressive chemicals. We have successfully tested this under laboratory conditions and the metallurgists have been asked to prove it at industrial scale. If we can continue to do this in an industrial scale using grinding then tank leach & stirring in a 1-2m gallon primary mix. This represents a tank size of 30 to 40 foot diameter by 20 foot tall.
Recovery of copper using ATS in the tank is 90% versus 70% in the heap leach – so not only would we get all 3 metals in one pass but we would get more copper and earlier gold & silver whilst achieving significant efficiency gains.
The implication of this is that on an annualised basis revenues would increase from circa $50m to $100m with a corresponding, significant increase in cashflows and profits.
If we can get this to work on industrial scale we will change tack to an ATS leaching design and seek permitting on this basis. The consequence of this will be a slight delay to the start of the project to deliver massively better returns. If ATS works then we move from a $50 million per annum revenue to $100 million p.a. revenue company from the beginning of the project. The cost of taking this route is in time not in CAPEX and is roughly a one year delay.
If we can’t prove ATS then we will continue under the original plans accepting a small delay for the time taken to test the ATS option.
With our original Plan of Operations we would expect to see revenues beginning in quarter one 2024. If we go ATS route it will likely be Q4/24 or Q1/25 but this will result in roughly $100 million annual revenues

have been any migrating fish in our area as the rivers flow down into aquifers rather than to sea. There are also no tribal issues to address as no one came into the valley due to the lack of fish. There are also no water table issues. In summary, there are no environmental issues in our way whatsoever at all – which is great.
Re permitting: As far Phoenix are concerned the BLM have no outstanding issues regarding the permit and have processed our application to date. The next step is for us to provide our final plan of operation.
3. The delay in permitting is 100% our choice whilst we wait for the results of the ATS analysis – see below.
ATS – Tank Leaching – BIG POTENTIAL.
We originally commenced the Empire project on a copper only basis and discounted the gold & silver to recovery later down the line. In simple terms, we would have used heap leaching, using sulphuric acid, to produce copper, and then, from years 3/4, use a different technology – ATS – to recover the gold and silver. However Ryan has spotted an opportunity for improving this.
ATS is a tried and tested process in the industry that is dependent upon the metallurgy / geology to work but if it does it’s good news. Basically the ore is ground up into much finer grains and leached in tanks using ATS – a different chemical process to Sulphuric Acid leaching.
ATS doesn’t work for all mines. Most global copper deposits are sulphides, and so don’t need to add sulphur in any form to release the copper: an oxide deposit is unusual, especially one with gold and silver in the mix. Which explains why to our knowledge nobody has used this approach in this context before. It’s not that it is especially complex or novel science, just that there aren’t many places where it would work, and before the price of sulphuric acid trebled, there wasn’t a huge commercial imperative to use anything else.
We have the necessary blend of geology - especially the copper oxide with precious metals - which may allow for this to happen. Additionally benefited by not having a lot of pollutants such as arsenic or lead in our ore which would have to be refined out.

Feasibility Documentation - The basic heap leach project for Empire is very straight forward and the economics well understood. We are not publishing Feasibility documents atm as these become a line in the sand and define the economics of our mine to future investors and funders. Prices are likely much higher now than they will be in production and we therefore don’t want to produce a feasibility study which will lock us into these prices when raising finance for production via the bonds.
Share price: We are the same company as before and are in very good shape. The SP and the general market is frustrating but nothing has changed in any negative way. They also see no circumstances where they will be raising cash through new shares / dilution.
ESG – we are Very close to getting Digby ESG rating which is a rating normally only achieved by the majors. Amongst other benefits, this will allow ESG investment funds to acquire shares. This would be extremely attractive to ESG funds given the high quality green credentials and should draw in further investment.
Permitting: Phoenix is the cause of the delay, not the Bureau of Land Management (BLM). The delay is for very good reasons.
1. We undertook “Condemnation” drilling on our own patented (i.e. 100% owned) land to find the best locations for the processing facilities. However, in each instance we kept finding mineralisation. The implication of this is that as you do not want to build your processing site on top of the mineralised land (potential gold mine) as you want to mine it. We have therefore moved the processing locations onto non-patented land which requires permits from the BLM. This is good news as it means our potential mining resource is larger.
2. They don’t believe there are any environmental issues that concern the BLM.
In Idaho the biggest environmental issue is water in rivers and migrating fish – salmon fishing is a big thing. There are no and never

 The reported sterling loss H1 results is not relevant as intending to retain the sterling in the UK to cover UK overheads over the next three years. ? The bonds will be used to fund mine development and further exploration beyond current plans. They will be raised in US dollars ? Richard has signed 16+ confidentiality documents with different, keen funders under different terms. However none of them is as attractive as the bonds which he has focussed on. The company believes it is very close to securing the bond financing. As always, though, nothing is final until it is executed. ? There is significant demand for the bonds, and particularly from two, very wealthy, sources. Richard understands the bond documents to have been signed by the ultimate investors but documentation is waiting for the brokers to sort out some final details [to me it sounded like the brokers were trying to agree who got how much commission]. The board can’t see why they would go this far and not complete but as ever, need to have the executed documents in hand before announcing. They can’t wait to be able to RNS this as soon as the signed paperwork is delivered and would have loved to be able to announce it in this morning’s RNS.

BTW, the question marks in the extract are bullets in the original.

Someone on the ADVFN site has asked Donal Pond (as IR lead) to do just that, on both ADVFN and here. Also, the following extract from the report has been posted there: " The reported sterling loss H1 results is not relevant as intending to retain the sterling in the UK to cover UK overheads over the next three years. ? The bonds will be used to fund mine development and further exploration beyond current plans. They will be raised in US dollars ? Richard has signed 16+ confidentiality documents with different, keen funders under different terms. However none of them is as attractive as the bonds which he has focussed on. The company believes it is very close to securing the bond financing. As always, though, nothing is final until it is executed. ? There is significant demand for the bonds, and particularly from two, very wealthy, sources. Richard understands the bond documents to have been signed by the ultimate investors but documentation is waiting for the brokers to sort out some final details [to me it sounded like the brokers were trying to agree who got how much commission]. The board can’t see why they would go this far and not complete but as ever, need to have the executed documents in hand before announcing. They can’t wait to be able to RNS this as soon as the signed paperwork is delivered and would have loved to be able to announce it in this morning’s RNS.". I agree that I think a report should be available to all with ease. However, Telegram is easily accessible and Jeff plus others have posted there. I would encourage PXC holders to join Telegram, if only to read Rick's 1st hand report in detail. Then, leave the group if you wish to.

The sell off yesterday was a temporary reaction (FUD). It was a reflection of the current market. Plenty of cash in the bank to see PXC through to CAPEX required for the Empire Open Pit construction. If you are a LTH, like me, join the Telegram group for PXC and read Rick's feedback from the 29.9.22 lunch - you will find the 6 pages of notes both reassuring & exciting. FWIW, my holding has increased to circa 425,000 shares, I am slightly underwater but I am fully certain that this is a sound investment. I have the confidence to hold this for 5-10 years, although I may reduce to 300,000 in the future, after both bonds and permits sorted. Only 122 million shares and no dilution on the cards. No brainer for me.

Most valves are clockwise to close. Waiting patiently as there is not a lot I can do.