Member Info for InTooDeep999

'bond completion'

A week or so ago, I thought suspension was on the cards. The reason: close to bond completion, not enough cash and a suspension (whilst not a good look) would allow completion of bonds at (an even more!) 'leisurely' pace.

However, they have the £300K & £500K placing money, and a bit of breathing space to carry on with essential works whilst bonds are completed.

Whilst nothing can be guaranteed, I am now confident that 1. this bondholder is very different from CC and one completion is more or less nailed on & 2. this circa 5p price will look like a steal in a few weeks (or less - the 1st $30m may come quicker than some.think).

🤞 for long-suffering LTHs and traders alike. We are all traders really, just with different time frames in mind. I'm in the former group, but added 37K at 4.6 today.

'All the more laughable' - annoying, no edit function.

Didn't realise. All the shareholders ore laughable as I do trade GLEN as well - love the no stamp duty and no trading fee.

Again, definitely food for thought. SIPP with HL. Vast majority of shares held in an ISA with HL. Relatively, minuscule amounts in T212. I started playing about with 212 to avoid the trading fee and, therefore, average in with small amounts. Noticed no stamp duty charged for DEC, and thought I'd mention it.

Once retired (23 months, and a final salary scheme), not dependent on shares, I'll have the time to consider the risks of 212 v HL costs, and other platforms.

Buying on 212 in an ISA & transferring to another platform is an option, but that process, as you say, usually takes a few weeks - no good if in a hurry.

Thanks for this. The sums I have in my 212 account are well below £85K - the vast majority is with HL. I will have a proper look.

Re 212:

1. No trading fee.

2. I check a dummy buy/sell on HL (to make sure my limit buy/sell order is sensible).

3. Oddly, no stamp duty being charged on 212.

4. The £85K relates to cash only.

5. My understanding is that if 212 went bankrupt, shares held are not lost.

6. So, 212 works OK if you are buying and selling in much smaller quantities.

ATB

Hi MTS:

It is unlikely that NIU will stump up anything else other than the 1st $5m, a year ago now. NIU have not officially said this. PXC have not officially said NIU won't pay, as NIU have not said this.

However, from the 7th April RNS, "Following the Subscription, the Company will continue to operate with minimal corporate overheads to ensure that it has sufficient working capital to allow it to conclude discussions with interested parties in the US and elsewhere regarding the issue of additional corporate copper bonds, to finance the ongoing construction of the Empire Mine.".

I suspect & hope that both the accounts and full ($75m) or partial bond subscription with a new (1st time US mentioned on 7.4.25) subscriber will be announced at the same time. Accounts delayed pending the funding. AGM was planned for the last week in June. Before anyone asks, the above is my opinion.

Hi Trek:

When must accounts be announced before there is a problem/penalty? My understanding was 2 weeks before 30th June, but I don't know the precise rules around this.

PdG on ADVFN earlier today:

"14/5/2025

14:07donald pond: I know everyone is frustrated by the lack of news. However, I can confirm that no board or advisory board fees have been paid for the last 6 months as the focus is 100% on getting the funding needed to get Empire into production. This is not a lifestyle company: the aim is the same as it was when Roger Turner first alighted on the project: to build a profitable mine that makes money for the shareholders.

There is no guarantee on funding. However, discussions are continuing with a number of positive prospects.

The Trump visit to Saudi has unlocked a huge commitment from the Kingdom to invest in the US, and Empire is a project that would tick all of the boxes. That is not to ramp or to say that Saudi money has been secured, just that there will be money looking to invest in the sort of project we have.

Obviously there is nothing material in the above: we are doing what we have said for months. Reducing costs as much as possible, focusing our efforts on getting the funding needed. The results are nearly done, but it will be a few weeks for the professionals to review and sign off, and we are aiming for an AGM by the end of June."

And the outlook just became more positive: h t t p s://www.whitehouse.gov/presidential-actions/2025/03/immediate-measures-to-increase-american-mineral-production/

Well worth a read. If the link doesn't work, a google search will find the Whitehouse 'Immediate measures to increase American minerals production'. GLA.

My post on Telegram yesterday morning:

Well, I've added again. As I did on Friday, too. Confident that funding will be sorted. It might take a bit time, but the re-rate should be spectacular. If I need to suffer the paper pain on the way down, I want a real gain when we get up to a sensible level.

We have a solid project with a mineral reserve and an advanced feasibility study in a safe jurisdiction, with decent chunks of necessary equipment already purchased at favourable prices, yet we are valued at less than many companies who only have speculative exploration licences in less stable jurisdictions! 

Blood on the streets. AIMHO.

I am right 😁. Delay responding as busy with work/life/things-other-than-PXC. On 16.5.24, PdG posted on Telegram:

4) How will we pay interest on the bonds?

Interest on the bonds will eventually be paid from the production from the mine. In the period before production, the company will hold back a portion of the funds advanced and place them in an escrow account. It is important to highlight once again that the company is confident that it will be able to bring the mine into production and to service the coupon payable under the bonds from the $80m subscription.

I would read that as capital from the bonds CAN be used to pay the coupon.

From RNS 15.5.24: "The coupons payable on 31 December 2024 and 30 June 2025 will be escrowed at 8.5% with the Escrow Agent, pending payment."

No edit facility!

'than....EnglishPatient! GLA.'

Volume of posts on Telegram today = 0. PXC volumes minimal now. I suspect those that wanted/needed to get out are out. Waiting patiently for announcement of NIU $5m drawdown - my reasonable understanding of this is that PXC & NIU are collaborating as partners in business should.

IMO: gross overestimation of risk of next drawdown not happening & gross underestimation of sulphide implications. Also, RW uttering the words 'M&A' is telling. Back to waiting for the $B company, with dividends en-route, to be built. One needs to be more patient that......EnglishPatient! GKA. DYOR.

Couldn't resist - the 3900 bought @ uner 17p was mine.

$20m, not $20! Can't see why there isn't an edit function on this platform.

1. Well, the $20 will be drawn down on/around today. I suspect we will hear about it, perhaps in passing, with other 'news'.

2. News flow should (😉) start soon. Paul is back from annual leave very shortly, and posted this on Telegram just now, in response to being asked: "September marks a new start. We have lots of PR planned and know what we need to deliver."

3. The ball mills are in Mackay. Confirmed on Facebook (not the company's account), and posted on Telegram a few days ago.

4. I believe a transformative M&A is on the cards. No firm evidence for this, but was hinted at at the AGM, was hinted at as a likely goal more than 1.5 years ago, once funding in place, and the current radio silence is highly suggestive that something big is going on: not just interims.

Anyway, we will all just have to wait and see. GLA!

Paul's post on X latebmorning today: " I find politics fascinating but it’s better when you can ignore it and focus on other things. Specifically #PXC, where the focus is now on improving market awareness as we move to the next step in our evolution. Onwards!"