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Likewise for a placing. If results are around the corner (as they are since RC assay turn-around in Australia is pretty quick) a company usually waits strategically for the share price to be lifted by positive results or even by anticipation of results, to do a placing at a higher price.

Doing a placing now with share price suppressed by the sudden gold price dip and before upcoming results would be a very bad signal of distress or urgency, of which there aren't any signs I can see.

So I very much doubt a placing will happen before the next set of RC results + DD assays and re-assays.

Look at the other junior explorers, JAN, WSBN, etc, and even other sectors like HE1. The playbook is always positive RNS, sp goes up, then placing.

MILA have been very prudent with money, and spend thrift. They could easily wait for (hopefully) positive results of the current RC drilling campaign to be published, along with remaining DD assays and and re-submitted assays. This could easily lift the sp above 2p at which point the 2p warrants come into play and could fund future drilling without a placing.

I'm not sure how much difference funding via warrants vs placing would make, as its dilution either way, but at least it would be above 2p and the warrant holders don't have to sell immediately.

A placing may be at a deeper discount than warrants.

Strategically speaking waiting to get funding via warrants seems a better option, it gives the share price a strong 2p floor and reduces future dilution via warrants up using them up.

All depends on the next set of results of course.

That’s my thinking as well. They are delaying accounts until the situation becomes more clear.

I guess I am more pessimistic and think that this will slip past 30 April and into suspension.

That’s no bad thing, things can be even more expensive post suspension if everything is restored whilst suspended. The MMs and traders will be locked out.

The only thing is, last April they had a mining license. Now they have an expired mining license.

Theoretically they can still publish accounts in this state. Over to the auditors now, will they sign off accounts with no mining license?

I think 31st March is a red herring. A company cant get RCAB approval if they have no mining license.

So unless the government magically restore PTI Mandiri’s mining license in the ext couple of days they won’t get a RKAB that would be meaningless.

So for me I think its a longer hold. The license may be restored soon but I would look out for Indonesian media reports of management changes at PTIM first to appease the government, so the case becomes only against individuals. Then license can be restored regardless of the court case.

The next meaningful date is 30 April, if PYX doesn’t publish audited accounts by then its suspension time.

Chatgpt (for what its worth) thinks legally license can be restored whilst case ongoing, therefor RKAB approved too. Here is what it says:

3️⃣ So can RKAB be restored while the case is ongoing?

✔️ Yes — legally it is possible

Because:

• Licensing authority = ESDM

• Criminal case = Kejati

👉 One does not formally require the other to finish

⸻

⚠️ 4️⃣ But this is where reality differs from theory

Even though they are separate:

In practice, ESDM will consider:

• whether company is under investigation

• reputational risk

• political pressure

• governance concerns

⸻

So the real-world rule is:

Not legally blocked — but practically influenced

⸻

📊 5️⃣ Realistic scenarios

🟢 Scenario 1 — licence restored during case

Possible if:

• case is clearly against individuals (not company)

• management changes made

• company cooperates

• regulators want production resumed

👉 This does happen in Indonesia

⸻

🟡 Scenario 2 — licence delayed until remediation

Most common outcome:

• wait for:

• director changes

• compliance fixes

• clearer legal position

👉 Not waiting for full court verdict — but some progress

⸻

🔴 Scenario 3 — licence blocked

Happens if:

• company itself seen as culpable

• strong political/public pressure

• severe environmental / financial impact

⸻

🧠 6️⃣ What current news suggests (important)

From what we’ve seen:

Signals pointing to separation:

• Prosecutors explicitly distancing themselves from licensing

• RKAB cancellations described as administrative evaluation

• Sector-wide review (not just PT IM)

⸻

Signals pointing to linkage:

• RKAB reinstatement requires:

companies to be “free from legal issues” (ESDM wording)

👉 That’s the key tension.

⸻

🔑 7️⃣ The most realistic interpretation

Putting it together:

✔️ Legally:

• RKAB can be granted before case concludes

⚠️ Practically:

• Likely requires:

• visible remediation

• governance changes

• reduced legal risk perception

👉 Not full court resolution — but credible clean-up

I managed to get around 100k (shares not £ :) by placing 'at best' on Barclays.

Here we go?

From Stocktwits. Hopefully these $9.64 options will provide some support for the share price. The option holders must be hopeful for a much higher share price than this to make a good profit.

On December 5, 2025, the Company filed a registration statement on Form S-8 to, among other things, register the Company’s Class A ordinary shares underlying 5,250,001 options to purchase one share per option at $9.64 per share. Of such options, 4,275,000 have vested. The remaining options vest upon the Company achieving certain market valuations of $5 billion and higher. The registration statement also registers Class A ordinary shares underlying 1,100,399 outstanding options to purchase Class A ordinary shares at one share per option which were issued under the WeShop Holdings Limited Employee Share Option Plan 2022. The weighted average exercise price of the options described herein is $8.96 per Class A ordinary share.

Whats WSHP mcap now, around $190m?

So WCAP’s share is worth £16.8m on paper even now with WSHP share at only $8?

So we’re 10x undervalued even now?

Mcap is now £1.65m? 442m shares in issue?

Surely this is the bottom now, can’t go much lower.

He should just hurry up and re-name the company Miri-AI 🤣

And announce a crypto treasury to boot (although he missed the boat on that one for now) 🤣

Seriously that was really an opportunity missed when putting AI into the company name and crypto treasury were all the rage.

Completely agree Optic15 a raise is needed in either case unless a contract somehow comes with a large downpayment.

I’m hoping to get out on a contract news spike before the inevitable placing rns. Then think about returning after the placing. Timing is going to be tricky. Would they let the sp run first for a while on contract news or hit us with a placing the next day?

I remember HE1 let us only have 2 days after their ‘survival’ rns before hitting us with a placing. I was only 1/2 smart only managed to sell 50% before the placing.

Looks like all gold stocks are following gold price down. Buying opportunity.

I may even buy a bit of JAN if 40034427's below 1p price prediction comes true ;)

Live quote to buy any substantial amount, 100mil ie £16k is rising at 0.387

Some important quotes from the September 1/2 year RNS:

• The shareholder Edelweiss Partners Limited has indicated that they will not recall the loan amount of $3,000,000 as at the balance date until there is sufficient cash for the Group to pay back its debt; and,

• The shareholder Edelweiss Partners Limited has also indicated that they will continue to support the Group through short-term cash borrowings whenever required for the period of 12 months from the date of this financial report.

• It is recognised that additional funding is required from shareholder loans for the Group to continue to actively explore its mineral properties and continue mining operations.

So Edelweiss are continuing to support them and are prepared to do so for 12 months. But on the flip side extra cash will be needed to re-start mining operations.

So hopefully a decent relief spike on license restoration, whenever that happens, but then expect dilution. Also Edelweiss may chose to convert the debt they are owed into CLNs or warrants etc. Looks like its going to be a bumpy road back up if/when the license is restored.

Interesting development of the case in Indonesian media report in March. Looks like they are expanding it to potential sector wide misconduct not just PTI Mandiri. That could be a positive that its not only PYX’s subsidiary being targeted. But it could also be a negative that it will take longer to restore the license.

4️⃣ The investigation is expanding beyond PT IM

This is a key new development:

• Authorities are now investigating other zircon companies (e.g. PT Kirana Bumi Mineral)

• These are described as:

“developments from the PT Investasi Mandiri case” 

👉 Interpretation:

• The issue is being treated as sector-wide misconduct

• Not just a single-company case anymore

My mistake they apparently can publish accounts without a mining license. Lets see what the auditors will do.

🧾 1️⃣ Can they publish accounts without a licence?

✔️ Yes — absolutely

A company like PYX Resources Limited can publish audited accounts even if:

• operations are suspended

• licence expired

• assets are not currently producing

This is common for:

• miners in care & maintenance

• companies in disputes

• pre-production explorers

👉 The accounts will simply:

• disclose the issue

• include risk warnings

• possibly impair asset values

⸻

⚠️ 2️⃣ What actually determines whether accounts get published?

The key is:

🔴 Auditor sign-off

Auditors must be satisfied with:

1. Going concern

2. Asset valuation (very important here)

3. Legal contingencies

4. Completeness of disclosures

⸻

🔥 The biggest risk for PYX

Asset valuation

Their balance sheet (~$70–80m assets) is based on:

• Mandiri project

• ability to mine/export

If:

• licence is uncertain

• assets seized or restricted

• legal risk unclear

👉 Auditors may question:

“Are these assets still worth what you say?”

⸻

Possible outcomes:

🟢 Best case

• Accounts signed with “material uncertainty” going concern note

• No suspension

🟡 Medium case

• Accounts delayed → short suspension → then published

🔴 Worst case

• Auditor cannot sign off

• Accounts not published by deadline

👉 LSE suspension

⸻

📅 3️⃣ Is suspension on 30 April 2026 likely?

Let’s be precise.

It is NOT automatic

But risk is real and rising.

⸻

What matters now:

🟢 Positive factors

• They published accounts before in stressed conditions

• Edelweiss support exists

• Care & maintenance is a valid status

🔴 Negative factors

• Licence expired

• RKAB cancelled

• Ongoing corruption case

• Asset seizure (processing plant)

• No revenue

• Complex audit environment

That is just scaremongering. I am sure their lawyers are advising them what to say and not to say publically via RNS. Are any of you international corporate lawyers?

PYX hasn’t been charged with anything so why say anything via RNS?

Perhaps when something positive happens like the appointment of new PTI Mandiri management to appease the government we will get an RNS.

But I bet you that won’t be before suspension on 30th April. My bet is suspension then everything gets sorted whilst suspended.

Its not the first time a company went into suspension priced to fail then came out the other end valued multiples higher.

You’re missing out mate. Don’t be stuck in the past.

Chatgpt was right about EME another Indonesian issue.

Sure its a bit like a genie, you have to ask the right question in the right way, then it can be a powerful tool to help you make a decision.

This ASX suspension highlights an important question and decision point for investors.

Failure to publish audited accounts within 4 months of year end will cause a suspension on LSE too.

If year end for PYX is 31 Dec 2025 going by the ASX suspension, then they must publish audited accounts by 30 April 2026 or be suspended.

Questions is who will want to be in or out during suspension?

With such a huge value disparity between having a license and not having a license, an issue that is likely to have to be sorted whilst suspended, PYX is either going to come out of suspension at 10x+ the current mcap or go straight into administration if the license is terminated.

Binary bet.