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You are probably correct. I just did a cut and paste job. I know the people in Prism and will write to them., and post their response.

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It's being reported in Kazakhstan "Copper miner KAZ Minerals is postponing plans to take the company private after opposition from investors."

Good evening 2Daman. I'm sorry, but honestly I stopped reading your posts, as you never had anything interesting to say, and specifically never ever anything about Phoenix. I did read this last one however, and I realise I was correct. In the post today, you say nothing about Phoenix, NOTHING. Frankly, it exposes your personal insecurities. Others have said this, and I repeat, you should not be investing in AIM type companies if you continue to utter such banalities. I have never seen any research in ANY of your posts, or any debate about the real results which Phoenix are generating. It is like saying that men/women should not marry, because so many marriages result in divorce, but posting this on the pages of a matchmaker. People come here to invest in opportunities like Phoenix. That the share price has risen six fold since March is an indication of the confidence in the company. That our single largest investor bought our shares at a 50% premium, and still shows a near 300% profit is another indication. This is a risky business, and yes, this company may fail, but most people here believe it will rise from the present 40p to nearer £0.80 by year end, and even £1.00, and to £5.00 or higher within 3 years. And this is based on science, including geological reports and exploration, not on whimsey. So, please if you are going to post, post about Phoenix, and not about your own personal anxieties.
Meanwhile this company is destined to grow, and to grow fast. I remember you did take the plunge, and I wish you well with your shareholding. I hope that you will also feel confident one day to post something realistic, and positive.

Viable, let me warn you that the updated PEA is due very shortly, which will switch the focus from copper to gold, whilst I understand the copper will also be included. With the POG having shot up this year, I suspect that this will add significant value to the results, so by consequence the sp risks a major uprate. This may be the last chance to get into this company at such a low price. As always as you move forward with a company in this stage of development, heading towards finance and production, the risks decreases, so the sp moves up. It's your call of course on whether you feel confident with the company at this stage, before the issue of the PEA, since after it comes out you may have missed the boat of low prices.

and he followed that with the following:
IMO one of the BIG features of Phoenix which really hasn't been appreciated by many investors is the 'Environmental story'.

The standard way to extract gold and silver is using cyanide - a really toxic chemical. And its toxicity is the reason why some of the US states and indeed countries round the world have started refusing to grant mining licences to build a mine using cyanide. Even where mines using cyanide are still permitted around the world, the requirements to use cyanide in terms of building a 'tailings dam' so the chemical cannot ever escape, and all the rest of the precautions mean it often takes 2 years to get permission....and that all costs money to do !

Imagine then a company that DOESN'T need cyanide to extract gold and silver. Imagine that company uses a thiosulphate process rather than cyanide - and if thiosulphate leaks its no big deal as its a constituent of fertiliser....so if it leaks the desert blooms !

So its NOT going to take 2 years to get permits and cost money to stop leaks of chemical reagents

And even better its PROVEN technology (just not widely used) with the Goldstrike mine owned by Barrick Gold, one of the largest miners in the world, in Nevada (the next door state to Idaho) having extracted gold using thiosulphate for at least the last 10 years. And Murantau, the largest open pit gold mine in the world which makes Uzbekistan the 9th largest gold producing country in the world also uses thiosulphate.

So if you are a potential investor with a choice of investing in an environmentally damaging company using cyanide or investing in a an environmentally friendly company, which are you going to choose ?.......and with every significant investment fund under pressure to say how green and ethical they are, all are looking for 'green projects' to invest in.

And the environmental story doesn't end there - copper is a vital metal to build electric vehicles (many vehicles need one mile of copper wiring to work), whilst silver is widely used is the manufacture of solar panels, cobalt is vital for the manufacture of batteries to power electric vehicles..... So Phoenix is going to be mining and producing those metals as a vital part of the supply chain to help build a new 'green world'

So whilst mining is generally viewed as a dirty, environmentally dangerous industry...Phoenix is changing the script. It should be held up as a shining example of an environmental triumph producing vital metals in an environmentally friendly way.

And yet is a great investment as well !

Just love this almost unique angle to investing in Phoenix, its a gift for our childrens children !

Onvestorman33 posted the following on ADVFN, which I found very useful:
Ryan's video interview - great talk to explain what's going on, worth a listen.

Highlights :

- Inexpensive magnetic ground survey on Red Star is one of next steps, may well be as early as December weather permitting
- geophysics/geochemical (including magnetic ground survey helps target next drilling campaign, probably starting drilling when snow melts
- Repeated very high grades of metals at Red Star (eg 1100g/tonne silver).

All good solid news/progress. Its clear that a bigger resource will be built up at Red Star with a view to putting Red Star into production.

(NB Background news Red Star will follow on from Empire being put into production, but looking well placed to develop a mine. Phoenix has cash in the bank to fund the magnetic survey and quite possibly next drilling campaign)

Next News expectation at Phoenix :

- RNS on Metallurgical test work in next couple of weeks
- RNS on PEA for Empire in next few weeks.

BTW worth explaining that the PEA (Preliminary Economic Assessment) includes a preliminary feasibility study (ie documenting all the steps required to build and operate the Empire mine) plus a full economic model including costs to build the mine and a model of the first 10 years production showing revenues and operating costs etc. So after PEA, investors will know that funding Phoenix to put Empire into production will give good returns at relatively low risk. So a HUGE step forward.

And once PEA is out the value per share will be far more obvious.

De-rampers and short sellers beware - PEA will kill you financially !

And isn't great news for traders - best for longer term holders !

Hi MT, this will be a step change to the business. Up till now the work has been more based in exploration. That phase is over, with no more need to invest in drilling for the Empire open pit, and any money raised now (and they will need some) will go towards the design, engineering, and construction of our mine. In the PEA they will bring together the data on the Resources focussing on the high grades for the faster return (so do not expect all the resources to be mined), with a 10 year plan. They will then integrate the gold and copper recoveries, based on the data from the metallurgical laboratory (and do not neglect the copper which will be recovered essentially for free), and calculate the economics from how much metals are recovered. They will give estimates for capital and operating costs, and produce a document good enough to go out and raise finance.

The key financial number for evaluation will be the NPV, which for those not aware of this accounting terms is the difference between the present value of cash inflows and the present value of cash outflows over a period of time. NPV is used in capital budgeting and investment planning to analyse the profitability of a projected investment or project, since it should show us the cash being thrown off by our project above and beyond the costs we incur. Another key number to look out for is the After Tax Pay-back, and anything under a couple of years would be good, and under 1 year would be fantastic.

Is this what you were after?

With Ryan’s interview I feel enough has been said on Red Star, so now onto Empire, and a conversation from yesterday. The metallurgical effort is reaching a point where they will shortly be able to draw conclusions. They hope to present the conclusions for the PEA soon. They can say that the ore from the Empire open pit is amenable to treatment with Ammonium Thiosulphate (ATS), and that the results to date look very encouraging. This is of course an established process, being used by some of the largest mines in the world, including the largest open pit mine in the world. This fits exactly into the developing remit of Phoenix to be one of the leading environmentally clean mining operations in the world. The use of ATS matches this exactly, and will be described shortly by Phoenix with the results from the metallurgical laboratories.

All in all, things looks very encouraging and positive for Phoenix.

Now let’s look at the financial implication, and this is my input. Remember that back in May Hardman came up with a value for company, based on the price of silver. At today’s silver price and based on the earlier mapping of Red Star, the company should have a share price of over 68p, before today’s news (emphasising that the Empire open pit gold mine should be much larger than this). With possibly much increased resources today from Red Star, this is looking better and better. The Red Star deposit does need further exploration to define the resources, and so magnetic surveys will be performed when the weather allows. This will be soon if possible, but most likely in early spring, since these are steep mountainsides with lots of snow, and which has already fallen.

Away from Red Star, I was reminded that Empire is now known, and with the success with the Ammonium Thiosulphate recovery on gold, and the present prices of precious metals, the Empire Open Pit is a no brainer to get it developed quickly. They are still hoping to have it in production before end 2021, with the PEA due to be produced in the near future.

Whilst in conversation, I learned that COVID has caused serious issues to the laboratories, with presently up to half the employees off sick.

I have now spoken with a director to clarify the RNS. And it was very interesting indeed. These are my notes, with some of my own interpretation.

First, remember that the silver in Red Star is carried in a (rich) vein, with a defined width. The Red Star area is covered in vegetation, trees, grass and rock, and with no visual guides to the vein, it made following the vein difficult. Indeed, the Red Star deposit has never been mined, and was found only in 2018 by accident.

Now with the knowledge that the silver is contained within the magnetite, this will become much easier to explore, and is perfect to do with the magnetic survey. They also found extensions to the veins, which need to be targeted in future exploration work.

But perhaps the most important information from Dr Rogers is that the mineralisation is quite possibly the same between Red Star, Bluebird, Horseshoe and White Knob, and he suggests in his report that the vein may be continuous, and worthy of investigation. If this is confirmed, we have more than 1.2 kms of continuous vein, not forgetting the possibility of multiple veins. But the geology also suggests that the vein may even have continuous strike from Empire through Red Star and up beyond Horseshoe and up to Windy Devil, which makes a total of 5.4kms continuous vein. These are all near surface finds. With today’s information, the Red Star silver deposit may be potentially many times larger than first anticipated.

The discussion then moved to geology, and can perhaps be best understood by looking at a map, and there is a good one in the June 2020 presentation, page 13, where you can see the line going up from Empire through Red Star, White Knob, Horseshoe and into Windy Devil. Then look at the bottom of that page, and you will see the vertical mapping of the straight black line (line A to A1), and the large copper resource being at depth, and under everything else. That shows the expected copper deposit lying under the whole extent of this area, so much wealth below. So mine for silver, and you get a copper mine below thrown in.

This is another technical RNS, and whilst they are obliged to report in this way, I feel it needs some interpreting.

The reason for the interruption in the drilling of the Red Star drilling programme this summer was that they found the vein system to be quite “complex”. We now learn that the vein is almost completely covered (“lack of discernible outcrop”), which does make following any veins rather complicated, I would agree. They addressed the problem to a Consultant Geologist, Dr Rodgers, but I have not looked at his report yet to understand why it is complex. His main conclusions in the RNS are:

1. The silver is embedded with magnetite, and knowing this, the vein can be followed using ground magnetic survey equipment, since magnetite is highly magnetic. This is now an easy win.
2. The vein has strong similarities to the historically mined Horseshoe and White Knob claim blocks, which are more than 1kms further north. Joining them up makes a very large deposit
3. The definition for where this silver/lead vein is found (between granite and limestone) provides another marker for the drilling programme
4. The grades of the metals in the deposit are exceptionally high

With the above known, it becomes much easier to follow the vein, plus they now believe that the vein system continues over 1 km north, maybe multiplying the resource 4 times, maybe a lot more if there are multiple veins. That’s more money in the bank. Putting all the data together shows that PXC have an extremely valuable resource, one potentially much larger than they first identified. There are a couple of points I did not fully understand so I will be calling into the company this morning and will post any information learned.

raxfactor, after the previous war in the early 1990's, the Azerbaijanis were "encouraged" to leave, so there were no Azeris in the villages to welcome the liberators, whilst the Armenians have simply fled. That is why the villages were empty.

Now onto what we can expect from the report, and note that I have no advance information. I am just trying to map out what we should be looking for.

Ryan (CEO) wrote in the RNS about this having complex geology. This may be that the vein meanders, breaks or disappears. A clearer definition of “complex” could either make or break this potential mine, and note that just because a vein is “complex”, that does not mean it is hard to mine. The known vein was determined to be 320 metres long. How long does this seam run for? Any addition above 320m is money in the bank. Just one vein was determined previously. Any additional vein found is money in the bank. The existing resource was for 103,500 tons of ore. So long as grades are maintained, any addition to that is money in the bank.

We know that they stopped the drilling programme to better understand the structure. We have to focus in the report on whether they remain optimistic that this is a mine which they can fast track into operation, or if it moves to the back burner.

A positive report should add great value to the overall business, since this was always viewed as an easy and low cost mine to bring to production, and indeed up till the beginning of 2020, the company was being valued almost solely based on getting Red Star into production.

I am so looking forward to seeing this report, and good news could be a real game changer, one of those steps like the announcement of the vaccine, perhaps?

With the Red Star update imminent, I thought I would offer a refresher, and a pointer for what we should be looking out for.

First, let’s look backwards. The outcrop is located 330m north east of the Empire gold-copper open pit, and in technical terms this is a silver-lead mineralised vein in an outcrop hosted in magnetite garnet endoskarn. The discovery of Red Star is relatively recent, and the maiden inferred resource estimate for Red Star in May 2019 was based on the results of three drill holes. It amounted to 103,500 tonnes of ore and more than 0.5m oz of contained silver. In their May 2020 Research, WH Ireland wrote “the geology looks prospective and from our understanding of similar deposits we expect a continuation of the mineralisation – a continuation that Phoenix can currently demonstrate on surface. The current drilling should provide significant colour on the inputs to any cash flow”. Also in May 2020, Harman wrote in their research “Further exploration work at Red Star has shown that the primary vein, which extends from the south west to the north east, is now measured at 320m and is open at both ends. The mineable width is estimated at 5m-7m”. Hardman continued “We have valued PXC using a DCF model, incorporating a very cautious discount rate of 15% (which we will reduce subject to exploration success), mine production to 2031 and a long-term silver price of $19.00/oz. Based on the assumptions, our fair value for the company is 31p/share, vs. the current price of 18.70p.”…. “Performing a sensitivity analysis on our financial model, we estimate that each $1.00/oz change in the LOM silver price affects our valuation of PXC by 6.2p-6.3p per share.” Note this clearly. Hardman valued the company in May 2020 based solely on Red Star, at 31p/share. If we apply the correction for today’s price of silver ($24/oz), Red Star alone should command a PXC share price of 62p!!! Note this well, for this price excludes all the other resources, and in particular the Empire gold.

Now let’s examine the present programme, the report from which we are expecting any day now. In the August 25th RNS Ryan wrote (note I’ve cut out some words without changing the message) "The results from the first six Red Star core holes confirm the orientation and continuation of the high-grade silver and lead system … which was first discovered in our 2018 exploratory programme. … numerous silver intercepts in excess of 115 g/t (3.70 oz/tonne) were received. Our team is currently evaluating these latest analytical results. The Red Star area is geologically complex and we have determined that the most successful exploration is best achieved through short drilling programmes, followed by evaluation of new data prior to additional targeted drilling. In May 2019, Hard Rock Consulting estimated a maiden inferred resource at Red Star of 103,000 tonnes grading 173.4 g/t silver, 0.85 g/t gold, and 3.85% lead, with minor copper and zinc.”

Earlier today you wrote "Maybe PXC will get an offer for the company or maybe a dual listing in the USA.".
You are obviously not aware that we are already listed in USA on the ODX exchange, however trade has been disappointing to date. I hope that this will pick up as we get to be recognised.

You also mentioned that maybe we'll get an offer for the company. I know from chatting with the directors that they are not prepared to sell their shares at the present time which would most likely severely undervalue the company. I find them a group of exceptionally honest guys, driven by the sole goal of making a success of this company, which they anticipate will deliver their pensions. I would guess that most of us small shareholders here would also follow that line. So, hang on, for this is a share to put in the bottom drawer, and then come back to for your own pensions!

And here’s the resource we have been promised. But what is important now is the conversion of this data into financial numbers. I made a quick calculation, comparing the value of the Measured & Indicated resource supplied in the RNS on 4th May, with that issued today. Using the numbers given (87,543 tonnes copper, 43,871 tonnes zinc, 7,595,198 ozs silver and 238,406 ozs gold), I come up with a resource value today for Empire alone of $1,351,000,000, compared with a value of $956,000,000 from May. That’s a whopping 41.3% increase in resource, in financial terms. And for curiosity I calculated that Measured & Indicated plus Inferred had increased by 33%. That the M&I plus Inferred increased by less shows how they have focussed closely on the gold recoveries, going after the higher grades to make the project more attractive.

So, what will be happening now? These figures now give the best ammunition to launch into the PEA, and to develop the optimised project. The technical team from Hardrock will be poring over these numbers, balancing grades against cost of recovery, to come up with the optimum investment cost vs return. I so look forward to seeing the PEA, and judging by recent ebullient talk from directors, I am going to guess that the economic conclusions from the PEA will be fantastic. Once we have the PEA, we will be gliding in to financing this part of the project. The summer drilling programme has really delivered on their goals, and we can now press ahead towards building that mine.

And do not forget, we should shortly see the promised report from Red Star, the results from Navarre Creek Carlin style gold play, the additional surface results from Empire, and we’ll then go into the Empire PEA. Exciting times!!

News, aside the first gold, has been quiet for a few days, so let me offer a reminder of what this opportunity is about.

It's a new company, mining for copper, gold, silver, lead etc, in Idaho, the most mining friendly location in the world.

The company started out looking for copper, as its name implies, and previous drilling programmes had this aim, with the Researches from May also having this focus. However, with the price of gold moving up, the company switched the focus to a fast track gold project in the Empire mine, whilst still keeping the silver opportunity in Red Star in sight. Their summer drilling programme in Empire on this higher grade gold has now delivered the first gold to be produced in 80 years. The result is a much more attractive project, eminently financeable, and very fast to put into production, according to the company.

They are fully funded through the current drilling programme (plans to complete Red Star and perhaps start a few holes in the Carlin style gold strike at Navarre Creek), and continue to state their intention to minimise shareholder dilution for the construction financing, particularly as the board are all significant shareholders.

With their consultant geologist saying that perhaps only 1% of the mineralistions have been discovered to date, they plan use the cash generated from the Red Star and Empire Mine, to fund the deep mines where the real bounty is expected to be found.

I like the board and have trust in them. Where the share price stands today is unrepresentative of the value this company could give. The core risk issue, in my opinion, is whether the board can take this company into production, and specifically finance the business. I myself have confidence they can do it, and their continuing updates lend credence to that.

There’s been a pause in news the last weeks, but that does not change the fundamentals about this business. In the coming weeks we are expecting announcements about the final assays from the summer drilling programme (Empire open pit rock samples, plus Navarre Creek channel samples), the Red Star technical report, the results from the metallurgical test work, the PEA, and perhaps new researches. Watch this space!

Note that aside Empire and Red Star, we have the potential gold and silver in Navarre Creek plus the White Knob Mining Group, and the Cobalt in Bighorn and Redcastle.

This is not advice, and please do your own research.

Good evening Mr Intelligent, for you have invested in Phoenix, who WILL achieve greatness, and you WILL get a large return on your investment. Now that is INTELLIGENT.

Let us be clear though, that none of us have ever promised that there will be NO dilution. As an example, if the company raise the money through some form of project finance, they will surely have to put up some of their (our) own money, and the easiest way too achieve that would be to have a small equity raise. But this would move the company from development into production, and so the share price should soar at that moment, as would raising finance from any other mean. The company have always promised to MINIMISE dilution, and not to exclude it. In my opinion, if we went from the present 73 million shares (fully diluted - note that term please) to say 100 million, but managed to boost our share price to 150p, I would be delighted, and so I guess would you, for it is the share price which puts money in your pocket.

But Mr Hughes is not cashing of because of possible dilution. He has already made about 300% from his investment. He most likely had a need for some cash for elsewhere, but he knows that the real money is to be gained from staying the course, which is why his withdrawal has been limited, and he is still there as our single largest shareholder. He would know the present plans, and if he was unsure, he would be cashing out. His remaining holding is a vote of confidence.