Member Info for RightOn

Silver $26.8/oz; Gold $1930/oz.; Copper $6,678/tonne; Zinc $2,463.5/tonne
Red Star silver PROJECT: today’s fair value share price should be 79.4p (last Monday 86.8p). Actual sp 38.0p.
Empire Open mine RESOURCES: Today’s Measured, Indicated and Inferred value: $1,907,000,000 (last Monday $1,941,000,000)
All metals prices updated 7am this morning.
Comments:
All metals dropped marginally from the previous week.
We are expecting a MAJOR positive reassessment of the Resources this autumn, when the new assays have been input to the economic model and recalculated.
Red Star project valued from Hardman Research: hTTps://static1.squarespace.com/static/5914577386e6c0cd77e15c74/t/5ebe429f5807503aff2c88c7/1589527215301/Hardman-Research-Phoenix-Copper-May-2020.pdf
Empire NI 43-101 Compliant Resource valued from: hTTps://polaris.brighterir.com/public/phoenix_global_mining/news/rns/story/rml988x
Note the Hardman research excludes the value of gold, copper and other metals in Empire (confirmed resources) plus Navarre plus the White Knob Mining Group, and the Cobalt in Bighorn and Redcastle.

Hi 2Damen,I understand where you are coming from, but I think the point others are making, and indeed I said it before, is that you sound like a record stuck in a groove. The message you offer is extremely valuable to all newcomer investors on the stock exchange, namely that companies on AIM, or those invested in “exciting” locations, are as likely to lose you money as to make it. But if all you do is repeatedly post your own issues, from your own history, of no specific relevance to Phoenix, then you can expect people to be switched off. Let me offer my personal experience. First the positives. I invested in Kaz Minerals when as Kazakhmys it had dropped from almost £10 to just 65p. I made my research (I had a background of working in Kazakhstan), and believed that management had changed, and had new philosophy, particularly concerning corporate governance. Within a year my investment had moved up ten times, but I may well have lost everything if the government of Kazakhstan had stolen the assets. Before that I had invested in Petrokazakhstan (another company in Kazakhstan, and where I worked for a spell), and saw my investment move up more than five times its initial value. I had researched both companies, and above all management and the board members. In the case of KAZ with a 10-fold increase, I then had to lose equal investment in ten companies completely to make a loss in my portfolio. In terms of losses, I lost everything in Max Petroleum and in an investment company “Porton Capital”. I believe now they were led by clowns, who filched investors money and ran. But perhaps that’s not so foolish from their side, so I owe them something, but they both taught me a lot, that more research is required. But that does not make every company in these areas bad, and I’ve never blamed anyone else for my own losses. And I don’t keep going on about my issues, which is boring for others.So my suggestion, 2DAMEN, don't phase each point negativity. Do test your concerns, but do that positively. Ask questions. Call to the board. Post your lessons learned and express them in a positive fashion allowing others to respond. And above all, please do not recycle your own issues of no relevance to PXC. If you have any specific questions, please let me know, and I’ll try to answer. If you wanted to chat with a board member, then if you are shy, I would be happy to arrange it myself for you. Indeed, I urge you to talk to them, which I hope will offer you a little more confidence. But above all good luck here, for I have great confidence in PXC, and I am sure this will make all investors a very good return. I am more confident about this company than any other investment I have ever made. Good luckPoF

Please relax 2Daman, since the comment was made as a throwaway, and simply to show the scale of the potential opportunity, if the geology is correct, and not of any plans. Since the Navarre Creek area has not yet had any detailed exploration, it would be extremely premature to talk of anything regarding of future plans. Plus knowing the BoD, I feel confident they would be working in shareholders interests, and not their own. I know that they are looking on this business to generate their wealth and their pensions from their shareholdings, and not from any salaries.
With your messages I can see you fell into some businesses with pretty poor practises with negative consequences. That's happened to me too in the past. But let me tell you, I am confident that this business is different. We cannot guarantee everything in life, but in my opinion this BoD will not rip off shareholders, and is genuinely working in our interests. I am prepared to bet that this company will change your mind. Please wait and see. Let's take this in six monthly intervals. Please post your opinion here every 6 months, and I'll be listening in. 31st December 2020 your first assessment post? Is that a deal?

Silver $28.0/oz; Gold $1967.6/oz.; Copper $6,728/tonne; Zinc $2,529.5/tonne
Red Star silver PROJECT: today’s fair value share price should be 86.8p (last Monday 77.5p). Actual sp 40.5p.
Empire Open mine RESOURCES: Today’s Measured, Indicated and Inferred value: $1,890,000,000 (last Monday $1,942,000,000)
All metals prices updated this morning (7am).
Comments:
Copper increased in price by 2.5% the last week and together with increases in gold and silver gave a combined 2.7% increase in Empire value.
With silver maintaining its value, and showing a small increase over recent weeks, Red Star is near its highest value.
We are expecting a MAJOR positive reassessment of Resources this autumn, when the new assays have been input to the economic model and recalculated.
Red Star project valued from Hardman Research: hTTps://static1.squarespace.com/static/5914577386e6c0cd77e15c74/t/5ebe429f5807503aff2c88c7/1589527215301/Hardman-Research-Phoenix-Copper-May-2020.pdf
Empire NI 43-101 Compliant Resource valued from: hTTps://polaris.brighterir.com/public/phoenix_global_mining/news/rns/story/rml988x
Note the Hardman research excludes the value of gold, copper and other metals in Empire (confirmed resources) plus Navarre plus the White Knob Mining Group, and the Cobalt in Bighorn and Redcastle.

One additional memory concerning the webinar with the BoD, was that in discussion about Navarre Creek (the Carlin style gold deposit), Richard Wilkins made a throwaway comment that if the results in Navarre Creek are as good as the geology predicts, this mine could well be large enough for a standalone company.
Yet another piece of the jigsaw coming together for that bumper boost in share price.

Guys, thank you for your very kind words. But I believe that the main credit is due to the BoD of Phoenix. I was merely the facilitator. The arranger. There are guys on the BoD of Phoenix who put their pensions on the line for this company. I speak particularly of Roger and Dennis, without whose life savings at the start, this company would never have got off the ground. They are modest people, and if you ever get the chance to meet them, ask them about how they financed the early days. And they financed this company through their strong belief in the geology, the territory, etc, just the same reasons we are invested today. They had commitment, and I know, like the rest of the board, that they are here for their pensions. They will work as hard as possible to ensure that dilution is kept to a very minimum. And I know that they are not going to sell shares for short term profit, even though they are able. Nor are they going to sell us at a discount. They believe in this company.
In the session yesterday, Richard Wilkins the CFO did make a throwaway comment about waiting till the share was worth £10 to £20, but whilst that was said as a joke, I know he was also serious. For he does believe that the share could reach that level. Much as seagreen said earlier on ADVFN, buy today £2,000, put it to one side, and come back in 3-5 years time and maybe find £100,000. So, hang on to your saddles, for we are going places....
I continue to encourage you to call to the directors, whose numbers are on the RNS's, if you have any questions. And then do post your information here.
Good luck to one and all, for seriously we would not be here without eachother.

Guys, I want to say, thank you for the excellent questions, which provided a good basis for the discussion, and covered pretty much all corners. I hope you can see that the BoD responded to every one. If you have any supplementary, post them here and I'll get them answered.
As one of the fellow shareholders wrote back to me after "The genuine enthusiasm and optimism from the directors came across well which is something that's difficult to portray in RNS announcements and more formal company presentations".

Q11. What are the BoD's current plans to monetise the whole area and multiple sites, have they started speaking with others for a possible JV, as PXC alone will not be able to provide the CAPEX nor OPEX themselves to fully create shareholder wealth?
A11. An interesting question. Empire, Red Star and nearby deposits (White Knob, Bluebird and Horseshoe) will remain within the company. We could envisage strategic alliances to mine Navarre Creek and the Cobalt mines. We were already planning a visit on the Cobalt site from a 3rd party when Covid happened, so this has been necessarily delayed. Once Covid permits, we will be progressing this. The underground mines will be financed from money ploughed back in.
Q12. Does he plan to bring on board some further 'heavy weight's in relation to mine construction once we get there, or would it be his plans to bring in contractors to design & build.
A12. This is our CEO’s call, but we would expect to continue working with (good) contractors
Q13. Given the current increasingly high price of anything metal, what are his thoughts on the longevity of these increases and where does he see the precious metal market being in say 12 months, 2 years & 4 years.
A13. We are miners not economists. However, we do speak with the people who should know, and our expert is bullish on all metals, and particularly copper, which he feels will maintain an upwards trend. He also expects silver to be at $50/oz and gold at $3,000, both in the course of next year.
Q14. Is PXC still on track with the objectives set out in the June presentation on the website. For example, the PEA for Red Star is scheduled for September and a resource update by the end of this year.
A14. We are on course for the Empire PEA soon, which is taking over precedence due to the fantastic news in recent months (new assays, POG, recovery process), whilst Red Star is not far behind. For information, our presentation will be updated when the updated Resources come back.
Q15. Where is the company with licences, permits and Infrastructure (access, power, equipment etc)
A15. No issues with anything. For the environmental permit, we are much better placed than 1 year ago, due to the likely choice of a non-cyanide based recovery of the pm’s, which will also shorten the permitting process.
Q16. Has the covid situation created any delays to Q4 2020 and Q1 2021 plans. (Company and 3rd party)
A16. Answered in A10.
PS. The company judged this to be extremely successful way of communication, and suggested it will be repeated in a similar format, with a small number of shareholders, maybe to follow similar announcements such as this week’s RNS.

Q6. Why don’t they use Zak Mir, Vox Markets Podcast, Investors Chronicle, Proactive Investors etc etc more??
A6. We are using them, we speak with them and are in touch with them, but each of these media come at a price, and which is not negligible. We used Vox Markets previously, but we appear to have better coverage today than when we were paying them! We have become more selective, and today judge that we are better off spending our money on holes in the ground, and let the results speak for themselves. However, we do expect to be getting updated Research notes back from Hardman and WHIreland, plus perhaps Brandon Hill and others,
Q7. Do they have any further plans on widening their approach to how they market themselves or appealing to the average investor who might be looking at this space?
A7. You have most likely noticed an increased presence in recent times on Twitter, Linked in and Facebook. We will be continuing to ramp this up, so please do follow us, and do show us your likes.
Q8. What is our clear funding strategy going forward?
A8. The company has plenty of money in the bank to complete all of the present work programmes. The next funding required will be production focussed, on the back of a new PEA, which we hope to start this year. We are looking at non-dilutive funding, and do not anticipate any problem. We expect it will be some kind of debt instrument, but it is too early to be any more specific.
Q9. What is the current cashflow within the co. and how long, without increased testing/assays do he believe this will last or, are we fully financed for all current drilling.
A9. See A8.
Q10. Given the current Covid climate is he able to release to shareholders an updated schedule of drilling/locations for the next, say 6 months & 12 months periods.
A10. We have a Covid protocol in place in Mackay, which is working well. However Covid is slowing things down in certain respects from external suppliers, but we are hopeful should not impact on our programme in a significant way, as it is not presently affecting our critical path. So our previous programme remains.

Questions (a mix of ADVFN ad LSE)
Q1. “Does today's announcement increase the value of our company i.e. were the assay results better than they thought?”
A1. For Red Star, we felt silver was where it should be. For Empire, the results we felt were far better than we expected, and this is described elsewhere. We will be producing updated Resources in a few weeks, and at that point we would expect the company value to jump. Share price is another matter.
Q2. “The update I felt was too jargony without clarifying the real impact of the results. Specifically, Ryan referred to RSD20-01 and 03 as being particularly good. However we know that there were previously 3 drill holes reported on originally. Were these one in the same or different results. If different, how do they compare to new results? Better/comparable/worse. Will these results generate (in all likelihood) an increased resource for Red Star?”
A2. The intent of this RNS was to present, as we promised, technical data from the present drilling programme, as early as available. Since no economic analysis has been performed yet, and cannot be performed till all the results are in, there are no economic conclusions. The economic analysis (with conclusions) will follow very shortly, please rest assured.
Q3. The Mail on Sunday reported on a copper miner in the Arizona desert (Taseka) that were trailblazing a cheaper and friendlier procedure for extracting Copper directly from the ground, rather than the ore, by the use of a sulphuric acid solution. This method is predominantly used for Uranium extraction. Were they aware of this and could it be considered for our copper extraction?
A3. We are aware of this process, which has been around a long time. However it is associated with a large number of environmental issues, which we believe are not acceptable for our situation.
Q4. How the pilot test work is going on the gold ore using the ammonium thiosulphate as this is key to early production and potential lowering of Capex?
A4. Our CEO is today visiting the pilot plant in Salt Lake City. We understand the test work is going very well indeed, and expect to be able to make an announcement very soon.
Q5. Is there anything on Navarre Creek?
A5. We are waiting for the surface channel sample assays to come back, which are imminent. However, our people were very excited by the visual aspects of the site and samples. (see also Q11)

General Discussion:
Dennis started with an overview of the RNS and the company where it stands. He said the results achieved expectations for Red Star, and exceeded them for Empire. For Red Star, we now realise that this is a complex system of multiple veins, whereas before we thought we had just 1 vein. We are now pausing to interpret the structural geology, and will restart the drill programme in weeks. We believe now that Red Star may have deep metals below, as an extension to Empire.
However, it is Empire where we now have excitement. Our primary driver was to convert inferred into measured & indicated. We found high levels of copper and silver, both near the surface, which was a pleasant surprise. This work will also extend our resources, which we will update as soon as we can. We are expecting nine more Empire drill results assays any day now. We will then be looking over the Empire open pit mine as a whole to identify the easiest part for our fast track starter mine.
A large part of recent excitement has come about because of our change in focus. The previous model was copper driven, but since then pm’s have increased in price very favourably, so once we have defined our new Resources, we will have a new model, most likely driven by gold. Empire is no longer an exploration project, and is now clearly in development phase. The economics look today, very very positive, with high IRR and eminently financeable. We believe that the NPV will come out well in excess of the present capitalisation of the company, and will wake the market up. The discovery of high grade gold in the open pit area together with increased metals prices have fundamentally changed the economics in a hugely positive manner. We have already transferred our Empire data to Hardrock, who have already started working on it.

Highlights:
“The discovery of high grade gold in the open pit area together with increased metals prices have fundamentally changed the economics in Empire in a hugely positive manner“
“The company has plenty of money in the bank to complete all of the present work programmes. The next funding required will be production focussed, on the back of a new PEA, which we hope to start this year”
“We hope to finance with non-dilutive finance. We don’t think we’re going to have any problem to finance our projects.”
“In a nutshell, we are today completing the drilling programme, updating the Resources on both Empire and Red Star, getting information back on Navarre creek, we will get a new updated economic model shortly for Empire, and produce new Research notes. That’s all in hand for the near future. The Empire pit has work been accelerated due to the fantastic results.”

Pre-Covid Phoenix used to host an informal business lunch with a small number of shareholders to discuss the company and its progress. To replace that the company invited a small number of shareholders to a Zoom meeting on an experimental basis. The company had 3 directors present (Dennis Thomas – Investor Relations, Richard Wilkins – CFO, and Marcus Edwards-Jones – Chairman). We had 5 shareholders invited.
With the shareholders on both LSE and ADVFN contributing a lot of very interesting questions, this worked out very well, and every question was answered, and more…
Here follow my notes, posting them up in the conversational style I noted them in, and please the other shareholders present do jump in and correct or add more detail. First the highlights, then a summary of the opening discussion, followed by the questions and answers

Re Harryfile message, I have the answer already for part 2, about the name. On ADVFN OneDayRodder asked the company about this on 11th August, and he posted his exchange with the company:

Q) For the name, why not Phoenix Gold, or similar?

A) When Phoenix listed two Phoenix Globals listed the same week. The other one was Phoenix Global Resources, with a £271 million market cap. Confusion between them resulted, so it was obvious that our Phoenix had to change. Since at that time Copper was the main intended product, it was decided to call the company Phoenix Copper. And since copper is likely to be the main product in the future, it would be silly to change the name now, understanding a name change now may bring short term advantages, but may ultimately result in long term confusion.

I hope that clears up that part for you Harry.

The directors used to hold occasional shareholders lunches, allowing an opportunity for an occasional and informal two way flow of information from shareholders to our BoD. They recently contacted me, as I understand several other shareholders, to hold an experimental virtual session tomorrow afternoon. So, I wanted to ask fellow shareholders if you have any questions you would like to ask our board. I will ask them, and promise to post the responses. You can post your questions here, or by private messaging, if you prefer to be anonymous. Latest please mid-day Wednesday 26th August. If this is successful, I understand that this could be opened up to a wider and regular event.

Yes, Sparky, copper appears to be on an upwards long term drive at the moment.
A point of interest I noted this morning about silver was that for every 1% increase in silver price our share price increases by 2.1%, or more than double the response. This is simply because the additional return from silver is straight to the bottom line, pure profit, since our operating costs are constant, so this is reflected in our share price.

Silver $26.5/oz; Gold $1934.4/oz.; Copper $6,564.5/tonne; Zinc $2,450/tonne
Red Star silver PROJECT: today’s fair value share price should be 77.5.0p (last Monday 80.0p). Actual sp 41.5p.
Empire Open mine RESOURCES: Today’s Measured, Indicated and Inferred value: $1,890,000,000 (last Monday $1,864,000,000)
All metals prices updated this morning.
Comments:
Copper increased in price by 3.5% the last week which explains the small increase in Empire value, despite a slight drop in silver price, which had a small impact on the Red Star project.
Red Star project valued from Hardman Research: hTTps://static1.squarespace.com/static/5914577386e6c0cd77e15c74/t/5ebe429f5807503aff2c88c7/1589527215301/Hardman-Research-Phoenix-Copper-May-2020.pdf
Empire NI 43-101 Compliant Resource valued from: hTTps://polaris.brighterir.com/public/phoenix_global_mining/news/rns/story/rml988x
Note the Hardman research excludes the value of gold, copper and other metals in Empire (confirmed resources) plus Navarre plus the White Knob Mining Group, and the Cobalt in Bighorn and Redcastle.

For those waiting for the Red Star (and other) assay results, I have some news. In conversation with management, I learned that the sample results are just back, and are being collated and evaluated. I asked about them, but was told in no uncertain terms that they obviously could not comment, aside that they will be published very shortly. The process normally takes a couple of days, after which they have to log the RNS with the authorities which takes another day, so we could expect to see the announcement early next week, maybe Monday or Tuesday. I understood, although this was not clear, that the process may also be taking a little longer than normal, as there were quite a few results in this batch.
From my perspective this is all great news, for the wait is almost over for these assays.
I remind you that anyone could call to the directors with any question concerning this company, which they do welcome. That's what I like about this BoD, and I have never felt my calls were unwelcome. Their telephone numbers are in the RNS’s. Then please post what you find.
To remind you, after these we wait for the remainder of the assay results, leading into the PEA and the upgraded Resources. Should be a good autumn.

Hello 2 Daman. I hope you will respond to luckypunt14.

But in my opinion, your message is full of insinuations, with nothing of substance. It is also a repeat of your previous messages, and like I wrote before, it appears like a needle stuck in the groove. One example. In your message of 9th June you wrote “Whilst the 'board' get paid whatever happens”. Then this week wrote “Either way the board are on a good salary so long as they can keep buyers buying “. These cheap comments of a negative character are not backed up by any research, yet you demand research of a far higher level for you to believe anything.

Like the rest of my posts, I personally have researched, and the PXC board are paid on the lower side of salary levels for similar companies, with a good proportion of their earnings having been in shares. Now that I see as a real positive, which you would have seen if you had made any genuine research.

In my reply to your message from 9th June I wrote “My suggestion, why don't you call to the directors and have a chat with them about your concerns, and then post here what they say. Their contact details are all given on the RNS's.”

Could I suggest you do some real research and post your findings, rather than limit your posts to shoddy insinuations? We would then genuinely welcome your research and conclusions.

I disagree. Once we have the operation up and running, then we have the funds to go deep and unlock the treasures below, and I do not exaggerate when I say TREASURES. I would wait....