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Phoenix have said Red Star is likely to be the first area in production. Let us give this focus then.

The Hardman research stated "Our DCF valuation is 31p/share, based solely on the silver mine, a cautious (for now) 15% discount rate and a long-term silver price of $19.00/oz. PXC’s share price is highly geared to the upside thesis for silver (and copper), with each $1.00/oz adding an estimated 6.2p-6.3p/share."

I've built a little spread sheet, and to bring the value of Silver in front of us, intend reporting daily what the PXC share price should be that morning, based solely on the Hardman research and the morning price of silver.

Here goes for today:

Based on this morning's silver price of $26.55, today's PXC share price (based solely on the Red Star silver project), should have been 77.8p. Actual share price 37p.

Note this Hardman price excludes the value of gold, copper and other metals in Empire plus Navarre plus the White Knob Mining Group, and the Cobalt in Bighorn and Redcastle.

Can you think of anything else which I could report daily?

in my final paragraph "1p in silver price above 19p", should be "$1 in silver price above $19"
Apologies for this.

Now onto my personal summary of my understanding of Empire

We have in the Empire open pit the following:
1. Large confirmed resources of gold, silver zinc and copper (shown in RNS dated 4th May 2020)
2. Possibility of increased resources, and particularly gold, from the present development programme
3. Possibility of high recovery of gold, in an environmentally safe process
4. Possibility of this being fast tracked into production
5. Possibility of a large deep structure from the potential porphyry ore body, possibly increasing the resources many many times
6. And none of these were included in the Hardman recent research valuations.

Elsewhere in Phoenix:
1. Red Star, with the silver exploration programme currently under way, and the first assay results expected any day now
2. Gold in the Carlin deposit in Navarre, with a drill programme starting possibly this autumn
3. Plus the Horseshoe, Bluebird and the White Knob Mining Group, which produced copper, gold, silver, lead, zinc and tungsten at various times during the first half of the twentieth century, but which were far from exhausted
4. Plus the cobalt territories….
5. And aside Red Star, none of these were included in the Hardman research valuations

To remind you. The company was valued by Hardman solely on the Red Star silver starter mine, at 31p/share, plus 6.2p for every incremental 1p in silver price above 19p, which would today be worth an extra 24.8p at $23 silver. So, the share price, based on just Red Star at the present stage of development, is worth 54.8p, excluding all the other resources listed above! All environmentals have been done, and the current work programmes are fully funded.
What more do we need?

Empire is located in a known porphyry environment, with the north eastern/north western trending geologic structures acted as a conduit for the flow of mineral-containing volcanic fluids. They also look to have come up at different times, which has resulted in the different veins, hence the polymetallic nature of the territory. The numerous veins on the surface need the source at depth driving the mineralisation, which would typically be the large magma chambers, as described above. All the geologists express confidence that we have these large structures at depth. We just do not know how large, but similar structures elsewhere can be very very large, and porphyry sources typically rate amongst the largest copper deposits in the world.

The Empire mine, which closed in 1942, had shafts which went down more than 1,000ft deep, and from where high grade Tungsten was mined at the end of the mine’s life. But these shafts have since remained mostly closed, and, on reopening, would require some investment to render them safe. An alternate would be to explore from the surface through deep drilling holes. Both routes are quite expensive. In terms of timing, due to the high cost, exploration of the deeper sulphide deposits below the open pit, should wait till the company is generating revenue.
In summary for the deep mine, Empire is ultimately most likely to be a molybdenum-tungsten porphyry system at depth, with potentially large resources below the open pit in the skarn for copper, gold and tungsten, and deeper underground in the porphyry, which will dwarf whatever is being found today at surface. But these deep resources will take time and money to identify, but if they are positive, they could move the resources available up by orders of magnitude.

For information, the world’s largest molybdenum and copper mines are typically porphyry-based, which is really exciting for us shareholders.

The rest of the drilling results will be produced during the summer and autumn, which will be followed by an updating of the PEA which will redefine all the resources. They expect to move “Inferred” resources into the “Measured and Indicated” categories, plus they hope to expand the global resources with the possible discovery of additional blocks of ore. At the same time they are performing pilot plant work on the magnetite skarn ore with ammonium thiosulphate (ATS), to see if this matches the bench scale results for gold recovery. If successful, they will move a small pilot plant onto the mine site to test gold recovery and confirm the laboratory testwork results.

The operation will be to crush and grind the ore, and leach with ATS, which still leaves the copper in the ore for recovery. In fact, the ATS looks like it does not remove copper compared with the cyanide route, so copper recoveries should ultimately be increased. It is worth noting that the ATS treatment route is particularly environmentally friendly.

Through this drilling work, although focussed on the gold zone, copper will also be under the spotlight, and they are expecting to move this up as well through 43-101 JORC compliant resources. The autumn period will be one of stepping back, looking at all the results, and making decisions driven by the geology, mine engineering and metallurgy, together with the economics of the metals market.
Before moving on, we also talked about the channel sampling results. These looked very encouraging, with high copper levels at surface. The director commented that we should never forget the copper and the value there.

We then moved over to the longer term, and for this we need a little science for it to be explained, and I hope understood. So here’s an interlude from the conversation with my very simple explanation:

The crust of the earth is relatively thin compared to the mantle and the core. The mantle is of course hot, and liquid as magma rises through gaps between the continental plates, as witnessed in areas of volcanic activity, and over hundreds of millions of years this flow brought metals to the surface from the core. “Porphyritic” is the description meaning a flow of a type of potential metal hosting magma of deep volcanic origin, which then over time cooled and solidified. These flows often form into a large underground lake of magma (“magma chambers”) which separate in layers, according to different densities and phases of cooling. The liquid metals brought up in the magma of porphyritic origin at different times are responsible for creating rich deposits of copper, molybdenum, gold, tin, zinc and lead within the rock itself. But the fluids can also find ways towards the surface, where they solidify as veins.

In recent times there has understandably been a massive focus on gold and silver, but this project was initially acquired by the Company to mine primarily for copper, so I thought it worth pursuing what had happened with this goal, and whether it was still current, hence setting up a call with a director. However, the unexpected RNS (for me at least) with the Empire assay results provided an opportunity to put these into context before we moved on to copper. So, with a nod to SeaGreen, I now report on this conversation with a director from Phoenix. I agreed with him that everything we discussed could be published.

The conversation lasted for more than an hour with many notes, so I’m going to split this into separate parts. First the 29th July RNS, and then into copper.

From the RNS, the director explained that the current cut-off grade for determining the economic viability of open pit gold mining is in the region of plus or minus 1 grams of gold per ton of ore (dependent of course on many factors both geological and economical). Above that level most miners would be happy. Phoenix have just announced assays, some of them with between 2 and 8 grams per ton in the Empire open pit area. The director said “these are extremely encouraging”. But he went beyond this, saying that the gold needed to be seen in context, for Phoenix, the Empire Mine is not just about gold mining. Gold is part of a suite of recoverable metals, with copper, silver and zinc, as well as gold and to him this polymetallic range looks potentially “excellent” in this present metal’s price regime. He expects this to be ultimately reflected in the PEA (Project Economic Analysis), which will be re-worked this autumn when all the assay results are back. Rephrasing in my words. Looking at this as a gold mine on its own would be good news, but when the suite of other metals is included this mine looks exceptional.

In passing we discussed the reasons the gold had not been brought forward earlier. Essentially, they were so focussed on the copper, he said that any mineralised blocks with levels of copper values lower than cut-off were not reported. A mining company is naturally driven by metal prices. When the copper mine in Empire was originally planned, gold was at $1,100 per oz. Today is it closer to $2,000. With this gold price the switch to considering the importance of gold in the inventory is a “no brainer”. They are therefore going back over all their previous analyses and mapping out the gold. In fact, the director said “we have more than 400 holes already drilled in Empire open pit, so you can say that it is certainly no longer exploration at this point in time. The project in this area has moved into the development phase”. There is no longer any need to continue to prove that the mine has compliant resources. They are simply upgrading and optimising the resources, as well as adding to them, with some of the new drilling, in order to get the best value for the sharehold

Harry, I think they've heard that message. Have you not seen what they've been posting recently on Facebook and Linked in, and seen the twitter posts? All started up in the last weeks. If you are not on twitter, get on there now!

It is funny, but 2 years ago they changed their name from Phoenix Global Mining (PGM), and you can still see traces of this in odd corners of their web site! Just look up PGM on LSE.
The reason they changed was because of the massive copper resources they were discovering, and this became their focus. And this is the reason why the gold is now being explored, because the focus was on copper, and where copper was not in abundance, they did not look for gold.
Let's not overlook the copper, for this is the long term future of Phoenix, with the present (significant) gold and silver effort being dwarfed in the long term by the MASSIVE copper resources. And that in reality puts this company into perspective. For when they get the starter mines up and running, and are then able to fund an exploration programme at depth, this could well be a world scale copper mine, with gold and silver thrown in for free. Think of what the share price will be then.

The resources come from a "qualified" report. This will come at the end of the programme, when all the remaining holes have been drilled, analysed, and put into a report with a new resource. Expect that for the 4th Q, I would guess.
But we now have agood indication for the way thsi is moving....

What a great RNS on the Empire Open Pit mine. These are the awords from the Chairman after the announcment:
Start
"When the Empire mine was last in production, gold was seen as a by-product which “paid the bills,” according to a retired miner who worked there. However, it is beginning to look like we may have a standalone open-pit gold mine in the making.
Do not ignore, though, the very decent grades of copper, as well as gold and silver, in the channel samples."
End
That's amazing! And all near the surface. A standalone gold mine, and at the current price of gold. It's a race between the silver mine at Red Star (whose results should be out any day now) and the gold of Empire. If the company get good results from the thiosulphate pilot tests for the gold extraction, they could conceivably get a fast track low cost production into operation before the Red Star silver mine.
Wow! Yes, and that is really genuine.

Yes, yv00 and 2Daman, life happens. We all know the risk of investing in AIM, and if readers do not, then your messages are important. AIM carries more risk than the main stock exchange, which itself carries more risk than banks, which carries more risk than holding the cash under your mattress and so on.
PXC was languishing at 5p in April and is now closer to 40p. That's an eight fold increase, and you could have seen 7 different and equal investments fail for you to have lost. It's up to you to do the research for whether you invest or not, and I never blame anyone but myself if the investment fails, for any investment carries a risk, and you must decide yourself if you have the appetite for that risk, and if you could carry that loss, if it did fail.
For PXC, I have made my research, I trust the directors, and I do very strongly believe that we are presently substantially undervalued. If the drilling results come back with positive results the next weeks, then this share will fly. The data the company have presented shows that the long term potential is very good indeed, and yes, it will be substantially more than £100 million. The numbers say it.
But aside your healthy comments about the risk from AIM companies, have you made your own research into PXC? If not, then I would strongly suggest you do this before any investment.

This share has been a long time undervalued, largely I believe because management were not very good at blowing their own trumpet. But they are excellent, indeed EXCELLENT miners, and a look through their data says it all. There is over £1 billion of resources already identified in the ground, and their consultant geologist has said that to date they have researched less than 1% of the potential. I like the way they are planning their projects, to use fast track low cost route to generate the cash to go after the big ones. That means that dilution should not be an issue, so buy in today to this bargain of a metals hoard, and you get to enter into this wonderful spectrum of many of the most valued metals on earth, in perhaps a world scale deposit.
We are expecting news imminently from the Red Star silver mineralisation, to be closely followed by the Empire open pit, where there appears to be oodles of gold. These results could be game changers for this share.
I personally believe that this share could go up 10 times, maybe 20 times, maybe more, over the years, if you are prepared to hold long term. But in the short term we remain very undervalued, and the market is just waking up to that.

Shareseeker10, I overlooked to give the company future value. Here follow some guesses, which are to be understood as just that. Guesses.
Let's take 3 time periods. The confirmation of finance with the green light to construct, the actual start up of production, and then say, 5 years forward.
Finance: The project is now secure. Essentially the risks have been reduced to near to zero, but with zero cash flow, we ain't there yet. The BoD have been fantastic in keeping dilution down, so fully diluted we have only 73 million shares in circulation. We should be in a position to confirm finance 1Q 2021, at which point I would guess the company will be worth approx £120 million, meaning our sp will be £1.64
Start-up: The company is producing. Last Q 2021. Exploration has identified and confirmed more resources. Company value £250 million. Our sp guess £3.40.
Long term. We've got the big mines running, and are now into the deeps. Resources have massively increased. Company value is now £500 million, probably more. Share price £6.80, maybe higher.
You're also interested no doubt in the shorter term, and my guess is when the herd hear about the prospects here, we could move up to 100p very fast, maybe for the end of 3rd Q.
Please note again these are all guesses, and everyone should do their own research.
Any other opinions out there?

Shareseeker10, I personally am not really qualified to talk comparisons. Perhaps people more knowledgeable than me could comment? However, in principal, I think you have it right – I’ve never seen a bigger gap measuring it as Measured & Indicated Resources/Market Cap

At the moment the M&I Resources is about US$ 1.3bn or £1 bn. So its £1,000m/£20m

Or (gulp) 50! So you are buying a pounds worth of metal in the ground for 2p. And that's based on old prices for gold, silver, etc.

And as I’ve mentioned the drilling programme under way now will be increasing the resource which, including the inferred, is already close to US$ 2bn, so just converting inferred to Measured and Indicated seems plausible......... so that’s even higher. Then we have the question of metal prices which continue to increase and which have not been revalued ..........

This represents such a bargain, in my very humble opinion…

I suspect we have a few newcomers to the mining industry here. Welcome! Let me offer a few words to explain some technical terms, noting I am not a miner, so could a professional offer any corrections needed. Here I talk about how we proceed in terms of sampling, and how we will use the information for Phoenix.
When we’re exploring for metals, we first have the geologists look at the lay of the land. They can make an educated guess for where there is potential to find those metals, and hopefully they can identify a seam or 2. After much walking around, aerial surveys (I’m simplifying a lot here), etc, they will then scrape near the surface, or on exposed seams, to take “channel samples” which consist of samples collected over a specified linear interval, looking for veins and other structures exposed on the surface, to obtain the most representative sample possible for the designated interval. If the results look good they will then drill, and take samples at depth.
If they find a seam, but just have the ends, they can estimate an “inferred” resource. This is an educated guess. But if you make a detailed survey, with drill holes down the length of the vein, you get a “Measured and Indicated” resource. This can be used as a bankable document, since there is little chance of the data being wrong.
In Empire we have done a huge amount of work with I think over 400 holes drilled, and have a lot of M&I information, but we also have even more inferred. Our present campaign is to move the inferred over to M&I, and maybe to pick up some more. In Red Star, we are working to put together an M&I resource, to support the opening of our starter silver mine.
In coming weeks we are going to get a lot of assays which will slowly give us a picture of how the deposits look, and all this information will be put together by a professional company at the end to give us a certified M&I resource. That should be good enough to raise the finance for our starter mine and processing plant.
Back to the twitter picture. Yes, the 36g/t is exceptional, as most miners would be happy producing gold from concentrations at a tenth of that. We are looking to identify how large that high gold anomaly is.
If you want more explanations for other terms, or other questions, say it here and I or probably best others, can respond.
I hope this helps....

With pleasure. Indeed, I'm flattered. I noticed a few typos, so please feel free to take and improve. But the feelings are genuine. This share is at a bargain price at the moment, but for how long?

MTSparky, I think you may have meant LinkedIn rather than Twitter. Both have started up in recent days with some fine information (I agree) but the detail has been on LinkedIn. I recommend people joining up to both to catch latest information. I can just picture the CEO sat behind his desk pumping out this information, trying to make up for his showing last week.

WARNING: THIS COMPANY IS SEVERELY UNDERVALUED.
Let me run through the fundamentals. Phoenix are running a fast track silver project at Red Star, with assay results from first core samples due any day now. In their research Hardman (find it through the company website under research), state that for every $1 increase in silver price over $19/oz, the share price should go up by 6.2p. That’s the excitement today, but with silver moving up the increase should make the share price around 53p. That’s the first undervalue. That’s crazy. And do not forget that the current drilling programme at Red Star will not reduce the amount of silver.

But this company does not have just silver at Red Star. It’s also there in the Empire pit. Look at the company presentation, page 3, and see silver Measured and Indicated silver is 6.8 million ounces. Now look at the recent laboratory work where they recovered 67% of the silver, that makes a resource of $102 million recoverable silver, based on a silver price of $22.5/oz. Our market cap is now about £22million. That means that in just a bonus silver pool, we are trading at about one quarter of the value of our recoverable silver. And we’re throwing that in for free! That’s absolutely crazy. And do not forget that the current drilling programme at Empire will not reduce the amount of silver.

Then we look at Empire, where we have the open pit mine with 218,500 ozs of gold. That’s in for free as well, and discounting for loss, and at today’s gold price, is worth $394 million. Note I’ve excluded all the indicated resources, which we hope, indeed expect, will be moving over soon to M&I. Today Phoenix throw that gold in for free as well! Madness!! And do not forget that the current drilling programme at Empire will not reduce the amount of gold.

Then we have Navarre with its Carlin gold, and the Cobalt mines, plus we have the deep pits, and the really rich resources. We get all these for free as well, all thrown in for free on top of the small starter mine at Red Star.

It’s a special offer today which won’t last for long. Buy into a the Red Star starter silver mine, then it’s extra silver for free. Gold for free. Zinc for free. Lead for free. What more do you want?

The price is moving up nicely, but it still has a way to go to reflect the current silver price. In their research Hardman suggested to reflect value there should be an increased share price of 6.2p for every $1 increase in silver, over $19 With silver now at $22.5/oz, this would suggest that the price should have moved up by about 22p, and today be closer to 54p. And that's not including the gold in Empire, or the deep sulphides. When recognised by the investor community this will push this share well over 100p, in my opinion.
This share is so undervalued.

Phoenix appear to have woken up with Twitter, don't they? Worth following now?