Member Info for RightOn

Merlin0, their last AGM was August 6th 2019, so their accounts should be out pretty soon, together with the director's statements, so we should not have too long to wait for more specific information. But if you wanted a guess, over at ADVFN they are talking about £35 to 80 million market cap by year end, which with 250 million shares should see sp in the range 14p to 32 p by year end, if correct. But if they head after the deep sulphides, that may see the sp heading up sooner.

1. The business is located in a favourable jurisdiction, Idaho USA. In the January 2020 world risk report issued by the “mining journal”, Idaho came top of perceived low risk
2. They have a very experienced team, able to manage a complex ore body, so they can easily take advantage of market changes. They also have a solid plan for how to achieve production.
3. The site has no environmental problems, and no legacy issues.
4. They have two quality targets for near term production. Red Star (silver and lead) and the open pit Empire mine, for copper and gold.
5. There is additionally excellent potential for gold in Navarre creek, a Carlin style mineralisation, plus claims in the Cobalt belt at Big Horn and Redcastle. These are all good projects in their own right.
6. The value of metal in the ground at the Empire open pit alone, as a confirmed M & I resource, is just short of $1 billion. That’s ridiculous for a £15 million company
7. Research by WH Ireland shows fair value at 34p/sh, whilst unrisked the fair value target would rise to 140p/sh. These values ignore the surrounding mineralisations.
8. “Commodity risk is low” “Sovereign risk is low”, “Market Risk is low”, “Operating Risk are low-moderate”, “Project execution Risk is low”, “Permitting risk is low”
9. Phoenix is very competently navigating the process from explorer to developer to producer, with first production expected for end 2021. They have stated that finance is under control, and they plan to complete this phase of the project with minimum dilution.
10. Phoenix is potentially sitting on a huge mineralised system, and their consultant geologist has stated that they have explored perhaps only 1% to date. There may be a larger prize at depth – perhaps a large-scale disseminated base metal deposit. This system could be worth several and even many billions of dollars.

All sourced from Phoenix RNS issues, WHIreland Research May 2020, Hardman Research May 2020

Now my opinion. The BoD have a plan to complete the first phases in bite sized chunks, for which finance is eminently doable. This is a very complete project, presently severely undervalued. When the market wakes up, the share price is going to move up several fold, and when they enter production it could be 10 times higher, even more a possibility.

It's more like the toilets than anything in the field, since it's a contract worth about GBP 1,370. Most people would not even get out of bed for that.

I wanted to respond to a specific question of yours. You wrote "Gold I know is often assigned with Copper, but silver?". This suggests you may not have not read through the RNS information being put out, or watched/listened to the media.
You will find that Phoenix started their investigations at the Empire Open Pit Mine, looking for copper, and later discovered gold in significant quantities, then found a mineralisation not to far away at Red Star, with silver and lead. You will find this all documented in RNS's on their site under News. The one with the update on gold was from May and is at hTTps://polaris.brighterir.com/public/phoenix_global_mining/news/rns/story/rml988x. Meanwhile you will find the latest and very interesting video with the ceo at https://polaris.brighterir.com/public/phoenix_global_mining/news/rns/story/rml988x and the podcast of the CFO at https://www.youtube.com/watch?v=Hp02tYw9Hso. These explain most of the story, and may answer many of your questions.
But a review of these RNS's and media, which are all from very recent period will show why we believe that Phoenix is on the cusp of delivering very interesting projects, based not only on copper, but also on gold and silver, and why I believe that Phoenix is substantially undervalued.

The simple answer to your point 2Damen is risk/reward. AIM shares are generally start-ups, and as is known, many start ups fail. But if you get a gain of 10 fold, as I have received on occasions, then you need nine (equal) investments to fail to lose money. We have the same information as everyone else, and its public. But many people have difficulty to interpret that information, or simply have not read it. Other people have done both. That's research. And for good measure, I confirm, based on my research, which includes talking with Directors, I don't believe that there will be significant dilution from here forward.
For PCX, I have made my research, and I'm of the very strong opinion that based on all the numbers I have seen that this company will be successful. I've looked at the risks, and I believe that the board have managed them well. If you have specific concerns, then please raise them, and let's see if the responses come to support or counter your fears. But please could you be more specific for the parts you don't like, and don't base your future by looking only in the rear view mirror. Plus, do call the directors for a chat, and raise your concerns, then report back on your answers. Let's hear if you still have them.
In the end, the proof of this share will be in the actual results, and they should be starting to flow soon. First from drilling Red Star, with the first results due to be reported back this month. Then we we will have the expanded resources declared for Empire and Navarre. Then we'll have the feasibility studies, and then lead into finance. We should have results flowing pretty much every month for the rest of the year, so you pays your money and you takes your choice on when to invest, if at all, with the price moving up as the perceived risk declines. Come back here in a month and let's exchange opinions then.
And as for Lady Kaz, and although I believe I know who she is, I am independent of her.

I should have also said, thanks LadyKaz for the information

Did anyone else watch the webinar? It was really interesting. I found the talk from Nigel Robinson particularly enlightening, both the precautions CAML are taking (no CV yet), as well as a nice presentation of their activities and plans. The way forward looks good.

Good evening 2Daman. I hope it was not me that you were talking about :-)
Let me tell you first, that I have absolutely no connection with the company, aside being a shareholder. I have however met the directors on several occasions at AGM's and at the shareholders lunches, and quite frankly I like them. I believe that they are genuinely working for the best for our company, and I have confidence in them.
But you pose a difficult question. You say "I am always wary of the posters who are clearly well informed, and who find the need to constantly remind the board of what past RNS's or board members have enthused about in the past." How do we communicate our enthusiasm if not for the public messages the company puts out? If they give out other information, and not to the wider audience, then that's insider trading, and illegal. Our messages have to be based on open information, with our own analysis, and reading between the lines, of course.
Yes, dilution has been a real concern, I agree. However, I believe that we are now past that point. I know in our meetings that they want to avoid dilution. I believe that this new programme is the last serious dilution before we go to financing. Also, the way they sped into an expanded drilling programme with the last round suggests that they have uncovered something big, maybe bigger even than before. If they double the value of our resources from this, then I'll be a happy man.
What I like about the opportunity is that not all eggs are in one basket. There's substantial gold and silver coming through, and the vast copper resources of the Empire Open Pit to lean back on. At the moment all of these are starting to look good.
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.
But I like the way you are approaching this. I wish you well, and hope you join us, for I, like I know many others, believe we're in for a hell of a ride in the next couple of years.

My calculations (which I'm sure you have done) are that the Directors today hold 8.7% of the company. That is up from 8.48% at 1st Jan 2020, and which increased with the recent share offering, in which they all took part, and therefore represents a sign of confidence in the company, in my opinion. The share offering was largely oversubscribed, which does show confidence. The Chairman almost doubled his holding.

poorinvestor2. You are correct that the risks are clear, but I would qualify your comment about the grades from the drilling programme in Red Star may not "meet expectations". Whilst this is theoretically correct, Phoenix have stated in their reports that they have performed channel sampling, plus they have previously drilled into the vein in 3 locations, so they already know the line of the vein, and the approximate quality. This is targeted drilling, which takes place on the expectation of results to define the resource, and is not speculative. Let's also not forget the words from Ryan McDermott, the Phoenix CEO, who wrote in the recent RNS "As we have recently expanded the network of roads and drill pads in the shear zone, several additional mineralised structures have been exposed in the dozer cuts below the alluvium. These structures have been added to the list of drill targets in the Red Star zone." Personally, from his statement, I think the results will show expanded resources.

DHBM, I am not sure that this sort of result qualifies since these are not financial results, but technical, and which have no direct financial element. If it were a feasibility study being reported, or more specifically quarterly results, that may be different, I would guess.

In these quiet days, let's remember that the first core samples from the drilling programme at Red Star have long been taken, are already being analysed, with the results promised for the end of the month. There won't be much news for a couple of weeks, but that doesn't mean nothing is happening. The results are being prepared, resources expanded, finance is being arranged, etc, etc. The way they went into the additional programme was a real positive boost for this opportunity, bringing extra value for shareholders from expanded resources forward in time. I'm going to guess that the sp reaches 35p before end June, and the giddy heights of 100p before year end, for when this moves it's going to suddenly burst, like in May. Derisked for end of year 100p, or today for 22.5p with very low risk, and the opportunity to make that money. Now that's a bargain.

Hi Mushyd, yes, the company said the first results from Red Star will be published in early June. They already have reasonable confidence, as their geologists would have followed the vein, so it's not a totally unknown. In essence, these results will confirm and quantify the known. Red Star with its silver and lead is the gateway to the rest of the mineralisations, which include the gold and copper of Empire, White Knob and Horseshoe mines, the gold of Navarre, and 2 outlying cobalt deposits. This small mine (Red Star) when up and running will generate the cash flow to progress the others. Only ca.1% of Empire’s potential ore system has so far been explored, and geologically, the deposit shows similarities with Antamina in Peru, the world’s largest skarn-hosted copper mine. Further work will confirm whether there are additional copper-tungsten-molybdenum porphyry resources at depth. With such little exploration having been done, and the 99% still a large unknown, this could range from large to world scale. In terms of price, I feel it reasonable to say the company could be worth maybe £120 million when Red Star is started up, and assuming no further dilution (I know this is a goal from the directors), that would place the shares at approx 190p. After that, the major work starts, which could move the shares a lot lot higher. Did you read the Hardman Research? Its on the company website, front page.
Are there other opinions?
This is a share to buy and to hang on to.

Yup Mytton, I've made 2 purchases this morning, and one is showing up as a sale, whilst the other isn't there. The trading board is not showing reality today. I think there should be a lot more blues than reds, and the MM's are using this as an opportunity for a shake?

My opinion of this fund raise. This is excellent news. Read between the lines, and for me the key words are “As we have recently expanded the network of roads and drill pads in the shear zone, several additional mineralised structures have been exposed in the dozer cuts below the alluvium. These structures have been added to the list of drill targets in the Red Star zone.” These drilling rigs are heavy beasts, for which they would most likely have had to construct new roads. As they cut them, they exposed new seams. The drilling team are presently on site, and since mobilisation costs are very significant, they are just carrying on drilling, saving money and potentially bringing more value to the company.
Also, look at the words "allow the team to conduct a focused, geophysical and geochemical programme at the Navarre Creek claim block". This is the gold vein, and great news again to have investigations under way, which will deliver results sooner rather than later. With Red Star and now Navarre creek under deep investigation, this is exploration focused on gold and silver. All told this is very exciting news, as we’ll have these new mineralisations included in our M&I resources for later this year.

The board has been quiet for a few days, so with the sp rise this morning, let me offer a reminder of what this company is about.
I'm not going to post too much detail, as I would like you to do your own research from published information, which is easily available, and then come to your own opinions. It's a new company, mining for copper, gold, silver, lead etc, in Idaho. Exploration to date shows about $1 billion in the ground, from near surface mines, with very exciting possibilities being looked at from deeper mineralisations. They have a large territory, and are focused on bringing one small and manageable area (Red Star) into production for end 2021, capex approx $25 million, which will provide the cash flow to go after the wider resources. They have the cash for the current drilling programme, and are looking to minimise dilution for the construction financing, particularly as the board are all significant shareholders. On their web front page you will find links to recent research from WH Ireland and Hardman. see hTTps://phoenixcopperlimited.com/
With their consultant geologist saying that perhaps only 1% of the mineralistions have been discovered to date, they plan to ramp up from Red Star into Empire Mine (with gold and copper), and then deep. I like the board, and have trust in them. I know from informal conversations (they invite shareholders to open lunches) that they could see the possibility of this becoming a 10 - 20 bagger, I kid you not. 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. Anyone interested, read through their literature, watch their videos (there was a most interesting one recently with their CEO in Idaho hTTps://www.youtube.com/watch?v=sJe2hgXL5mQ ), and call to the directors. They post their telephone numbers, and are very receptive to talking with both existing and potential shareholders.
Again, this is not advice, and please do your own research.

The Covid situation has turned our world upside down. I wonder if there is a “silver lining” for Phoenix. Let me explain. In times of massive expansion in money supply, people turn to gold, since printing money surely leads to inflation, whilst gold will hold its value. And this is a long term impact, which won’t kick in immediately, but which is pretty much inevitable.
Meanwhile, I’ve been taking a look at the long term trend in gold to silver ratio (just google it to see). The peak was reached last month at about 114, and has already come back to 100. If this dropping trend continues, and the ratio drops to something nearer the 100 year average, of about 60, whilst Gold holds its own, or even increases, then Phoenix is sitting on a proverbial gold (and silver) mine. Look at the Hardmann research by Paul Mylchreest, issued this week, and in the investment summary, it states “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“.
This is a back of the envelope calculation here, with many assumptions, which I feel are reasonable in these unusual circumstances, but if gold reaches say $2,000 dollars/oz, and we arrive at the long term average Au/Ag ratio of 60, then that will place Ag at $33, and the consequent share price from the above formula at approx 85p. Note that this excludes any benefit from copper, or indeed from the wider resources, which let us not forget have a value of approx $1 billion even as we sit here and muse. If gold goes higher, then the gold resources become even more valuable.
In these difficult times, I suspect that this share may give one of the best returns available in the market.

Hi JTS13, I know exactly what you mean. I have invested over the years in Hambledon, Max Petroleum, Oxus Gold, plus others, and seen them disappear into oblivion, although Hambledon is hanging on with large losses as Altyn. On the other hand, I bought Kaz Minerals (as Kazakhmys) at 65p, before selling at £6.50. I also made it large with Petrokazakhstan. I have most of my portfolio in funds, as I believe I am not clever enough to succeed in shares. I enjoy my dabble in shares, and take and accept risks. If something like PXC rises ten times, which it may well do, I would have to lose total value on ten other shares to lose that, assuming I invest equally, and even I have not managed that yet. I look out for small companies, which I judge to be well managed, and where I believe that there are no justified reasons to be unloved, and PXC fits that bill very well. I really have a big hunch for them, as they appear to know their stuff, and are doing a good job now of informing the punters. The last RNS's have been spectacular, and appear to have been missed. I had big hopes for CAML which have not materialised, but I haven't lost, so that is good. I like what you do for your daughter.
For KAZ, I make a comment that they went through a revolution, and came out better. I could not have expected that, but it does show the difference changing management style can make.
As a side comment, my portfolio is largely in the blue at the moment, being full of USA and gold funds. I had a hunch about gold about 2 years ago (Blackrock Gold has done me exceptionally well), and then cashed out the majority of the rest just before the extent of Covid came through. I put it down to luck rather than skill, but it's also experience having seen other crises.
Good luck JTS.

Sorry, it's CAML vs PXC (not OXC)

LadyKaz, adding to your CAML vs PXC. CAML is a well established company, sound management, good plans, likely to swing around, dependent upon regional volatility, but unlikely to fail. ODX is a start-up mining business, safe environment (USA), and likely to be able to raise finance for production next year. But they still have that small risk that it may fail. It's perhaps a ten bagger from today if they raise the finance, but that's the risk. It's already risen 3 fold this year, and now has an £11 million valuation, for $1 billion resources (yes, that's crazy). I agree, it all depends on what you can tolerate for risk.Meanwhile copper has a good prospect, so both may be good for someone with the means.