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Stanley, nice dream.... However to make the sort of offer you mention, they would have to do a thorough due diligence, or the person making the decision would be crucified if things went wrong. And at the moment, whilst we have the Resource determined for the Empire Open Pit mine, we do not have anything of substance for the rest. In consequence, they could not make an offer for PXC based on that. Or it they did, it would be so low to be laughed at. The big boys make their money from running large operations efficiently. In due course we may come onto their radar, but not just yet.

Let me give some specifics concerning Martin Hughes, and the RNS from Thursday. He is an astute Fund Manager, and is nicknamed, according to The Times, the “Rottweiler”. The Toscafund he manages has assets of £4 billion.

Now concerning his participation in Phoenix. In February 2020 he bought 7,900,000 Ordinary Shares at a price of 15 pence per share when the actual share price was 10p. Yes, he paid a premium of 50% over market price. He was our hero then (and remains today). That money was used to fund the summer 2020 drilling programme, which was indispensable for us. Subsequent to that fund raise, the share price dropped to 5.5p, so his holding was worth about a third of its original value, but still he held on.

He was awarded some warrants at that fund raise, and this week he has converted his warrants into shares, investing more money into Phoenix, and held on. That shows confidence.

That he continues to hold sends out a very strong signal. I wish Martin Hughes well and thank him for his initial investment, for without him we may not have been able to have funded that drilling campaign.

Navarre Creek continues to look remarkable, genuinely remarkable. The key feature about a Carlin Trend gold deposit is that the gold is found in low grades, but in large quantities. Remembering the RNS from one year ago, they were expecting gold in the ppb, but found it in ppm. The results on the samples appeared at worst equal, and maybe even better than the initial samples found on the Carlin Trend in Nevada, which is a giant deposit.
Carlin deposits are named after the little settlement of Carlin in Northeastern Nevada, and Carlin deposits can be very big gold strikes indeed. The Barrick gold mine on the Carlin Trend which started this off is the world’s 8th largest gold mine, which is a relatively short hop and a jump away.
Now look at what has been written in this RNS. The directors are mining experts, and with that, we have to understand that they write in highly technical language. I can now sort of understand the delays in producing this report, since the geology is so complex. But you can sense the excitement coming through, and following on from the previous work which identified that gold is present, they are now determining the size of the host rock which carries the gold. They have confirmed all their previous work, and whilst Ryan does not generally get excited, I sensed a frisson of delight when he wrote “We believe the Navarre Creek area to be quite remarkable”. Now we understand why they went out and staked additional territory!
Whilst the geology of Carlin Trend deposits is quite complex, the shallow ore in Carlin Trend type deposits is usually oxidised, which is relatively simple and cheap to extract since it can often be mined by open pit which costs a fraction of underground mining. This work confirms that the Navarre Creek deposit probably has IMMENSE value.
Note that the Empire Open Pit Mine does not include any economic assessment of the deeper Empire Sulphides, the Red Star silver mine, the continuation of the Empire pit north (Horseshoe, White Knob and Blue Bird Mines), this Navarre Creek Carlin type gold play, the Idaho Cobalt belt properties (Redcastle and Bighorn), or other projects within the Phoenix portfolio. These are all given for free, in a company where the directors are firmly entrenched on not having to issue additional and dilutive equity, and plan to finance all further work through debt and revenues. In other words, if you buy in to the share now, you receive all this additional value for free.
I’m skipping and dancing this morning on the news in this RNS!

It looks to me from first glance, that Martin Hughes held warrants, and which were due to run out on 31st Jan. He appears to have held on to the lot, and paid up, hence his shareholding increasing and the RNS bei.ng required, so it wasn't him selling the last weeks. He has been called "The Rottweiler" from previous ventures, so that he is holding, is fantastic news for confidence in PXC. He would not hesitate to drop if he was at all unsure.

Don't worry Sparky, I've not been hiding at all. Just busy. But let me spell this out again, and I know that this is exactly what the company would say if they are asked. They have plenty of cash in hand, and certainly sufficient to take them through till well into 2023. This will allow them to carry on with the current drilling programmes, and the other development activities. They have zero, I repeat, ZERO, intent to raise construction and project funds in any way other than through debt. The result will be no dilution. This is not speculation, but words coming from a competent board, who are on the side of the shareholder, and who have demonstrated that time after time.

Hi Sparkey, I have spoken many times with the Board, including in recent weeks, and I can assure you that there is not a hint of a placing in view. None. Let me assure you. According to my conversations, the finance will be raised through some form of debt and not through equity raise.

I'm not sure what you mean with your question furey? If you mean how long before it really takes off, I would suggest next spring, when the finance is put in place for the Empire Open Pit project. Then we will know that the project is really going to happen. The finances for that are crazy, with an extremely fast return. The company are intent on investing the return back into more exploration and into production for other metals within the territory. So, this could be a share which multiplies many times in the coming years. However, although I said next spring, this company have been full of surprises up till now, and we could see other assays and results which surprise the market at any moment. The results this week have been misunderstood, and I plan to post on that during the weekend. No hurry now, it's Friday...

We are drilling blind into unknown territory, and to be coming up with results like this and proving up their geological model, is exceptional, so for me everything looks good, even very good, particularly with the levels of metals they have found across the mine. I'm very happy indeed with this news. Before they can get a value for the mine they will most likely need hundreds of holes, so this is just a start, to show us the potential, and I think they have confirmed that.

But let me make an important point. A very important point. The current share price reflects just the present state of the Empire Open Pit mine. It excludes the deep sulphides, the Navarre Creek Carlin style gold play, the Red Star high grade silver/lead mine, the Cobalt zones, and whatever else they discover. Plus, the BoD intend starting all the above without further dilution. So, whatever we find here is a real bonus.

For clarification this was not my first post, and I have been posting here for at least 18 months, albeit the last one was perhaps 3 months ago, maybe more.

sirspread, I am a very interested follower in GRL, and of course the start up of this extremely exciting venture. My research suggests that the potential is incredibly good, whether the gold pour is today, tomorrow next week or next month. I say this since the level of debt is very small compared to the prospective revenues, plus the directors have real skin in the game with every incentive to see this come to the success we all (maybe with your exception) expect. I am finding however that your questions (never driven by research) are becoming tedious, and are focussed on driving an argument, rather than enhancing or clarifying the debate. Might I timidly suggest that if you performed more research, and posted based on that, we would all be better off, including yourself?

For those interested, the video from the shareholder webinar can be seen here: https://youtu.be/DjC_HrcZZ7A

7) Can you clarify exactly what you have bought with the recent acquisition of Royalties and land?
a) We have bought part of the Royalty from previous owners. There is no difference to the operating company in the royalties being paid, but some of the Royalties will now come direct to Phoenix Copper Limited. The royalty owners were family owned, who had been sitting on these clams for many years, waiting to generate revenue, and they just wanted to see some money coming now. They wanted to cash in part of the royalties (they have retained the remainder), whilst we were feeling close enough to production to buy the Royalty, capturing this income flow for the long term, so this represents a real win-win for both sides.
8) Can you tell us a little about the ADR programme?
a) Today most people in USA cannot access our stock. The setting up of the ADR programme has been funded by the Bank of New York Mellon, and will actually become an income stream for us. The US people will now be able to access our shares as ADR’s. The programme went live last week with some minor issues, and from tomorrow we are fully active. We assume demand for ADR’s will build up in the States, and new ADR’s can only come about from buying Phoenix shares on AIM.
b) This is potentially a brand new pool of potential investors, and will suck those shares from UK to USA. As more and more interest comes from US, we would expect a larger percentage of the share register to be traded on the ODCQX. We have a few people lined up in the States ready to support and put orders in.
9) Do you remain as confident as ever?
a) Yes. We have 3 projects running concurrently, Empire, Red Star and Navarre Creek. Plus other projects, and plenty of news.
b) For financing of Empire, seeing some of our existing shareholders, raising $50 million will not be a huge challenge. We are not planning any share issues to get the construction money.
10) Assuming PXC delivers the plan, proves up the mines & the metal prices remain stable, what sort of valuation is possible, in say 5 years?
a) If the underground sulphide deposit is anything like we think, if the porphyry is there, and if Navarre Creek delivers, I think this could well be a billion dollar company.
11) What is the impact on the project of the increased copper prices?
a) Payback would be in under a year. Higher metals prices have a dramatic impact. Today’s metals prices would double the NPV and IRR.
b) All being well we will have this mine financed by the end of May next year, and without any dilution.
12) You’ve said Navarre Creek may be significant enough to be a separate company, If you decided to hive off Navarre Creek, how would it be done?
a) Set it up as a separate company. We would put the project into a wholly owned subsidiary, list that company and also raise some funds, distributing some of those monies as a dividend, perhaps 40%, with most of the remainder being held by Phoenix..

3) What can we do before the Permit lands?
a) We can do workshops, storage, laboratory facilities, staff accommodation, and to have this already, and integrate the 140 people who will come in to the town (an increase of 30%). We met with the mayor and he was very excited, and could not have been more supportive.
b) We are seeking permits for the unpatented land for the leach pad and the processing plant, whilst a large part of the open pit project is on patented land, which will require lesser permitting. We will get on ahead as far as we are able on the patented land.
c) The process of permits is proceeding well, with no cause for alarm.
4) How about the local community?
a) Very, very supportive. This is a mining community with historic roots in mining, and many of the present residents have ancestors who worked in the historic mines.
5) What excited you most?
a) Pretty much everything. The progress on site. The mayor, the enthusiasm of the team. It is all looking very positive. We spent a lot of time on Navarre Creek. This time the geological structure as explained to us really came to life as we saw outcrops and other features.
b) Drilling the Sulphides and Red Star will continue through the winter, whilst Navarre Creek will have to wait till the snow melts next spring.
c) Roger Turner our Chief Technical Officer, after he left Rio Tinto, consulted on the Betze Post project, and his report ended up with the formation of Barrick. Now today, Roger is every bit as excited with Navarre Creek as he was with Betze Post.
d) We have 33sq kms surface area with multiple very exciting targets. Let’s not forget the depth. As we drill down we reach the historic sulphides with high grade copper and somewhere below and deeper still is probably the Tungsten/Molybdenum porphyry, if the geologists are correct. By the time you look at our surface and the depth, where the potential monster is, that’s enough to be getting on with.
6) The Konnex team were over here last week. Can you tell us about their visit?
a) We visited a number of institutions, several of whom are existing investors, and separately our ESG team went to meet others (a relatively novel approach from mining companies of our size) which went down very well.

The company held a shareholder webinar this week (Wednesday) and here below are my notes. Please understand that these are my personal notes, presented for general interest from a fellow shareholder, but should not be used to make any decisions for investment purposes. You should always do your own research. The webinar video itself will follow shortly.

1) Was your trip to USA an easy process?
a) Not so easy in terms of approvals, until the visit to the project was deemed important enough to be given a “National Interest” Certificate by US authorities, when the doors opened.
2) Can you give us your overall impressions from the visit?
a) Since the fund raise, we’re made much progress. We now have a team of staff on site including 4 geologists, a fleet of vehicles, and have moved to much larger premises. We have a much larger network of roads, and drilling was taking place whilst we were there. We also know where things are going, and have submitted our plan of operations to the permitting authorities. The leach pad is situated behind a hill, so will have a favourable viewshed and in consequence will not be evident from town. This now looks like a serious project with legs. We had clearly moved from exploration to development. The main open pit project is really taking shape, and you can see it coming down the track. It’s not going to be far off. We have sent strong positive signals to the local community, and all in all, this is looking extremely positive.
b) Of all the projects the geologists are all extremely excited about Navarre Creek. The potential of that gold zone is enormous, and we think this could be a company in its own right.

I would like to offer more clarification. The price of a share stays the same, wherever it is, UK or USA. But in USA, the shares can only be bought in batches of 10, so making one "share" worth ten times the value of a UK share. This has been done for technical reasons for the USA market, and has nothing to do with ramping or anything else. To repeat, the underlying share price, UK or USA, will have the same value.

I love this RNS. We start with the company telling us what we had (which was pretty damn good), and then they throw in that the resource could be four times the initial value, maybe more. Let's get this into perspective. The sp has/is quite sensibly been based on the Empire Open Pit mine, for the oxides. All the rest is a bonus. Now we find that the Red Star high grade silver/lead mine has the potential to also be massive. Here's the nub. The Red Star deposit is a narrow vein, perfectly suited to a fact track low cost underground mine. Once the resource gets defined, which should be through this autumn and into the spring, we could be on our way to having a second mine operational before the end of next year! There are many infrastructure issues common to both projects, so this would be a really attractive opportunity. This is just the beginning....

Disco, you wrote "According to "Googl" copper sulfides are much better than oxides as they are usually much bigger and easier to extract the copper.". Let me explain a little of the geology.

When our planet was formed metals formed as sulphides (they react down to the most stable chemical form in their environment). These sulphides are normally encountered deep in a sulphur rich environment, often in large reservoirs, which fed up to the surface. The closer they were to the surface, they reacted with oxygen into oxides, again the most stable form. So, we tend to have sulphides deeper, and oxides in shallow locations. However the movement of the crust pushed some sulphides to the surface, where they have not yet oxidised, such as in our high grade silver/lead deposit in Red Star.

Meanwhile, prior to the 1960's is was very difficult to recover metals in oxide form, and so metal oxides were treated as waste. And that's why our surface oxides were never mined, as the heap leach process now used to recover oxides post-dated the period when this area was actively mined.

Hope that the above is of interest.

Here below is the link to the Telegram group. Please note that when I post it as written LSE get to work and alter it. Hence I am adding in some blanks. If you delete these, it should work perfectly (note I have placed 3 blanks):
https://t . me/join chat/I5hNdxg-LUTkNvtljGWq1A

Just to let you know, the earlier posts were cut and pasted from ADVFN, but were originally on Telegram. This is a brilliant forum, with very open discussion, and you can gain access to on https://t . m e/j o i nchat/I5hNdxg-LUTkNvtljGWq1A removing the spaces I have introduced.

The attendees were all volunteers from our shareholder base. Look out for the notice of the next meeting if you want to attend.

If you have any questions, then post them here and I'll try to respond.

Dear All

I was one of the 8 investors to be at the lunch meeting yesterday. Firstly let me say my personal thanks to Marcus, Richard and Dennis for their hospitality and professionalism and also express thanks on behalf of us all to our poster Zaphod on organising the event.

Donald has done a most brilliant job in summarising the discussions and I fully endorse what he has posted. There is not much further detail I can add so I would like to express my overall conclusions on our very positive lunch meeting.

The lunch was handled in a very friendly, informal and professional way. It was stated right up front that no sensitive disclosable market information would be discussed.

The main points to me were-

-The visit was successful in confirming that our Empire programme is on track
-Ryan is putting together a smashing Team in whom we should have great confidence
-ESG is at the forefront of how we operate and is first class
-All Mackay developments will he handled in a most professional way ensuring positivity in all community relations
-Work programmes are identifying innovative ways to move the Empire project forward and if confirmed these could make significant improvements to the Project Financials and NPV
-All of our geology Team and advisors like what they are seeing regarding Navarre Creek and hopefully if confirmed in the ongoing drilling campaign etc could have significant upside to PXC.
-Although delayed by understandable Covid related constraints the exploration programme will be kicking into gear shortly
-The ADR Programme with BNYMellon should be operational in a few weeks time and give US Investors a cost effective avenue to buy shares in PXC.