Member Info for StanleyUK

It's a relief to see the share price rising again, and some excitement retruning to the forums.
We may just need to temper expecatation a little though. While Pants / RightOn posted that the Book Build is complete, this doesn't neccessarily mean it is for the full $80m.
Richard has previously spoke about tranches of bond, so it is possible that we may only get an initial $20m away, and complete the rest later this year. That's not to say $80m won't be complete in one go, but there;s a chance it won't.

Either way, once we get tranche 1 out of the way this will give confidence to future bond subscribers to take up subsequent releases.

I'm hoping February sees us returning to all-time high's as a minimum.

Stan.

Probably around 34p the way this share has behaved recently!
I would like to think that a return to our high's would be expected, so 60-70p ish, then above the £1 mark once permit is granted?

Paul is presenting the PXC proposition to Proactive Investor in London tonight.
I’m hoping that will have an impact on the share price over the next few days, too.

Looking forward to watching the recording of it in the next few days.
It has also been indicated that a more general market update is due imminently, which will hopefully contain a few nuggets of new information.

I’m with you, Sparky. I think £1.50 within 12 months is certainly achievable.
Finance and Permitting are the obvious drivers of this, but a rising copper price, Red Star, Navarre, plus a few other left-field events (M&A, China, Green agenda) could see us comfortably in the £1 range.
To think that we sat comfortably in the 50-60p range without any of this news shows just how ludicrously under-valued we are right now.
Finance should get us back to the 60’s, and permitting into the £’s.

We just need to give the team time to get the ducks in a row.

To be fair, I heard similar back in October.
Not sure why but something caused a delay, however by all available info it is still on course for the cornerstone investor to sign up, then others will follow.

As PI’s we are desperate for the sign-off, but the company is in no rush to get everything in place.
They are being very methodical with the approach and we just need to trust them to steer us to production.

Marcus is a very well-connected person, and I believe that he is bringing a number of people to the table.

We just need patience. Todays RNS has reinforced how exciting Empire is from a geological perspective. Once the funds are in place then the fireworks will begin.
Shares are very tightly held, and it won’t be easy to get in when all pieces start to fall into place.

Stan.

Hi EnglishPatient,

Your point about “If the case was so strong, financiers would be queuing up as they are elsewhere”.
I agree it’s frustrating that finance hasn’t yet arrived, but it now seems any potential backers are waiting on the outcome of the ATS evaluation.
This goes against the Chairman’s “update you in the coming weeks”, but I believe any bond backer would want to know which project is being invested in before subscribing.
This likely means waiting until Q2 for ink on paper, but we should know sooner about the ATS evaluation.

I completely disagree that this is equivalent to punting on a horse though. In fact it’s the opposite. PXC are putting in the groundwork to guarantee you’re backing a winner. The difference being how many furlongs it wins by, and that is determined by ATS or Sulphuric Acid extraction.

Our time will come, as as Sparky mentioned, the company, via Investor Relations, have indicated that 2023 should be transformational.
I wished it had come this year, but we do need to cut them some slack for slipped timelines. I think the delay could turn out to be more profitable for us all.

Stan.

I think we all agree that RNS is the preferred way forward, and such opinion has been made to the Board and IR.
But in the absence of such, or until the Board change their approach, I’d rather have access to as many information sources as possible, rather than fewer.

I don’t think you can lump all of telegram into the same pot, Trek. Each thread is different, and the PXC chat is exceptionally well run with courteous posts and sensible debate.
As a highly respected poster your views would enrich that further, for sure. Please consider joining.

Stan.

I take your point, GST255.
That said, in the Sept 29th interims, the chairman did state: “We have also used this hiatus in what we still believe to be a long-term bull market in copper and other critical metals, to optimise our mining and processing plans”.

Whole not explicitly stating “delay”, it was clear from this that ATS would refine the process and therefore the permit.
That said, prior to this I did have to do my own research to understand where we were with permitting. FWIW, the info is available on the BLM website.

The delay was also discussed after the shareholder lunch in the meeting notes.
But I fully agree comms and clarity need to be better, and I’ve voiced such.

What I don’t understand is why it’s all blowing up now when it’s been discussed weeks / months ago.
The company should take responsibility for a lack of clarity, but in truth nothing has changed in the last weeks, and we now need to wait for finance and ATS testing.

It’s almost comical that two guys having a bit of a moan on Telegram over the weekend has infected so many people, and suddenly it’s the end of the world.

Nothing has changed with the project other than a few slips in the timeline (ok, a year or so isn’t small, but we have had a pandemic to navigate through). We’ve got a number of funding options, and now undertaking research to double profits.
I honestly don’t see where all the drama has come from.

I agree ITD999.
Despite the slipping timescale all events do appear to fall into place at the right time.
The inflationary pressures, plus covid, may have delayed the project, but has allowed the team to look at the best ways to run the project to maximize returns in the long term.
The slippage in time will better align to the predicted demand in copper and this increase in price.
The timeline trade off could be far better economics in the long run.
And with the copper price now bouncing it could be the best time to announce bond news in order to re-rate the share price.
Ok, this is a glass half full view, but lets hope it all falls into place.

On the bond I hear that the delay is a result of one of the big subscribers requiring to create new investment vehicles as they are “out of region”. We’ll get there soon enough, and I think this is days rather than months.

We should also hopefully get started on Red Star imminently. Intel from Mackey is that drilling begins next week.

Lots to come, hang in there guys.

Yes, join the telegram group! It’s by far the best run group I’ve seen, with knowledgeable posters, and very little spam.

But I think Mr Hasten’s points were fair, and there are many exciting prospects that PXC are sat on.
Which, by the way, includes Red Star. I believe we are due to start the (delayed) drilling campaign there next week, weather all being well, lasting throughout all November. The results from that should be exciting too.
Remember the second large anomaly….

Hi EnglishPatient,

It's fair to say that the delays have been frustrating. We would all have liked the finance to be completed by now, and the share price to be higher than it is today, but I am 100% confident we are not being strung along.
The company is being very methodical in the approach, and a "slower today, faster tomorrow" approach is actually very prudent, as they are ensuring that every duck is lined up correctly, from finance, to ESG, mine design, extraction process etc.

They could go for expensive finance, sub-optimal plan, and quick flow of revenue, but I would much prefer that they do all they can to maximise the returns on our investment, even if that takes longer than most of us hoped for.
The ATS testing is the next major milestone, as that will determine mine plan and permit amendment submission, and that will be Q2-23. Finance is actually less important right now, but I am fully convinced we will have news very soon.

Methodical yes, strung along? - Not in my opinion.

I'm sure SLP is also a good investment though, so good luck with that.

Stan.

From what I'm hearing, news is "imminent".
I would say within the next 10 days (+/-). From there everything then starts to fall into place.

I don't tend to do rumour posts, but the info seems legit. No more to be said.

I could be very wide of the mark though.

My guess, from various research and putting 2 and 2 together (and getting 12) is that it will be ADIA taking up the majority of the bond ($40m+). Can't say how or why I arrived at this point though.
But until the bond agreement is signed, as Donald said earlier, there is no certainty of closure.

But to Sparky's point, I have zero objection to offering shares to the bondholder to ensure it gets processed. Class it as a placing, a bribe, a sweetener, a warrant, an option, whatever. If the bond is in place then a small share issue will have no impact on our fortunes at all.
They have been adamant there will be no further shares issued, but sensibilities should come into it, and if it's beneficial to us all then I support it.

Stan.

That’s a good point, Bankrupty.
Our timelines as investors (or short term traders) are not always aligned with the Board.
We are eager for rapid gains in share price, and paired with the global economic struggles, panic sets in when things don’t happen overnight.

The Board have lived this project for many years, and want to ensure everything is done properly. Ryan is doing everything according to the book, and nothing to risk the permit process.

I have no doubt that getting finance has become significantly more difficult recently, but still think that we are on the right path, and are dealing with the right people.

We have a choice to either trust their judgement, or move on. I’m staying firmly in the former of those camps.

I’m looking forward to getting an update this week.
Its been hinted at for a while, going as far back as early August. If it was a general update there’s nothing to have prevented it coming out weeks ago.

It’s pure guesswork, but I believe they have been waiting for something to get signed off. Maybe one of the potential bond holders to return to office and officially subscribe, or some other milestone event.

Waiting for September also optimised the impact, as news often gets lost in August, and now is the chance to get the message out via the media.

I’m possibly looking for the positives, but lets hope the RNS is less fluffy and more substantive.

Again guessing, but I’m going with: $25-30m secured through bond subscription, and tranche 2 to be launched in January. Alternative finance offers on table, so the company is jot concerned regarding raising all the money.
Project continuing, and x has been achieved do far (truck routes, basic infrastructure).
Resubmission of POO about to go into BLM, with the aerial rope way being the chosen solution, enhancing ESG credentials.

Empire drilling continuing, and here’s the results so far. Red Star drilling to begin soon, ahead of the winter setting in at Mackay.
Permit for drilling approved for Navarre, and initial drilling campaign to begin once a rig can be secured (maybe next year).

These may come out in a couple of RNS’s, but this is what I believe we will see in September.

If this is right, 22p is just daft.

Bankrupty, it does seem a strange thought process, but at least you are honest with your position and actions.
So I gather that you used to hold around 500k shares, and have sold around 300k recently?

I mention this to show that often people don't sell just because "they are in the know" (at least, 'm presuming you don't have insider info!). Often people have different risk appetites, some are just over-leveraged, or forced sellers, and see reasons to sell when others see reasons to buy.
I believe the price drop recently has been a cascade of "they sold, so I will do the same", and seeing regular sells of 10k, 25k, 50k (which I am sure Bankrupty may have also been doing, too), creates a storm of fear. Maybe rational, maybe not. But it's not evidence of an impending doomsday for the Company.

While the macro-economy is being flushed down the toilet, there is still reason to believe in Phoenix, and I hope that the next few weeks will help shore up the share price, and maybe even create a reverse trend. It would be great to have you increase that position back up, mate!

The bonds don’t have a completion date of July 23.
We have until then to get them finalised, so it could be completed next week. So yes, it could be a long wait to do so, or it might not.
It’s prudent to have the option of completing in tranches, particularly with the short-term drop in copper.

There should be an update on progress by next Friday, according to info posted on Telegram (Paul stated “within a week or so”, a few days ago).

It’s painful to be holding most mining stocks right now, the drop is not exclusive to us, but let’s hope it’s short term. Securing finance should see us retrate considerably.

Be patient, guys. It is hard right now, but we need to trust that the Board know what they are doing. They aren’t new to building a mine, and know the right steps to take. I’d prefer this than random RNS’s to prop up the short term share price.

GST, like you, my holding is large. 500k+. It’s ugly to look at currently, but let’s hope in 12 months we’ll be feeling happy we held through these drops.

Hi Trek,

I asked a board member directly.
He advised the bond can be completed in tranches, and that we have until July ‘23 to complete it.

Stan.