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Hi Spudton,
I’m presuming you are referring to the Electromagnetic / Geo-magnetic Survey.
Ryan recently confirmed it is due to start next week (arrival on 11th May), and should take 55 Man Days. This is for Red Star.
Results are made available to the company via daily download, but will take the geologist a few days post survey to process.
If you haven’t already, take a look at the recent webinar that took place. This question is answered around 15:30m.
https://youtu.be/XAT5aD1Mpd0
Morning Spudton,
I’ve copied this from the Telegram group, as someone just asked and answered similar:
“I actually think this could be our most exciting summer so far.
With drilling at Red Star we can possibly confirm considerable extension to the known length of the seam(s), with potential for it to stretch 3km and beyond (currently only around 300m).
Navarre Creek drilling could show a considerable gold play. This investigation gets underway shortly.
Debt Finance should be confirmed in the next few months, putting the last financial piece into place for start-up mine funding. With the rising copper price, the terms and payback should be attractive.
Sign-off of project from an ESG perspective.
This is a very exciting period, and could be transformational to the company and the share price”
Lots to come over the next 3 months, and we should start to closer to our fair value.
Morning Spudton,
I’m copying this reply from the Telegram group, as someone just asked and answered a similar question.
“I actually think this could be our most exciting summer so far.
With drilling at Red Star we can possibly confirm considerable extension to the known length of the seam(s), with potential for it to stretch 3km and beyond (currently only around 300m).
Navarre Creek drilling could show a considerable gold play. This investigation gets underway shortly.
Debt Finance should be confirmed in the next few months, putting the last financial piece into place for start-up mine funding. With the rising copper price, the terms and payback should be attractive.
Sign-off of project from an ESG perspective.
This is a very exciting period, and could be transformational to the company and the share price.”
So in short:
Drilling results to come, which could prove material upgrade to the silver and gold resources.
Financial certainly via the debt financing.
Project certainty via ESG sign-off.
Lots to come. We should see a steady rise in the share price, edging closer to £1.
I agree that this is in an up-trend. We are now 15% above the placing price, and 25% higher than the recent low.
With the start of the newsflow due within the next quarter, I can see a considerable move upward from here.
If you are looking to play the swings, there is better value elsewhere. This is a proper investment share, which will hopefully (caveat emptor) continue to grow for many years to come.
Hi Ides,
I don’t think you should see negatives in this. In fact, I would argue the opposite.
The Board have always been happy to engage with shareholders big and small, and I for one am happy to have such direct access to the team.
Phoenix is at the embryonic stage of development, and I hope they maintain such open communication as they grow.
PI’s have been calling for better PR for a while, and this is just part of this drive for increased visibility.
We are fortunate to have PantsOnFire as a representative of us little guys, and he is leveraging his long relationship with the board for all our benefit.
Not sure if you are part of the telegram group, but we are also fortunate to have a director within the group who is always happy to contribute to the discussion.
I imagine that once the final financing is in place the institutional PR will kick up a year.
As far as I am concerned, the Company's doing everything right. No BS, no fluff, no ra-ra campaigns to drag in the unsuspecting / uneducated. Just honest information and open engagement with the shareholder base.
For now, we don’t need any more than this. The fast project development will do all the talking.
Just IMO, anyway.
There’s some interesting quotes in that interview.
We know that there will be more resources to be discovered, it’s now a case of how much more.
There’s plenty of land still to explore, even if it is classed as a small mine.
“I think it will be packaged and sold on” has been mentioned before in these Vox interviews. This has also been my likely outcome. I just don’t see Empire taking it forward.
The interview suggests EEE will be a discovery company, and not a mining company. Essentially proving up properties for others to take on.
This could very much be true, and would maybe be a bit more attractive to an incoming CEO. Others have mentioned that the current project may not entice a big hitter to come in, but as a portfolio company then it may have a bit more interest in it.
Either way, let’s hope Georgia, and Eclipse, can bring some cheer back to the share price.
Hi Gosia,
The link will be available after the webinar, possibly later today or tomorrow morning.
RightOn (or PantsOnFire on ADVFN) was pretty quick with it last time, but with the company’s focus on PR now, they may want to brand it up and share on their page, which will take slightly longer.
Should be out in the next 24 hours anyway.
Hi Warnz, I'm all for the excitement, and don't want to eb the buzz-kill, but I think we should be careful with the £4m in the bank statement.
It is based in certain milestones being hit (laid out in the Bolnisi sale RNS), some of which we may never see, or will be waiting for a long time to achieve. But the initial lump sum (in shares) will help. and CAN is up 20% on the 50c price.
I just want to temper the expectation in case it is Georgia that gets announced, so everytone knows what to expect!
Roll on tomorrow. It's great to see a bit of blue for a change.
Welcome to Empire, Mark!
HUR is low because it's a busted flush, and has been for many months since Trice was revealed to be a fraud! I'm sure you read this morning's RNS where investors were warned (for the second time) that they are likely to be wiped out.
It's just the chancers left there now.
Empire is solid, and positive news is imminent. Excitement will shortly return to Gold (see BH's post a few mesages back). Precious metals are the way forward, and we are flying very much under the radar at a daft valuation right now.
EEE should see significant gains over the next month or so.
I think all these things are connected, and will logically follow each other in short order.
Just guessing, but:
1. EAS were instrumental in bringing in the institutions.
2. The TR1’s will come within the week (POF indicated there will be a few new holders over the 3% threshold).
3.EAS will be helping with the debt finance.
4. The roadmap to mine construction, further appraisal and production will come following the financing (although this is broadly known already)
5. The roadshows and PR will get underway in tandem to point 4. We are currently in blackout due to end of year so the board can’t say too much anyway.
With 1-5 completed, we will then hopefully see our GGP-style rise!
I trust the BoD have this under control, and the next few months should be exciting, and the next few years transformational.
Hi Kongo,
I’ve been saying for a while that I don’t think it will be Empire taking Eclipse forward, and that the asset will be flipped on.
It would align nicely for Mike to look to take it into Candelaria’s hands, but I can see a big conflict of interest with the warrants and options he holds, and from which he benefits from any merger / takeover.
But if he believes in Georgia and Eclipse, and the options were lapsed, then a cheeky offer would be tempting for any holders around the 3p mark.
The CEO choice will be telling. Will we get a miner who wants to drive the project forward, or a pasty that’s lined up solely to facilitate a quick flip.
Let’s see what the next few weeks hold.
But one universal truth is that the share price is ridiculously low, even if we don’t get a dime from Georgia.
I think we are all in the same boat, mate. Unless someone purchased for the first time in the last few days, then it’s likely most of us are down on the investment. But this should just be short term, as once the debt finance is agreed and the new share register is revealed, we should be on a fast track path to production.
As for the take-up, we were originally seeking £10m financing. We were offered £16.45 from the institutions, which should v be W seen as a big vote of confidence in the project. This gives me assurance that there will be maximum take up.
Let’s get tomorrow voted through, find out which institutions have joined the party, and hopefully see us move northwards.
It’s natural to have both rose-tinted and skeptics views, and it’s no surprise from this that I fall into the first camp, but Phoenix is one of the best managed junior miners around, with a potentially world class group of assets.
This is not a traders share (well, maybe it is over the last few days!), but rather a “trust in the journey and reap the rewards in the long term”.
Imagine where this will be when throwing off £15m a year in dividends! Not a bad return at current levels.
Yeah, it might be all a scam, we all take our chances. But I firmly believe this will become a magnificent investment for all of us.
Rise, Phoenix, Rise!
The ‘Placing Shares’ will be fully subscribed to, as these will go to the Institutional Investors. These are already locked in. This is £12.3m.
‘Subscription Shares’ are likely also locked in, going to the likes of Martin Hughes and other large existing holders. This is £4.15m.
So £16.45m guaranteed (if voted for next week).
‘Open Offer’ shares are for us smaller holders. There’s a max of £1.95m that can be put forward. Could be less, but unlikely given the holders I am aware of requested additional. Me included.
But if it falls short of this then it’s no big deal. I think the Company went out of their way (and paid extra for our benefit) for the OO to be put forward.
I fully expect take up, and also expect not no get all I asked for.
We’ll find out next week one way or the other.
You’re right, Mike.
Other than the price going down! - I think we will see some very large institutions holding PXC, and they won’t be selling for 10% gains. If anything, they will be looking for more of the company and sweeping up the low-hanging shares that get sold into the market. The USA opens up to us more now that we are over USD50m market cap, too.
I hope I do get all I requested, as this is going to be multiples of 35p before too long.
All in my opinion, anyway!
I think that the placing shares are going mostly to new institutions coming aboard. From what Richard has indicated there should be some big names on the list.
I’m guessing that Martin Hughes would have taken up some of the Subscription shares to maintain his percentage holding, so not me any left to go around.
As for the Open Offer shares for £1.95m (maximum), these are going to existing shareholders if they want to take them up (max 10% of current holding) and they can also request a number of shares that other shareholders don’t want.
But this is only existing shareholders, and only a maximum pot of £1.95m. All at 35p.
I’ve taken my full allocation, and requested an extra amount.
I can't see us wanting a JV here.
My prediction is that this will be flipped on. We prove up the property through the JORC and the initial milling, put it onto the market and walk away.
I could be wrong, but I don't see enough of a company in place to take this forward.
If the JORC comes back with anything better than 100,000 oz of >1g/t, then I can see an offer of maybe £30-35m?