The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Looking likely to be more missed timelines (which they are setting themselves up for).
You've got the IR guy saying PFS expected this month, knowing full well that a number of timelines have already slipped in the past and that retail shareholders on a public forum are already on edge about this. So you'd think him mentioning PFS expected this month would be said with much confidence and assurance that it would arrive on time. I'm not expecting him to know the exact day of release but on AIM its always better to under-promise and over-deliver. PXC seem to be doing the opposite.
Not expecting the PFS until mid May now and no idea of these bonds yet. Share price reflects the story here. If the market believed that PXC were on the cusp on putting the bonds away, the SP would be much higher.
Personally, i don't want to see a change in tactic and production. The road to production is very bumpy, susceptible to delays, increases in costs, political factors, macros factors. It really isn't worth the wait for me.
An ideal outcome is either a good all cash sale, or calibre paper swap and we get exposure to La India gold production via them who no doubt have the team and cash to get the job done properly. They are also big enough to see any short term economic macro issue through.
Nice to see the 30's again, been a while.
Not a expert by any means but i see some single digit trades. One just now at 32p. A little weary that this is rising on little volume. Hopefully this is a precursor to a full on sale at a decent premium to the current SP
Post on ADVFN mention that PFS "expected" this month, how many times have we heard that!
I'll believe it when i see it, and it needs to be an actual PFS, not some tosh that's been thrown together into a RNS because the actual final final "final" completed PFS is awaiting a signature from someone on annual leave
Wouldn't surprise me if they've won. The first bid was low ball and a number of funds jumped in knowing full well they could swing the vote. They've made their 10% quick flip and are probably now on side to allow the vote to succeed. What you you take, a guaranteed 10% (or whatever it was) or risk of bid failing, SP dropping and hoping another offer comes through (which so far it hasn't). Any suitor will need government approvals so i cant see any white knight saving the day here sadly.
Been there done that. Warrants mean zilch, i used to think they were an indication of where the BOD see the SP come exercise time but its just another fad. They can easily issue new warrants later down the line and let the current ones expire. All the classic hallmarks of an AIM share.
This is a coin flip, they either secure the bonds or its lights out (for existing holders anyway). Good luck all, we'll need it!
Yes, interesting indeed. Surely they're not buying for a meagre 2-3 % gain to be had from the final offer with a real risk of the offer falling through.
As tempted as i am to sell out, i think i'll hold for the endgame, could be interesting. Voted no both times anyway.
I do wonder was the opportunistic 13.65p offer a way to draw out other bids?
Win win I suppose. If 13.65p had succeeded then they'd have got it for a steal, if it didn't (as seems to be the case here) then there is a possibility another bidder is waiting in the wings. Worst case SHG is valued better than it was 6 months ago.
Whilst I'm eager to see and end to this saga, I'm not holding any hope just yet.
Big Jim is also the man who said "production in 18months" or something along those lines wasn't it a few years ago. I just hope a sale does happen and we don't get screwed over as nobody wanted to buy little ol' Condor. I also think any sale will be somewhere between 30-40p. Just look at Shanta, its going for a song!
Sportbilly1976 i was lucky enough to get in at 20p during the lockdowns and 3 bag so sold my original stakes worth and more at around 60p which meant i was left with a small tranche of shares which effectively only cost me £20!
However, believing in the BOD, i put more money in later down the line thinking funding is just "one signature away" and as a result my avg now sits at 17.44 which isn't too bad.
I've learnt with AIM (after being burnt so many times) to just derisk where possible with no emotion, this one ticked so many boxes and yet they still might screw it up. Just got to wait it out and see what happens now.
Agree EnglishPatient,
This looks like its going down the path of pump the share price with whatever news possible then go the dilution route. Problem is, the dilution is likely to come in stages so a slow death for all holder with constant timeline slippages before the eventual nail in the coffin. Seen it time and time again. Purchasing 2 mills means nothing, i am holding share in a company that purchased a mill 3 years ago, at the time it was euphoria and production was possible in 12months. Fast forward to today and the mill is rusting away and the company is trying to find a buyer for their gold asset but hasn't got anywhere despite 18months since the for sale sign went up
I'll be derisking totally on any rise and let just the freebies run, BOD let themselves and holders down on this one.
Not surprised, but as a AIM investor we only have snippets of info to go on. RNS release, broker notes and general info from the directors.
In this instance, the directors kept banging the funding drum with no caveats attached. Pretty poor show considering these guys have been there done that with Oxus. No doubt they were messed around but they should be smart enough to have plan B and C ready. They should be a step ahead of any investors looking to stump up $80 million.
It is what it is now, credibility is shot and the market will eat this company up.
Theres a post on ADVFN which mentions more details on the funding. In short, theres a possible investor, but some tyre kicking going on and some paperwork that was "lost". My interpretation of that is the investor is playing games and that BOD should move to plan B even if it means some dilution now. Dont let the share price collapse before raising funds.
I'm glad we have that information, we can now invest based on that information. I'll continue to hold for now, great potential and I'd rather some dilution and produce without investors holding a gun to our head.
Thanks for clarifying, so that answers my question that best case production (if optimisation shows plant can be built on private land) could be early 2025 (assuming no unexpected delays from 3rd parties). So assuming the plant cannot be built on private land then there is the unknown and yet more hurdles to jump and naturally delays and costs.
Permits sound more of a formality. Financing is of course in progress but as of yet no indication of when that will be confirmed (perhaps it is dependant on certain conditions we have yet to meet). Eagerly awaiting the next few RNS's to see how things pan out.
Great to see more details on this from fellow posters.
However, the question still remains as to when the BOD feel they can begin production with this new approach of targeting the PM's as well as the copper.
Transitioning to production is seldom straightforward and there's always a ramp up period in order to iron out any issues. At the moment, the only certainty we have is that yet more result will come through and that we have a loan which is extendable until Mar 2024.
Thank you for the detailed explanation.
Apologies if I have missed it but does anyone have any idea on the next steps and timeline involved in this project. Been in PXC for over 3 years and been plenty of missed milestones as my original motive to buy in was on the premise that they would be producing in very short order (when i bought in around mid 2020).
Appreciating that timescales can slip a bit, what are the next major milestones and a timelines for the BOD? E.g.
23 Q4 - Funding completion (will this be given without permits and without a BFS)
24 Q1 - Permits
24 - Q3 - Hardware on site
Etc etc
Lots of noise around what is possible and it all sounds fantastic but at the moment its a little unclear to me as to when we can expect first pour. Once again apologies if I have missed this information.
Is this a further sign of confidence that financing will be successful? I'm sure I recall seeing somewhere that PXC had enough money to last well into 2024 if they ceased on the ground operations and only had admin costs needing to be covered. The drilling costs will speed up the burn rate.
I guess they feel finance is still very much within their grasp because if its not, we'll be seeing quite some dilution.