Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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.
Spot on Chid.
Almost every Aim explorer company I have put money into (in the last 12+ years) has either gone bust or been diluted to hell. The story here is great, but if its so wonderful where are the big investors?
The 2 main issues with explorers is cash burn and politics. There was supposed to be a fast route to cashflow last year and being situated in USA it was a great story. I bought in purely on those 2 points. The constant RNS's alluding to non-dilutive finance was the icing on the cake.
Empire was supposed to be producing late 2022, its in the RNS dated Thu, 23rd Sep 2021 07:00. Quote: "Despite many delays in the industry as a whole, Phoenix is pleased to confirm that as of the present time, it still anticipates bringing the Empire Open Pit mine into production on schedule."
Yet here we are, clearly some sort of issues with financing. I'm sure the directors are trying their best to secure a deal, but often is the case that its matters out of their hands that end up ruining the company. If the financiers pull out last minute then the SP will be battered down and PXC will be backed into a corner whereby needing to raise dilutive financing at a much lower share price. Still holding at 17p average but any sign of a storm and I'm out before the avalanche starts.
It should be noted that Mark did not give any timescales on a binding offer but "hoped" that one would come forth in the next 4-8 weeks. These things can take time so personally I think late Q3 is probably when we'll know for certain what's happening.
30% of the "America" land is purchased. The other 70% he mentions nothing of. That land is 484,000oz @ 4.8g/t
4 non binding offers, 2 more potential site visits. 9 NDA's.
Good progress but without knowing if its a full company sale or a asset sale I can't get excited just yet. I think a good chunk of the SP rise is due to the rising gold price. Yes we're not producing but its caught in the sectors rise. Bit weary of a pullback if gold falls.
I liked Marks frankness in that a high gold price currently doesn't affect the price of the asset sale. Lets be honest here, multimillion pound corporates won't be paying a premium if they feel the gold rise is a short term thing.
I'm with you Seingred, might get a 35p-40p return to shareholders, rest stays with CNR (whose SP will be worth sod all as no long termer will want MC to be at the helm of their latest venture)
I do wonder why would the Chinese take just the asset when for a little more they take the company lock stock with all the tax breaks etc included. Cleaner for all parties and no doubt a better return for shareholders.
Nothing is ever a certainty until the money's in the bank.
A welcome RNS that should hopefully settle any nerves short term. 3 showing interest, 2 have made an offer. Of course they can all walk away but hopefully 1 of them comes though. No doubt there will be some opportunist offers so its down to JM/MC to negotiate the best offer they can.
Seems like Nic gov will call the shots here and unless their palms are greased they'll be an obstacle. Its likely they and JM are looking for a sale now to put this to an end. All this talk of JM being a shrewd investor is probably true but not everything he touches can turn to gold. I mean the man could finance it himself outright if he really see's the bargain we are seeing. Lets hope the chinese come in and take it all lock stock at a reasonable price so we can all walk away with something
This is getting sold for a song. Be lucky to see 40p i think. Worst timing, in fairness to MC he's tried to play this game with a straight bat but sometimes you just have to grease the palms of others to make things happen.
The NIC goverment is going to have the final say in who takes this asset, and we wont like it. Value in ground means bugger all when the state comes knocking on your door
Ticks all the boxes for a takeover. Multi asset across different geo locations, producing, low debt, upside in resource (W Kenya). Honestly not worried what the share price does here in short term, this looks prime for a takeover, just a case of when, not if.
If funding falls through or isn't similar to what the company have alluded to, then fair to say a lot of credibility is lost. At that point I may sell up and move on.
PXC looks very promising if they can deliver on funding and you'd think with the tweets lately that its in the bag (especially seeing as the BOD have a track record of running a company, they're not new to this game). I've held other AIM shares where BOD is singing and dancing but cannot deliver or always have excuses that external factors came in the way. I'd hope that things are different here.
Therein lies the issue ISA. We all make mistakes, wrong judgement calls etc. However, the behaviour still continues.
Interviews talking about X number of interested parties, digital gold, innovative funding and then tweets mentioning the word sold which can easily be misconstrued. At this stage, all that's needed of him is to go about his business and RNS anything he feels market worthy. That'll keep shareholders at bay. Suddenly ramping up tweets now isn't helping. A poster on here contacted MC last week i think and the reply was there is no update as of yet (i.e. he cannot disclose anything).
Personally i dont think Condor now has the cohones to go it alone to production, nor will they get a fair price for the asset so a JV would be most welcome right now. Would see us through to production, unlock some of that value in the ground and raise our value should anyone want to come knocking once we produce. We can wish...
All bull until deal is done. Whether a deal is done or not, to post such a tweet is pretty irresponsible, espcially with his track record. I'd rather a simple RNS stating there is interest, progress is going well with more details to follow.
SHG had 3 potential acquirers which was RNS'd, all 3 failed to put forward an official bid.
False hope for me. Countless number of times we have seen interviews, tweets and RNSs regarding toll milling, on road to production, site clearing, funding close etc etc. Its amounted to nothing except a possible sale now.
Cannot believe anything that comes out from this company until its a done deal. Therefore i'll just wait and see what the future has in store for CNR, till then its just a load of hot air
Personally i think many including me will be sorely disappointed with the outcome here.
SHG produced 65K oz @ $1200 AISC in 2022, they are on track to produce closer to $100K in 2023 and have a high grade discovery thats coming in at 10g/tonne and yet they are valued at $150million today.
Mark can sing and dance all he wants about $100 to $200 million but i just cannot see it. He bought a mill, talked of a toll mill and then throws in the towel (whether by choice or not). As shareholders we are not privy to the day to day running of the company and therefore we rely heavily on RNS's and interviews that the top dog does to understand the companies vision and progress. Looking back at it now, it was always jam tomorrow and there's still no jam. The guy has stringed us all along whether it was intentional or not. He talked of innovative ways to finance a mine but you just can't take his word. Its coming from a guy who said a FS is not needed years ago.
The only reason i haven't sold out is I feel a buyout will be more than the recent offer price (which i took up in order to avg down). An all asset sale would be a disaster i feel, i'd rather take paper in another producer that could actually benefit from extracting gold from la india.
Even a route to production is looking very slim now as any cash raise would be very dilutive. Best of luck to all holders, sooner this story ends the better and we can move on.
Assets only worth what someone is willing to pay for it. Value in ground far exceeds market cap but none of that means jack if a buyer doesnt have appetite for it.
Fingers crossed we get decent value from amy asset sale.
Really disappointed at the RNS. Been a Condorian since 2010. Theres has never been a clear strategy for this asset. Initially it was production, then put up for sale but i assume no interest at the right price so JM decides to go the production route again. Produces a BFS (eventually) with constant reminders to us that a finance package will arrive shortly after the BFS.
And now this!!! FFS its just irritating. Could Condor not get the finance at the right price? Maybe thats the reason for the sale, and what it no interest again? Will they decide to go the production route (delaying things even more).
Not happy, but will just hold for the end game now, whatever and whenever it is.
Snaffled a few more!!
"IF" the financing comes through then i expect a solid re-rate. If it falls through due to the current economic uncertainty then its porridge and water for dinner for the next year. Gotta be in it to win it
A bid now wont cut it. Too much disconnect between in the ground value and the share price in my opinion.
Either we go into production, toll mill or prove more ounces to sttract a higher bid price. Still a long wait I think but happy to sit on my shares for a better return.