limescale
17 May 2018
lunch meeting 30th May If anyone is interested in coming along to an informal lunch meeting in London with a couple of the directors and a few other shareholders on Wednesday 30th May let me know.
LexiPexi
16 Mar 2018
Broker update Broker update. They’ve Increased their valuation.[link] Global Mining* (PGM LN) 4.925p, Mkt Cap £11.3m – Increasing our valuation as a result of recent nearby cobalt transaction• Reports earlier this week that First Cobalt was acquiring explorer, US Cobalt, the owner of the Iron Creek Cobalt Project in the Idaho Cobalt Belt for C$149.9m in an all share transaction serves to highlight the value of Phoenix Global Mining’s Redcastle and Bighorn cobalt projects and other cobalt exploration projects located in the same belt.• In our recent research, we estimated that the PGM projects were worth approximately US$2.3m or 0.7p/share based on the price that Australian listed Longford Resources paid to acquire the Colson copper – cobalt project in Idaho in September 2017.• The Iron Creek project is significantly more advanced than either the PGM projects or Colson exploration and has the benefit of recent drilling from both surface and underground and an historic minerals resource estimate (non-JORC or NI-43-101 compliant) prepared some years ago for the major Canadian mining company, Noranda.• In our view, the US Cobalt transaction where the First Cobalt is paying approximately US$160,000 per hectare for the Iron Creek Project suggests that our current valuation of the cobalt projects at $4,900/ hectare is unduly conservative in the current environment of enthusiasm for cobalt exploration.• We are therefore increasing our estimate to US$20,000/ hectare imputing a value of US$9.4m or 2.9p per share to the cobalt exploration projects. This increases our overall base-case estimate for the value of PGM to US$44.7m or 13.8p/share. Exploration success in the forthcoming exploration season would, in our opinion, justify a further revision, as would further progress at the flagship Empire mine project or the recently acquired Gordon Lake project.• We emphasise that despite the increased estimate for the value of the cobalt projects, this view of Phoenix Global Mining remains conservative as we have not, at this stage ascribed any value to the underlying sulphide mineralisation at the Empire mine where 2 drill-holes were completed during the last campaign and additional work both from surface and underground is likely to outline further mineralisation.• At this stage we have also not factored in potential of the recently acquired Gordon Lake property in Canada or the possibility of recovering precious metal credits within the oxide ores at the Empire mine.Conclusion: A recent transaction on exploration elsewhere within the Idaho Cobalt Belt highlights the value of Phoenix Global Mining’s Bighorn/ Redcastle projects. We see potential upside elsewhere in the company’s portfolio including the deeper level sulphide mineralisation at the Empire mine, the recently acquired Canadian gold project and the potential to recover additional credits from processing the Empire oxides.*SP Angel acts as Nomad to Phoenix Global Mining
