Ann: Multiple Commodity Targets Identified at Pharos, page-9

This is very high risk company. No money in the bank, living on borrowings, recently converted trade payables to shares and options. They need to do a cap raise of 3-5million to get going.

Iron ore sounds interesting. Given the time to production iron ore price could be lower and they will likely own 30% and have to fund development costs.

Gold prospects like this litter the WA greenstone belts, some turn into viable deposits.

The VMS resource could be mined and taken for toll treatment if there is a suitable facility nearby. They may add to the resources with further work but looks a stretch to see a stand alone operation at present.

So be prepared for a cap raise if Fenix comes out with any good results because this company needs money.

I prefer cashed up small caps close to mine development such as GED in this high risk space. At this stage of the commodity cycle I prefer cashed up companies with a short-medium term mine development pathway (e.g. AZY, MEU, HMX, CNB) or producers with exploration upside (e.g. CYL). Only a small investment in the very high risk space for me. A couple of good drill holes and shareholders win big from microcap companies, anything can happen.

DYOR. My brief review not investment advice. Many a drill hole has ruined a good prospect. JORC resources are assets everything else is exploration potential.