It does seem that PNX did not go looking for funds to complete the DFS.
My rough maths says that they should have available something like 0.8m + 2.5m + 1.0 (brought forward) less 0.25m fund raising = ~$4.0m.
Of that I expect they will acquit the 1.0m to conclude farm in of Burnside, Moline and Chessman tenements. My hunch re this activity is that they are close enough to secure the balance; these might provide additional long term recoverable resources and the activity is consistent with what a junior explorer does.
That leaves I suppose $3.0m to do other things. I had hoped that they would do more drilling re Hayes to hopefully extend beyond 7 years ... I think a 10 year mine life is more palatable than a less than 10 year mine life so maybe that's where and why they are headed with the remaining $3.0m. I also think that a DFS @ $6m is heavy handed in terms of price when capex is only ~$A50m ...
There are also some legacy drilling results about and I'm curious why they have not been published... Maybe they'll come with the retail offer docs.
The debt forgiveness I think is noise and not much more than a couple of stately old gentlemen unwinding a clustererror. There is a history I think involving AVI (???) which has turned awfully sour. Nonetheless, I suspect the balance sheet is much tidier and the shadow of repayment next year has now gone.
Time will tell I suppose.
Have a great day
PNX Price at posting:
1.2¢ Sentiment: Hold Disclosure: Held
