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Great presentation. I think Phoenix Copper (LON:PXC) is a fantastic opportunity. I would highlight that Hardman produced a paper last year that really ended up only looking at the Red Star silver/lead project and came up with a target in the 60s from memory. You add in the Empire open pit, profitability from 2023, the "ultimate prize" (to use the words in the recent results) of the deep sulphides, the Navarre Creek gold resource and it is easy to reach multiples of the current share price.
The key points are that the company is focussed on starting production in 2022, and the Empire open pit is projected to produce enough FCF to repay all debt within a year. They are determined not to get distracted by the size of their resource. I've no criticism of Horizonte Minerals (LON:HZM) or Solgold (LON:SOLG), but Phoenix Copper (LON:PXC) will not be negotiating bank financing in 3 years time. They will be in production, paying dividends and debt free, and will still have a huge resource to exploit. Assuming by then a big boy hasn't bought them out.
Overall I'm optimistic about Phoenix Copper (LON:PXC) for the reasons you state. And I have already bought a few shares. My only reservation is that the share price has been fairly static over the last few weeks despite a stream of good news reports on RNS. No sign of big buyers moving in yet.