Phoenix Copper Limited (PXC), the AIM quoted, USA focused base and precious metals emerging producer and exploration company, announces a partial conversion of its $2.1 million convertible loan note (“CLN”) issued to Indigo Capital LP.
The Company is also pleased to confirm the effect of increased metal prices on its 2024 Empire open-pit pre-feasibility study (“PFS”) economic model. Further to the announcement on 4 December 2025, the Company confirms that the CLN holder, Indigo, has converted $536,000 at 1.483 pence per share into 26,981,814 new ordinary shares of no par value in the Company. PXC said “The Company also refers to its ongoing discussions with the US based bond investor, first announced on 12 June 2025. These discussions have taken longer than initially anticipated due to other transactions the Investor has been completing. Although there can be no certainty a definitive agreement will be reached with the Investor, the Directors look forward to finalising the discussions and progressing towards completion. The Company looks forward to providing shareholders with further updates as appropriate.”
Comment: In theory PXC should be the next Guardian Metal (GMET) or Pulsar Helium (PLSR) in terms of being a company with a red hot commodity / commodities, based in the USA. The funding will arrive sooner rather than later, and given the current share price is option money on the upside, the rewards should be significant from current levels.
Ajax [AQSE: AJAX], the natural resources investment company, announced the appointment of Mr. Elton L.S. Pereira, M.Sc., as Senior Geological Consultant, Brazil, with effect upon completion of the acquisition of 100% of the issued share capital of Pereira Velho Exploração S.A., a Brazilian company that owns the Pereira Velho Gold Project located in Alagoas State, Brazil. PVESA is wholly owned by entities affiliated with Appian Capital Advisory Limited, and the Proposed Acquisition was announced to the market by the Company on 11 December 2025.
Comment: AJAX continues to become a beefier play, both in terms of the portfolio and the team. Already helped along by shrewd investments and the commodities boom, the £9m market cap is still at the foothills, and offers investors a ground floor entry point for a company which has a lot under the bonnet.
Aura Energy Limited (AURA) announced that MMCAP International Inc. SPC (‘MMCAP’) and certain other strategic investors will provide funding of C$10 million for a 19.7% interest in the Company’s polymetallic Häggån project located in Sweden, establishing its value at C$50 million. AURA said “Upon successful completion of the transaction, Aura’s existing shareholders will continue to benefit from Häggån’s upside potential, and by way of a direct comparison with the valuation of other companies with similar deposits in the region.”
Comment: This appears to be a cracking deal at the right time for AURA, something which should ensure that the recent stir in the share price has legs. It is also the case that the company could repeat similar deal structures going forward.
Alba Mineral Resources plc (ALBA), the gold and critical raw materials focused exploration and development company, announced that it is now a member of the Critical Minerals Association (UK). ALBA said “This is an exciting development for Alba as we reinforce our growing profile within the UK’s critical minerals ecosystem and deepen our engagement with the organisations shaping policy, skills and investment priorities across the sector. The CMA provides a direct line of communication between industry and government and plays a leading role in supporting the delivery of the UK’s critical minerals ambitions.”
Comment: Although few apart from the CMA itself will be significantly excited by today’s RNS, it does serve the purpose of reminding the market just how hot explorer / developers are currently, and how among them there are still opportunities to get on board at relatively low share prices / valuations.
Celsius Resources Limited (CLA) announced the results of the Definitive Feasibility Study (“DFS”) for the Maalinao-Caigutan-Biyog Copper-Gold Project which is held under its Philippine affiliate Company, Makilala Mining Company., Inc. (“MMCI”). The MCB Project is owned and operated by MMCI and Celsius has 40% working interest in MCB as Celsius conditionally agreed to transfer a 60% working interest in the MCB Project to Sodor, Inc. Celsius has reported, in accordance with the JORC Code (2012), a JORC-compliant Mineral Resource totaling 343 Mt at 0.46% Cu and 0.12 g/t Au, containing approximately 1.6 Mt of copper and 1.4 Moz of gold, and a Maiden Ore Reserve of 130.2 Mt at 0.66% Cu and 0.21 g/t Au, containing approximately 856 kt of copper and 891 koz of gold. The Ore Reserve comprises 22.1 Mt of Proven Reserves and 108.2 Mt of Probable Reserves and underpins the long-term development plan for the Project.
Comment: Shares of CLA are already up 73% so far this year, riding the tiger of both sector strength and its own progress. Today’s news underlines the momentum the company has, and how much more could be seen over the rest of 2026.
eEnergy (EAAS), an Energy-as-a-Service provider funding and delivering energy infrastructure upgrades across multi-site portfolios with zero upfront cost, announced a trading update for the year ended 31 December 2025, together with an update on the Board’s outlook for FY26. Revenue of £23.0m (2024: £25.1m). £4.0m of previously anticipated FY25 revenue expected to be recognised in H1-26. Adjusted EBITDA increased 183% to £1.7m (2024: £0.6m). Adjusted EBITDA reflects optimisation of operating cost base and improved operating efficiencies.
Comment: Perhaps rather frustratingly shares of EAAS have been treading water over the past year and more. But today’s update has been well received and it could be the case that we are about to witness a decent break to the upside, helped along by the company making itself leaner and meaner.
Disclaimer & Declaration of Interest:
The information, investment views, and recommendations in this Zaks Traders Cafe interview are provided for general information purposes only. Nothing in this interview should be construed as a promotion or solicitation to buy or sell any financial product relating to any companies under discussion or referred to or to engage in or refrain from doing so or engage in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the commentator but no responsibility is accepted for actions based on such opinions or comments. The commentators may or may not hold investments in the companies under discussion.
