Phoenix Copper CEO Reassures Shareholders as Internal Review Moves Forward

Phoenix Copper Limited (LSE:PXC) chief executive Ryan McDermott sought to steady investor sentiment following the company’s announcement on 9 February, confirming that the board, management team and external advisers are continuing to progress internal investigations. He noted that interim management arrangements have been put in place to ensure business continuity and limit operational disruption while the review is ongoing.

McDermott reiterated that the group’s underlying asset base and long-term strategy remain unchanged. Core projects, including the Empire Project in Idaho, continue to be viewed by the board as offering significant long-term potential, and work to advance Empire alongside the evaluation of broader strategic options is continuing. Management stressed that, despite near-term governance and investigatory matters, the company remains focused on maintaining momentum across its development plans.

From a market perspective, the outlook remains weighed down by Phoenix Copper’s weak financial position, with no revenue, widening losses and increasing cash burn heightening funding and dilution risks. Share price technicals are mixed but generally soft, with the stock trading below key moving averages, while valuation offers limited support given negative earnings and the absence of a dividend.

More about Phoenix Copper Limited

Phoenix Copper Limited is a US-focused exploration and emerging production company operating in the base and precious metals sector. The company is primarily targeting copper, gold and silver from open-pit operations in Idaho, with its flagship Empire Mine near Mackay in the historic Alder Creek district, where it holds an 80% interest.

In addition to Empire, Phoenix Copper controls several former producing underground mines, including Horseshoe, White Knob and Blue Bird, as well as the Red Star silver-lead deposit and the Navarre Creek gold exploration project, covering a total of 8,434 acres. The group also holds interests in two cobalt properties on the Idaho Cobalt Belt under an earn-in arrangement and is listed on both AIM in London and the OTCQX market in the United States.