Phoenix Copper (LSE:PXC) reported an unaudited loss of $1.21 million for the six months ended 30 June 2026, while group net assets stood at $38.21 million.
Investment in the Empire Mine and the company’s other mining assets increased to $45.84 million during the period.
After the period end, Phoenix completed a $3.12 million equity fundraising. The company said the proceeds, together with cost reductions and disposals of non-core assets, enabled it to repay short-term debt and extend its cash runway into the fourth quarter of 2026.
Phoenix has also awarded contracts to Hardrock Consulting to update the open-pit pre-feasibility study for its Empire Mine project.
The existing study outlines 10.1 million tonnes of proven and probable reserves and an estimated mine life of eight years.
The company said current copper, gold and silver prices are above the assumptions used in the 2024 study and expects the updated work to result in improved project economics. The outcome of the revised study remains subject to completion of the technical and economic assessment.
Phoenix is continuing work on project financing alongside the pre-feasibility study update.
More about Phoenix Copper
Phoenix Copper is an AIM-quoted, US-focused exploration and development company targeting copper, gold and silver.
Its principal asset is the polymetallic Empire Mine in Idaho, where the company is advancing an open-pit oxide project and associated processing facilities. Phoenix is also evaluating deeper sulphide mineralisation at the project.
Leave a Reply