Phoenix Copper Suspends Senior Executives as Funding Pressures Intensify

Phoenix Copper (LSE:PXC) has placed its Executive Chairman, Marcus Edwards-Jones, and Chief Financial Officer and Company Secretary, Richard Wilkins, on immediate suspension while the board investigates allegations linked to their recent conduct and historic payments made to former corporate finance adviser Lloyd Edwards-Jones S.A.S. In response, the company has put interim financial controls in place, outsourced the company secretary function, and delegated oversight to the audit chair, chief executive, and the wider board to ensure business continuity during the investigation.

At the same time, the miner flagged a tightening liquidity position, warning that current cash resources are expected to fund operations only into early Q2 2026 unless additional financing is secured. Phoenix Copper is reviewing both short- and medium-term funding options and remains in discussions with Riverfort regarding a potential short-term loan facility. As a result, investor attention is split between the outcome of the internal probe and the company’s ability to raise capital in time to support its development plans.

The overall outlook remains under pressure due to the group’s weak financial profile, characterised by a lack of revenue, widening losses, and increasing cash burn, all of which heighten dilution and funding risk. Share price technicals are mixed but skew negative, with the stock trading below key moving averages, while valuation offers limited downside support given negative earnings and the absence of a dividend.

More about Phoenix Copper

Phoenix Copper is an AIM-quoted, U.S.-focused emerging producer and exploration company targeting base and precious metals, primarily copper, gold, and silver. Its core asset is the Empire Mine near Mackay, Idaho, located in the historic Alder Creek district, which hosts proven and probable reserves. The portfolio is complemented by additional regional assets, including past-producing mines, the Red Star silver-lead discovery, the Navarre Creek gold project, and cobalt properties within the Idaho Cobalt Belt.