Phoenix Copper (LSE:PXC) has appointed a team of technical advisers to update the pre-feasibility study and open-pit mineral resource and reserve estimates for its Empire project in Idaho. Hardrock Consulting, metallurgist Deepak Molhatra and Valley Science and Engineering will carry out the work, which is targeted for completion by the end of the year.
Updated Study to Support Final Feasibility Work
The revised study will provide key technical information for Phoenix Copper’s final feasibility engineering and an updated Plan of Operations covering the proposed Empire open-pit mine.
As part of the process, the advisers will recalculate the project’s reserves using current, higher metal prices. This will provide an updated assessment of Empire’s potential economics following the publication of Phoenix Copper’s inaugural mineral reserve statement in 2024.
Management said its established relationships with the appointed consultants should help accelerate the technical programme. The updated resource, reserve and economic work represents another step towards determining the development potential of Empire and advancing the project towards possible production.
Financial and Technical Risks Remain
Despite progress at Empire, Phoenix Copper’s outlook continues to be constrained by its financial performance. The company currently generates no revenue and remains loss-making and cash consumptive, although its financial position showed some improvement during 2025 and its balance sheet remains comparatively stronger.
Technical indicators also present challenges, with the shares trading below important moving averages and the MACD remaining negative, indicating bearish momentum. Conventional valuation measures provide little support because the company has negative earnings and does not currently offer a stated dividend yield.
More About Phoenix Copper
Phoenix Copper is an AIM-quoted exploration and emerging production company focused on base and precious metals projects in the United States. Its initial development strategy centres on potential open-pit production of copper, gold and silver.
The company’s flagship asset is the Empire Mine in Idaho’s historic Alder Creek mining district. Drilling conducted since 2017 has more than tripled the project’s open-pit resource, providing the foundation for the maiden mineral reserve estimate published in 2024. Phoenix Copper is continuing technical and engineering work as it progresses Empire towards a potential development decision.
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