Phoenix Copper Limited
PXC · AIM · Basic Resources · mcap £4.4m · 0.5p 3 open situations →
- EV
- £4.3m
- EV / EBIT
- –
- Net cash
- £26k
- FCF yield
- -28.6%
- Revenue
- £0k
- Share price 1y
- −80%
- Insiders 12m
- bought £52k
- Next report
- around 18 Jun
Open · 3
Empire PFS and reserves update
Hardrock, Dr Molhatra and Valley were appointed on 24 Aug 2026 to update the Empire open-pit PFS, resources and reserves for higher metal prices. The 11 Sept interim results say the reserve quantities are unchanged and economics will be re-reported at higher prices. Funding is still needed for detailed engineering.
- Next milestone
- Technical studies expected complete by end of 2026 24 Aug 2026 ↗
- Follow-on work
- Final feasibility engineering and updated Plan of Operations 24 Aug 2026 ↗
- Current reserve
- 10.1Mt with 109,487,970 lbs copper, 104,000 oz gold, 4,654,400 oz silver (May 2024) 24 Aug 2026 ↗
- Contractor
- Hardrock Consulting is updating the PFS (announced 24 August 2026) 11 Sep 2026 ↗
- 2024 PFS prices
- $4.45/lb copper, $2,325/oz gold, $27.25/oz silver 11 Sep 2026 ↗
- 30 June 2026 prices
- Copper $6.33, gold $4,348, silver $68.11 11 Sep 2026 ↗
Next: Updated PFS, resources and reserves at higher metal prices · 31 Dec 2026
- 11 Sep 2026 Hardrock update underway
- 24 Aug 2026 Consultants appointed; work underway
Riverfort loan facility refinancing
Includes Placing of 65% of the market value – completed, closed 9 Aug 2026
Riverfort and Indigo talks reopened in early 2026. The 0.5p fundraise completed on 24 July 2026 after AGM approval, ending the risk that short-term liabilities could not be met. The interim results show the short-term convertible loan note repaid in full on 4 August 2026, clearing all short-term debt.
- Indigo interest
- £188,000 settled via 40,000,000 new shares plus 13,333,334 warrants 3 Jul 2026 ↗
- Warrant repricing
- Indigo's 10,000,000 warrants cut from 5p to 2.5p exercise price, expiring 31 October 2028 3 Jul 2026 ↗
- Condition
- Depends on AGM approval and Fundraising completing, expected around 27 July 2026 10 Jul 2026 ↗
- Board warning
- Alternative is that company may be unable to meet short-term liabilities 10 Jul 2026 ↗
- Debt status
- Short-term convertible loan note repaid in full on 4 August 2026; all short-term debt cleared 11 Sep 2026 ↗
- Funding source
- Fundraise completed 24 July 2026, $3.12m gross 11 Sep 2026 ↗
- 11 Sep 2026 Short-term debt repaid in full
- 10 Jul 2026 Repayment depends on AGM approval of raise
- 6 Jul 2026 Funds raised; repayment awaits AGM and Admission
- 3 Jul 2026 Indigo repayment planned from proceeds
Board investigation into Chair and CFO
The March investigation found undisclosed LEJ payments and other unauthorised payments. The 19 June results restate prior years to reverse $1,746,145 and write off a further $21,440 paid in 2025. Proceedings against Marcus Edwards-Jones and Richard Wilkins are at an early stage and $40,000 has been repaid. The board says further recovery is uncertain and may not exceed legal expenses.
- Recovery
- A portion of the unauthorised payments already repaid; amount not stated
- Payments found
- About US$1.765m to LEJ and about £0.61m unauthorised intermediary payments
- Amount repaid
- $40,000 received in 2026 19 Jun 2026 ↗
- LEJ payments
- $1,746,145 (2017 to 2024) restated out; $21,440 in 2025 written off 19 Jun 2026 ↗
- Other payments
- $0.64 million unauthorised, mostly to an intermediary on bond issues; not restated 19 Jun 2026 ↗
- Defendants
- Marcus Edwards-Jones and Richard Wilkins; proceedings at an early stage 19 Jun 2026 ↗
Next: legal proceedings; recoveries reported in 2026 accounts
- 19 Jun 2026 Early-stage proceedings; $40,000 recovered
- 20 Apr 2026 Part repaid; recovery steps continuing
- 9 Mar 2026 Directors say they will cooperate; no recovery yet
- 10 Feb 2026 Investigations under way with professional advisors
Closed · 4
Company filings. Not investment advice.