REG - Phoenix Copper Ltd - Suspension of Executive Chairman and CFO

Phoenix CopperAnnouncement

09/02/2026 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260209:nRSI2154Sa&default-theme=true

RNS Number : 2154S  Phoenix Copper Limited  09 February 2026

Phoenix Copper Limited / Ticker: PXC / Sector: Mining

 

9 February 2026

Phoenix Copper Limited

("Phoenix" or the "Company")

Suspension of Executive Chairman and CFO

Update regarding Financial Position

Phoenix Copper Limited (AIM: PXC; OTCQX ADR: PXCLY), the AIM quoted, 100% USA
focused base and precious metals emerging producer and exploration company,
announces that the Board has resolved to suspend Marcus Edwards-Jones and
Richard Wilkins from their roles as Executive Chairman and Chief Financial
Officer and Company Secretary, respectively, with immediate effect.

The Company's Board has commenced investigations into allegations made in
relation to Mr Edwards-Jones's and Mr Wilkins's recent conduct and certain
historic payments made to Lloyd Edwards-Jones S.A.S., the Company's former
Corporate Finance Adviser. The investigations are being undertaken with input
from the Company's professional advisers and a further announcement will be
made as soon as these investigations have concluded.

To minimise any disruption to the ongoing operations of the Company during the
period of Mr Edwards-Jones's and Mr Wilkins's suspension, the Company has put
interim financial oversight arrangements in place while it advances the
appointment of an interim CFO. This interim role will be covered until such
time as Mr Wilkins's and Mr Edwards-Jones's suspension is over and a
conclusion has been reached on the outcome of the investigation. The
individual concerned will be supported by Catherine Evans, Chair of the Audit
Committee and Ryan McDermott, CEO, as well as by other members of the Board
and senior management team to ensure operational continuity.

The Company will outsource the role of Company Secretary to a reputable
corporate services firm recommended by its professional advisers while the
investigations are ongoing.

Update regarding the Company's financial position

The Company currently has limited working capital and, absent any additional
funding, the Board believes its current cash balances will provide sufficient
working capital to meet ongoing obligations until early Q2 2026.

The Company is currently considering a range of both short term and longer
term funding options and will provide shareholders with a further update
regarding its fundraising strategy in due course.

Further to the announcement dated 27 January 2026, discussions with Riverfort
Global Opportunities PCC Limited ("Riverfort") regarding the terms of the
Short Term Loan Facility  remain ongoing. Shareholders will be provided with
an update once the discussions with Riverfort have concluded, along with a
further update regarding the Company's financial position.

Market Abuse Regulation (MAR) Disclosure

The Company deems the information contained within this announcement to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014, which has been incorporated into UK law by the European
Union (Withdrawal) Act 2018. Upon the publication of this announcement via
the Regulatory Information Service, this inside information is now considered
to be in the public domain.

 For further information please visit  https://phoenixcopperlimited.com
(https://phoenixcopperlimited.com/) .

 

Contacts

 Phoenix Copper Limited                               Ryan McDermott                                Tel: +1 208 9547039

                                                      Paul de Gruchy                                Tel: +44 7484 203 720

                                                                                                    Tel: +44 7590 216 657
 SP Angel Corporate Finance LLP (Nominated Adviser)   David Hignell / Jen Clarke / Devik Mehta      Tel: +44 20 3470 0470
 Tavira Financial Limited (Joint Broker)              Jonathan Evans / Oliver Stansfield            Tel: +44 20 7100 5100
 Zeus Capital Limited (Joint Broker)                  Harry Ansell / Katy Mitchell                  Tel: +44 20 7220 1666
 Oak Securities (Corporate Bond Adviser)              Hugh Rich                                     Tel: +44 20 3973 3678
 BlytheRay                                            Tim Blythe / Megan Ray                        Tel: +44 20 7138 3204

 (Financial PR)

 

 

Notes

Phoenix Copper Limited is an emerging producer and exploration company
specialising in base and precious metals, with an initial focus on copper,
gold, and silver extraction from an open-pit mining operation within the
United States.

Located in the historic Alder Creek mining district near Mackay,
Idaho, Phoenix's flagship asset is the Empire Mine, in which the Company
holds an 80% ownership stake. The historic Empire underground mine, located
beneath the surface of the Company's proposed open pit, boasts a rich history
of producing high-grade copper, gold, silver, zinc, and tungsten.

Since 2017, Phoenix has executed extensive drilling initiatives, resulting
in an expansion of the Empire Open-Pit resource by over 200%. In May
2024 the Company published its inaugural mineral reserve statement for
the Empire Open-Pit Mine. Proven and Probable mineral reserves are 10.1
million tonnes containing 109,487,970 lbs of copper, 104,000 oz of gold and
4,654,400 oz of silver. This reserve was estimated using assay data from 485
drill holes, extensive geological modelling, metallurgical recovery test work,
geotechnical evaluation, and mine design. The reserve represents a combined
66,467 tonnes of copper equivalent metal.

In addition to the Empire Mine, Phoenix's holdings in the district also
encompass the Horseshoe, White Knob, and Blue Bird Mines, all of which have
been producers of copper, gold, silver, zinc, lead, and tungsten from
underground operations, a new high-grade silver and lead orebody at Red Star,
and the Navarre Creek gold exploration project, which was first drilled in
2023. The Company's land package at Empire spans 8,434 acres (34 sq km).

Phoenix also owns two cobalt properties situated along the Idaho Cobalt Belt
to the north of Empire. An Earn-In Agreement has been established concerning
one of these properties.

Phoenix is listed on London's AIM (PXC), and trades on New York's OTCQX
Market (PXCLF and PXCLY (ADRs)). More details on the Company, its assets and
its objectives can be found on PXC's website
at https://phoenixcopperlimited.com/

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCEAFAPEELKEAA



            Copyright 2019 Regulatory News Service, all rights reserved