Phoenix Copper (AIM:PXC), the AIM-listed miner developing the Empire copper, gold and silver project in Idaho, has repaid in full the principal owed to Indigo Capital LP.
The repayment discharges all contractual obligations under the convertible loan agreement, which the company announced on 4 December 2025.
Phoenix holds an 80% stake in the Empire Mine, part of the historic Alder Creek mining district near Mackay, Idaho. The company's proven and probable reserves at the Empire Open-Pit stand at 10.1 million tonnes, containing 109.5 million pounds of copper, 104,000 ounces of gold and 4.65 million ounces of silver, according to its May 2024 reserve statement.
Clearing the Indigo Capital debt removes a fixed financial obligation from the balance sheet as the company continues to advance the project.
Phoenix's directors said they look forward to providing shareholders with further operational updates in the coming weeks.
News Intelligence what this means for the company
Phoenix Copper has repaid the full US$1.564m principal owed to Indigo Capital LP, discharging all contractual obligations under the convertible loan announced in December 2025. The repayment was funded by a £2.3m share raise at 0.5p per share completed in July 2026, removing a fixed debt obligation from the balance sheet as the company continues engineering work on the Empire project.
Debt elimination improves the balance sheet ahead of project advancement, but the company remains pre-revenue and dependent on securing project financing and permitting to move Empire toward production. The share raise diluted existing shareholders to fund the repayment.
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