Phoenix Copper Limited (AIM:PXC) is in discussions with multiple groups to raise the funds required to complete detailed engineering and submit the Plan of Operations for its Empire Mine, and to secure follow‑on debt or equity to build the infrastructure to bring Empire into production.
The company says it is prioritising funding structures that are "as non‑dilutive to shareholders as possible" and remains in talks with the accredited US investor referenced in its 12 June 2025 announcement; Phoenix also warns its cash position is constrained and needs additional capital to settle short‑term debt and working capital, which management says has been streamlined.
Phoenix points to its May 2024 Proven and Probable reserves at Empire — 10.1 million tonnes containing 109,487,970 lbs of copper, 104,000 oz of gold and 4,654,400 oz of silver — as a driver for fundraising discussions.
The Audit Committee has completed a report into the events that led to the dismissal of the former Executive Chairman and CFO; that report is being reviewed by the auditors and the board says it has taken steps to recover unauthorised payments, a portion of which has been repaid.
The board said it is working with auditors in the UK and Idaho to finalise results for the year ended 31 December 2025 and remains in discussion with NIU Invest SE over a requisitioned EGM; a further announcement will follow.
"The fact that Phoenix has proven and probable reserves in a Tier 1 jurisdiction greatly facilitates our ongoing fundraising discussions. Due diligence is both a necessary and time‑consuming process, and we appreciate shareholders' patience and pragmatism while it is ongoing," said Ryan McDermott, CEO of Phoenix Copper (AIM:PXC).
