AIM-listed Phoenix Copper has dismissed its executive chairman, Marcus Edwards-Jones, and chief financial officer, Richard Wilkins, with immediate effect, following an internal investigation into their conduct.
The probe found that approximately $1.765 million in payments were made between 2016 and 2025 to Lloyd Edwards-Jones S.A.S., a corporate finance advisory firm owned by Edwards-Jones. The payments, made by Wilkins in connection with fundraising transactions, were never disclosed to the board or the company’s nominated adviser, despite constituting related party transactions. Wilkins shared in the proceeds.
A further £610,000 in unauthorised payments were also uncovered, some made without board knowledge to an intermediary linked to bond financing, and others made directly against the board’s instructions.
Phoenix said both former directors have indicated a willingness to cooperate with efforts to recover the funds.
Independent non-executive director Catherine Evans has stepped in as interim chair and is working alongside CEO Ryan McDermott to tighten governance and financial controls. An interim CFO has also been appointed to oversee the completion of the 2025 audit.
The company’s auditor, Crowe UK, has been informed. Phoenix said it does not currently expect its historic financial statements to require restatement beyond disclosing the payments as related-party transactions in its 2025 accounts.
Phoenix Copper also provided an update on their finances. The company said its current cash balances will cover obligations only through the end of the second quarter, but discussions with lenders Riverfort and Indigo Capital over existing facilities are ongoing. A further update on fundraising strategy is expected in due course.
Phoenix Copper shares were trading about 2% higher at the time of writing.