Phoenix Copper shares sank on Monday after announcing it had suspended two senior board members and warned it was running out of cash.
Executive Chairman Marcus Edwards-Jones and CFO Richard Wilkins have been suspended with immediate effect whilst investigations are conducted into allegations concerning their recent conduct and historic payments to the company’s former corporate finance adviser, Lloyd Edwards-Jones S.A.S.
The AIM-quoted US-focused base and precious metals company said its board is conducting investigations with input from professional advisers, with a further announcement expected once the investigations are concluded.
Phoenix has implemented interim financial oversight arrangements and is advancing the appointment of an interim CFO to minimise operational disruption. Catherine Evans, Chair of the Audit Committee, and Ryan McDermott, CEO, will support the interim arrangements, along with other board members and senior management.
In addition to announcing the suspension of two senior executives, investors also received the news that Phoenix currently has limited working capital, with existing cash balances expected to cover only until early Q2 2026 without additional funding.
Phoenix said it is evaluating both short and long-term funding options and will update shareholders on its fundraising strategy in due course.
Discussions with Riverfort Global Opportunities regarding a short-term loan facility remain ongoing following the announcement on 27 January 2026.
Phoenix has a $2.1 million convertible loan note facility with Indigo Capital that has been used to repay Riverfort’s loan facility, but it is almost fully used.
Phoenix Copper shares traded above 5p at the start of 2025, but persistent funding issues have seen them drop to below 1p today.