Phoenix Copper Limited
Phoenix Copper Limited is a BVI-incorporated, AIM-listed (ticker PXC) exploration and development company focused on reactivating the past-producing Empire copper-gold-silver mine in Idaho, USA, together with related exploration properties (Red Star, Navarre Creek, Horseshoe/Whiteknob/Windy Devil) and two Idaho Cobalt Belt projects (Redcastle and Bighorn). The Group has no revenue and is pre-production, currently progressing final engineering and permitting toward construction of the Empire open-pit mine following a September 2024 pre-feasibility study (PFS). FY2025 was dominated by the discovery and restatement of multi-year unauthorised payments made by two now-dismissed former directors.
FY2025 in sixty seconds
year to 31 Dec 2025 · approved 18 Jun 2026 · 64 pages · Company website
Phoenix Copper is working to reopen the old Empire copper, gold and silver mine in Idaho, USA. It is not yet producing, so it had no sales. Its loss for 2025 was $4.4m, smaller than the $7.1m loss in 2024.
The loss includes one-off costs: writing off money spent preparing a bond issue that is no longer planned, and writing off a deposit for a US mining investment it dropped. The year was also overshadowed by the discovery that two former directors had made unauthorised payments over several years. Both were dismissed in March 2026 and earlier accounts were corrected.
Cash fell to $369k at the year end from $879k, while borrowings stayed at $6.6m. The company raised $1.1m from new shares and paid no dividend. Management's plan is funding, engineering, permits, construction, then production, and it says high metal prices make the mine compelling. But the auditor flags serious doubt over whether the company can keep going: it needs new money soon and had no binding deal signed. A former lender is also claiming $2.1 million in damages, which the board largely disputes.
Smaller processing plant footprint sited on patented private land near the open pit
Reduces haulage distance, truck fleet size and both capital and operating costs per the PFS design.
page 5Our path forward is quite simple: Funding – detailed engineering – permitting – construction – production. The excellent economics of the Empire Mine and related mining properties remain as compelling as ever.
page 6The directors intend to adopt a dividend policy that takes into account the Group's expected future profitability, underlying growth prospects, availability of cash and distributable reserves, and the need for funding to support development. No dividend paid or proposed; the Group reports losses and is pre-production.
page 12Metal prices well above PFS trailing-average assumptions
PFS used $4.45/lb copper, $2,325/oz gold, $27.25/oz silver; as of June 2026 copper $6.33/lb, gold $4,348/oz, silver $68.11/oz, which would significantly improve cumulative net free cash flow if sustained into production.
page 510 years on one page · FY2016–FY2025
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USD millions, negatives in brackets. Per-share lines in cents. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
14 figures restated in a later report
Every figure is read again from the following year’s report: 251 confirmed, 8 differ, 14 restated.
| Line | Year | As first filed | In the later report |
|---|---|---|---|
| FY2024 | $3.9mFY2024 report | $4.6mFY2025 report | |
| FY2024 | $4.4mFY2024 report | $4.4mFY2025 report | |
| FY2024 | −$3.5mFY2024 report | −$3.6mFY2025 report | |
| FY2024 | $46kFY2024 report | $33kFY2025 report | |
| FY2024 | −$6.2mFY2024 report | −$7.1mFY2025 report | |
| FY2024 | −$6.2mFY2024 report | −$7.1mFY2025 report | |
| FY2024 | $43.8mFY2024 report | $43.7mFY2025 report | |
| FY2024 | −$6.2mFY2024 report | −$7.1mFY2025 report | |
| FY2024 | $48.3mFY2024 report | $48.1mFY2025 report | |
| FY2024 | $4.1mFY2024 report | $4.0mFY2025 report | |
| FY2024 | $40.9mFY2024 report | $40.0mFY2025 report | |
| FY2024 | $7.3mFY2024 report | $8.1mFY2025 report | |
| FY2024 | $3.2mFY2024 report | $3.1mFY2025 report | |
| FY2024 | −$2.3mFY2024 report | −$1.5mFY2025 report |