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.
9 annual reports read, FY2017 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Company website (9)
FY2026Next report expected 31 May 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
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.
From the reportevery line sits on the page it namesWhat moved the margintailwindSmaller 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 5AndtailwindMetal 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 5One-offs in the year$21k charge: Correction/reversal of unauthorised LEJ transactions expensed in year (2025 portion)
page 43What management saidOur 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 6After the year end9 February 2026 and 9 March 2026: announcements regarding unauthorised payments by former Executive Chairman (Marcus Edwards-Jones) and former CFO (Richard Wilkins); both dismissed as directors on 9 March 2026.
page 13The dividendThe 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 12Going concern and the auditAudit opinion unqualified/unmodified but includes a 'Material uncertainty related to going concern' paragraph: the Group is dependent on securing additional financing in the near term, with no binding agreement signed as at the date of the report. Key audit matters: (1) fraud risk/undisclosed related party transactions and prior-year adjustment arising from the unauthorised LEJ payments; (2) carrying value of mining property assets ($45.3m), given market capitalisation remained below net asset value during the year (an impairment indicator), though management concluded no impairment required. Auditor: Crowe U.K. LLP (John Charlton, Senior Statutory Auditor), London, report dated 18 June 2026. Materiality $420,000 (2024: $490,000), ~1% of total mining assets; performance materiality $252,000.
page 21The risks it names first- Going concern / near-term funding dependency: material uncertainty exists over securing additional financing; sensitivity analysis indicates a cash shortfall could arise by 30 June 2026 absent financing.p.32
- Multi-year unauthorised payments ($1.77m total) by former Executive Chairman and former CFO, exploiting dual control of the bank mandate; evidence of management override of controls and governance weaknesses.p.23
- Carrying value of mining property assets ($45.3m) assessed for impairment via value-in-use model with significant judgement in commodity prices, reserves, costs and discount rate; market capitalisation remained below net asset value during the year, an impairment indicator.p.24
- Riverfort Global Opportunities PCC Limited damages claim of $2.1 million relating to the repaid short-term facility, currently disputed.p.57
Read from C001003-AR-2025-website.
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