Phoenix Copper suspends executive chairman, CFO amid probe

(Sharecast News) - AIM-listed US-focused base and precious metals miner Phoenix Copper said on Monday that it has suspended executive chairman Marcus Edwards-Jones and chief financial officer Richard Wilkins with immediate effect as it launches investigations into their recent conduct. The company is also launching a probe into certain historic payments made to Lloyd Edwards-Jones S.A.S, its former corporate finance adviser.

"The investigations are being undertaken with input from the company's professional advisers and a further announcement will be made as soon as these investigations have concluded," it said.

"To minimise any disruption to the ongoing operations of the company during the period of Mr Edwards-Jones's and Mr Wilkins's suspension, the company has put interim financial oversight arrangements in place while it advances the appointment of an interim CFO.

"This interim role will be covered until such time as Mr Wilkins's and Mr Edwards-Jones's suspension is over and a conclusion has been reached on the outcome of the investigation."

Phoenix also said it currently has limited working capital and that absent any additional funding, its current cash balances will provide sufficient working capital to meet ongoing obligations until early Q2 2026.

Phoenix is considering a range short-term and longer-term funding options and will provide a further update regarding its fundraising strategy in due course, it said.

It also said that discussions with Riverfort about the terms of the short-term loan facility remain ongoing and shareholders will be updated once the talks have concluded.

The shares closed down 48% at 1.05p.