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Phoenix Copper Executives Suspended Amid Probe
9 Feb
Summary
- Executives suspended pending investigation into conduct and payments.
- Shares dropped 50% to a record low of 1 pence.
- Company faces funding issues, cash to last until early Q2 2026.
Phoenix Copper Limited suspended its executive chairman and finance chief with immediate effect on Monday, February 9, 2026. The suspensions are pending an investigation into alleged conduct and past payments made to a former corporate finance adviser. This development caused the company's shares to plummet by as much as 50%, hitting a record low of 1 pence.
Adding to its challenges, Phoenix Copper is actively reviewing its funding options. The company issued a warning that its current cash reserves would only cover obligations until early in the second quarter of 2026 if no new financing is secured. The investigation specifically examines issues linked to payments made to Lloyd Edwards-Jones S.A.S., an entity co-founded by the suspended executive chairman.
In response to the suspensions, Phoenix Copper has implemented interim financial oversight measures and initiated a search for a temporary finance chief. The company secretary function has also been outsourced. Discussions are ongoing with Riverfort Global Opportunities PCC Limited regarding a potential short-term loan facility.
