Phoenix Copper (PXC) AI Stock Analysis

• Market Cap: £6.19M
• Dividend Yield: N/A
• Average Volume (3M): 2.96M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.50
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: UK
• Employees: 17
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 287,995,120
• 10 Day Avg. Volume: 4,133,802
• 30 Day Avg. Volume: 2,962,022
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.27
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -1.40
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: 2.00p ▼(-21.57% Downside)

The score is primarily held down by very weak financial performance (no revenue, widening losses, and rising cash burn), which elevates funding and dilution risk. Technical indicators are mixed but lean soft with the price below key moving averages. Valuation provides limited support given negative earnings and no dividend.

Positive Factors

Strong capitalization / low leverage

A sizable equity base and low debt-to-equity provide structural financial flexibility for a pre-production miner. This reduces immediate refinancing pressure, improves ability to fund permitting and development phases, and supports project advancement over the medium term.

Focused project strategy

Concentrated focus on a single, clearly defined development asset clarifies capital allocation and operational priorities. A targeted project pipeline supports efficient permitting, stakeholder engagement and technical studies, improving the odds of progressing toward production versus a diffuse exploration portfolio.

Lean operating footprint

A small headcount implies lower fixed overhead and managerial agility, allowing capital to be directed to exploration and permitting. For an early-stage developer, a lean cost base can extend runway per financing round and reduce dilution risk versus a larger, higher-cost organization.

Negative Factors

Pre-revenue status

Being pre-revenue means the company cannot internally fund operations or capital-intensive permitting/development, making progress dependent on external financing. Over months, this structural reliance elevates execution risk and potential dilution if project milestones do not attract committed capital.

Accelerating cash burn and widening losses

Material increase in operating and free cash outflows alongside a widening net loss indicates faster depletion of cash resources. This worsens funding tail risk, compresses runway for development activities, and raises the probability of dilutive financings or project delays without new capital.

Negative returns on equity

Negative ROE signals that current operations destroy shareholder value rather than create it, reflecting ongoing losses and capital erosion. Unless the Empire Mine advances to revenue generation or material value-accretive milestones, ROE pressure will continue, complicating investor support for future funding.

Phoenix Copper Business Overview & Revenue Model

Company Description

Phoenix Copper Limited engages in the exploration and mining activities for precious and base metals primarily in North America. The company explores for copper, zinc, gold, lead, tungsten, cobalt, and silver deposits. It owns 80% interest in the Empire Mine property. The company also holds 100% interest in the Redcastle property consisting 30 unpatented claims covering an area of approximately 600 acres, and Bighorn property consisting 29 unpatented claims covering 580 acres located in Idaho; Red Star project located in Mackay, Idah; and Navarre Creek property covering 2,420 acres located in Custer County, Idaho. The company was formerly known as Phoenix Global Mining Limited and changed its name to Phoenix Copper Limited in July 2019. Phoenix Copper Limited was incorporated in 2013 and is based in Road Town, British Virgin Islands.

How the Company Makes Money

Phoenix Copper Financial Statement Overview

Summary

Overall financials are weak: the company remains pre-revenue (zero revenue across 2020–2024) with sharply widening losses in 2024 and worsening operating profitability. Cash flow is a key risk with accelerating operating and free-cash-flow burn, increasing funding/dilution pressure. The balance sheet is comparatively better capitalized with moderate leverage, but ongoing losses are eroding returns.

Income Statement

The income statement remains very weak, with zero revenue across 2020–2024, indicating the company is still pre-revenue. Losses have widened sharply in 2024 (net loss of about 6.2m vs. ~1.5m in 2023), and operating profitability deteriorated materially (EBITDA fell to roughly -6.2m). While earlier-year losses were smaller, the latest trend reflects higher cost intensity and a tougher path to break-even without meaningful revenue ramp.

Balance Sheet

The balance sheet is a relative bright spot: equity is sizable (~40.9m in 2024) versus debt (~5.9m), keeping leverage moderate (debt-to-equity ~0.14). Total assets increased to ~48.3m in 2024, supporting a stronger capitalization profile than many early-stage peers. The key weakness is persistent negative returns on equity (about -15% in 2024), reflecting ongoing losses that can erode capital over time if not matched by future funding or profitability.

Cash Flow

Cash flow quality is weak, with consistently negative operating cash flow (about -3.5m in 2024 vs. -1.5m in 2023), signaling ongoing cash burn to sustain operations. Free cash flow is also deeply negative (about -7.9m in 2024) and worsened versus 2023, suggesting higher spending and/or working-capital needs. While cash outflows can be expected for a pre-revenue industrial materials company, the 2024 acceleration in burn heightens funding and dilution risk.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-12.39K	-12.39K	-28.84K	0.00	0.00	0.00
EBITDA	0.00	-6.19M	-1.57M	-1.57M	-955.90K	-922.65K
Net Income	-6.94M	-6.23M	-1.54M	-1.51M	-952.49K	-1.01M
Balance Sheet
Total Assets	48.22M	48.25M	40.51M	39.67M	39.92M	16.33M
Cash, Cash Equivalents and Short-Term Investments	576.65K	893.73K	287.91K	4.68M	13.10M	1.15M
Total Debt	5.40M	5.86M	2.05M	0.00	0.00	1.55M
Total Liabilities	6.58M	7.33M	3.32M	1.83M	2.14M	2.50M
Stockholders Equity	41.68M	40.95M	37.16M	37.77M	37.69M	13.72M
Cash Flow
Free Cash Flow	-3.24M	-7.95M	-6.58M	-8.69M	-10.68M	-3.44M
Operating Cash Flow	-640.40K	-3.53M	-1.54M	-1.84M	-387.95K	-685.28K
Investing Cash Flow	-2.10M	-4.42M	-5.04M	-6.85M	-10.29M	-2.75M
Financing Cash Flow	582.93K	8.54M	2.20M	308.01K	22.58M	4.37M

Phoenix Copper Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RIO	82 Outperform	£113.67B	13.91	18.43%	4.75%	-3.50%	-7.04%
GLEN	65 Neutral	£58.65B	-39.43	-5.26%	1.89%	-1.06%	-285.88%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
ARS	51 Neutral	£59.39M	-11.67	-908.21%	―	―	―
ARCM	50 Neutral	£9.05M	-2.40	-32.02%	―	―	―
PXC	45 Neutral	£6.19M	-0.96	-13.01%	―	―	―
KAV	45 Neutral	£31.76M	-1.67	-61.43%	―	―	―

Phoenix Copper Corporate Events

Phoenix Copper in Talks Over Potential Extra Costs on Riverfort Loan Repayment

Phoenix Copper has updated the market on the refinancing of its short-term loan facility with Riverfort Global Opportunities, after using most of a US$2.1 million convertible loan note from Indigo Capital to repay the outstanding balance. Riverfort has since informed the company that this repayment should have been treated as a prepayment under the facility’s terms, and Phoenix is now in discussions to determine whether any further financial obligations arise, with a follow-up announcement promised once talks conclude, leaving investors watching for potential implications for the company’s near-term funding position and balance sheet flexibility.

The most recent analyst rating on (GB:PXC) stock is a Sell with a £2.50 price target. To see the full list of analyst forecasts on Phoenix Copper stock, see the GB:PXC Stock Forecast page.

Phoenix Copper Gains from Loan Note Conversion and Stronger Metal Prices

Phoenix Copper has announced that Indigo Capital has partially converted its $2.1m convertible loan note, swapping $536,000 into nearly 27 million new shares, with most of these shares already earmarked for sale to a range of equity funds and family offices, increasing the company’s issued share capital to roughly 288 million shares. At the same time, the company highlighted the transformative effect of current higher copper, gold and silver prices on the economics of its Empire open-pit project, indicating that, if such prices were sustained, cumulative pre-tax net cash flow could rise to about $406m over 8.5 years, with the project’s pre-tax NPV and internal rate of return almost doubling relative to its 2024 model, while it continues protracted financing talks with a US bond investor that could be pivotal for advancing mine development.

The most recent analyst rating on (GB:PXC) stock is a Hold with a £3.00 price target. To see the full list of analyst forecasts on Phoenix Copper stock, see the GB:PXC Stock Forecast page.

Phoenix Copper Advisory Board Member Increases Stake with Share Purchase

Phoenix Copper has disclosed that Advisory Board member Andre Cohen purchased 300,000 ordinary shares in the company at 1.95p per share on 18 December 2025, increasing his beneficial holding to 942,452 shares, or 0.36% of the company’s issued share capital. The insider share purchase may be read by investors as a signal of confidence in the company’s prospects as it advances its portfolio of US-based copper, gold and silver assets, including the Empire Mine and related projects in Idaho.

Phoenix Copper Directors Increase Shareholdings, Signaling Confidence in U.S. Mining Operations

Phoenix Copper Limited announced that four of its directors and an advisory board member have purchased a significant number of ordinary shares in the company. This move reflects confidence in the company’s future prospects and may positively impact its market perception, as it continues to focus on expanding its mining operations in the United States.

Phoenix Copper Refinances Loan to Strengthen Financial Position

Phoenix Copper Limited has announced the refinancing of its short-term loan facility by drawing down on a $2.1 million convertible loan note from Indigo Capital LP. This move allows the company to repay its existing short-term loan facility and provides flexibility for future conversions into shares. The refinancing is expected to impact Phoenix Copper’s financial stability positively and enhance its operational capabilities, potentially benefiting stakeholders by improving the company’s market positioning and resource management.