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Phoenix Copper
(LSE:PXC)
Phoenix Copper (PXC) vs. iShares MSCI United Kingdom ETF (EWC)
Phoenix Copper Business Overview & Revenue Model
Phoenix Copper Financial Statement Overview
| 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | £107.23B | 6.00 | 16.59% | 4.75% | -3.50% | -7.04% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
60 Neutral | £60.83B | 176.08 | 0.96% | 1.89% | -1.06% | -285.88% | |
51 Neutral | £48.87M | -6.86 | -517.80% | ― | ― | ― | |
50 Neutral | £7.60M | -3.31 | -32.02% | ― | ― | ― | |
45 Neutral | £3.24M | -4.86 | -13.01% | ― | ― | ― | |
45 Neutral | £33.84M | -1.74 | -73.36% | ― | ― | ― |
Phoenix Copper Corporate Events
Phoenix Copper has dismissed its executive chairman Marcus Edwards-Jones and chief financial officer Richard Wilkins after an internal investigation into their conduct uncovered undisclosed related party and unauthorised payments. The probe found that historic payments of about US$1.77 million were made between 2016 and 2025 to former adviser Lloyd Edwards-Jones S.A.S., a company owned and directed by Edwards-Jones, without board knowledge or approval and that Wilkins shared in the proceeds.
These payments should have been treated as related party transactions under market rules but were not disclosed, and the investigation also identified roughly £0.61 million of additional unauthorised payments linked to bond financing, some made against explicit board instructions. Phoenix is seeking to recover the sums involved, with both former executives indicating they will cooperate, while the matter highlights past governance weaknesses and potential legal and reputational risks for the company.
To stabilise leadership and reinforce controls, independent non-executive director and audit committee chair Catherine Evans has been appointed interim non-executive chair and is working with the chief executive, interim CFO, advisory board and external advisers to strengthen governance and maintain stakeholder relationships. The company is outsourcing its company secretarial function and has informed its auditor Crowe UK LLP of the historic transactions, currently expecting only additional related party disclosures rather than restatements of past financial statements.
Despite these governance issues, Phoenix’s working capital remains tight, with current cash expected to cover obligations only until the end of the second quarter of 2026 absent new funding, following cost-cutting measures and careful cashflow review. The company is continuing negotiations to amend a short-term loan facility with Riverfort Global Opportunities and to renegotiate terms with Indigo Capital, and intends to update shareholders on its financing strategy once those discussions are concluded, underscoring ongoing funding uncertainty for its development plans.
The most recent analyst rating on (GB:PXC) stock is a Sell with a £2.00 price target. To see the full list of analyst forecasts on Phoenix Copper stock, see the GB:PXC Stock Forecast page.
Phoenix Copper’s chief executive Ryan McDermott moved to reassure investors after the company’s 9 February announcement triggered uncertainty, saying the board and management, alongside advisers, are actively advancing internal investigations. He emphasised that interim leadership measures are in place to maintain continuity and minimise operational disruption while the review proceeds.
McDermott stressed that Phoenix Copper’s core assets, including the Empire Project in Idaho, and its broader strategic agenda remain intact and are still seen by the board as having strong long-term value. Work on advancing Empire and assessing wider strategic options is continuing, signalling that despite near-term governance and investigatory issues, the company intends to keep its development plans on track for stakeholders.
The most recent analyst rating on (GB:PXC) stock is a Sell with a £2.00 price target. To see the full list of analyst forecasts on Phoenix Copper stock, see the GB:PXC Stock Forecast page.
Phoenix Copper has suspended Executive Chairman Marcus Edwards-Jones and Chief Financial Officer and Company Secretary Richard Wilkins with immediate effect, as the board investigates allegations concerning their recent conduct and historic payments to former corporate finance adviser Lloyd Edwards-Jones S.A.S. The company has installed interim financial oversight, is outsourcing the company secretary role and is relying on its audit chair, chief executive and wider board to maintain operational continuity during the probe.
Alongside the governance shake-up, Phoenix disclosed that it has limited working capital and expects existing cash to last only until early in the second quarter of 2026 without new funding. The miner is assessing short and longer term financing options, while talks continue with Riverfort over a short-term loan facility, leaving investors focused on both the outcome of the internal investigation and the company’s ability to secure timely funding to support its development plans.
The most recent analyst rating on (GB:PXC) stock is a Sell with a £2.00 price target. To see the full list of analyst forecasts on Phoenix Copper stock, see the GB:PXC Stock Forecast page.
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 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 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.