Phoenix Copper posts narrower loss, restates accounts after 'unauthorised' transactions

(Sharecast News) - Phoenix Copper reported a reduced annual loss and restated prior-year accounts on Friday, after reversing unauthorised transactions made by its former executive chairman and former chief financial officer. The AIM-traded, Idaho-focused metals company said its loss for 2025 narrowed to $4.40m from a restated $7.13m in 2024, while net assets fell to $38.27m from a restated $39.99m.

Investment in the Empire mine increased to $45.32m, and the group raised $1.08m through share issues while also issuing a $2.0m unsecured short-term convertible loan.

Interim chair Catherine Evans apologised for the unauthorised payments, which Phoenix said totalled $1.77m between 2017 and 2025, and said the company was seeking reimbursement from the former executives.

Chief executive Ryan McDermott said the Empire mine's copper, gold and silver reserves remained intact, adding that the company's focus was now on funding, engineering, permitting, construction and production.

At 1104 BST, shares in Phoenix Copper were down 20% at 1p.

Reporting by Josh White for Sharecast.com.

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