Phoenix Copper Limited Share Chat (PXC)

Let's be honest, it's not looking good here. Going to need some absolute heroics at this point.

It's pretty much down to a game of Russian Roulette, where 5 of the 6 the chambers are loaded and pointed at the equity.

At this point the copper price surge is nothing more than a tragicomic footnote to this story.

If they can't get funding done soon and why not ?

It's never going to happen is it??

Investors should be all over this to fund it .

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Copper Nears Record High as Traders Tune Out Trump's Iran RejectionBy Michael Kern - May 12, 2026, 12:00 PM CDT

Copper climbed as much as 0.5% to $13,643 a ton on the LME Monday, its highest intraday level since the January 29 spike, with the exchange's combined metals gauge closing Friday at a record.Trump rejected Iran's latest peace proposal as "totally unacceptable," extending the Hormuz blockade, but base metals are decoupling from the oil-driven panic that hit the complex in February.Grasberg disruptions, Chilean mining accidents, and a looming Chinese sulfuric acid export ban are squeezing supply just as AI data centers and clean-tech exports drive demand.

A typical well healed investor approaches Phoenix or vice versa and says something like " hey Guys...you got the experience on how to "legally" acquire AIM assets and pay PIs virtually FA squared..... and with copper at an all time high and going exponentially higher....how do we do it here.....after all...American first...lol? "

GLA

It sound to me like Forcella is beginning to "wake up and smell the coffee"...big lol

Something has appeased NIU, so it is fair to ponder what that might have been. Promoting mine manager to board may have well have been part of deal. It won't have hurt, that's for sure. They backed this in first place with intention of getting it up and running as a mine. With this NED on board they would be undoubtedly be in a better position to ultimately see that happen.

Rooting for McDermott here. He's already achieved something at least by getting NIU seemingly back on side. Most of all, would wrong to see the project fail largely down to ex-Chair/CFO. Can't have the bad guys win.

Most positive RNS for at least a couple of years imo. Too risky for me atm given the funding situation, but interested how this plays out now. May reenter once the dilution is done and the path forward clearer. GLA.

Hope you are right, just offering an alternative but objective view as someone yet to fully commit. Don’t like to put two and two together usually.

Let’s not forget the strong business case for a new mine, that is what will ultimately drive this investment foreword. The market cap is already of residual value, can’t get any worse, if it does, then more opportunity knocks. But development funding will get resolved and the mine built.

Didn’t mean to state the obvious, but many investors often don’t try to fully understand what they are buying into.

Best,

Guy

Pannage… PXC RNS dated 20 April 2026 states: ““Phoenix is currently conducting ongoing discussions with several groups about raising the necessary funds to complete detailed engineering in order to submit the Plan of Operations for the Empire Mine (“Empire”).”

In a nutshell, PXC still needs funding merely to complete the engineering work necessary to submit the Plan of Operations into the permitting pathway. And without the Plan of Operations, no application for a permit can be submitted.

Best of luck!

Phoenix is currently conducting ongoing discussions with several groups about raising the necessary funds to complete detailed engineering in order to submit the Plan of Operations for the Empire Mine ("Empire")

Whilst I appreciate the company has been dealing with the shenanigans of the dishonest ex members of the board.

What is holding up mining permit for the empire mine?

There's nothing available at current default bid 1.3p but for some reason market makers haven't yet calibrated price higher to reflect. To overcome, rather than market buy, you could try a limit (or fill/kill) order setting your own bid price. If that doesn't get filled, you would then have option of bidding more.

This continues with limiting the buys, yet someone was allowed to buy 750 000 shares after hours last Friday.

Strange, and not crooked at all 🤷‍♂️

Yep same here, can't buy anything sizeable

Very strange price action here today,£500 max you can buy in 1 go.

Added a few more here today,a punt to nothing, get the funding sorted, then multi bagger time👍

Its happening

volume picking up

Agree with you 100%. After the placing let this one settle down and worth a punt!

Forcella… agreed 100%. Although at this stage of the game, and with NIU knocking on the door, and half the Board having been shown the door, impartiality is probably the last thing that the Board needs right now, but sufficient numbers to form a quorum. Maybe they can’t rely upon Jason Riley from ExGen to necessarily go with them, in the event a new Board member is appointed from NIU. I honestly don’t know how on earth Jason Riley’s position on the Board is tenable in the current state that the Company finds itself. ExGen’s carried interest is subordinated by the NIU secured debt position. Of course Jason Riley would prioritise the interests of EXG over those of PXC, if push came to shove viz a vis how NIU choose to take this. He’s conflicted without a shadow of a doubt. I can’t see any other way but for McDermott to show him the door.

Forcella, what are your thoughts on how NIU will play this out from hereon in?

BP - agree to an extent. They did/still do need more board members.

However, an NED is supposed to be independent and impartial - the general manager of the mine is neither.

Given the previous governance issues and lack of oversight of the previous directors, this was the chance to bring in someone properly external.

Feels like no one wanted it and Jarvis has stepped in, it's not like he had much to do before.

Forcella… completely agree with that assessment of the ‘New Man’. No cost addition. PXC needed to add in-depth knowledge of the Empire scheme, and to put it bluntly, PXC need to add numbers to the Board ahead of the EGM that NIU has requisitioned. It’s as simple as that.

You might well be right, Duster… 1.2p ask has come because of tight availability of shares. That aside, there’s a lot of sorting out to be done at PXC. If McDermott pulls this off, I will personally go to Idaho and buy him a pint. Company undoubtedly needs an experienced new CFO but not sure a perm appointment will come at this stage of proceedings. I think an earlier RNS said that they were looking at an external consultant appointment into role for now, whilst investigating the Company’s governance and internal controls procedures, and to resolve funding issues. Makes sense to me, given the LOI investor, assuming they do a deal, will no doubt want to make that permanent appointment with their own man, once they’re safely in the saddle.

AIMHO

GLA

'New man' has been general manager of the 'mine' for 3 years and owns 0 shares in the company. It seems he's happy with money for old rope.

Recent good news has them short

Good bet from here

Imho tbis is something the finding investor who is about to stump up would have insisted on.

Namely someone who knows his onions to take the project forward .

Imho .wink wink

Time to load up as u expect this to get the green light and shoot up once confirmed fairly soon

Just for info.

Looking back, incentivised options for directors and employees were previously granted way back in ‘2021.

https://www.lse.co.uk/rns/PXC/grant-of-options-jxpqc7kom5hw0n6.html

“The Options have an exercise price of £0.50, vest 50% on signing of construction financing to build either the Empire Open Pit or the Red Star Silver Deposit, and 50% on the commencement of commercial production from the Empire Open Pit or Red Star, whichever comes first. The Options will expire three years from the date of grant. “

Issued in 2021 so have long expired so do expect a new granting of options will follow at some point to replace the expired scheme to incentivise and remunerate new BOD, employees etc

Shouldn’t change the investment case unless considerably more options are granted next time.

From a salaried senior mine managerial position to a non exec director which would be an unpaid position on the board I would hazard a guess. Doesn’t state he has retired from his role as mine manager.

But if so, shows there is some real confidence they can get Empire commercialised. His remuneration or reward, as with other board members paid or unpaid would potentially be through a share incentive scheme.

It states he currently holds no ordinary shares in the company but I’m sure that will change.

He certainly has a wealth of experience which is so important.

Signs of life. This guy has an extremely good work history, ex-Coeur and Newmont amongst others. Some Tier 1 names. As much as funding the key focus, if/when that's resolved, having someone with an operational track record like this appointed to the board makes a lot of sense to advance the project.

Howzap I am sure it could be two separate deals, with separate finance providers, as is currently the case.

But in the position that PXC is at this moment, I wouldn’t be surprised to see a deal that rolls both capex and revenue expenditure requirements in to an all-encompassing deal. The time and complexity to get one deal done rather than two is a factor, and so is the position that NIU are in.

Interesting times ahead…

Thank you for the reply BP, when you say “to include the working capital gap,” are you referring to company ongoing operating costs. Eg wages, offices, associated market listing costs and fees etc?

Or working capital and associated costs relating to project development for eg up to revenue generation.

Would general ongoing company op cost support be more in the form of a seperate short term loan or likely through allocation of new shares?

Just so am clear.

Howzap… terms being agreed prior to raising capital is how it usually works. The deal that is agreed will be subject to due diligence, contract, and funding close.

In PXC’s current state, it’s likely that the deal will be an “all-encompassing” deal, which includes an assessment of the total funding need to include the working capital gap, aswell as capital expenditure for the Empire open pit construction, and to factor-in how NIU is to be dealt with.

AIMO

I dont profess to understand the intricacies of corporate and financing. But one would expect a development funding partner to be satisfied first , that the company they are getting into bed with, have the necessary working capital (via fund raising) to fulfill their short term financial obligations before agreeing terms.

Or could terms be agreed prior to raising capital, final decision pending the successful subscription?

Just considering from a PR perspective to rally the market prior to any capital raise

McDermott: “Phoenix is currently conducting ongoing discussions with several groups about raising the necessary funds to complete detailed engineering in order to submit the Plan of Operations for the Empire Mine ("Empire"). The Company's intention is to agree funding structures that are as non-dilutive to shareholders as possible.”

Which translates to:

* No deal agreed

* No exclusivity signalled

* No committed funding

* Time has already been extensive (10+ months)

AND: “We look forward to providing our shareholders with further updates in the coming weeks and months.”

PXC’s got weeks of oxygen left in the tank, not months.

NIU as secured lender will force the pace of this.

The simple fact is that any conversation that the Accredited US Investor has with PXC must involve NIU.

How amenable NIU will be to a restructure or a partnership with a third party only time will tell.

GLA

It’s been a while since I last posted, but I have been invested here for 7 years, and continue to hold.

I genuinely believe there’s still a viable company and investment case here. Yes, the last few years have been a mess, but now that the cancer has been cut out it’s a chance for a new start.

The company still needs to navigate the NIU, Riverfort and Indigo situation, which will be expensive, but I believe it is achievable with the right team in place.

Over the next month or so I’d expect new personnel to join the company, likely a new CFO and Chairman, with remuneration linked to the success of the project. Hopefully these will be people with solid reputations. I’d also expect that some form of repayment will be agreed with the 2 thieves. Legal action benefits neither party, and if we can get a large chunk of what was taken it will extend the cash runway to at least the end of the year and cover the NIU bond obligations.

I’d also expect the NIU resolutions not to pass. Certainly not the board seat one anyway (the other 3 are sensible, but costly). The EGM will probably become the full AGM, which we need to hold within the next few months anyway.

On financing, who knows. The project is highly viable, it’s just that the people we had searching for the finance never came across as credible, and I’m hoping the new recruits bring that credibility back. For what it’s worth, I genuinely think Ryan is a man of integrity but was marginalised / over-powered by the swindlers. Now he has to step up to the plate and demonstrate he’s a worthy CEO.

Securing finance will come at a cost, no doubt. But even if we have a billion shares in issue via warrants attached to a bond financing / off-take / Royalty agreement (all supposition) the company would still be worth 10x where we are right now if the right team was in place and the project was fully funded and in production.

It’s a mess, but it’s salvageable. But now it’s time for the remaining team to show what they’re made of.

Well, what we can say with certainty is that the ousted board members were trousering cash that rightfully belonged to the plc.

As far as PXC goes, NIU look positively saintly by comparison. If they want to now smash a few doors in here to get some accountability and bring company back from brink, good on 'em I say.

Shareholders have been and continue to be played by MEJ, RW and NIU. Its just greed. Lets hope the fat little piggy's end up in sausages !

Post by Glenn Gordon on Telegram: "If anyone here is in Any doubt whatsoever about the intentions/actions of NIU then they should take a look at another company that Marcus Introduced NIU to.

CRTM is now owned by NIU (circa 70% ownership) and all they did for the company was supply a simple CLN, now they effectively own the company!

NIU are not your friends."

Might be lesser of two evils though. He's also welcome to inflate the value of these assets if he likes lol. And change could be lifeline that's needed, shake things up a bit. If the resolutions (or even proposal of them) can speed up clawing back the cash, wake up the remaining board and give some accountability, can only be a good thing.

Good points BP but my research into Cevdet Caner, the man behind NIU, show him to be involved with several questionable activities e.g. overvaluation of real estate projects to inflate balance sheets and raise more capital. Related‑party transactions (e.g. Glasmacherviertel in Düsseldorf) at allegedly inflated prices, linked to Caner and associates. NIU reneged on the funding plan, for which we still have no explanation.

I guess this could go either way. A) NIU become a positive force, provide funds and drive this project forward B) They tie PXC up in legal case hoping to expunge their cash resources and force administration thus handing the asset to NIU as a creditor.

Cheety… good luck.

Multiplier… I’ve never taken the view that the position here is simply down to NIU.

The initial US$5m drawdown took place under the original structure, at a time when the original Carry Agreement between ExGen Resources Inc. and Phoenix Copper Limited was still in place.

At that stage, the original Carry Agreement required secured development funding to be conditional upon the delivery of a Bankable Feasibility Study, which, despite the initial drawdown of $5m, had not been completed by PXC at the time. Whether or not that was the sole reason for the absence of further drawdowns is not entirely clear from the disclosures, but it was certainly part of the framework.

The position then changed with the revised Carry Agreement in December 2024, which fundamentally altered the economic structure by pushing ExGen’s returns to a later stage in the project cycle, and also tellingly, the revised agreement also removed the requirement for a Bankable Feasibility Study in connection with any further bond drawdowns.

Despite that change, there have been no further drawdowns under the NIU facility and no material progress on development since that point. That raises the question as to why the Company sought alternative bond funding when an existing facility was already in place.

So I don’t think it’s as simple as saying NIU “failed” PXC — the sequence of events is more nuanced than that, and the issues go back to how the project and its funding structure evolved over time.

The reason I jumped in on the last rns. Those dodgy deals cost them a lot of money....they want it back.

So NIU are still in here and seriously interested in getting things moving.

Shareholders don’t have the full story. Everyone thinking it’s NIU that failed PXC, but from the RNS could well be the other way round.

Very intriguing development, would be interesting to see how it plays out from these ATL.

Agreed, I don't think we were ever really told why the niu relationship broke down, it can't be to do with the economics of the project as that continuously improved over the time because of metal prices. Was it because they didn't trust the sacked members of the board and so now that they've gone, the relationship is back on?

Oh Dear Alan… NIU involvement at Board level is likely to raise some obvious questions around how the current position has evolved — including whether prior funding arrangements, the use of proceeds and ongoing obligations under the NIU bond continue to align with the Company’s present position. None of that is entirely clear from the disclosures to date, but it probably helps to explain why this is taking so much time to unravel. Once NIU have a seat on the Board, for better for shareholders or worse, is a cleaner governance and disclosure position likely to evolve? I think it is fair to say that given the low bar that has been set by the Company, it would be difficult for the situation to get any worse.

Stocks concur with you assessment of the rns, I too will be voting for these resolutions-I sincerely hope the board accepts acts on the substance of these resolutions urgently without having to organise a gem.

A very interesting development.

Proposed resolutions seem compelling. Will be a firm yes from me. Incumbents have p*ssed around too long.

Hold wrongdoers to account, get cash back, tidy up the equity structure, suddenly this story becomes a much cleaner one about the asset again. Reason shareholders here in first place.

I can fully understand the rns from nui, wanting better coms, wanting to hold the dismissed directors to account, wanting to protect their shares as a majority shareholder.

Hope so. Could break 1.6p which would be lovely jubbely ;0)

I know this a bit of a Russian Roulette share right now, buyer beware and all that, but for what it's worth there does appear to be a noticeable thinning of stock available today. I can now sell 1m over 1p, which definitely wasn't the case before today. Equivalent on buy side would nudge this up past 1.15p. Let's see if they can dodge the various bullets, after all underpinning it all they do have this great asset.

Amen to that BP.

Bufflehead, welcome to Phoenix Copper… you’ve landed in new world, a chaotic situation for sure, where we are all wishing that Time Lawd could pick us up and take us with him in his police call box, and take us far far away from here, or the genie in a bottle could give us three wishes… what would they be wrt PXC? I’d settle for (1) full value of bond secured before end of April 2026.

(2) new credible management with impeccable track record on board and fully committed.

(3) a share price of 12p

GLA

Time Lawd is Troll ramper. Go away. Beware Geni in bottle.

Pinky and Perky owe the company ~$2.2m that they stole. Be nice to get some of that back !

I have been looking at PXC and trying to get a handle on where it is going. I feel most likely they are going to continue negotiations for the short-term to try secure bridge funding (Riverfort/Indigo adjustments) + progress on the $75m bond placement (or alternative equity/debt). The positive Empire PFS economics at current metals provide leverage but execution risk remains high so we may see the share price likely stays depressed until clear clarity. What we need is a binding bond agreement or new equity raise so there is funding for Empire construction/permitting and a resultant potential re-rating on production path. I worry (worst case) the failure to secure funds is going to see further dilution, possible AIM delisting risk (if market cap too low or compliance issues), or forced asset sales. When I try to be objective (reading the issues with the directors) I don't see immediate bankruptcy, but without positive news on bonds or new facilities, the risk escalates sharply and the lack of direction (from credible/competent management) could be terminal.

So why no mention of a criminal investigation or Police intervention?

You are proven to have stolen money, but no action on you apart from being fired or asking nicely if you want to give some of it back!!

What message does that give to others thinking of doing this ??

Just go for it !

At least we know where our hard earned money went.

My thoughts exactly, Trek......sue the auditor...and no need to restate the accounts....Why not?

Does that mean there is little intent on the monies being repaid back to PXC.....

....I stated on more than one occasion that they always (mainly RW) seemed to be trying to see what he/they could get away with?

I assumed the BOD were complicit.....if not ....why didn't they see it before now? perhaps they are complicit and the only way to save grace is to have the two fall on their swords?

GLA

If the dodgy directors pay that money back isn't that good news? That's nearly our current market cap!

Someone’s going to jail then

Not posted here..

https://www.londonstockexchange.com/news-article/PXC/conclusion-of-investigation-directors-dismissal/17492753

Additional inappropriate payments also made!

What on Earth is the point of an auditor!

Money till end of Q2 = raise any time soon imo.

Usual caveats

Trek

Financial Position

The Company is still considering a range of both short-term and longer-term funding options. Phoenix's working capital position remains constrained, but following a careful analysis of cashflow and a cost-cutting exercise, absent any additional funding, the Company's current cash balances will provide sufficient working capital to meet ongoing obligations until the end of Q2 2026.

2Reincarnated… the unknowns that are making a valuation of PXC difficult:

1. dispute with Riverfort remains unresolved. How much cash does PXC need to secure to resolve this (if anything)? .

2. Will Indigo convert the remainder of its CLN’s prior to additional cash required? How much of a dilutive effect that will have on the sp is difficult to say.

3. Where is the LOI investor in all of this? Will anything happen with LOI investor before PXC requires additional cash runway via another raise? The timing of LOI investor coming on board to steady the ship will fundamentally impact on the level at which PXC will be able to raise, if at all.

It’s really not as clear cut as you seem to think. There’s a good amount of variables at play atm.

GLA

Or do nothing and it could never see sub 1p again?

Can someone please clarify matters.

Buy now and there could be a placing at a fraction of a penny?

Or sub 0.25p?

BP You have m Attention Great work !!!

Tbcx… EXG’s finances actually remain heavily contingent on near-term cash resources from Empire. If PXC slips into default on NIU coupon payments, it’s catastrophic not only for PXC but also for EXG. EXG is raising $200k on a private placing atm. That’s barely scratching the surface of what EXG needs over the next 12-24 months to pay for option maintenance fee obligations on (non-Empire-related) prospective mining opportunities that it has taken up, and the further drilling of its Southmore Project.

EXG knows that it cannot rely upon (a) PXC to build out and get producing at Empire Open Pit and (b) PXC to have produced and sold sufficient copper to begin its first royalty flow to EXG before the payment of its option maintenance fees. That, with a following wind, has to be at least 5-6 years away for EXG, if it sits and waits for the Revised Carry Agreement to yield an income for EXG. Yet in the pre-merger document between EXG and MTB Resources Inc in the latter part of 2025, Empire was referred to as the merged companies’ “most viable option to near-term cash generation opportunity that it had”.

Since that document was produced I accept that the wind direction could well have changed between PXC and EXG. EXG invested $1m cash in two silver streaming deals with Galantas in Chile in December 2025 which will yield a monetary return in 2027, but that still leaves EXG with a $3m-$5m hole in its cash requirements beyond the $200k it is currently raising for the interim period between now and the GAL silver streaming deals deals coming to something. So what could fill that gap?

If I’m reading in between the lines correctly, it would not surprise me to see the LOI investor reach a monetary settlement with EXG to extinguish the 20% carried interest in Empire. Having run the figures, EXG’s carried interest is worth no more than $7m-$10m to walk away. Looking at the shape of EXG today and its recent site acquisitions, I can see that a deal of this nature would be a good option for them. For the new owner of PXC, this would clean-up Empire as a fundable entity going forward and remove decision-making friction from EXG further down the line.

It might be why EXG has pushed on in its sp in recent days.

AIMHO

Slightly off topic but BritishPeculeum we are looking very good with EXGen. I still think it has a long way to go but wow what a month. Mentioned back in Jan I was switching out of this to go into EXG, very happy I did. Hopefully a few others followed the tip. The difference made by quality management and a firm financial footing!

MTSparky… clearly, there are a lot less risky ways to buy copper than via PXC. Otherwise we would be home and hosed on the open pit and focusing right now on the extraction of sulphides from underground at Empire by now. Many many hurdles to clear before that becomes a reality here.

GLA

.......these bonds are looking very attractive right now !! Copper price is set to climb too as USA and China increase stock piles. Interesting times

2Reincarnated… I can’t say either look particularly inviting.

I think 0.25p is sub 1p 🤣🚀🤣🚀

Are we heading towards the ''sub 1p placing''

or the ''0.25p placing?''

MercedesB… “How did the that go ⏫️...finger up your a$$... is she still fc king your brother??”

It’s useful technical analysis like this that you posted on another BB, that we are in desperate need for over here on PXC if truth be told…

Good luck to you with Pantheon Resources. I’ve had my trousers pulled down with them a time or two over the years, first in East Texas and then up in Alaska (Alkaid, Talitha, Theta West… 6 years since acquired North Slope assets and still not 1 barrel extracted). Accepted that PXC’s record isn’t any better here, and is looking like a bad car crash atm, but at least we are reasonably confident that there are exploitable assets in the ground to underpin the value. PANR? Hmmm. Not so sure about that. Technically ambiguous, plus the weather factor and seasonality makes it marginal… I think Jay has lived off me for long enough, if I’m brutally honest. Dilution after dilution. It’s a killer.

Best wishes to you.

Potentially both 😎

Or will we see a placing which will keep the company afloat?

Andrew4444 that’s a fair comment.

"Andrew4444, I’ve been around long enough to know that there will be no placing, at least not until news falls regarding, NIU restructure/exit, a clear resolution has been identified for the Riverfort situation, and the LOI investor has moved to “binding”."

Agreed. But that was my point. Whatever the reason for the sp rising, (on better news or deliberate manipulation) it will be better if it went up before a placing. As I stated "sp higher as this would give greater leverage to raise more in a placing"

Andrew4444, I’ve been around long enough to know that there will be no placing, at least not until news falls regarding, NIU restructure/exit, a clear resolution has been identified for the Riverfort situation, and the LOI investor has moved to “binding”.

I honestly cannot think of one good reason why any institutional investor would back this pony 1p more from here without at least having those outcomes “in the bag”.

Furthermore if those things were already “in the bag”, what better way to “walk the shares up” than post the news on an RNS that those matters are “in the bag”?

Selling before a placing is probably more likely ? unless the placing price is higher that the current SP.

BP

Before a placing there is often a pump to get the sp higher as this would give greater leverage to raise more in a placing

I'm sure you have been around long enough to see a rise in sp for no reason, followed by a placing