Phoenix Copper shares rebound as CEO seeks to calm investors

(Alliance News) - Phoenix Copper Ltd shares rebounded on Tuesday after the firm issued a statement from its chief executive after a sharp sell-off on Monday triggered by the suspensions of its chair and chief financial officer.

On Monday, the US-focused base and precious metals producer and explorer suspended its executive chair Marcus Edwards-Jones and chief financial officer Richard Wilkins with immediate effect as the board launched an investigation into their conduct and historic payments made to former adviser Lloyd Edwards-Jones SAS.

Phoenix Copper put interim financial oversight in place, said it is seeking an interim chief financial officer and outsourced the company secretary role for the duration of the review.

The firm said it has limited working capital but expects sufficient cash until early in the second quarter of 2026, and says it is considering short- and longer-term funding options, with talks with Riverfort Global Opportunities PCC Ltd over a short-term loan facility ongoing.

On Tuesday, Chief Executive Officer Ryan McDermott said the board and advisers are progressing the investigations and that the company's core assets and strategy remain unchanged, with work on the Empire project continuing.

McDermott said: "I recognise that our announcement [on Monday] has created uncertainty for shareholders. I understand your concerns following recent developments and would like to assure shareholders that the board and management team, with input from our professional advisors, are taking all the necessary steps to progress the investigations we referred to yesterday as thoroughly and efficiently as possible."

Shares in Phoenix Copper were up 17% at 1.20 pence on Tuesday afternoon in London. However, the stock remains down from 2.10p at the close on Friday, before the initial announcement.

By Michael Hennessey, Alliance News reporter

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