Phoenix Copper suspends top brass amid payment inquiry

UK-based Phoenix Copper Limited said on Monday it had suspended its executive chairman and finance chief with immediate effect while it investigates allegations over their conduct and past payments to a former corporate finance adviser, sending shares down as much as 50% to a record low of 1 pence.

The US and copper‑focused miner also said it was reviewing funding options and warned current cash would cover obligations only until early in the second quarter of 2026 without additional financing.

Executive chairman Marcus Edwards-Jones and chief financial officer and company secretary Richard Wilkins were suspended as the probe examines alleged issues linked to payments to Lloyd Edwards-Jones SAS, the company’s former adviser co-founded by the chairman.

The company gave no further details. It put interim financial oversight in place, began searching for a temporary finance chief and outsourced the company secretary function.

Phoenix said it remains in talks with Riverfort Global Opportunities PCC Limited over a short-term loan facility. Edwards-Jones and Wilkins did not immediately respond to Reuters requests for comment on LinkedIn.

(By Ankita Bora; Editing by Nivedita Bhattacharjee)