Phoenix Copper interim loss widens as eyes Empire funding

Phoenix Copper Ltd on Friday said the path to production is clear so long as it secures funding, as the company reported a wider loss for the first half.

The Idaho-focused metals exploration and development company reported a pretax loss of USD1.2 million for the half-year ended June 30, widening from USD728,216 a year ago.

Phoenix reported no revenue, unchanged from last year, as its Empire mine in Idaho is not yet producing.

"Phoenix's path to production is clear, provided we secure the funding we need. We remain cash constrained, but due to cost-cutting and the further sale of non-core assets in Mackay, we have managed to extend our cash runway into Q4 2026. We understand shareholder frustration surrounding the necessary confidentiality of the numerous discussions we are conducting," Phoenix Copper says.

Operating costs rose 8.8% to USD737,584 from USD677,720. Administrative expenses rose 9.0% to USD736,794 from USD675,530.

Phoenix highlighted a USD3.1 million fundraise, which secured USD2.6 million net through the issue of 502.6 million new ordinary shares. The fundraise was completed in July.

Interim Chair Catherine Evans said: "The fundraise has enabled us to continue moving the Empire project forward, specifically by updating the pre-feasibility study published in September 2024."

Looking ahead, Phoenix said: "With copper prices holding above USD6.00 per pound, gold above USD4,000 per ounce, and silver above USD60 per pound, the outlook for mining and milling at Empire is outstanding. Despite the recent challenges faced by the company, the Empire mineral reserve remains intact."

In March, Phoenix dismissed former Executive Chair Marcus Edwards-Jones and Chief Financial Officer Richard Wilkins following an investigation into historic unauthorised payments.

"The Phoenix team is singularly focused on progressing the Empire project through final engineering and permitting, and ultimately into production. The demand for metals on a global scale continues to be strong, particularly from domestic sources in mining-friendly jurisdictions like Idaho," the company concluded.

Shares in Phoenix Copper were down 13% at 0.50 pence on Friday afternoon in London.

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