Phoenix Copper (AIM: PXC) has dismissed its executive chairman Marcus Edwards-Jones and chief financial officer Richard Wilkins following an internal investigation that revealed undisclosed related-party payments. The investigation found approximately $1.765 million paid to a corporate finance advisory firm owned by Edwards-Jones between 2016 and 2025, along with an additional £610,000 (about $815,000) in unauthorized transactions.
The board determined that these payments were made without approval and qualified as related-party dealings under AIM rules. Both former executives have expressed willingness to cooperate in recovering the funds. Independent non-executive director Catherine Evans is currently serving as interim chair, as the company works to strengthen governance and financial controls.
Phoenix Copper updated that its cash position remains tight, with operational funding expected to last until the end of Q2 2026, and it does not foresee the need for restating historical financial statements, aside from disclosing the payments in its 2025 accounts.
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