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LONDON - Phoenix Copper Limited (AIM:PXC; OTCQX:PXCLY) reported a loss of $6.27 million for the year ended December 31, 2024, compared to a $1.57 million loss in the previous year, according to the company’s final audited results released Monday.
The increased loss primarily stems from a $4.60 million exceptional write-down of bond issue expenses. Despite the loss, the mining company’s net assets grew to $40.93 million from $37.19 million in 2023.
The Idaho-focused base and precious metals company published its inaugural mineral reserve statement for the Empire Mine open-pit project in 2024, reporting proven and probable reserves of 10.1 million tonnes containing 109.5 million pounds of copper, 104,000 ounces of gold, and 4.65 million ounces of silver.
Phoenix Copper’s pre-feasibility study for the Empire open-pit project, published in September 2024, projects a pre-tax cumulative net free cash flow of $153 million over an eight-year mine life with total cash costs of $2.44 per pound.
The company announced it has signed a letter of intent with an accredited U.S. investor to subscribe for $75 million of its floating rate corporate copper bonds. This follows an initial $5 million drawdown during 2024 from a previously created $300 million authorized class of bonds listed on The International Stock Exchange in the Channel Islands.
Phoenix Copper’s investment in the Empire Mine increased to $43.77 million from $38.43 million in 2023. The company has delivered initial equipment to the site, including two pre-owned ball mills and a fully equipped assay laboratory.
The company raised $3.52 million through a placing, subscription and retail offer completed in January 2024, and secured an additional $1.07 million through equity placings after the reporting period.
Based on a press release statement, Phoenix Copper will hold its Annual General Meeting on June 27, 2025, at The Washington Hotel in London.
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