Phoenix Global Mining Ltd (LON:PXC) has suspended Executive Chairman Marcus Edwards-Jones and Chief Financial Officer Richard Wilkins with immediate effect as the board conducts an investigation into allegations about their recent conduct and certain historic payments.
The company said the inquiry focuses on payments made to Lloyd Edwards-Jones S.A.S., which previously acted as the group's Corporate Finance Adviser. The board has launched the investigation and is examining the circumstances around those payments.
To maintain financial oversight during the review, Phoenix has implemented interim controls and is working to appoint an interim CFO. Catherine Evans, who chairs the audit committee, together with Chief Executive Officer Ryan McDermott, will provide support while the company completes the transition to temporary finance leadership. The firm also intends to outsource the Company Secretary role to a corporate services provider to ensure continuity of governance functions.
Phoenix disclosed that it currently has limited working capital. Management estimates that existing cash balances will carry the business only into early Q2 2026. Given this constrained cash position, the company said it is evaluating a range of short-term and longer-term funding alternatives and will provide shareholders with an update on its fundraising strategy in due course.
Separately, Phoenix confirmed that discussions continue with Riverfort Global Opportunities PCC Limited about a previously announced Short Term Loan Facility referenced in the company statement dated January 27. These talks remain ongoing as part of the company's immediate financing considerations.
The board did not provide additional detail on the timing of the investigation or on the precise nature of the alleged conduct. Phoenix said it will make further announcements as appropriate and when it has material information to share with the market.
Context and next steps
With two senior executives suspended while a board-level investigation unfolds, Phoenix has taken steps to shore up financial oversight and governance temporarily. At the same time, limited cash resources have put a premium on resolving funding arrangements quickly. The company is pursuing multiple avenues for capital and continues lender discussions with an existing potential provider.