Phoenix Copper shares drop after suspension of chairman and finance chief

Core Viewpoint - Shares in Phoenix Copper Ltd fell 45% to 1.1p following the suspension of its executive chairman and chief financial officer due to ongoing investigations into their conduct and historical payments [1][2]. Group 1: Management Suspension - The board of Phoenix Copper Ltd has suspended chair Marcus Edwards-Jones and CFO Richard Wilkins with immediate effect [1]. - Investigations are underway regarding allegations related to the recent conduct of the suspended executives and certain historical payments made to the company's former corporate finance adviser [2]. Group 2: Interim Management Arrangements - Interim financial oversight arrangements have been established while the company seeks to appoint a new interim CFO [3]. - The interim arrangements will be supported by Catherine Evans, chair of the audit committee, Ryan McDermott, the CEO, and other board members and senior management [3]. - The company plans to outsource the company secretary role to a corporate services firm during the ongoing investigations [3]. Group 3: Financial Position and Funding - Phoenix Copper has limited working capital and anticipates that its current cash balances will only meet ongoing obligations until early Q2 2026 without additional funding [4]. - The company is exploring various short-term and long-term funding options and will update shareholders on its fundraising strategy in due course [4]. - Discussions regarding the terms of a short-term loan facility with Riverfort Global Opportunities PCC Limited are ongoing, with updates to be provided once concluded [5].