US-focused Phoenix Copper has dismissed its executive chairperson Marcus Edwards-Jones and CFO Richard Wilkins following an internal investigation that uncovered undisclosed related-party payments and unauthorised transactions.

The Aim-listed company said on Monday that its board had concluded the investigation into allegations regarding the conduct of the two executives and terminated their service agreements with immediate effect.

The probe found that historic payments totalling about $1.765-million were made between 2016 and 2025 to Lloyd Edwards-Jones, a corporate finance advisory firm owned and directed by Edwards-Jones.

According to Phoenix, the payments were made by Wilkins without the knowledge or approval of the board and Wilkins shared in the proceeds. The transactions constituted related-party dealings under Aim rules but were never disclosed or approved by independent directors or the company’s nominated adviser.

Phoenix said it was seeking to recover the funds and that Edwards-Jones and Wilkins had indicated they were willing to cooperate with the company in this process.

The investigation also uncovered additional unauthorised payments totalling £0.61-million. Some of the funds were paid to an intermediary in connection with bond financing without board approval, while others were made despite explicit board direction not to proceed.

Phoenix was also seeking to recover these payments.

Following the dismissals, independent nonexecutive director and audit committee chairperson Catherine Evans has been appointed interim nonexecutive chair. She will work with CEO Ryan McDermott, the advisory board and external advisers to strengthen governance and maintain operational continuity.

The company said interim financial oversight measures were already in place through the appointment of an interim CFO to support completion of the audit for the year ended 31 December 2025.

Phoenix’s auditor, Crowe UK, had been informed of the historic related-party transactions. The company said it did not currently expect to restate prior financial statements, though the payments would be disclosed in the 2025 accounts.

Phoenix also confirmed its working capital position remained tight. Following a review of cashflow and cost reductions, the company said its existing cash balance should fund operations until the end of the second quarter of 2026.

Discussions are continuing with Riverfort Global Opportunities PCC regarding the terms of a short-term loan facility, while the company is also negotiating revised terms under an agreement with Indigo Capital announced in December 2025.