Business
Final results for the year ended 31 December 2022
Final results for the year ended 31 December 2022.
About this update from Phoenix Copper Ltd. (united Kingdom)
[{"type":"text","content":"\n\n25 May 2023\nPhoenix Copper Limited\n('Phoenix' or the 'Company')\n \nFinal audited results for the year ended 31 December 2022\nNotice of AGM \n \nPhoenix Copper Ltd (AIM: PXC, OTCQX: PXCLY), the AIM-quoted USA-focused base and precious metals emerging producer and exploration company is pleased to announce its audited results for the year ended 31 December 2022. All references to $ are United States dollars.\nHighlights\nCorporate & Financial\n- Investment in Empire Mine increased to $33.10 million (2021: $26.12 million)\n- Net assets increased to $37.84 million (2021: $37.78 million)\n- Group reports loss of $1.57 million (2021: $969,250), after charging a non-cash related foreign exchange loss on sterling denominated assets of $564,353 (2021: foreign exchange gain of $173,358)\n- Year-end cash balance of $4.66 million (2021: $13.05 million)\n- Company loans to Idaho operating subsidiaries increased to $30.61 million (2021: $21.41 million)\n- Group acquisition of third party royalties payable by Empire Mine\n- $80 million issue of floating rate, listed, secured, non-convertible, minimum 8.5% copper bonds due 2028-2032 nearing completion\n- Inaugural Sustainability Report published and 'A' rating scored on Digbee ESG Platform\nOperational\n- Completed core drilling at Empire open pit copper mine to support metallurgical recovery and process design using non-toxic ammonium thiosulphate (\"ATS\")\n- Continuity of open pit mineralisation further confirmed, including intercepts of up to 12.8% copper, 269.10 grammes per tonne (\"g/t\") silver and 0.75 g/t gold\n- ATS metallurgical testing underway to support recovery and processing of copper, gold and silver in one process\n- Ongoing drilling encounters further mineralisation at Red Star silver-lead deposit\n- 60 hole 2023 Navarre Creek gold drilling programme approved by US Forest Service\n- Local Community Advisory Team created as part of the Co...