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Phoenix Copper Ltd - base and precious metals explorer in US state of Idaho - Interim loss widens as the firm continues to make no revenue. Half-year loss in the six months to June 30 widens to $1.1 million, from $199,481 a year ago. Administrative expenses increase to $1.1 million, from $295,368.
Chair Marcus Edwards-Jones says that the company entered 2022 optimistic, but that the outlook has deteriorated due to the war in Ukraine and associated effects on energy prices and steel supply. These issues ‘have made it nearly impossible to complete an accurate feasibility study, which needs stable and firm quotes in order to estimate operating and sustaining capital costs through the life of the operation. Less visible, but just as important, supply chain difficulties are having a hugely disruptive effect on the mining industry: damaged parts can take months to replace, a problem affecting everything from drilling parts to tyres,’ he explains.
However, Edwards-Jones states that the firm is well-positioned to weather the current crisis as it focuses on fundraising and optimising its plans to be as ‘profitable as possible’.
Current stock price: 23.30 pence, down 21% on Thursday
12-month change: down 62%
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