Phoenix Copper Limited Block Listing Six Monthly Return (3764H)

TIDMPXC

RNS Number : 3764H

Phoenix Copper Limited

06 April 2022

Phoenix Copper Limited / Ticker: PXC / Sector: Mining

6 April 2022

Phoenix Copper Limited

('Phoenix' or the 'Company')

Block Listing Six Monthly Return

Phoenix Copper Ltd (AIM: PXC, OTCQX ADR: PXCLY) the AIM quoted USA focused base and precious metals emerging producer and exploration company, announces the following block listing six monthly return:

 
   Name of applicant:                                Phoenix Copper Limited 
   Name of scheme:                                   Warrants 
                                                   ---------------------------------- 
   Period of return:            From:                06/10/2021    To    06/04/2022 
                              -------------------  ------------  ----  -------------- 
 
    Balance of unallotted securities 
    under scheme (s) from previous return:           13,404,643 
                                                   ---------------------------------- 
   Plus: The amount by which the block               - 
    scheme(s) has been increased since 
    the date of the last return (if 
    any increase has been applied for): 
                                                   ---------------------------------- 
   Less: Number of securities issued/allotted        4,924,245 exercised 
    under scheme(s) during period (see                283,038 lapsed 
    LR3.5.7G): 
                                                   ---------------------------------- 
   Equals: Balance under scheme(s) 
    not yet issued/ allotted at end 
    of period:                                       8,197,360 
                                                   ---------------------------------- 
 
   Name of contact:                                  Richard Wilkins, CFO 
  Telephone number of contact:                       +44 (0) 7590 216 657 
                                                   ----------------------------------

Contacts

   For further information please visit    https://phoenixcopperlimited.com     or contact: 
 
 Phoenix Copper            Ryan McDermott                          Tel: +1 208 
  Limited                   Brittany Lock                             954 7039 
                            Richard Wilkins                        Tel: +1 208 
                                                                      794 8033 
                                                                 Tel: +44 7590 
                                                                       216 657 
 SP Angel Corporate        David Hignell / Caroline                Tel: +44 20 
  Finance LLP (Nominated    Rowe                                     3470 0470 
  Adviser) 
                          -----------------------------------  --------------- 
 T avira Securities        Jonathan Evans / Oliver Stansfield      Tel: +44 20 
  Ltd (Joint Broker)                                                 7100 5100 
                          -----------------------------------  --------------- 
 WH Ireland (Joint         Harry Ansell / Adam Pollock            Tel: +44 207 
  Broker)                   / Katy Mitchell                            2201666 
                          -----------------------------------  --------------- 
 Panmure Gordon            John Prior / Hugh Rich /                Tel: +44 20 
  (UK) Limited              Ailsa Macmaster                          7886 2500 
  (Joint Broker) 
                          -----------------------------------  --------------- 
 EAS Advisors              Matt Bonner / Rogier de la            Tel: +1 (646) 
  (US Corporate             Rambelje                                  495-2225 
  Adviser) 
                          -----------------------------------  --------------- 
 BlytheRay                 Tim Blythe / Megan Ray                  Tel: +44 20 
  (Financial PR)                                                     7138 3204 
                          -----------------------------------  ---------------

Notes

Phoenix Copper Limited is a USA focused, base and precious metals emerging producer and exploration company, initially targeting copper and zinc production from an open pit mine.

Phoenix's primary operations are focused near Mackay, Idaho in the Alder Creek mining district, at the 80% owned Empire Mine property, which historically produced copper at grades of up to 8%, as well as gold, silver, zinc and tungsten, from an underground mine.

Since 2017, Phoenix has carried our extensive drill programmes which have defined a NI 43-101 compliant PEA (preliminary economic assessment) for an open pit heap leach solvent extraction and electrowinning ("SX-EW") mine, which was updated in October 2020. The contained metal in all NI 43-101 compliant categories of resources, Measured, Indicated and Inferred, stand at 129,641 tonnes of copper, 355,523 ounces of gold, 10,133,772 ounces of silver and 58,440 tonnes of zinc. Phoenix updated its economic model in February 2021 to include the processing of all contained metals through a two phased approach.

In addition to Empire, the district includes the historic Horseshoe, White Knob and Blue Bird Mines, past producers of copper, gold, silver, zinc, lead and tungsten from underground mines. A new discovery at Red Star, 330 metres northwest of the Empire Mine proposed open pit, has revealed high grade silver / lead sulphide ore, and from three shallow exploration drill holes a maiden resource of 103,000 tonnes containing 173.4 g/tonne silver, 0.85 g/tonne gold and 3.85% lead (1.6 million ounces silver equivalent) was reported in an NI 43-101 technical report published in May 2019. Additionally, the district includes Navarre Creek, a volcanic hosted precious metals target in a 14.48 sq km area. The Company's total land package at Empire comprises 8,034 acres (32.51 sq kms).

At Empire, it is estimated that less than 1% of the potential ore system has been explored to date and, accordingly, there is significant opportunity to increase the resource through phased exploration. The stated aim of the Company is to fund this phased exploration through free cashflow generated by its initial mine. A Plan of Operations in respect of the initial open pit mine was filed with the relevant regulatory authorities in June 2021.

Phoenix also has two wholly owned cobalt properties on the Idaho Cobalt Belt to the north of Empire. An Earn-In Agreement has been signed with Electra Battery Metals (formerly First Cobalt Corporation), Toronto, in respect of one of those properties.

Phoenix is listed on London's AIM (PXC), and trades on New York's OTCQX Market (PXCLF and PXCLY (ADRs)). More

details on the Company, its assets and its objectives can be found on PXC's website at    https:// phoenixcopperlimited.com.

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