RCS - Phoenix Copper Ltd - Phoenix Copper Invites New ESG Standards

Phoenix CopperAnnouncement

22/04/2022 07:00

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RNS Number : 9688I  Phoenix Copper Limited  22 April 2022

 

Phoenix Copper Limited / Ticker: PXC / Sector: Mining

22 April 2022

 

Phoenix Copper Limited

('Phoenix' or the 'Company')

 

Phoenix Copper Invites New ESG Standards

Phoenix Copper Limited (AIM: PXC, OTCQX ADR: PXCLY), the AIM-quoted
USA-focused base and precious metals emerging producer and exploration
company, is pleased to recognise Earth Day by celebrating the continued
sustainability efforts of the Company's permitting and environmental, social
and governance ("ESG") teams. The teams' commitments to environmental
stewardship, social responsibility, and economic development guide Phoenix's
mission to provide the critical and strategic minerals necessary for meeting
global green energy goals, while protecting natural resources and boosting
local economies.

Copper, cobalt, and other metals are central to the world's transition to a
clean energy future. Governments across the globe are taking action to move
away from fossil fuels and accelerate the use of renewable energy. Industry
experts have voiced concerns over how the fast-rising demand of metals needed
for renewable energy technologies could create a shortage of the raw materials
required to meet clean energy goals. Phoenix aims to support the growing need
for clean energy materials by working toward development on the historically
producing Empire copper mine and two cobalt exploration properties in Idaho,
USA while setting new standards for ESG at every level of Company operations.

Phoenix has committed to work with independent ESG disclosure and oversight
platforms for the mining industry which offer a set of frameworks aligned to
key global standards. All information disclosed will be independently
verified. With robust, industry-specific reporting and disclosure of ESG
metrics, the Company can better identify best practices, risks, and solutions.

Catherine Evans, Non-executive Director and Chairman of the ESG &
Sustainability Committee said: "From the top down, ESG is integrated into all
of our activities. The Phoenix Copper team is eager to promote transparency
and accountability into our programme. Not only do we wish to fully disclose
our extensive ESG activities, but we would also like to develop potential
solutions for unlikely events that could have an effect on our operations. We
rely heavily on the trust and support of our community and wider stakeholders,
and we regard independent verification of our ESG credentials as a key
component of building on that trust. These opportunities for improvement,
transparency, and accountability will allow us to create more sustainable
projects both environmentally and economically."

 

Environmental, Social, and Corporate Governance

Phoenix is committed to meeting and exceeding the environmental standards
required by law as a core value of the Company.  The baseline environmental
data collected to date will be used for furthering the permitting process, but
as importantly, will be used as the building blocks for the Company's ongoing
Environmental, Social, and Corporate Governance (ESG) platform, overseen by
the Company's ESG & Sustainability Committee.

 

Contacts

For further information please visit https://phoenixcopperlimited.com
(https://phoenixcopperlimited.com/)  or contact:

 Phoenix Copper Limited                               Ryan McDermott                                   Tel: +1 208 954 7039

                                                      Brittany Lock                                    Tel: +1 208 794 8033

                                                      Richard Wilkins                                  Tel: +44 7590 216 657
 SP Angel Corporate Finance LLP (Nominated Adviser)   David Hignell / Caroline Rowe                    Tel: +44 20 3470 0470
 Tavira Securities Limited (Joint Broker)             Jonathan Evans / Oliver Stansfield               Tel: +44 20 7100 5100

 WH Ireland (Joint Broker)                            Harry Ansell / Adam Pollock / Katy Mitchell      Tel: +44 20 7220 1666
 Panmure Gordon (UK) Limited (Joint Broker)           John Prior / Hugh Rich / Ailsa Macmaster         Tel: +44 20 7886 2500
 EAS Advisors (US Corporate Adviser)                  Matt Bonner / Rogier de la Rambelje              Tel: +1 (646) 495-2225
 BlytheRay                                            Tim Blythe / Megan Ray                           Tel: +44 20 7138 3204

(Financial PR)

 

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/ (https://phoenixcopperlimited.com/)

 

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