REG - Phoenix Copper Ltd - Block Listing Six Monthly Return

Phoenix CopperAnnouncement

06/10/2022 07:00

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RNS Number : 9325B  Phoenix Copper Limited  06 October 2022

Phoenix Copper Limited / Ticker: PXC / Sector: Mining

6 October 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:                                    06/04/2022            To                    06/10/2022
             Balance of unallotted securities under scheme (s) from previous return:           8,197,360
             Plus: The amount by which the block scheme(s) has been increased since the        777,955 being:
             date of the last return (if any increase has been applied for):

                                                                                               70,455 warrants exercisable at 50p valid to   30/06/2024

                                                                                               707,500 warrants exercisable at 35p valid to 30/06/2025

             Less: Number of securities issued/allotted under scheme(s) during period
             (see LR3.5.7G):

                                                                                               832,382 exercised

                                                                                               1,608,502 lapsed

             Equals: Balance under scheme(s) not yet issued/ allotted at end of period:        6,534,431

  Name of contact:                                                                             Richard Wilkins, CFO
 Telephone number of contact:                                                                  +44 (0) 7590 216 657

 

Application to trading on AIM

 

Application has been made to the London Stock Exchange for a block admission
of up to 777,955 ordinary shares of no par value in the Company to be admitted
to trading on AIM ("Admission"). Admission is expected to become effective at
8.00a.m. on or around 7 October 2022. As and when the warrants are exercised,
the shares will be issued fully paid and will rank pari passu in all respects
with the existing issued ordinary shares of the Company.

 

These shares will be block listed pursuant to the Company's existing
application which was filed to enable holders of the Company's warrants to
continue to voluntarily exercise them without the need for the issue of a
separate RNS and admissions filing each time this occurs.

 

Total Voting Rights

 

The total number of ordinary shares of no par value in the Company as at the
date of this announcement is 122,628,622. For the purposes of the Disclosure
Guidance and Transparency Rules, shareholders may use this figure as the
denominator for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest in, the
issued share capital of the Company. No ordinary shares are held in treasury.

 

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 Financial Limited (Joint Broker)              Jonathan Evans / Oliver Stansfield            Tel: +44 20 7100 5100

 WH Ireland (Joint Broker)                            Harry Ansell / 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 programs 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 Materials (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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