REG - Phoenix Copper Ltd - Block Listing Six Monthly Return

Phoenix CopperAnnouncement

06/04/2023 07:00

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RNS Number : 5388V  Phoenix Copper Limited  06 April 2023

Phoenix Copper Limited / Ticker: PXC / Sector: Mining

6 April 2023

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:                                    06/10/2022            To                    06/04/2023
             Balance of unallotted securities under scheme (s) from previous return:           6,534,431
             Plus: The amount by which the block scheme(s) has been increased since the        3,500,000 being:
             date of the last return (if any increase has been applied for):

                                                                                               1,500,000 warrants exercisable at 50p valid to 30/06/2024

                                                                                               2,000,000 warrants exercisable at 42p valid to 23/3/2026

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

                                                                                               50,000 exercised

                                                                                               512,974 lapsed

             Equals: Balance under scheme(s) not yet issued/ allotted at end of period:        9,471,457

  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 3,500,000 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 13 April 2023. As and when, or if, 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 122,678,622. 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 / Kasia Brzozowska              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 out extensive drill programmes which have
defined a NI 43-101 completed PEA (preliminary economic assessment) for an
open pit heap leach solvent extraction and electrowinning ("SX-EW") mine,
which was updated in October 2020. From the 2020 PEA, the measured and
indicated resource is: 22,909,059 tonnes at an average grade of 0.38% copper,
0.324 grammes per tonnes ("g/t") gold, 10.3 g/t silver, and 0.19% zinc. The
contained metal for the measured and indicated resource is 87,543 tonnes of
copper, 238,406 ounces of gold, 7,595,198 ounces of silver and 43,871 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
inferred resource of 103,000 tonnes containing 173.4 g/t silver, 0.85 g/t gold
and 3.85% lead (1.6 million ounces silver equivalent) was reported in a 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, 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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