REG - Phoenix Copper Ltd - CEO Statement

Phoenix CopperAnnouncement

Tue 07:00

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RNS Number : 3228S  Phoenix Copper Limited  10 February 2026

Phoenix Copper Limited / Ticker: PXC / Sector: Mining

 

10 February 2026

Phoenix Copper Limited

("Phoenix" or the "Company")

CEO Statement

Phoenix Copper Limited (AIM: PXC; OTCQX ADR: PXCLY), the AIM quoted, 100% USA
focused base and precious metals emerging producer and exploration company
announces the following statement from Ryan McDermott, the Company's Chief
Executive Officer:

Ryan McDermott, Phoenix's CEO, said: 'I recognise that our announcement of 9
February 2026 has created uncertainty for shareholders. I understand your
concerns following recent developments and would like to assure shareholders
that the Board and management team, with input from our professional advisors,
are taking all the necessary steps to progress the investigations we referred
to yesterday as thoroughly and efficiently as possible.

'We've already taken action to ensure continuity of leadership, whilst also
minimising any disruption to the Company in the short term while the
investigations are ongoing. The Company will provide shareholders with a
further update as soon as reasonably possible once our internal reviews have
been completed.

'In the meantime, I would like to provide reassurance to shareholders
regarding the Company's current strategy and priorities. Importantly, the
Company's core assets and projects remain unchanged, and the Board continues
to believe strongly in their long-term value and development potential. Work
relating to the advancement of the Empire Project and broader strategic
options continues.

'I would like to thank all of our shareholders and stakeholders for their
continued support and patience while the Company works through the processes
necessary to conclude our investigations.'

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

 

Contacts

 Phoenix Copper Limited                               Ryan McDermott                                Tel: +1 208 9547039

                                                      Paul de Gruchy                                Tel: +44 7484 203 720

                                                                                                    Tel: +44 7590 216 657
 SP Angel Corporate Finance LLP (Nominated Adviser)   David Hignell / Jen Clarke / Devik Mehta      Tel: +44 20 3470 0470
 Tavira Financial Limited (Joint Broker)              Jonathan Evans / Oliver Stansfield            Tel: +44 20 7100 5100
 Zeus Capital Limited (Joint Broker)                  Harry Ansell / Katy Mitchell                  Tel: +44 20 7220 1666
 Oak Securities (Corporate Bond Adviser)              Hugh Rich                                     Tel: +44 20 3973 3678
 BlytheRay                                            Tim Blythe / Megan Ray                        Tel: +44 20 7138 3204

 (Financial PR)

 

 

Notes

Phoenix Copper Limited is an emerging producer and exploration company
specialising in base and precious metals, with an initial focus on copper,
gold, and silver extraction from an open-pit mining operation within the
United States.

Located in the historic Alder Creek mining district near Mackay,
Idaho, Phoenix's flagship asset is the Empire Mine, in which the Company
holds an 80% ownership stake. The historic Empire underground mine, located
beneath the surface of the Company's proposed open pit, boasts a rich history
of producing high-grade copper, gold, silver, zinc, and tungsten.

Since 2017, Phoenix has executed extensive drilling initiatives, resulting
in an expansion of the Empire Open-Pit resource by over 200%. In May
2024 the Company published its inaugural mineral reserve statement for
the Empire Open-Pit Mine. Proven and Probable mineral reserves are 10.1
million tonnes containing 109,487,970 lbs of copper, 104,000 oz of gold and
4,654,400 oz of silver. This reserve was estimated using assay data from 485
drill holes, extensive geological modelling, metallurgical recovery test work,
geotechnical evaluation, and mine design. The reserve represents a combined
66,467 tonnes of copper equivalent metal.

In addition to the Empire Mine, Phoenix's holdings in the district also
encompass the Horseshoe, White Knob, and Blue Bird Mines, all of which have
been producers of copper, gold, silver, zinc, lead, and tungsten from
underground operations, a new high-grade silver and lead orebody at Red Star,
and the Navarre Creek gold exploration project, which was first drilled in
2023. The Company's land package at Empire spans 8,434 acres (34 sq km).

Phoenix also owns two cobalt properties situated along the Idaho Cobalt Belt
to the north of Empire. An Earn-In Agreement has been established concerning
one of these 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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