REG - Phoenix Copper Ltd - Corporate Update

Phoenix CopperAnnouncement

20/04/2026 07:00

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RNS Number : 0914B  Phoenix Copper Limited  20 April 2026

Phoenix Copper Limited / Ticker: PXC / Sector: Mining

 

20 April 2026

Phoenix Copper Limited

("Phoenix" or the "Company")

Corporate Update

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 corporate update.

Funding update

Phoenix is currently conducting ongoing discussions with several groups about
raising the necessary funds to complete detailed engineering in order to
submit the Plan of Operations for the Empire Mine ("Empire"). The Company's
intention is to agree funding structures that are as non-dilutive to
shareholders as possible. Following this, the Company should be in a position
to raise conventional debt and/or equity financing to build the infrastructure
necessary to bring Empire into production. Additional funds are also required
to settle short term debt and for working capital, which has been considerably
streamlined.

The Company remains in discussion with the accredited US based investor
referred to in Phoenix's announcement of 12 June 2025. Phoenix's cash position
remains constrained, and the Company will provide shareholders with further
updates regarding these funding discussions as appropriate.

Ryan McDermott, CEO of Phoenix Copper, commented: "The fact that Phoenix has
proven and probable reserves in a Tier 1 jurisdiction greatly facilitates our
ongoing fundraising discussions. Due diligence is both a necessary and
time-consuming process, and we appreciate shareholders' patience and
pragmatism while it is ongoing. As well as actively working on funding
operations, the Directors are conscious that the current debt arrangements
need to be simplified, and we are therefore also in active discussions with
our creditors.

Notwithstanding our need to secure additional funding in the short term, the
Board's long-term focus remains the advancement of the Empire project to
production. We look forward to providing our shareholders with further updates
in the coming weeks and months."

Audit Committee report

The Audit Committee has completed a detailed report on the events that led to
the dismissal of the former Executive Chairman and former CFO in early March,
and this report is being reviewed by the Company's Auditors. The Board has
carefully reviewed the internal control environment to mitigate against the
possibility of a recurrence and has taken all active steps possible within the
law to retrieve the unauthorised payments referred to in its announcements of
9 February 2026 and 9 March 2026, a portion of which has already been repaid.

Annual Results and EGM Requisition

The Board is working with the Auditors in the UK and Idaho on finalising the
financial statements for the year ended 31 December 2025 and the Annual
Report. Following the Company's announcement dated 10 April 2026, the Board
remains in discussion with NIU Invest SE regarding the requisition of an
Extraordinary General Meeting (the "Requisition"). A further announcement
regarding the status of the Requisition will be made once these discussions
have concluded.

Market Abuse Regulation (MAR) Disclosure

The Company deems the information contained within this announcement to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014, which has been incorporated into UK law by the European
Union (Withdrawal) Act 2018. Upon the publication of this announcement via
the Regulatory Information Service, this inside information is now considered
to be in the public domain.

 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

 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                                            Megan Ray / Rachael Brooks                    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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