REG - Phoenix Copper Ltd - EGM Requisition Notice received

Phoenix CopperAnnouncement

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RNS Number : 0562A  Phoenix Copper Limited  10 April 2026

Phoenix Copper Limited / Ticker: PXC / Sector: Mining

 

10 April 2026

Phoenix Copper Limited

("Phoenix" or the "Company")

EGM Requisition Notice received

Phoenix Copper Limited (AIM: PXC; OTCQX ADR: PXCLY), the AIM quoted, 100% USA
focused base and precious metals emerging producer and exploration company,
announces that it received a request on 3 April 2026 from NIU Invest SE
("NIU"), a holder of approximately 11.7% of the voting rights in the Company,
seeking to requisition an extraordinary general meeting of shareholders
pursuant to Article 10.2 of the Company's Articles of Association (the
"Requisition").

As announced on 5 June 2024, NIU invested an initial US$5 million, a drawdown
of the agreed US$80 million fully subscribed corporate copper bonds, the net
proceeds of which were to be used to fully fund the construction of the
Company's Empire open pit mine in Idaho, USA for the production of copper,
gold and silver, and for general working capital. In lieu of an arrangement
fee, the Company issued NIU with 33,884,031 new ordinary shares of no par
value in the Company and warrants to subscribe at no cost for a further
22,589,354 new ordinary shares in lieu of a drawdown fee. As no further
funding has been forthcoming, the warrants have since been cancelled.

The Company has been working with its advisers to review the content and
validity of the Requisition and deem it to be validly served.

The Requisition proposes the following ordinary resolutions:

1. THAT, with effect from the conclusion of the meeting, NIU's representative
be and is hereby appointed as a director of the Company. NIU did not name a
proposed representative.

2. THAT the shareholders request that the board of directors of the Company
promptly commission an independent investigation by external advisers into the
matters disclosed in the Company's announcement dated 9 March 2026, and that
the board make available to shareholders, as soon as reasonably practicable, a
summary of the findings of such investigation, subject to legal privilege,
confidentiality obligations and applicable law.

3. THAT the shareholders request that the board of directors of the Company
provide to shareholders, within 30 days after the date of the meeting, an
explanation of (i) how the unauthorised payments disclosed in the Company's
announcements dated 9 February and 9 March 2026 were permitted to occur,
including the control failures that made them possible, and (ii) the
governance, approval and internal control measures the board has adopted, or
proposes to adopt, to prevent any recurrence, in each case subject to legal
privilege, confidentiality obligations and applicable law.

4. THAT the shareholders request that the board of directors of the Company
provide to shareholders, within 30 days after the date of the meeting, an
update on (i) the use of proceeds of the Company's bond financing, (ii) the
Company's current liquidity position and (iii) the Company's near-term funding
plans, in each case subject to legal privilege, confidentiality obligations
and applicable law.

The board of directors is in discussions with NIU regarding the Requisition
and the resolutions, and if deemed necessary, will release a circular
pertaining to the Requisition in due course in accordance with statute and
with its Articles of Association. In the meantime, shareholders are urged to
take no action.

 

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

                                                                                                    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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