REG - Phoenix Copper Ltd - Extension of Loan Facility

Phoenix CopperAnnouncement

23/06/2023 07:00

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RNS Number : 6634D  Phoenix Copper Limited  23 June 2023

Phoenix Copper Limited / Ticker: PXC / Sector: Mining

23 June 2023

Phoenix Copper Limited

('Phoenix' or the 'Company')

 

Extension of Loan Facility

 

Phoenix Copper Ltd (AIM: PXC, OTCQX: PXCLY), the AIM-quoted USA-focused base
and precious metals emerging producer and exploration company refers to the
short-term $2,000,000 loan facility announced on 24 March 2023 (the "Loan
Facility"), and confirms that the initial three month term has been extended
for a further three months (the "Extended Initial Term"), also at a fixed 4%
coupon. The Company retains the option to extend the Loan Facility beyond the
Extended Initial Term until 23 March 2024 on the same terms as previously
announced.

 

Environmental, Social, and Corporate Governance

Phoenix is committed to meeting and exceeding the environmental standards
required by law as a core value of the Company. The baseline environmental
data collected to date will be used to further the permitting process, and as
a base for the Company's ongoing Environmental, Social, and Corporate
Governance (ESG) platform, overseen by Phoenix Copper's ESG &
Sustainability Committee. The Company has recently published its inaugural
Sustainability Report, which can be viewed on the Company's website.

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.

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 (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, gold, silver 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 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/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, 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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