REG - Phoenix Copper Ltd - Final results for the year ended 31 December 2021
28/03/2022 07:00
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RNS Number : 1338G Phoenix Copper Limited 28 March 2022
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
28 March 2022
Phoenix Copper Limited
("Phoenix" or the "Company")
Final audited results for the year ended 31 December 2021
Notice of AGM
Phoenix Copper Limited (AIM: PXC; OTCQX ADR: PXCLY), the AIM quoted USA
focused base and precious metals emerging producer and exploration company, is
pleased to announce its audited results for the year ended 31 December 2021.
All references to $ are United States dollars.
Highlights
Corporate & Financial:
- Gross proceeds of $26.0 million raised by way of subscription,
placing and open offer
- Investment in Empire Mine increased to $26.12 million (2020:
$14.79 million)
- Net assets increased to $37.78 million (2020: $13.83 million)
- Group reports unchanged net loss of $0.97 million (2020: $0.97
million)
- Year-end cash balance of $13.05 million (2020: $1.15 million);
no debt
- Company loan to operating subsidiary increased to $19.16 million
(2020: $11.28 million)
- Company's shares commenced trading on OTCQX as American
Depositary Receipts with The Bank of New York Mellon sponsoring and managing
the Program
- Company acquisition of third party royalties payable by Empire
Mine
- Catherine Evans appointed as an Independent Non-Executive
Director and as Chairman of newly created ESG & Sustainability Committee,
and
- Harry Kenyon-Slaney appointed to the Company's Advisory Board
Operational:
- Empire Mine open pit feasibility model completed: pre-production
capital expenditure payback less than two years, gross revenue of $836 million
over 10 years, $43 million post-tax cash flow in year 1 (at $3.60 / lb copper
price)
- Plan of Operations filed with the regulatory authorities to
commence final permitting stage of Empire open pit mine
- Empire land holdings increased by 2,317 acres to 8,034 acres
(32.51 square kilometres), including an additional 1,157 acres at the Navarre
Creek gold zone
- Ground magnetics and hyperspectral mineral geophysical surveys
completed at Red Star silver, Horseshoe silver and Navarre Creek gold; new
mineralised areas of interest identified
- Ongoing exploration and drilling programmes at Red Star, Navarre
Creek and the historically mined high grade Empire underground sulphide copper
deposit; 8.38% copper intercepted
- ESG Program initiated and local Community Advisory Team
appointed
- Earn-In Agreement signed with Electra Battery Materials
Corporation on Redcastle Idaho Cobalt Belt project
Annual General Meeting:
The Company also announces that the Annual General Meeting ("AGM") will be
held at the Washington Mayfair Hotel, 5 Curzon Street, London W1J 5HE on 12
April 2022 at 11.00 BST.
The Notice of AGM and Forms of Proxy will be despatched to shareholders on 28
March 2022 and will be available on the Company's website at
www.phoenixcopperlimited.com (http://www.phoenixcopperlimited.com) .
The Company's Annual Report and Consolidated Financial Statements for the year
ended 31 December 2021 will also be available on the website from 29 March
2022.
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 for furthering the permitting process, but
as importantly, will be used as the building blocks for the Company's ongoing
Environmental, Social, and Corporate Governance (ESG) platform, overseen by
the Company's ESG & Sustainability Committee.
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
Richard Wilkins Tel: +44 7590 216 657
Brittany Lock (IR) Tel: +1 208 794 8033
SP Angel Corporate Finance LLP (Nominated Adviser) David Hignell / Caroline Rowe Tel: +44 20 3470 0470
Tavira Securities Limited (Joint Broker) Jonathan Evans / Oliver Stansfield Tel: +44 20 7100 5100
WH Ireland (Joint Broker) Harry Ansell / Adam Pollock / 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 resulted
in the publication of a NI 43-101 PEA in October 2020 for an open pit heap
leach solvent extraction and electrowinning ("SX-EW") mine, which was updated
in October 2020. The contained metal in all NI 43-101 compliant categories of
resources, measured, indicated, and inferred, stand at 129,641 tonnes of
copper, 355,523 ounces of gold, 10,133,772 ounces of silver and 58,440 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
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 the Navarre Creek Project, 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 Corporation (formerly First Cobalt Corporation), 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) .
CHAIRMAN'S STATEMENT
Dear Shareholders
It is with great pleasure that we present our 2021 Report & Accounts for
what has been an exciting and transformative year for our Company. In
particular we are now in the permitting and development phase of the Empire
open-pit mine, as well as making progress in revealing the potentially
world-class porphyry system we believe to be the source of the mineral
resources we have already identified. We are grateful to all of you who
supported our over-subscribed $25 million fund raise last March.
As I write, the chaos and savagery in Eastern Europe threaten to drag us all
back to the dark decades of the 1930s and 40s. Our thoughts and prayers are
with the Ukrainians. We face a new world order in which we need to
re-establish self-sufficiency in essential items, including metals. The
Russian invasion of Ukraine, with the resultant bans on trade, has driven
commodity prices to record levels. Russia's copper exports of some 750,000
tonnes per annum account for approximately 3.5% of global annual consumption
of mined copper - a market where a supply swing of 200,000 tonnes has a major
impact on pricing.
It remains to be seen if the conflict will precipitate a global slump and
associated fall in metal prices. However, the recent spikes in metal prices
were evidence of trends which have been weighing on supplies of copper,
silver, cobalt and zinc for some time. It is likely that some of the more
vociferous demands for instant and total electrification to stave off global
warming may not be immediately satisfied while we reduce our dependence upon
Russian hydrocarbons, and some of the more optimistic forecasts on renewables
and electric vehicles may prove to be just that, but the move towards clean
energy and the infrastructure required will continue to ensure shortages of
the metals we are on the point of producing at Empire, and, in due course, on
the Idaho Cobalt Belt. To put matters into further perspective, our Nominated
Adviser, SP Angel, estimated that the US Administration's target for 30GW of
offshore wind farms would potentially require an additional 240 million tonnes
of copper, or around 10 years of global mined production.
In previous reports I have mentioned how fortunate we are to be operating in
the State of Idaho, USA. Recent developments, in the Ukraine and elsewhere,
underline how vital it is for us to be there. A majority of the top ten copper
projects under development are funded by Asian companies, who will absorb
most, if not all, of the incremental increase in production, whilst in Chile,
the world's largest producer with approximately 28% of production, there are
more strident calls for nationalising or imposing heavy tax increases on
companies producing over 50,000 tonnes per annum. The potentially
unsustainable dependency on China for a long list of metals crucial to Western
defence requirements, including cobalt, tungsten (also in evidence at Empire),
and rare earths also exposes the importance of jurisdictional location.
Fortunately, the current US Administration is reacting to this emergency. ESG
issues have grown from being an area to which many miners paid lip service, to
being the most important consideration for many investors, and NGOs and
environmentalists have, quite rightly in many cases, castigated an industry
notorious for accidents, environmental disasters, and lack of engagement with
local communities. However, many Americans are waking up to the possibility
that it might be a good idea to have their own sources of critical metals, as
long as they are responsibly mined. Investors are also beginning to
differentiate between "good" and "bad" mining, rather than banning the sector
completely from portfolios. We hope to form a part of this process,
differentiating ourselves from mining companies which use cyanide, source
cobalt, tin and coltan mined by children in the Congo, which is then smelted
in China, or use acid and steam to process tar sands, or generate a percentage
of their profits from coal, or pump large quantities of desalinated water up
to high altitudes where their operations then use diesel-generated
electricity.
As we near the completion of the permitting process for the Empire open-pit
mine, we will continue to emphasise our compliance with the best levels of
industry practice. Already, the state of Idaho has the 3rd highest percentage
of electricity generated from renewables in the United States, at 76%. This is
behind Vermont and Maine, neither of which is noted for its mining industry.
In addition, our proposed aerial tramway would generate more electricity than
it uses, as the loaded ore buckets descending from the open-pit to the
processing plant pull the empty ones back up the hill, dispensing with the
need for haulage trucks, with the associated noise, dust and water
consumption, diesel, and a 3.5-mile haul road. Our carbon emissions per tonne
of copper produced will be among the industry's lowest. Moreover, our gold and
silver can be extracted using ammonium thiosulphate, rather than cyanide,
which will make the precious metals permitting process much simpler.
As part of the Empire mine permitting process we gave a presentation and held
a well-attended Q & A session with the citizens of Mackay, in December
last year, and have created a 13 strong consultative committee which will meet
at least four times a year to keep us abreast of any issues worrying local
interests and keep them appraised of developments and any potential impacts. I
draw your attention to the report by the Chairman of our ESG &
Sustainability Committee, Catherine Evans, and would like to thank her and
Lenie Wilkie, our ESG Program Coordinator based in Mackay, for all their hard
work in this area.
Regarding the timetable and funding, I am happy to report that several US, as
well as other investors, have expressed interest in participating in a debt
instrument to fund the entire capital expenditure needed to put the Empire
open-pit mine into production. At $4/lb copper (the price has recently been as
high as $5/lb), our current preliminary economic assessment model shows
revenues in the first 12 months of production of over $100 million,
significantly higher than our estimates for pre-production capital
expenditure. This should enable us to keep our promise of getting into
production without issuing further equity. Further announcements on this will
be made in due course.
As ever, I thank you all for your continued support and for the expanded
team's hard work in the face of Covid-induced adversity. I look forward to
keeping you abreast of developments in what should be another transformational
year for Phoenix Copper Ltd.
Marcus Edwards-Jones
Executive Chairman
25 March 2022
CHIEF EXECUTIVE OFFICER'S REPORT
Principal activities and review of the business
Firstly, I would like to echo our Chairman's sentiments regarding the current
situation in Ukraine. It is sometimes all too easy to forget how fortunate
we are to live and operate in a stable geopolitical jurisdiction. Let us not
take that for granted.
The Company started 2021 on a positive tone, with the February release of the
Fraser Institute Mining Report's Policy Perception Index, which placed Idaho
as the world's top mining jurisdiction as it relates to environmental
regulations, the legal system and taxation regime, and socioeconomic and
community development conditions, just to name a few of the factors used in
the Index. The Company continued a string of positive achievements, with the
completion of an over-subscribed $25 million financing, which allowed us to
continue apace with the important tasks of the feasibility study and
environmental permitting for the Empire open-pit copper mine, and the
continued exploration of the Empire underground sulphides, the Red Star
silver-lead deposit, the Navarre Creek gold project, and the Horseshoe-White
Knob prospects.
Although the environmental permitting of the Empire open-pit mine began in
late 2017 with the initiation of environmental baseline studies, in June the
Company completed an initial Plan of Operations that officially commenced the
final permitting stage of the Empire mine. A Bankable Feasibility Study on
the open-pit resource was also initiated in 2021 and combines all the
drilling, analytical, and engineering data collected on the project to date.
The Feasibility Study will convert the existing Empire resource into a reserve
category, and perfect a final cash flow model with detailed capital and
operating costs. The current preliminary economic assessment level cash flow
model shows gross revenue of $836 million over ten years of mine life, and $43
million post-tax cash flow in year 1 at a $3.60/lb copper price. These project
economics improve significantly at current metal prices.
The Company completed a core drilling program in the Empire underground
sulphides during the year and encountered the first notable copper sulphide
intercept of 8.3%. In addition to the elevated copper value, the intercept was
important in that it was our first view of the sulphide material mined prior
to World War II. That intercept provided us with valuable information
regarding the "roots" of the sulphide system and will anchor future drilling
programs targeting the deeper sulphides. The Company also commissioned ground
magnetics and hyperspectral mineral geophysical surveys at Red Star,
Horseshoe, and Navarre Creek. The results of those surveys were positive and
have provided critical targeting information for future drilling programs.
The Company's cobalt holdings at the Redcastle Idaho Cobalt Belt property in
Lemhi County were signed to an earn-in agreement with Electra Battery
Materials (formerly First Cobalt Corporation), the Toronto-based owner of the
Iron Creek cobalt mine, which shares a common border with the Redcastle
property. The earn-in agreement included an initial payment of cash and
Electra shares to Phoenix, followed by two work commitments of $1,500,000 each
over a five-year period, thereby earning Electra a 75% interest in the
property. I have been encouraged after reading Electra's latest drilling
results from their Iron Creek property. Our Redcastle property borders Iron
Creek on the east and I particularly look forward to their drilling results
from the eastern side of Iron Creek, nearest Redcastle.
2021 also saw the creation of the Company's ESG program, due in large part to
the efforts of Director Catherine Evans and our ESG Program Coordinator Lenie
Wilkie. Cathy and Lenie spearheaded the development of the program, oversaw
the Company's first local Town Hall public meeting in December, and have
recently organized a Community Advisory Team comprised of local citizens and
business owners. The local Mackay community has been very supportive of our
projects since we first began field work in 2017. The outreach programs
developed by our ESG team have further strengthened our relationships and
provided a communication network between the Company and local stakeholders.
In addition to the rollout of our ESG program, I am also pleased to announce
the hiring of a US-based Public Relations Manager, Ms. Brittany Lock.
Brittany's previous experience in mining industry PR and her knowledge of
media and media production will prove invaluable as we continue to develop
stakeholder relationships.
It is also important to note that nearly all of the Company's engineers and
geologists in Idaho have moved themselves and their families to the project
site in Mackay, Idaho, rather than traveling to home bases elsewhere for days
off. The significance of this should not be understated. It requires a
great deal of confidence in the project to pack up and move spouses and
children to a new home. The Phoenix team has always had a great deal of
confidence in our Idaho projects and the migration of our professional staff
and their families to new home bases in Mackay exemplifies that confidence.
I have said this many times before because it is so vitally important.
Phoenix has been provided a unique opportunity with the variety and grade of
mineralisation located on our Idaho properties. The mix of "green metals"
like copper and cobalt, and the prospective gold and silver targets, all
residing within the Company's current claim holdings, puts us in an enviable
position for near term production and years of exploration potential.
2021 was not without its challenges. The supply issues resulting from the
global pandemic, coupled with contractor staffing shortages, did cause some
delays, but the Phoenix team managed to accomplish the goals outlined for
2021. Such delays were not unique to Phoenix and were shared by the industry
as a whole. I fully expect that we will encounter many of the same supply
chain and staff shortages in 2022, although we expect such disruptions to be
minimalised due to the solid working relationships the Company has built with
our contractors, consultants, and the local community.
Empire Mine - Polymetallic Open-Pit Oxide Deposit
An updated NI 43-101 compliant resource was completed by Hardrock Consulting
in October 2020 and reported for the polymetallic Empire Mine open-pit oxide
deposit. The updated resource showed a 51% increase in the Measured and
Indicated category from the previous year's resource. Including the Inferred
resources, the Empire open-pit oxide deposit now contains 129,641 tonnes of
copper, 58,440 tonnes of zinc, 10,133,772 ounces of silver and 355,523 ounces
of gold.
Mineral Resource Statement for Empire Mine, after Hard Rock Consulting October
2020
CLASS Tonnes Cu Equiv % Average Grade Metal Content
Cu Zn Ag Au Cu Zn Ag Au Cu
Eq
ui
v
% % g/t g/t tonnes tonnes Ozs ozs To
nn
es
Measured 8,289,719 0.81 0.42 0.22 11.4 0.327 34,655 18,160 3,031,791 87,036 67,013
Indicated 14,619,340 0.72 0.36 0.18 9.7 0.322 52,888 25,711 4,563,407 151,370 105,899
M+I 22,909,059 0.75 0.38 0.19 10.3 0.324 87,543 43,871 7,595,198 238,406 172,912
Inferred 10,612,556 0.75 0.4 0.14 7.4 0.343 42,098 14,569 2,538,574 117,117 79,296
Phoenix is continuing down the feasibility and permitting pathways with the
polymetallic resource, having completed all the environmental studies directly
applicable to the permitting and mine planning. Discussions are underway
with potential debt financiers to construct the project, to enable production
to commence as soon as possible during 2023.
Empire Underground Sulphides
In July 2021, a core drilling program designed to target the historically
mined high grade sulphide vein system below the open-pit copper oxide resource
was initiated. The first drill hole of the program that reached the design
depth intercepted a 12.6-metre zone of strong to intense sulphide
mineralization. Some of the sulphide minerals identified by our geologists
included bornite, chalcocite, chalcopyrite, pyrite, galena, and pyrrhotite.
Further drilling continued to intercept high grade mineralisation across a
suite of metals, including 8.38% copper, significant intercepts of gold,
silver and zinc, as well as anomalous molybdenum and tungsten mineralization.
A total of 967 metres of a 4,500-metre planned program has been drilled to
date, and further drilling will continue during 2022.
Red Star - High-grade Silver and Lead
Red Star is a high-angle silver-lead vein system hosted in andradite-magnetite
and located 330-metres north-northwest of the Empire oxide pit. Red Star was
identified from a 20-metre-wide surface outcrop across a skarn structure.
Surface mineralisation is a mix of copper and iron oxides and sulphides, with
strong chrysocolla and bornite showings, exposed in a heavily timbered canyon.
In 2018, three reverse circulation ("RC") drill holes were drilled on the
target and assay results reported the presence of high-grade lead and silver
sulphides including intercepts of 20% lead and 1,111 g/t silver. In early May
2019, the Company announced a small maiden Inferred sulphide resource of
103,500 tonnes, containing 577,000 ounces of silver, 3,988 tonnes of lead, 957
tonnes of zinc, 338 tonnes of copper, and 2,800 ounces of gold.
Class Tons Ag Ag Au Au Pb Pb Zn Zn Cu Cu
(x1000) g/t oz g/t oz % lb % lb % lb
(x1000) (x1000) (x1000) (x1000) (x1000) % (x1000)
Inferred 114.13 173.4 577.3 0.851 2.8 3.85 8,791.20 0.92 2,108.80 0.33 745
Following the estimation of the Inferred resource, a second ten-hole diamond
drilling program was completed in 2020. The assay results from that program
confirmed the presence of the high-grade silver and lead veins drilled in
2018, but also confirmed the need for greater understanding of the structural
geology in order to direct further exploration. As a result, in 2021 the
Company commissioned a ground-based magnetics geophysical survey which
identified four high-amplitude areas of interest, including the original
discovery outcrop. The size and amplitude of the three new areas of interest
appear to be significantly greater than that of the discovery outcrop, whilst
further north-northeast magnetic anomalies trending from the outcrop were also
identified. In a program designed to test and help delineate the boundaries of
the magnetic zones, seven further exploratory RC holes were drilled, all of
which encountered further mineralisation. A 3,000-metre diamond core drilling
program is now planned for 2022.
Navarre Creek - Volcanic-Hosted Gold Project
The Navarre Creek claim block is located approximately 8 kilometers
west-northwest of the Empire open-pit mine, and was acquired in 2019 as a
gold exploration project with geology similar to the volcanic-hosted gold
fields on the Carlin Trend in Nevada, home to several multimillion-ounce gold
deposits.
During the summer of 2020, the Phoenix exploration team mapped and sampled the
Company's Navarre Creek property. 90 rock chip and grab samples were
collected in the hydrothermally altered volcanic rocks that make up
the Navarre Creek claims and sent to ALS Laboratories in Reno,
Nevada for geochemical analysis.
Of the 90 samples, 53 were above the detection limit for gold with a high of
0.569 g/t, and 25 above the detection limit for silver. There was also a
strong correlation between elevated gold values and elevated antimony values,
typical in Carlin-type epithermal gold systems. With the exception of one
sample, all samples with a gold value greater than 0.1 g/t occur within the
same alteration type, that being predominantly a jasperoid-hosted quartz
stockwork and micro-veining system. During 2021 a total of 169-line kilometres
of ground-based field magnetics and airborne hyperspectral imaging were
completed for the entirety of the Navarre Creek claim block. Two distinct
intrusive bodies were identified, partially concealed below glacial till
showing strong magnetic signatures which complement the existing jasperoid
outcrops. A northeast trending corridor of hydrothermal alteration,
approximately 2.3 miles long and 1 mile wide, was also identified, consistent
with the gold and silver bearing Carlin-style epithermal deposits.
Markers for Carlin-style gold deposits are the presence of jasperoids, and the
association of gold, antimony, silver and zinc. These markers are found at
Navarre Creek. The results of these surveys, together with the results of
previous exploration, highlight the prospectivity of the claim block. These
positive results will drive further exploration and drill targeting during
2022.
Empire Mine Expansion - Horseshoe, Whiteknob, and Windy Devil
We have made a point of focusing our efforts on our flagship Empire Mine
projects. However, we have also increased our land position from time-to-time
as our geologists recognise prospective and strategic opportunities. At the
time of the Company's IPO in mid-2017, our Empire Mine property consisted of
818 acres. Since then, including the Navarre Creek claim block, we have
increased the core Empire claim group to 8,034 acres by expanding north to the
former Horseshoe and Whiteknob Mines and onto Windy Devil. This expansion
covers approximately 30 historic adits, shafts and prospects, which exhibit
geology and mineralogy similar to Red Star, and which will be the subject of
further exploration going forward.
Idaho Cobalt Belt - Redcastle and Bighorn Projects
The Company owns two strategically located properties on the Idaho Cobalt Belt
in Lemhi County: Idaho, Redcastle and Bighorn. In May 2021, the Redcastle
holding was signed to an earn-in agreement with Electra Battery Materials
Corporation (formerly First Cobalt Corporation), the Toronto-based owner of
the Iron Creek Cobalt Mine, which shares a common border with the Redcastle
property. The earn-in agreement included an initial payment of cash and
Electra shares to Phoenix, followed by two work commitments of $1,500,000 each
over a five year period, enabling Electra to earn a 75% interest in the
Redcastle property. Redcastle is held by Borah Resources Inc, the Company's
100% owned, Idaho registered subsidiary.
The Bighorn property, located on the northern end of the Idaho Cobalt Belt, is
held by Salmon Canyon Resources, another 100% owned, Idaho registered
subsidiary. Bighorn is situated east of the historic Salmon Canyon copper
cobalt underground mine and shares a common border with New World Resources'
Colson cobalt-copper project.
In addition to copper, cobalt is a critical metal for electric vehicles and
global electrification projects. Cobalt deposits are rare, particularly in
first world jurisdictions. The Company's cobalt projects are located in the
USA's only prospective cobalt region, the Idaho Cobalt Belt, approximately 100
miles north of the Empire Mine. In 2018 we announced the results of our 2017
reconnaissance programme of 46 surface grab samples which gave cobalt values
ranging from 2 ppm to 0.31% cobalt.
Outlook
The metals markets continue to perform well, with copper recently climbing
through an all-time high of $5.00/lb, zinc at a 15 year high of $1.71/lb,
cobalt climbing back towards 2018 record prices, and gold and silver remaining
robust above $1,900 and $24.50, respectively. I expect to see the metals
markets, particularly copper and cobalt, continue to perform well as the
electric vehicle and "green energy" initiatives continue to grow globally. I
also expect that the 10-year, $1.2 trillion US Infrastructure Bill will buoy
prices, as it was announced that spending will begin in late 2023 and focus
roughly $550 billion on roads, bridges, ports, power transmission, and large
water projects over the following ten years. These projects alone will
require significant quantities of metal, whilst electric vehicle demands will
also likely stress global copper and cobalt supplies.
One of the most important attributes at Empire is the polymetallic nature of
the mineralised systems. In other words, we have a variety of metal
resources that provide us significant optionality as metal prices fluctuate on
supply and demand. In addition to our open-pit copper oxide resource, which
is now officially moving through the permitting process, we also have the
high-grade silver and lead system of Red Star, the historically mined
high-grade deep sulphide system at Empire, the very prospective
volcanic-hosted gold system at Navarre Creek, and two strategically located
cobalt properties, one of which, Redcastle, is located adjacent to the
existing Iron Creek cobalt mine and is being explored by the owner of Iron
Creek, Electra Battery Materials Corporation. The projects are all located
in historically mined districts in Idaho, USA, a geopolitically stable,
pro-mining jurisdiction.
Although I anticipate further pandemic related delays in the coming year,
Phoenix has a talented and dedicated team of hardworking professionals, a
supportive shareholder base, and a strong relationship with the community in
which we do business. My outlook for the Company remains positive and I am
excited to see our accomplishments in 2022.
Key Performance Indicators ('KPIs')
To date the Group has focused on the delivery of the project evaluation work
programs to assess the available mineral resources and the extraction methods
to apply, each within the available financial budgets. This work will continue
until the relevant feasibility studies are completed, and construction
commences.
At that stage the Group will consider and implement appropriate operational
performance measures and related KPIs as the objective of recommencing
commercial production at the Empire Mine nears fruition.
Conclusion
We are pleased to see the continued global push for electric vehicles,
large-scale electrification projects, and infrastructure projects requiring
substantial quantities of metal, specifically copper. We have sufficient
staffing numbers to complete the Empire Mine Feasibility Study and to execute
exploration programs at Navarre Creek, Red Star, and the Empire sulphides.
In conclusion I would like to thank all our professional staff, consultants
and advisers, community liaisons, shareholders, and directors who continue to
put forth considerable effort, and provide considerable support, to ensure the
Company's success. I look forward to reporting further positive news as we
continue our exploration and development programs during 2022.
Ryan McDermott
Chief Executive Officer
25 March 2022
Consolidated income statement Year Year
Ended Ended
31 December 31 December
2021 2020
Continuing operations Note $ $
Revenue 4 - -
Exploration & evaluation expenditure - -
Gross loss - -
Administrative expenses (1,065,950) (922,647)
Other operating income 106,340 -
Loss from operations (959,610) (922,647)
Finance income 3,708 -
Finance costs (13,348) (49,203)
Loss before taxation (969,250) (971,850)
Tax on loss on ordinary activities - -
Loss for the year (969,250) (971,850)
Loss attributable to:
Owners of the parent (942,850) (956,656)
Non-controlling interests (26,400) (15,194)
(969,250) (971,850)
Loss per share attributable to owners of the parent:
Basic and diluted EPS expressed in cents per share 5 (0.90) (1.66)
Consolidated statement of comprehensive income Year Year
Ended Ended
31 December 31 December
2021 2020
$ $
Loss for the year (969,250) (971,850)
Total comprehensive income attributable to:
Owners of the parent (942,850) (956,656)
Non-controlling interests (26,400) (15,194)
(969,250) (971,850)
Consolidated statement of financial position
31 December 31 December
2021 2020
Note $ $
Non-current assets
Property, plant and equipment - mining property 6 26,124,030 14,789,004
Intangible assets 7 330,844 276,895
26,454,874 15,065,899
Current assets
Trade and other receivables 8 365,778 122,300
Financial assets 9 56,340 -
Cash and cash equivalents 13,046,529 1,146,490
13,468,647 1,268,790
Total assets 39,923,521 16,334,689
Current liabilities
Trade and other payables 10 883,196 193,937
Other liabilities 11 250,000 1,549,000
1,133,196 1,742,937
Non-current liabilities
Other liabilities 11 250,000 -
Provisions for other liabilities 12 757,702 757,702
1,007,702 757,702
Total liabilities 2,140,898 2,500,639
Net assets 37,782,623 13,834,050
Equity
Ordinary shares 13 -
Share Premium 43,460,747 19,251,964
Retained loss (5,751,359) (5,517,549)
Foreign exchange translation reserve (18,588) (18,588)
Equity attributable to owners of the parent 37,690,800 13,715,827
Non-controlling interests 91,823 118,223
Total equity 37,782,623 13,834,050
Consolidated statement of changes in equity Ordinary shares Share premium Retained loss Foreign exchange Total Non-controlling interest Total equity
translation reserve
$ $ $ $ $ $ $
At 1 January 2020 - 15,627,730 (5,186,083) (18,588) 10,423,059 133,417 10,556,476
Loss for the year - - (956,656) - (956,656) (15,194) (971,850)
Total comprehensive income for the year - - (956,656) - (956,656) (15,194) (971,850)
Shares issued in the period - 3,908,477 - - 3,908,477 - 3,908,477
Share issue expenses - (284,243) - - (284,243) - (284,243)
Share-based payments - - 625,190 - 625,190 - 625,190
Total transactions with owners - 3,624,234 625,190 - 4,249,424 - 4,249,424
At 31 December 2020 - 19,251,964 (5,517,549) (18,588) 13,715,827 118,223 13,834,050
At 1 January 2021 - 19,251,964 (5,517,549) (18,588) 13,715,827 118,223 13,834,050
Loss for the year - - (942,850) - (942,850) (26,400) (969,250)
Total comprehensive income for the year - - (942,850) - (942,850) (26,400) (969,250)
Shares issued in the period - 26,018,553 - - 26,018,553 - 26,018,553
Share issue expenses - (1,809,770) - - (1,809,770) - (1,809,770)
Share-based payments - - 709,040 - 709,040 - 709,040
Total transactions with owners - 24,208,783 709,040 - 24,917,823 - 24,917,823
At 31 December 2021 - 43,460,747 (5,751,359) (18,588) 37,690,800 91,823 37,782,623
Consolidated statement of cash flows 31 December 31 December
2021 2020
$ $
Cash flows from operating activities
Loss before tax (969,250) (971,850)
Adjustments for:
Share-based payments 191,856 229,904
(777,394) (741,946)
(Increase)/decrease in trade and other receivables (299,818) 145,632
Increase/(decrease) in trade and other payables 689,259 (88,963)
Net cash generated used in operating activities (387,953) (685,277)
Cash flows from investing activities
Purchase of intangible assets (53,949) (30,000)
Purchase of property, plant and equipment (10,238,492) (2,722,058)
(10,292,441) (2,752,058)
Cash flows from financing activities
Proceeds from the issuance of ordinary shares 25,939,203 3,908,477
Share-issue expenses (1,809,770) (284,243)
Proceeds from the issue of loan notes - 879,000
Repayment of loan notes (1,549,000) (130,000)
Net cash generated from financing activities 22,580,433 4,373,234
Net increase in cash and cash equivalents 11,900,039 935,899
Cash and cash equivalents at the beginning of the year 1,146,490 210,591
Cash and cash equivalents at the end of the year 13,046,529 1,146,490
Significant non-cash transactions:
During the year the Directors capitalised $79,350 of fees into shares (2020:
$109,770), an amount of $517,184 (2020: $395,286) in respect of the charge for
share-based payments and an amount of $500,000 in respect of deferred
consideration (2020: $nil) were also capitalised into mining property.
`
1 General information
Phoenix Copper Limited (the "Company") and its subsidiary undertakings (the
"Group") are engaged in exploration and mining activities, primarily precious
and base metals, primarily in North America. The Company is domiciled and
incorporated in the British Virgin Islands on 19 September 2013 (registered
number 1791533). The address of its registered office is OMC Chambers,
Wickhams Cay 1, Road Town, Tortola VG1110, British Virgin Islands. The Company
is quoted on London's AIM (ticker: PXC) and trades on New York's OTCQX Market
(ticker: PXCLF; ADR ticker PXCLY).
The subsidiaries of the Company are:
Incorporated in the United States of America
Konnex Recourses Inc (80% equity holding)
Borah Resources Inc (100% equity holding)
Lost River Resources Inc (100% equity holding)
Salmon Canyon Resources Inc (100% equity holding)
2 Going concern
The Group currently has no income and meets its working capital requirements
through raising development finance. In common with many businesses engaged in
exploration and evaluation activities prior to production and sale of minerals
the Group will require additional funds and/or funding facilities in order to
fully develop its business plan. The Group will also require funds to
construct its first operating mine. The directors believe that such funds are
likely to come from the arrangement of appropriate debt and/or offtake finance
arrangements. Further equity issues will be minimised as far as possible.
Ultimately the viability of the Group is dependent on future liquidity in the
development period and this, in turn, depends on the availability of funds.
During the year the Company raised $26.0 million gross by way of a
subscription, placing and open offer to new and existing shareholders, and the
exercise of warrants. The Company also repaid all of its existing unsecured
loan notes.
The Covid-19 pandemic has had a significant, immediate impact on the
operations and funding of many businesses both in the USA and globally.
However, the Group completed a successful oversubscribed fund raising during
the year and continues to receive additional funding from the exercise of
warrants.
The directors prepare annual budgets and forecasts in order to ensure that
they have sufficient liquidity in place and that they comply with the terms
and conditions of their obligations in relation to the ongoing development of
the mining assets and the Group's environmental and other commitments.
At the date of approval of these financial statements it is not clear how long
the current circumstances are likely to last and what the long-term impact
will be. However, having regard to the above, and based on funds raised during
the year, and continuing to be received from the exercise of warrants, as well
as their latest assessment of the budgets and forecasts for the business of
the Group for at least 12 months from the date of approval of these financial
statements, the directors believe it appropriate to adopt the going concern
basis of accounting in preparing the financial statements.
3 Basis of preparation
This preliminary information does not comprise full financial statements. The
significant accounting policies and other information contained within this
preliminary announcement has been extracted from the Group's audited financial
statements a copy of which is available on the Company's website:
www.pgmining.com.
The financial information is presented in US dollars.
4 Revenue
The Group is not yet producing revenues from its mineral exploration and
mining activities. The Company charged its subsidiary entities $885,000 (2020:
$535,000) in respect of management services provided.
5 Loss per share 31 December 31 December
2021 2020
$ $
Loss attributable to the parent used in calculating basic and diluted loss per (942,850) (956,656)
Share
Number of shares
Weighted average number of shares for the purpose of basic earnings 104,213,499 57,527,529
per share
Weighted average number of shares for the purpose of diluted earnings 104,213,499 57,527,529
per share
Basic loss per share (US cents per share) (0.90) (1.66)
Diluted loss per share (US cents per share) (0.90) (1.66)
Basic earnings per share amounts are calculated by dividing net loss for the
year attributable to ordinary equity holders of the parent by the weighted
average number of ordinary shares outstanding during the year.
Where the Group has incurred a loss in a year the diluted earnings per share
is the same as the basic earnings per share as the loss has an anti-dilutive
effect.
The Company has potentially issuable shares of 18,602,920 (2020: 11,264,978)
all of which relate to the potential dilution in respect of warrants and share
options issued by the Company.
6 Non-current assets Mining
Property
$
At 1 January 2020 11,671,660
Additions 3,117,344
At 31 December 2020 14,789,004
At 1 January 2021 14,789,004
Additions 11,335,026
At 31 December 2021 26,124,030
Net book value
At 1 January 2020 11,671,660
At 31 December 2020 14,789,004
At 31 December 2021 26,124,030
Mining property assets relate to the past producing Empire Mine copper - gold
- silver - zinc project in Idaho, USA. The Empire Mine has not yet recommenced
production and no depreciation has been charged in the statement of
comprehensive income. There has been no impairment charged in any period due
to the early stage in the Group's project to reactivate the mine.
7 Intangible assets
Exploration
and evaluation expenditure
$
At 1 January 2020 246,895
Additions 30,000
At 31 December 2020 276,895
At 1 January 2021 276,895
Additions 53,949
At 31 December 2021 330,844
Exploration and evaluation expenditure relates to the Bighorn and Redcastle
properties on the Idaho Cobalt Belt in Idaho, USA. The Bighorn property is
owned by Salmon Canyon Resources Inc. The Redcastle property is owned by Borah
Resources Inc. Both companies are wholly owned subsidiaries of the parent
entity, and are both registered and domiciled in Idaho. The Redcastle property
is subject to an Earn-In Agreement with First Cobalt Idaho, a wholly owned
subsidiary of Electra Battery Materials Corporation (formerly First Cobalt
Corporation) of Toronto, Canada.
8 Trade and other receivables
31 December 31 December 2020
2021
$ $
Other receivables 207,949 68,847
Prepaid expenses 157,829 53,453
365,778 122,300
There were no receivables that were past due or considered to be impaired.
There is no significant difference between the fair value of the other
receivables and the values stated above.
9 Financial assets
31 December 31 December
2021 2020
$ $
Quoted investments 56,340 -
In May 2021 the Group entered into an earn-in agreement with First Cobalt
Idaho, the wholly owned subsidiary of Toronto-based Electra Battery Materials
Corporation (formerly First Cobalt Corporation) ("Electra"), in respect of the
Group's Redcastle cobalt property on the Idaho Cobalt Belt. The Group received
consideration of $50,000 and 200,000 shares in Electra valued at $56,340, a
total initial consideration of $106,340.
First Cobalt Idaho can earn a 51% interest in Borah Resources Inc, the
Company's 100% owned subsidiary and owner of the Redcastle property, by
spending no less than $1,500,000 in exploration and related work on Redcastle
over an initial three-year period, and by paying a further $100,000 to the
Group on the third anniversary of the Agreement ("Phase 1").
Subject to the completion of Phase 1, First Cobalt Idaho may earn an
additional 24% interest in Borah Resources, for a total interest of 75%, by
spending no less than a further $1,500,000 in exploration and related work on
Redcastle over a further two year period, and by paying a further $150,000 to
the Group in cash or the equivalent in unrestricted Electra shares, at the
Group's option, on the fifth anniversary of the Agreement, and by providing
Phoenix with a NI 43-101 compliant Preliminary Economic Assessment ("PEA") for
the Redcastle property ("Phase 2").
Upon completion of Phase 1 and Phase 2, it is intended that the Group and
First Cobalt Idaho will enter into a joint venture agreement with First Cobalt
Idaho as managers, and will share in the capital expenditures for the ongoing
development of Redcastle in accordance with their respective ownership
interests (First Cobalt 75%, Phoenix 25%). If either party does not
contribute pro-rata to its ownership interest, that interest will be diluted
accordingly. Should the Group's interest in the joint venture be reduced to
10% or less, a 2.5% royalty shall become payable to the Group. This royalty
can be acquired by First Cobalt Idaho for $500,000 per each 0.5%.
10 Trade and other payables
31 December 31 December 2020
2021
$ $
Trade payables 862,907 156,116
Other payables 20,289 8,355
Accrued interest - 29,466
883,196 193,937
All liabilities are payable on demand or have payment terms of less than 90
days. The Group is not exposed to any significant currency risk in respect of
its payables.
11 Other liabilities
31 December 31 December 2020
2021
$ $
Current liabilities
Loan notes - 1,549,000
Deferred consideration 250,000 -
250,000 1,549,000
Non-current liabilities
Deferred consideration 250,000 -
In April 2021 the Group entered into an agreement with Mackay LLC to acquire
1% of the 2.5% net smelter royalty payable on mining leases on the Empire Mine
in Idaho, USA. Total consideration payable to Mackay LLC is $800,000, of which
$300,000 has been paid. Deferred consideration comprises two further payments
of $250,000 each, due on 31 December 2022 and 31 December 2023.
In 2020 the Group had outstanding loan notes with a total redemption value of
$1,549,000. $929,000 related to 12% unsecured loan notes, with a final
redemption date of 30 September 2021. The Group also issued an unsecured loan
note in the amount of $620,000, repayable on 31 March 2021 plus a fixed rate
coupon equivalent to 6.5% of principal value.
12 Provisions
31 December 31 December 2020
2021
$ $
Decommissioning provision 100,000 100,000
Royalties payable 657,702 657,702
757,702 757,702
There has been no change to provisions in the year ended 31 December 2021.
The provision of $100,000 for decommissioning the Empire Mine is based on the
directors' estimate after taking into account appropriate professional advice.
The other provision of $657,702 arises from a business combination in 2017 and
comprises potential royalties payable in respect of future production at the
Empire Mine. This liability will only be payable if the Empire Mine is
successfully restored to production and will be deducted from the royalties
payable. The amount of the provision will be reassessed as exploration work
continues and also on commencement of commercial production.
13 Share capital
Group and Company Group and Company
Number Number
2021 2020
Number of ordinary shares of no par value
At the beginning of the year 63,306,747 44,784,881
Issued in the year 54,108,933 18,521,866
At the end of the year 117,415,680 63,306,747
The Company does not have an authorised capital and is authorised to issue an
unlimited number of no-par value shares of a single class.
In the year the Company issued 54,108,933 ordinary shares at an average issue
price of $0.48 per share to raise $26.0 million before expenses of issue. All
issued shares were fully paid.
Since the year end the Company has issued a further 4,040,033 shares at $0.32
per share from the exercise of warrants. The Company currently has 121,455,713
ordinary shares in issue.
The ordinary shares in the Company have no par value. All ordinary shares have
equal voting rights in respect of shareholder meetings. All ordinary shares
have equal rights to dividends and the assets of the Company.
The Company has issued warrants to subscribe for additional shares. Each
warrant provides the right to the holder to convert one warrant into one
ordinary share of no-par value at exercise prices ranging from £0.16 to
£0.50. At 31 December 2021 the number of warrants in issue was 12,577,920
(2020: 7,589,978).
The Company has issued options to subscribe for additional shares to the
directors and senior employees of the Group. Each option provides the right to
the holder to subscribe for one ordinary share of no par-value, subject to the
vesting conditions, at exercise prices of £0.17, £0.30 and £0.50. At 31
December 2021 the number of options in issue was 6,025,000 (2020: 3,675,000).
14 Share-based payments
The Company has issued 12,577,920 (2020: 7,589,978) warrants to subscribe for
additional share capital of the Company. Each warrant entitles the holder to
subscribe for one ordinary equity share in the Company. The right to convert
each warrant is unconditional.
Additionally, the Company has issued 6,025,000 (2020: 3,765,000) share options
to directors and senior employees of the Group. Each share option entitles the
holder to subscribe for one ordinary equity share in the Company once the
vesting conditions have been satisfied.
In the periods presented the Company has settled remuneration liabilities by
the issue of equity in lieu of cash payments for services but has not operated
any equity-settled share based incentivisation schemes for employees.
Equity-settled share-based payments are measured at fair-value (excluding the
effect of non-market-based vesting conditions) as determined through use of
the Black-Scholes technique, at the date of issue. The warrants were issued as
exercisable from the date they were issued and there are no further vesting
conditions applicable.
Warrants issued Weighted 31 December 31 December
Average 2021 2020
Exercise price Number Number
At the beginning of the year £0.30 7,589,978 7,115,195
Issued in the year £0.16 - 386,000
Issued in the year £0.18 - 905,467
Issued in the year £0.28 - 159,541
Issued in the year £0.39 4,812,396 -
Issued in the year £0.50 2,000,000 -
Exercised in the year £0.18 - (375,000)
Exercised in the year £0.20 (250,000) (100,000)
Exercised in the year £0.28 (847,962) (369,225)
Exercised in the year £0.35 (81,151) -
Exercised in the year £0.385 (256,997) -
Exercised in the year £0.40 (61,250) -
Exercised in the year £0.60 (44,056) -
Lapsed £0.20 - (132,000)
Lapsed £0.60 (283,038) -
At the end of the year £0.29 12,577,920 7,589,978
Share options issued Weighted 31 December 31 December
average 2021 2020
Exercise price Number Number
At the beginning of the year £0.23 3,675,000 3,150,000
Issued in the year £0.30 - 1,750,000
Issued in the year £0.50 2,350,000 -
Lapsed in the year £0.45 - (1,225,000)
At the end of the year £0.34 6,025,000 3,675,000
The total share-based payment charge for all warrants and options in the year
was $709,040 of which $191,856 has been charged to profit and loss and
$517,185 allocated to Mining Property (2020: $229,904 and $395,286
respectively). The share-based payment charge was calculated using the
Black-Scholes model. All warrants issued vest immediately on issue. Share
options vest up to a 36-month period from the date of issue, or on the
achievement of certain vesting milestones.
Volatility for the calculation of the share-based payment charge in respect of
both the warrants and the share options issued was determined by reference to
movements in the Company's quoted share price on AIM.
The inputs into the Black-Scholes model for the warrants and share options
issued were as follows:
31 December 31 December
2021 2021
Warrants issued Share options issued
Weighted average share price at grant date £0.37 £0.47
Weighted average exercise prices £0.42 £0.50
Expected volatility 54.6% 69.25%
Expected life in years 0.97 1.0
Weighted average contractual life in years 0.74 1.4
Risk-free interest rate 1.5% 1.5%
Expected dividend yield - -
Fair-value of warrants and options granted (pence) £0.048 £0.123
The warrants were issued in two placements. The share price at the date of
grant was between £0.34 to £0.44. The warrant exercise prices at the date of
grant were between £0.385 to £0.50. The share options were issued in one
placement of two tranches with different vesting milestones, with weighted
average expected lives of 1.4 years. The share price at the date of grant was
£0.47 and the exercise price for both tranches is £0.50. The warrants issued
are all exercisable on the date of issue. The number of outstanding share
options include 1,925,000 options which are currently exercisable at a price
of £0.17 per share and 1,750,000 options which are exercisable at £0.30 per
share.
The volatility for the warrants issued ranged from 50.00% to 71.95%. The
fair-values of warrants issued in the year ranged from £0.385 to £0.87. The
volatility for the share options was 69.25% and the fair-values of the options
issued ranged from £0.09 to £0.15. The expected life of the outstanding
warrants and options ranged from 0.74 to 2.00 years.
Share-based payments allocation of charge 31 December 31 December
2021 2020
$ $
On issue of share options 262,739 210,924
On issue of warrants 446,301 331,701
On modification of warrants - 82,565
Total charge 709,040 625,190
Allocation:
Mining property 517,184 395,286
Administrative expenses 191,856 229,904
709,040 625,190
The share-based payment charge has been simultaneously credited to retained
deficit.
15 Events after the reporting date
Since the year end the Group has acquired the remaining 1.25% royalty payable
to Honolulu Copper Corporation.
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