REG - Phoenix Copper Ltd - Interim Results
Tue 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250930:nRSd2926Ba&default-theme=true
RNS Number : 2926B Phoenix Copper Limited 30 September 2025
30 September 2025
Phoenix Copper Limited
("Phoenix", the "Company", or the "Group")
Interim results
Phoenix Copper Ltd (AIM: PXC; OTCQX ADR: PXCLY), the AIM-quoted, USA-focused
base and precious metals emerging producer and exploration company, is pleased
to announce its unaudited interim results for the six months ended 30 June
2025 (the "Period"). All references to $ are United States Dollars.
Period-to-date Highlights
Corporate & Financial
- Group reports a loss of $0.74 million (2024: a loss of $1.10
million)
- Period-end Group net assets of $41.64 million (2024: $48.55
million)
- Company reports a profit of $0.55 million (2024: a loss of $0.05
million)
- Period-end Company net assets of $50.68 million (2024: $55.16
million)
- Investment in Empire Mine in Idaho, USA increased to $44.34
million (2024: $42.11 million)
- Company loans to Idaho operating subsidiaries increased to
$40.14 million (2024: $37.47 million)
- Letter of Intent to subscribe for $75 million of corporate
copper bonds signed during the Period
- Short-term loan facility restructured post Period-end, with a
further $640,000 drawn down and the maturity date extended to 30 June 2026
- $1.91 million raised during the Period and post Period-end from
subscriptions and conversion of borrowings
Operational
- Proven & Probable mineral reserves of 10.1 million tonnes
containing 109,487,970 pounds ("lbs") of copper (49,677 tonnes), 104,000
ounces ("oz") of gold and 4,654,500 oz of silver (66,467 tonnes of copper
equivalent metal)
- Mineral reserves estimated using assay data from 485 drill
holes, extensive geological modelling, metallurgical recovery test work,
geotechnical evaluation, and mine design
- Empire Mine open-pit Pre-Feasibility Study ("PFS") shows pre-tax
cumulative net free cash flow of $153 million over 8 year mine life,
increasing to over $230 million at current metal prices; total cash costs of
$2.44/lb
- Life of mine production of 40,424 tonnes copper, 40,161 oz gold
and 1.76 million oz silver
- Ongoing delivery of equipment to Empire Mine open-pit site
CHAIRMAN'S STATEMENT
Dear Shareholders
Since I last wrote to you, the rise in metal prices has boosted our Empire
open-pit life-of-mine net cash flow, after all capital expenditure, by over
$80 million. Copper is now trading at $4.60/lb, compared with our cash cost of
production of $2.44/lb. Few of you will need reminding of the paucity of our
current market capitalisation, which is a fraction of the funding we are
seeking in order to complete construction of the Empire open-pit mine. Despite
this, negotiations to place additional corporate copper bonds to raise the
necessary finance appear to be nearing completion, following which we can
firmly focus on achieving first production at Empire.
As our CEO will allude to in his statement, copper fundamentals have
strengthened significantly over the summer and are not so dependent on the
Chinese construction industry. Recent announcements from the US regarding AI
investment in the UK, for example, were genuinely surprising to many
observers, both in terms of size and the fact that they are actually
happening.
Many analysts are forecasting the copper price to rise to $13,000/tonne, which
would add over $280 million to our open-pit bottom line on copper alone,
without blending in any of the higher-grade underground ore, which we hope to
be able to do once we have driven our proposed adit towards the known
high-grade sulphide mineralisation.
Some commentators are also forecasting gold to increase to $5,000/oz. If this
proves to be correct, that would add a further $100 million to the bottom
line, with an additional $40 million for silver if the ratio to gold remains
constant.
For the moment, as evidenced by the Anglo/Teck merger, mining companies still
prefer to buy each other, rather than spend money on new projects, although
this may be changing. Nevertheless, we expect to be in production long before
the likes of Resolution start their operations.
I would like to re-emphasise that the Empire open-pit project is the first of
several strings to our bow: apart from the underground copper sulphides, the
Red Star silver project, the Navarre Creek gold prospect, along with the White
Knob and Windy Devil mineralised districts, all await funding amidst improving
market sentiment. I thank you all for your continued patience.
Marcus Edwards-Jones
Executive Chairman
29 September 2025
CHIEF EXECUTIVE OFFICER'S REPORT
As we finalize funding for the completion of detailed engineering, permitting,
and construction of the Empire Open-Pit, the operations team spent the summer
sorting the last of the project data that will be required by our consulting
team to compile the final engineering document and roll that data into a
revised Plan of Operations. The team has also completed the required 2025
reclamation work in the Navarre Creek area and hope for a long, cool autumn to
further facilitate revegetation of drill roads and drill pads. The Company's
assets, including our mining claims, buildings, and equipment continue to be
maintained and kept in top shape.
Archaeological surveying of the waste rock facility and access road was
completed this month, as were a number of other land surveys. This
information will be used to augment the detailed engineering and Plan of
Operations. Purchasing capital items and engaging consultants has obviously
slowed while we await additional funding, but valuable work continues to be
prioritized as we prepare for final engineering and permitting.
The prices of gold, silver, and copper, the predominant metals hosted in the
Empire deposit, have increased in value significantly since the publication of
the Company's PFS a year ago. The cash flow model presented in the PFS for
the Empire Open-Pit used trailing average pricing for copper, gold, and
silver, and were $4.45/lb copper, $2,325/oz gold, and $27.25/oz silver,
respectively. As of this report, copper trades at $4.60, gold at $3,719, and
silver at $43.30, which, if maintained, will materially improve the cumulative
net free cash flow of the project by more than $80 million.
The increase in metal prices, which we believe will continue on an upward
trend, adds considerable value to the Empire project. Over the estimated
8-year open pit mine life, we anticipate producing 89,094,705 copper lbs
(40,424 metric tonnes ("mt"), 40,161 oz gold, and 1,759,717 oz silver, with an
estimated $62.6 million capex and total cash operating cost of $2.44/lb of
copper equivalent metal. The PFS showed pre-tax economics of $87.86 million
discounted net present value at 7.5% ("NPV7.5"), a 46.4% internal rate of
return ("IRR"), and cumulative net free cashflow of US$152.98 million, at the
lower metal prices used. The combination of strong metal prices and stable
energy prices improves these figures significantly.
These metal prices are significant and exciting for Phoenix because the Empire
mineral reserves host all three metals, and the crush-grind-flotation-tank
leach-cementation circuit recently designed for processing Empire ore will
recover all three metals. Copper, gold, and silver production is highlighted
in the 2024 PFS and is made possible employing standard open-pit mining
methods and the recently designed milling process. The processing facility has
been engineered with a small enough footprint for siting on the Company's
patented mining claims near the open pit. The proximity of the mill to the
open pit reduces the haulage distance of the ore to the crusher, which
requires a smaller mining fleet in terms of truck count and size, thereby
reducing both capital and operating costs. The mill will produce two pay
streams, a copper, gold, silver concentrate stream and a cement copper stream,
both of which will be shipped to market without the need for further
processing or refining at the Empire site.
In addition to processing ore from the Empire open-pit, the flotation circuit
will be capable of recovering copper, gold, and silver as a concentrate from
the high-grade sulphide vein material that exists below the open pit and was
mined extensively until the early 1940s. The Empire team is currently
finalizing a plan to advance the exploration of the deeper sulphide vein
system with an eye on augmenting the open pit ore with feed from the
higher-grade sulphide vein system below the pit. The planning includes driving
an adit toward known sulphide mineralization and developing underground
drilling stations along the length of the adit. Known sulphide
mineralization includes the 8.38% copper interval intercepted in the 2021 core
drilling program, which also assayed 1.31 grammes per tonne ("g/t") gold and
120 g/t silver. Historically mined grades from the sulphide vein system below
the open pit were recorded as high as 8% copper, with smelter recoveries of
the time recorded as averaging 3.64% copper, 1.64 g/t gold, and 54 g/t
silver. Resources permitting, we hope to commence underground work during
the 2025/2026 winter season.
In addition to the ball mills, assay laboratory, various pieces of rolling
stock, and the tails filtration units already on site in Mackay, the team has
identified and located the other necessary capital items and will be ready to
purchase and ship those items as funding becomes available and as long as the
weather chooses to cooperate.
The need for copper and other critical metals continues to make the news on a
daily basis. This is especially true of the AI revolution. The amount of
electricity required for a single AI query is estimated at around 3
watt-hours, nearly ten times that of a traditional query. The electricity
requirements necessary for millions of queries a day demand significant
investment in energy infrastructure. Copper and other metals critical for
power generation, transmission, and the growth of energy infrastructure will
continue to be in high demand. The importance of producing these metals
domestically, creating a secure domestic supply chain, is now at the
forefront, with the current White House administration leading the charge.
We currently have well-developed exploration plans for the Empire underground
copper sulphides, as well as continued exploration in the Red Star, Horseshoe,
Windy Devil, and Navarre Creek areas, resources permitting.
2024 Empire Proven and Probable Mineral Reserves
A Proven and Probable reserve estimate was completed by Hardrock Consulting in
April 2024 and reported for the polymetallic Empire Mine open-pit oxide
deposit. The estimate reports Proven and Probable reserves in the Empire
open-pit oxide deposit of 10,097,000 tonnes containing 49,677 mt of copper,
104,000 oz of gold, and 4,654,400 oz of silver, for a combined 66,467 mt of
copper equivalent metal. It was estimated using assay data from 485 drill
holes, extensive geological modelling, metallurgical recovery test work,
geotechnical evaluation, and mine design.
Mineral Reserve Statement for Empire Mine, after Hard Rock Consulting April
2024
Fully diluted tonnes at a Net Smelter Return ("NSR") cut-off of $22.59/mt
Classification Tonnes Copper Gold Silver Copper Equivalent
(x1000) % lb (x1000) gpt oz (x1000) gpt oz (x1000) % lbs (x1000) tonnes
Proven 7,515 0.49 81,070.56 0.38 90.9 14.42 3,483.70 0.68 111,995.19 50,814
Probable 2,582 0.5 28,417.41 0.16 13.2 14.1 1,170.70 0.61 34,498.69 15,652
Proven + Probable 10,097 0.49 109,487.97 0.32 104 14.34 4,654.40 0.66 146,493.89 66,467
The mineral reserves reported herein for the Empire project have been
estimated in a manner consistent with the NI 43-101 Committee of Mineral
Reserves International Reporting Standards (CRIRSCO), of which both
the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) and
Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves (the JORC Code) are members.
2024 PFS - Summary of Economic Results
The economic analysis of the base case scenario for the Empire open-pit mine
uses metal prices of $4.45/lb for copper, $2,325/oz for gold and $27.25/oz for
silver. The economic model shows a pre-tax NPV7.5 of $87.86 million using a
$22.59/tonne NSR cut-off, as well as a pre-tax IRR of 46.4%. The table below
summarises the projected cashflow, NPV at varying rates, IRR, years of
positive cash flows to repay the negative cash flow ("Payback Period"), and
multiple of positive cash flows compared to the maximum negative cash flow
("Payback Multiple") on both after-tax and before-tax bases.
Project Evaluation Overview After Tax Before Tax
Cumulative Net Cashflow $132.44 $152.98
NPV @ 5.0%; (millions) $89.55 $105.44
NPV @ 7.5%; (millions) $73.75 $87.86
NPV @ 10.0%; (millions) $60.71 $73.29
Internal Rate of Return 40.2% 46.4%
Payback Period 1.66 1.41
Payback Multiple 2.92 3.21
Benefit Cost Ratio 7.61 8.87
Initial Capital $62.60 $62.60
Max. Neg. Cashflow (millions) -$69.09 -$69.09
The metal prices used in the PFS economic analysis were based on near-term
trailing averages at the time the PFS was being written and were considered to
be conservative. The Company will consider reevaluating these lower metal
prices as part of the final detailed engineering work, and if determined
prudent, will reoptimize the economics using higher updated metal prices.
PFS - Metallurgy and Process Design
3,502 feet (1,067 metres) of core from the Empire copper oxide deposit was
sampled and evaluated for the metallurgical recovery of copper, gold, and
silver. The results of the metallurgical test work, as presented in the PFS,
show that a crush-grind-flotation-tank leach milling process provides the
optimum metal recoveries for the cost. The flotation-leaching circuit that has
been designed for the Empire open-pit ore has a much smaller footprint than a
classic heap leach design, allowing for the processing plant to be sited on
the Company's patented (private) mining claims near the open pit. The
proximity of the plant to the open pit will reduce overall operating costs by
reducing the ore haulage distance. The improved haulage cycle-time gained
from the shortened haulage distance also allows for the use of smaller, less
expensive haul trucks.
In addition to the cost benefits of a smaller footprint plant sited on private
land, the flotation-leaching circuit will be capable of processing sulphide
material, currently being explored elsewhere on the Empire property. From an
environmental permitting standpoint, siting the processing plant on private
land should help to simplify the overall permitting process.
The flotation + leaching metallurgical recovery results and reserve pit
optimization parameters are shown in the table below. Optimization of the
processing circuit is ongoing.
Reserve Pit Optimization Parameters (Metric tons) Units Cu Au Ag
Commodity Prices $/oz or $/lb $4.00 $1,788 $24.00
Flotation Process Recoveries
Flotation _ Cu Concentrate % 33.0% 50.0% 36.0%
Concentrate (Payables)
Flotation_ Cu Concentrate (Au Payable based on grade) % 95.0% 90-97% 95.0%
Cementation Process Recoveries
Cementation (Total Copper Recovery after Flotation) % 90.0% 0.0% 0.0%
Treatment/Refining Charges
Copper Con. Refining Ag $/oz 0.40
Copper Con. Refining Au $/oz 4.00
Copper Con. Trucking & Shipping $/t conc wet $80.00
Copper Con. Treatment $/t conc wet $90.00
Copper Cementation Shipping $/lb Cu $/lb $0.04
Copper Cementation Shipping $/lb Cu $/lb $0.02
Operating Costs
Mining Cost - Surface $/t mined $2.56
Mining Cost - Incremental Increase for each 20ft depth $/t mined $0.018
Processing Cost $/t milled $18.74
G&A $/t milled $2.20
Total Ore cost $/t milled $/t milled $20.94
Pit Slope Assumptions Five sectors were modelled based on core logging with inter-ramp angles
ranging from 42º to 45º
Red Star - High grade silver Inferred Resource
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.
In 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, as
summarized in the table below.
Class tonnes Ag Ag Au Au Pb Pb Zn Zn Cu Cu
g/t oz g/t Oz % lb % lb % lb
(x1000) (x1000) (x1000) (x1000) (x1000) % (x1000)
Inferred 103.56 173.4 577.3 0.851 2.8 3.85 8,791.20 0.92 2,108.80 0.33 745
Navarre Creek Gold Claim Block
During the summer of 2023, 28 reverse-circulation drill holes were completed
into four target areas within the 16.18 square kilometre ("sq km") Navarre
Creek gold claim block. Drilling at two of the four target areas resulted in
the identification of continuous, low-grade gold mineralization ranging from
4.5 metres to 22.9 metres thick in the Lehman Creek target area, and anomalous
silver and antimony along a structure in the west fork of Navarre Creek.
The initial assays from the two Navarre Creek targets showed low-grade
mineralization worthy of further investigation. As a result, an additional 400
acres of unpatented mining claims were staked to the south-west of the Lehman
Creek fault target, expanding our Navarre Creek claim block to 197 unpatented
claims covering 4,070 acres.
Empire Mine Expansion - Horseshoe, Whiteknob, and Windy Devil
The Horseshoe, Whiteknob, and Windy Devil claim blocks, located immediately
north of the Empire Mine project, are situated within the core of the Empire
mineralization and remain attractive exploration targets. The core Empire
claim group has grown to 8,434 acres (34.13 sq kms) 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. The Redcastle property is
held by Borah Resources, our 100% owned, Idaho registered subsidiary. In May
2021, the Redcastle holding was signed to an earn-in agreement with Electra
Battery Materials Corporation, the Toronto-based owner of the Iron Creek
Cobalt Mine, which shares a common border with the Redcastle property. The
earn-in agreement with Electra Battery Materials on the Company's Redcastle
cobalt project was renewed and extended in mid-2024.
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 program of 46 surface grab samples which gave cobalt values
ranging from 2 parts per million (ppm) to 0.31% cobalt.
Outlook
Gold prices have risen over $1,000/oz over the past year and silver is up
$12/oz in the same period. Copper is holding strong above $4.50/lb after
hitting $5.79/lb for a brief period in July. Current metal prices are
significantly higher than the pricing used in the PFS, and analysts continue
to predict even higher prices in the future. There is a continued
recognition of the importance of domestic metals production, as well as the
development of new domestic energy sources and new domestic manufacturing, all
of which will create an additional demand for the very minerals that we will
produce on our Idaho projects.
We believe we have simplified the overall permitting process by siting the
open pit and processing facility on private land. Our team is focused on
completing all of the necessary detailed engineering required to submit a Plan
of Operations and successfully permit and construct the open pit mine. While
we finalize funding for this engineering and for construction, we continue to
advance the project and maintain our current assets. It is important that I
mention that all of the work completed this year has been done with zero
health and safety related incidents to employees and contractors.
Conclusion
The Company's focus in 2025 has been to continue advancing the project to
final engineering, permitting, and ultimately construction, and all of the
information developed for the PFS is being used to accomplish that. I
understand first-hand the frustration of funding delays and appreciate
everyone's continued patience. The project will be in a good position as soon
as funding is finalized. Our team of engineers, geoscientists, and industry
consultants continue to do an excellent job moving the Company to the next
stage of development.
As I have said before, and will continue to say, thank you to all of our
professional staff, consultants and advisors, all of whom work tirelessly to
accomplish our common goal of metal production. And I would like to thank
our community liaisons, shareholders, and directors for their considerable
support.
Ryan McDermott
Chief Executive Officer
29 September 2025
ESG & SUSTAINABILITY COMMITTEE CHAIRMAN'S REPORT
I am delighted to report on the most recent activities of the Environmental,
Social & Governance ("ESG") & Sustainability Committee.
As reported in the Annual Report & Accounts, the PFS published in
September 2024 indicates with reasonably high confidence that almost all
infrastructure, including the processing facility, will be confined to private
rather than federal land, resulting in several environmental and economic
benefits. The haulage distance between the pit and the processing facility
will be shorter, requiring not only fewer drivers, but also fewer and smaller
trucks and less fuel to transport ore. This will reduce the overall carbon
footprint of the project, as well as the operational costs. The facility is
designed as zero-liquid discharge, i.e. all process water will be
recirculated, except for water used for dust suppression. Tailings will be
filtered and de-watered prior to stacking. And as the CEO confirms in his
report, all work done over 2024 and 2025 has resulted in zero health and
safety related incidents to employees or contractors.
Construction of the mine is estimated at 6-9 months and will take place in
phases, significantly reducing the impact on the community of construction
workers. We have used investor funds to purchase pre-owned equipment,
including ball mills, a full metallurgical/assay laboratory and a disk
filtration circuit. This not only greatly reduces our capital outlay, but
pre-owned equipment is a more environmentally sound option as it maximises the
resources and energy already used to produce it, and reduces industrial waste
that would otherwise go to landfill or would require significant amounts of
energy for its disposal.
We have recently received the results of our latest Digbee ESG report, based
on our submission of 7 July 2025. Once again, we have been awarded an
overarching score of 'A', with a project score of 'A', and a corporate score
of 'BB'. Our positive score reflects that copper and silver are classed as
Critical Minerals, essential for the energy transition. The Empire Mine is a
brownfield site, and the Company will redevelop it using modern,
environmentally responsible extraction methods, with the old workings absorbed
into the operation's mine plan and rehabilitated accordingly. The existence
of the Konnex Community Advisory Team (KCAT) ensures that community priorities
are at the forefront of our operational decision-making, while promoting
transparency and open dialogue. The community remains supportive of our
activities, although our local stakeholders share our frustration that the
project has not progressed at the originally anticipated speed. Lastly, the
report advises that we integrate ESG performance targets and outcomes into
executive compensation and incentive structures. We will consider how best to
achieve this as the Company nears production.
Our PFS allayed many local concerns, and the expectation remains that our
project will have many positive impacts on Mackay and the other surrounding
towns: employment and entrepreneurial opportunities, an increase in the local
tax take and a resulting increase in public spending, and greater numbers of
children in the local schools. Overall, a productive mine will result in more
year-round residents in what is currently a predominantly summertime
community.
We look forward to updating you with our progress in the future.
Catherine Evans
Non-Executive Director
ESG & Sustainability Committee Chairman
29 September 2025
Financial Overview
For the Period ended 30 June 2025 the Group reports a loss of $0.74 million
(2024: a loss of $1.10 million). Net assets totalled $41.64 million (2024:
$48.55 million), including $44.34 million (2024: $42.11 million) relating to
the Empire Mine, and $0.56 million (2024: $2.72 million) in cash.
The Company reports a profit for the Period of $0.55 million (2024: a loss of
$0.05 million), and net assets of $50.68 million (2024: $55.16 million).
During the Period the Company charged its subsidiary entities $0.45 million
(2024: $0.45 million) in respect of management services provided, and $0.98
million (2024: $0.91 million) in respect of interest on inter-company loans,
the latter eliminating on consolidation. At 30 June 2025, the Company's loans
to Konnex Resources and KPX Holdings stood at $33.79 million (2024: $31.20
million) and $6.35 million (2024: $6.27 million) respectively. These loans
will be repaid from operating cash flow in due course and are intended,
together with royalties receivable from Konnex, to form a platform for a
future proposed dividend policy to return money to shareholders.
During the Period the Company issued 32,500,000 ordinary shares of no par
value ("Ordinary Shares") at an average issue price of $0.044 per share,
including 22,500,000 Ordinary Shares from subscriptions for cash, and
10,000,000 Ordinary Shares pursuant to the conversion of borrowings, raising a
total of $1.44 million, before share issue expenses. Since the Period-end a
further 11,779,932 Ordinary Shares have been issued at an average issue price
of $0.040 per share, pursuant to conversion of borrowings totalling $0.47
million. The outstanding share capital of the Company is currently 241,464,024
Ordinary Shares.
Post Period-end the Company restructured its short-term loan facility, drawing
down a further $640,000 and extending the maturity date to 30 June 2026.
Pursuant to the restructuring, the outstanding balance on the facility was
$2,005,000. The loan remains unsecured and attracts interest at 15% per annum.
On 27 December 2023 the Company created a class of corporate copper bonds in
an authorised amount of $300 million. $110 million in principal value of bonds
were issued and deposited with The Bank of New York Mellon ("BNYM") as
Settlement Agent, pending onward transfer to bond investors. The bonds are not
convertible, are secured on the Group's interests in the Empire open pit mine,
and are listed on The International Stock Exchange in the Channel Islands
("TISE"), under the ticker PHCOUSDN. In 2024 the Company placed $5 million in
principal value of bonds with a private investor.
The Company is currently in advanced discussions with further private
investors with a view to placing an additional minimum of $75 million in
principal value of bonds. Although there can be no certainty, the Directors
remain confident that these additional bonds will be placed and further
updates relating to bond financing will be provided as appropriate.
The Company's Ordinary Shares are listed on AIM, operated by the London Stock
Exchange, under the ticker PXC, and are also admitted to trading on New York's
OTCQX Market in the form of American Depository Receipts ("ADRs") under the
ticker PXCLY, with each ADR comprising 10 Ordinary Shares. The Bank of New
York Mellon sponsored the ADR Program and acts ADR depository, custodian and
registrar.
The Company's Copper Bonds are quoted on The International Stock Exchange
('TISE') in the Channel Islands under the ticker PHCOUSDN. BNYM acts as the
bond custodian and transfer / paying / settlement agent.
The directors recognise the importance of sound corporate governance and apply
the Quoted Companies Alliance's Corporate Governance Code 2018. The Company's
Corporate Governance Statement dated 16 June 2025 and the Company's 2024
Sustainability Report can be viewed on the Company's website at
https://phoenixcopperlimited.com (https://phoenixcopperlimited.com) .
Richard Wilkins
Director and Company Secretary
29 September 2025
Condensed consolidated income statement Unaudited Unaudited Audited
Period Period Year
Ended Ended Ended
30 June 30 June 31 December
2025 2024 2024
Continuing operations Note $ $
Revenue 3 - - -
Exploration & evaluation expenditure - - (12,394)
Gross loss - (12,394)
Administrative expenses (654,090) (1,098,146) (1,596,931)
Other operating income/(expenses) 4 (2,190) - (4,592,868)
Loss from operations (656,280) (1,098,146) (6,202,193)
Finance income 5,811 5,321 12,110
Finance costs 5 (56,307) (7,913) (58,209)
Loss before taxation (706,776) (1,100,738) (6,248,292)
Tax on loss on ordinary activities (29,150) - (23,817)
Loss for the period (735,926) (1,100,738) (6,272,109)
Loss attributable to:
Owners of the parent (716,771) (1,072,109) (6,225,246)
Non-controlling interests (19,155) (28,629) (46,863)
(735,926) (1,100,738) (6,272,109)
Loss per share attributable to owners of the parent:
Basic and diluted EPS expressed in US cents per share
Basic and diluted EPS expressed in US cents per share 6 (0.35) (0.71) (3.67)
Unaudited Unaudited Audited
Condensed consolidated statement of comprehensive income Period Period Year
Ended Ended Ended
30 June 30 June 31 December
2025 2024 2024
$ $ $
- (1,100,738) (6,272,109)
Total comprehensive income attributable to:
Owners of the parent (716,771) (1,072,109) (6,225,246)
Non-controlling interests (19,155) (28,629) (46,863)
(735,926) (1,100,738) (6,272,109)
Condensed consolidated statement of financial position Unaudited Unaudited Audited
Period Period Year
Ended Ended Ended
30 June 30 June 31 December
2025 2024 2024
Note
Non-current assets
Property, plant and equipment - mining property 7 44,340,368 42,105,065 43,770,586
Intangible assets 8 362,740 356,805 362,740
44,703,108 42,461,870 44,133,326
Current assets
Trade and other receivables 9 2,941,890 10,991,243 3,224,947
Financial assets 10 12,067 4,191 14,257
Cash and cash equivalents 564,588 2,717,492 879,476
3,518,545 13,712,926 4,118,680
Total assets 48,221,653 56,174,796 48,252,006
Current liabilities
Trade and other payables 11 523,686 149,488 813,339
Borrowings and other liabilities 12 1,739,304 2,682,525 1,986,502
2,262,990 2,832,013 2,799,841
Non-current liabilities
Borrowings 12 3,663,631 4,139,884 3,868,832
Provisions for other liabilities 13 657,702 657,702 657,702
4,321,333 4,797,586 4,526,534
Total liabilities 6,584,323 7,629,599 7,326,375
Net assets 41,637,330 48,545,197 40,925,631
Equity
Ordinary shares 14 - - -
Share Premium 56,218,174 53,770,810 54,858,134
Retained loss (14,522,460) (5,204,618) (13,893,274)
Foreign exchange translation reserve (18,588) (18,588) (18,588)
Equity attributable to owners of the parent 41,677,126 48,547,604 40,946,272
Non-controlling interests (39,796) (2,407) (20,641)
Total equity 41,637,330 48,545,197 40,925,631
Condensed 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 2024 - 45,390,217 (8,209,258) (18,588) 37,162,371 26,222 37,188,593
Loss for the period - - (1,072,109) - (1,072,109) (28,629) (1,100,738)
Total comprehensive income for the period - - (1,072,109) - (1,072,109) (2,407) (1,100,738)
Shares issued in the period - 8,869,790 - - 8,869,790 - 8,869,790
Share issue expenses - (489,197) - - (489,197) - (489,197)
Share-based payments - - 4,076,749 - 4,076,749 - 4,076,749
Total transactions with owners - 8,380,593 4,076,749 - 12,457,342 - 12,457,342
At 30 June 2024 - 53,770,810 (5,204,618) (18,588) 48,547,604 (2,407) 48,545,197
At 1 July 2024 - 53,770,810 (5,204,618) (18,588) 48,547,604 (2,407) 48,545,197
Loss for the period - - (5,153,137) - (5,153,137) (18,234) (5,171,371)
Total comprehensive income for the period - - (5,153,137) - (5,153,137) (18,234) (5,171,371)
Shares issued in the period - 1,087,324 - - 1,087,324 - 1,087,324
Share issue expenses - - - - - - -
Share-based payments - - (3,535,519) - (3,535,519) - (3,535,519)
Total transactions with owners - 1,087,324 (3,535,519) - (2,448,195) - (2,448,195)
At 31 December 2024 - 54,858,134 (13,893,274) (18,588) 40,946,272 (20,641) 40,925,631
Condensed consolidated statement of changes in equity continued
At 1 January 2025 - 54,858,134 (13,893,274) (18,588) 40,946,272 (20,641) 40,925,631
Loss for the period - - (716,771) - (716,771) (19,155) (735,926)
Total comprehensive income for the period - - (716,771) - (716,771) (19,155) (735,926)
Shares issued in the period - 1,442,941 - - 1,442,941 - 1,442,941
Share issue expenses - (82,901) - - (82,901) - (82,901)
Share-based payments - - 87,585 - 87,585 - 87,585
Total transactions with owners - 1,360,040 87,585 - 1,447,625 - 1,447,625
At 30 June 2025 - 56,218,174 (14,522,460) (18,588) 41,677,126 (39,796) 41,637,330
Unaudited Unaudited Audited
Condensed consolidated statement of cash flows 30 June 30 June 31 December
2025 2024 2024
$ $ $
Cash flows from operating activities
Loss before tax (706,776) (1,100,738) (6,248,292)
Adjustments for:
Share-based payments 165 34,239 65,328
Impairment of motor vehicles included in mining property 80,970 - 296,524
Loss on sale of properties (note 7) 106,710 - -
Impairment of bond issue expenses - - 4,602,934
Finance costs payable 56,307 32,340 58,209
Corporate taxes paid (29,150) - (23,817)
Fair value adjustment to financial asset 2,190 - (10,066)
(489,584) (1,034,159) (1,259,180)
Decrease/(increase) in trade and other receivables 283,057 (1,967,328) (2,600,032)
(Decrease)/increase in trade and other payables (238,732) (277,234) 328,405
Net cash used in operating activities (445,259) (3,278,721) (3,530,807)
Cash flows from investing activities
Purchase of intangible assets - - (5,935)
Purchase of property, plant and equipment (805,465) (2,625,118) (4,412,208)
Sale of property, plant and equipment (note 7) 499,395 - -
Net cash used in investing activities (306,070) (2,625,118) (4,418,143)
Cash flows from financing activities
Proceeds from the issuance of ordinary shares 1,057,000 3,559,994 3,559,994
Share issue expenses (82,901) (489,198) (489,198)
Proceeds from short-term borrowings - 761,341 968,436
Proceeds from issue of 10-Year Copper Bonds - 4,750,000 4,750,000
Repayment of deferred liability - (190,000) (190,000)
Finance costs paid (537,658) (54,527) (54,527)
Net cash generated from financing activities 436,441 8,337,610 8,544,705
Net increase/(decrease) in cash and cash equivalents (314,888) 2,433,771 595,755
Cash and cash equivalents at the beginning of the period 879,476 283,721 283,721
Cash and cash equivalents at the end of the period 564,588 2,717,492 879,476
Significant non-cash transactions:
During the period an amount of $87,585 (30 June 2024: $4,076,749; 31 December
2024: $541,230) was credited to the retained loss in respect of the charge for
share-based payments, of which $87,421 (30 June 2024: $720,215; 31 December
2024: $475,902) has been capitalised into mining property.
Interest and related fees of $363,971 (30 June 2024: $327,210; 31 December
2024: $746,478) arising from borrowings have been 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
KPX Holdings Inc (100% equity holding)
Subsidiaries of KPX Holdings Inc:
Konnex Resources 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 Basis of preparation
This condensed consolidated interim financial information was approved for
issue by the Board on 29 September 2025.
This condensed consolidated interim financial information has not been audited
and does not include all the information required for full annual financial
statements. These unaudited condensed consolidated interim financial
statements are prepared using the same accounting policies as applied in the
audited 2024 Annual Report.
While the financial figures included within this interim report have been
computed in accordance with IFRS applicable to interim periods, this report
does not contain sufficient information to constitute an interim financial
report as set out in International Accounting Standard 34: Interim Financial
Reporting.
All amounts are expressed in United States Dollars, unless otherwise stated.
3 Revenue
The Group is not yet producing revenues from its mineral exploration and
mining activities. The Company charged its subsidiary entities $450,000 (30
June 2024: $450,000, 31 December 2024: $900,000) in respect of management
services provided.
4 Other operating expenses 30 June 30 June 31 December
2025 2024 2024
$ $ $
Fair-value (loss)/gain on financial assets (2,190) - 10,066
Impairment loss arising from bond-issue expenses - - (4,602,934)
Net other operating expenses (2,190) - 4,592,868
The fair-value adjustment on financial assets arises from the Group's
investment in Toronto-based Electra Battery Materials Corporation which is
stated at fair-value through profit and loss. The impairment loss at 31
December 2024 was in respect of bond issue expenses arising from the value of
shares issued by the Company to a bondholder, as an arrangement fee, which
were classified as other receivables pending allocation to the net carrying
value of future bonds to be subscribed for. This subscription is no longer
expected to take place.
5 Finance costs 30 June 30 June 31 December
2025 2024 2024
$ $ $
Finance costs 420,277 7,913 618,918
Amount capitalised into non-current assets - mining property (363,970) - (560,709)
Net finance costs 56,307 7,913 58,209
The capitalisation rates are based upon the utilisation of the related
borrowings and the finance costs arising from short-term borrowings and
10-year Copper Bonds. Finance costs include interest calculated using the
effective interest rate method. There are no related foreign exchange
differences.
6 Loss per share 30 June 30 June 31 December
2025 2024 2024
$ $ $
Loss attributable to the parent used in calculating basic and diluted loss per (716,771) (1,072,109) (6,225,246)
share
Number of shares
Weighted average number of shares for the purpose of basic earnings per share 206,179,199 150,687,794 169,554,296
Weighted average number of shares for the purpose of diluted earnings per 206,179,199 150,687,794 169,544,296
share
Basic loss per share (US cents per share) (0.35) (0.71) (3.67)
Diluted loss per share (US cents per share) (0.35) (0.71) (3.67)
Basic earnings per share amounts are calculated by dividing net loss for the
period attributable to ordinary equity holders of the parent by the weighted
average number of ordinary shares outstanding during the period.
Where the Group has incurred a loss in a period the diluted earnings per share
is the same as the basic earnings per share.
7 Non-current assets Mining
property
$
At 1 January 2024 38,432,522
Additions 3,672,543
At 30 June 2024 42,105,065
At 1 July 2024 42,105,065
Additions 1,962,045
Write off (296,524)
At 31 December 2024 43,770,586
At 1 January 2025 43,770,586
Additions 1,256,857
Write off (80,970)
Disposals (606,105)
At 30 June 2025 44,340,368
Net book value
At 1 January 2024 38,432,522
At 30 June 2024 42,105,065
At 31 December 2024 43,770,586
At 30 June 2025 44,340,368
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 related to the mine
construction and related resources in any period due to the early stage in the
Group's project to reactivate the mine. However, the market capitalisation of
the Group is below the carrying value of the mining asset, which is an
indicator of impairment. Management performed an impairment assessment and
concluded that an impairment is not required.
The mining property disposals were of surplus real estate (accommodation
buildings in Mackay) held by Lost River and included in Mining Property.
8 Intangible assets
Exploration
and evaluation expenditure
$
At 1 January 2024 356,805
Additions -
At 30 June 2024 356,805
At 1 July 2024 356,805
Additions 5,935
At 31 December 2024 362,740
At 1 January 2025 362,740
Additions -
At 30 June 2025 362,740
Net book value
At 1 January 2024 356,805
At 30 June 2024 356,805
At 31 December 2024 362,740
At 30 June 2025 362,740
Exploration and evaluation expenditure relates to the Bighorn and Redcastle
properties on the Idaho Cobalt Belt in Idaho, USA and initial costs relating
to the potential acquisition of mining rights in a producing copper project in
the western 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 KPX Holdings Inc, a wholly owned subsidiary of
the parent entity, and each of which are 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 of
Toronto, Canada.
9 Other receivables
30 June 30 June 31 December
2025 2024 2024
$ $ $
Other receivables 1,495,775 1,304,561 1,763,997
Preliminary bond issue expenses 1,388,106 9,636,852 1,338,471
Prepaid expenses 58,009 49,830 122,479
2,941,890 10,991,243 3,224,947
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.
Preliminary bond issue expenses relate to the 10-Year Copper Bonds and will be
deducted from the proceeds of the bonds proportionately by tranche of bonds
placed, and amortised to finance costs over the expected life of each tranche
of bonds placed.
Other receivables include an advanced payment of $1,146,827 (30 June 2024:
£1,000,000; 31 December 2024: $1,133,926) in respect of a potential
investment in mining operations in the western USA. Subject to additional
funding, the Company intends to continue discussions regarding this potential
investment with a view to agreeing an earn-in or such other similar
arrangement.
10 Financial assets
30 June 30 June 31 December
2025 2024 2024
$ $ $
Quoted investments 12,067 4,191 14,257
Quoted investments represent 11,111 shares in Toronto-based Electra Battery
Materials Corporation. The shares have been valued at market price at 30 June
2025, 30 June 2024 and 31 December 2024. A fair value loss of $2,190(30 June
2024: $ nil; 31 December 2024: a gain of $10,066) has been taken to other
operating income/expenses.
11 Trade and other payables
30 June 30 June 31 December 2024
2025 2024
$ $ $
Trade payables 344,306 126,776 730,126
Other payables 179,380 22,712 83,213
523,686 149,488 813,339
All trade and other payables 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.
12 Borrowings
30 June 30 June 31 December 2024
2025 2024
$ $ $
Current liabilities
Short-term borrowings 1,739,304 2,682,525 1,986,502
Non-current liabilities
10-year Copper Bonds 3,663,631 4,139,884 3,868,832
Total borrowings 5,402,935 6,822,409 5,855,334
Net debt reconciliation of cash flows 30 June 30 June 31 December 2024
2025 2024
$ $ $
At 1 January 5,855,334 2,238,501 2,238,501
New short-term borrowings - 968,436 968,436
Proceeds of bonds issued net of discount - 4,750,000 4,750,000
- 5,718,436 5,718,436
Repayment of borrowings - (190,000) (190,000)
Borrowings settled by the issue of share capital (385,941) (400,000) (1,487,325)
Finance costs paid (537,658) (54,527) (54,527)
Other non-cash movements 471,200 (490,001) (369,751)
(452,399) (1,134,528) (2,101,603)
At 31 December 5,402,935 6,822,409 5,855,334
Short-term borrowings
In 2023 the Group entered a short-term unsecured funding arrangement of
$2,000,000, which was subsequently modified on several occasions. On 2 March
2024 the Company refinanced the facility into an 18-month term loan, repayable
over 15 months following an initial 90-day repayment holiday. Since the period
end the loan has been extended to 30 June 2026, unless the Company redeems the
loan earlier. The loan remains unsecured and attracts interest at 15% per
annum.
10-year Copper Bonds
On 27 December 2023 the Company created a class of corporate copper bonds in
an authorised amount of $300 million. $110 million in principal value of bonds
were issued and deposited with The Bank of New York Mellon as Settlement
Agent, pending onward transfer to bond investors.
The bonds are not convertible, are secured on the Group's interests in the
Empire open pit mine, and are listed on The International Stock Exchange in
the Channel Islands ("TISE"), under the ticker PHCOUSDN.
In 2024 the Company placed $5 million in principal value of bonds with a
private investor. The Company is currently in advanced discussions with
further private investors with a view to placing an additional minimum of $75
million in principal value of bonds.
At 30 June 2025 $1.39 million of bond issue expenses have been carried forward
to be deducted from proceeds proportionately by tranche of bonds placed, and
amortised to finance costs over the expected life of each tranche of bonds
placed.
The bonds have a final maturity of ten years with bond investor option to
request redemption at principal value after six years, and the Company's
option to offer early redemption at a 10% premium to principal value after
five years. The bonds will remain listed on TISE until the earlier of
redemption or maturity.
The bonds pay a floating rate coupon subject to a minimum of 8.5% per annum
and a maximum of 20%. The floating rate coupon is calculated as to the higher
of a copper price coupon linked to the copper price on the London Metal
Exchange, or an interest rate coupon linked to the US Federal Discount Rate.
The coupon is only payable on the principal value of bonds placed.
13 Provisions for other liabilities
30 June 30 June 31 December 2024
2025 2024
$ $ $
Royalties payable 657,702 657,702 657,702
The 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 on commencement of commercial production.
14 Share capital
Unaudited Number Unaudited Number Audited Number
30 June 30 June 31 December
2025 2024 2024
Number of ordinary shares of no-par value
At the beginning of the period 197,184,092 124,928,622 124,928,622
Issued in the period 32,500,000 60,030,345 72,255,470
At the end of the period 229,684,092 184,958,967 197,184,092
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 period the Company issued 32,500,000 ordinary shares at an average
issue price of $0.044 per share to raise $1.44 million gross, before
share-issue expenses.
Since the period end the Company has issued a further 11,779,932 ordinary
shares at an average issue price of $0.040 per share to raise $0.47 million
gross, before share-issue expenses.
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.
15 Events after the reporting date
Post period-end the Company restructured its short-term loan facility, drawing
down a further $640,000 and extending the maturity date to 30 June 2026.
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
Phoenix Copper Limited Ryan McDermott Tel: +1 208 9547039
Paul de Gruchy Tel: +44 7484 203 720
Richard Wilkins 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
BlytheRay Tim Blythe / Megan Ray Tel: +44 20 7138 3204
(Financial PR) PhoenixCopper@
BlytheRay.com
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/ (https://phoenixcopperlimited.com/)
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR SEWFMUEISEIURecent news on Phoenix Copper
See all newsREG - Phoenix Copper Ltd - Interim Results
AnnouncementREG - AIM - AIM Notice - 19/08/2025
AnnouncementREG - Phoenix Copper Ltd - Restructuring of Short-Term Loan Facility
AnnouncementREG - Phoenix Copper Ltd - Investor Presentation via Investor Meet Company
AnnouncementREG - Phoenix Copper Ltd - Result of Annual General Meeting
Announcement