REG - Phoenix Copper Ltd - Result of Annual General Meeting

Phoenix CopperAnnouncement

08/06/2023 12:45

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RNS Number : 1402C  Phoenix Copper Limited  08 June 2023

Phoenix Copper Limited / Ticker: PXC / Sector: Mining

 

8 June 2023

Phoenix Copper Limited

("Phoenix" or the "Company")

 

Result of Annual General Meeting

 

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 that all of the resolutions put to shareholders at the Annual
General Meeting held today were duly passed.

 

 No.  Ordinary Resolutions                                                            For         Against    Votes Withheld
 1    To receive and adopt the Company's annual accounts for the financial year       32,189,243  4,191,752  -
      ended 31 December 2022, together with the report of the directors of the
      Company and the auditors' report on those accounts.
 2    To reappoint Crowe U.K. LLP as the Company's auditors.                          36,380,995  -          -
 3    To authorise the directors of the Company to determine the auditors'            36,380,995  -          -
      remuneration.
 4    To re-elect Ryan McDermott, who is retiring in accordance with Article 12 of    36,380,995  -          -
      the Company's Articles of Association and who, being eligible, offers himself
      for re-election.
 5    To re-elect Catherine Evans, who is retiring in accordance with Article 12 of   32,178,353  4,202,642  -
      the Company's Articles of Association and who, being eligible, offers herself
      for re-election.
 6    To authorise the directors of the Company to allot and issue shares in the      36,380,995  -          -
      capital of the Company.
 Special Resolution
 7    To dis-apply the statutory pre-emption rights in respect of the allotment and   30,691,891  4,255,604  1,433,500
      issue of shares pursuant to the authority referred to in Resolution 6 above.

 

 

 

Contacts

For further information please visit https://phoenixcopperlimited.com
(https://phoenixcopperlimited.com) or contact:

 Phoenix Copper Limited                       Ryan McDermott                                Tel: +1 208 954 7039

                                              Brittany Lock                                 Tel: +1 208 794 8033

                                              Richard Wilkins                               Tel: +44 7590 216 657
 SP Angel (Nominated Adviser)                 David Hignell / Kasia Brzozowska              Tel: +44 20 3470 0470
 Tavira Financial Limited (Joint Broker)      Jonathan Evans / Oliver Stansfield            Tel: +44 20 7100 5100

 WH Ireland (Joint Broker)                    Harry Ansell / Katy Mitchell                  Tel: +44 20 7220 1666
 Panmure Gordon (UK) Limited (Joint Broker)   John Prior / Hugh Rich / Ailsa Macmaster      Tel: +44 20 7886 2500
 EAS Advisors (US Corporate Adviser)          Matt Bonner / Rogier de la Rambelje           Tel: +1 (646) 495-2225
 BlytheRay                                    Tim Blythe / Megan Ray                        Tel: +44 20 7138 3204

(Financial PR)

 

Notes

Phoenix Copper Limited is a USA focused, base and precious metals emerging
producer and exploration company, initially targeting copper and zinc
production from an open pit mine.

Phoenix's primary operations are focused near Mackay, Idaho in the Alder
Creek mining district, at the 80% owned Empire Mine property, which
historically produced copper at grades of up to 8%, as well as gold, silver,
zinc and tungsten, from an underground mine.

Since 2017, Phoenix has carried out extensive drill programmes which have
defined a NI 43-101 completed PEA (preliminary economic assessment) for an
open pit heap leach solvent extraction and electrowinning ("SX-EW") mine,
which was updated in October 2020. From the 2020 PEA, the measured and
indicated resource is: 22,909,059 tonnes at an average grade of 0.38% copper,
0.324 g/t gold, 10.3 g/t silver, and 0.19% zinc. The contained metal for the
measured and indicated resource is 87,543 tonnes of copper, 238,406 ounces of
gold, 7,595,198 ounces of silver and 43,871 tonnes of zinc. Phoenix updated
its economic model in February 2021 to include the processing of all
contained metals through a two phased approach.

In addition to Empire, the district includes the historic Horseshoe, White
Knob and Blue Bird Mines, past producers of copper, gold, silver, zinc, lead
and tungsten from underground mines. A new discovery at Red Star, 330 metres
northwest of the Empire Mine proposed open pit, has revealed high grade
silver / lead sulphide ore, and from three shallow exploration drill holes a
maiden inferred resource of 103,000 tonnes containing 173.4 g/tonne silver,
0.85 g/tonne gold and 3.85% lead (1.6 million ounces silver equivalent) was
reported in an NI 43-101 technical report published in May 2019.
Additionally, the district includes Navarre Creek, a volcanic hosted precious
metals target in a 14.48 sq km area. The Company's total land package at
Empire comprises 8,034 acres (32.51 sq kms).

At Empire, it is estimated that less than 1% of the potential ore system has
been explored to date and, accordingly, there is significant opportunity to
increase the resource through phased exploration. The stated aim of the
Company is to fund this phased exploration through free cashflow generated by
its initial mine. A Plan of Operations in respect of the initial open pit mine
was filed with the relevant regulatory authorities in June 2021.

Phoenix also has two wholly owned cobalt properties on the Idaho Cobalt Belt
to the north of Empire. An Earn-In Agreement has been signed with Electra
Battery Materials, Toronto, in respect of one of those properties.

Phoenix is listed on London's AIM (PXC), and trades on New York's OTCQX
Market (PXCLF and PXCLY (ADRs)). More details on the Company, its assets and
its objectives can be found on PXC's website
at    https://phoenixcopperlimited.com/
(https://phoenixcopperlimited.com/)

 

 

 

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