REG - Phoenix Copper Ltd - Update on Corporate Copper Bond Financing

Phoenix CopperAnnouncement

14/11/2024 07:00

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RNS Number : 1648M  Phoenix Copper Limited  14 November 2024

Phoenix Copper Limited / Ticker: PXC / Sector: Mining

14 November 2024

Phoenix Copper Limited

("Phoenix" or the "Company")

Update on Corporate Copper Bond Financing

 

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 provide an update regarding the US$80 million corporate
copper bond subscription, originally announced on 15 May 2024, of which an
initial tranche of US$5 million was drawn down in June 2024.

NIU Invest SE, the bond subscriber, is currently reviewing the Empire Mine
project data, prior to finalising a new drawdown schedule, which will be based
on the updated project economics included in the Empire Mine open-pit
Pre-Feasibility Study, published on 19 September 2024.

The Company remains in discussions with a number of other potential bond
investors in order to ensure appropriate financing is in place for exploration
throughout the Empire mineralised district, including the development of
underground drilling stations for the purposes of testing known high-grade
copper mineralisation below the open-pit reserves, as reported in the
Company's interim results on 26 September 2024.

The Company confirms that it remains committed to arranging further funding
through the placement of its corporate bonds and that it currently retains
sufficient working capital to meet ongoing obligations into Q2 2025.

Although there can be no certainty, the Directors remain confident that
additional bonds will be placed. The Company looks forward to providing
shareholders with further updates relating to bond financing as appropriate.
 

Environmental, Social, and Corporate Governance

Phoenix is committed to meeting and exceeding the environmental standards
required by law as a core value of the Company. The baseline environmental
data collected to date will be used to further the permitting process, 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.

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

 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 / Caroline Rowe / 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
 Panmure Liberum (UK) Limited (Joint Broker)          Mark Murphy / Kieron Hodgson                   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 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://nam11.safelinks.protection.outlook.com/?url=https%3A%2F%2Fphoenixcopperlimited.com%2F&data=05%7C02%7Cpaul.degruchy%40phoenixcopper.com%7Cd3c94638cd2a404fd97908dc4457be72%7C0ab43313efbd470e8b202b53ae10513d%7C0%7C0%7C638460390942473879%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=zDJLf9dFwaNJhQmfkjPJtPnIxiqtCJb%2F1IuX1s1r7kQ%3D&reserved=0)

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