REG - Phoenix Copper Ltd - Update re Director Share Options

Phoenix CopperAnnouncement

30/06/2022 16:15

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RNS Number : 8945Q  Phoenix Copper Limited  30 June 2022

Phoenix Copper Limited / Ticker: PXC / Sector: Mining

30 June 2022

Phoenix Copper Limited

('Phoenix' or the 'Company')

Update re Director Share Options

Phoenix Copper Ltd (AIM: PXC, OTCQX ADR: PXCLY), the AIM quoted USA focused
base and precious metals emerging producer and exploration company, announces
that it has extended the expiry date on a class of share options for certain
directors and a member of the Company's Advisory Board, as the Company is
currently deemed to be in a close period.

The expiry date on 1,750,000 share options, with an exercise price of 30 pence
per share (the "Options"), has been extended from 30 June 2022 until such time
that the "close period" has ended (the "Options Extension"). The exercise
price of the Options will remain unchanged. The Options are summarised in the
table below:

 Director              Number of Options
 Marcus Edwards-Jones  325,000
 Ryan McDermott        400,000
 Richard Wilkins       325,000
 Roger Turner*         250,000
 Dennis Thomas**       250,000
 Andre Cohen           125,000
 Jason Riley           75,000
 Total                 1,750,000

* As per the Company's announcement of 31 December 2021, Roger Turner retired
from the board as a Non-Executive Director however continues to advise the
Company on a part-time consultancy basis.

**As per the Company's announcement of 27 April 2021, Dennis Thomas joined the
Company's Advisory Board following his retirement from the board as a
Non-Executive Director.

Related Party Transaction

As 1,250,000 of the Options are held by Directors of the Company, the Options
Extension constitutes a related party transaction under Rule 13 of the AIM
Rules. Accordingly, Catherine Evans, as the independent director who does not
hold any Options which are subject to the Options Extension, considers, having
consulted with the Company's nominated adviser, that the terms of the Options
Extension are fair and reasonable insofar as shareholders of the Company are
concerned.

Warrant Extension

In addition, the expiry date on 69,286 warrants, with an exercise price of 35
pence per share (the "Warrants"), has been extended from 30 June 2022 until
such time that the "close period" has ended. The Warrants are held by one of
the Company's advisers and the exercise price of the Warrants will remain
unchanged.

 

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company 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
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

                                                     Dennis Thomas                                 Tel: +44 7827 290 849

                                                     Richard Wilkins                               Tel: +44 7590 216 657
 SP Angel Corporate Finance LLP (Nominated Adviser)  David Hignell / Caroline Rowe                 Tel: +44 20 3470 0470
 Tavira Securities Ltd (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 our extensive drill programmes which have
defined a NI 43-101 compliant PEA (preliminary economic assessment) 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 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 (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/)

 

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