TIDMPXC
RNS Number : 3575B
Phoenix Copper Limited
11 February 2022
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
11 February 2022
Phoenix Copper Limited
('Phoenix' or the 'Company')
Warrant status update
Phoenix Copper Ltd (AIM: PXC, OTCQX ADR: PXCLY), the AIM quoted
USA focused base and precious metals emerging producer and
exploration company, refers to the announcement on 31 January 2022
which extended the expiry date on a class of Warrants for certain
Warrant holders who are deemed to be Insiders.
The Company confirms that it is currently in discussions with a
number of US broker-dealers with a view to leading a proposed
placement of non-dilutive loan notes to finance construction and
development of the Empire Open Pit Copper Mine in Idaho, USA.
Until these discussions are concluded, or terminated, and the
proposed terms of the loan notes made public, the Directors
consider the Insiders to remain in a "close period."
Accordingly, the expiry date of the 121,111 Warrants, which are
held by the Insiders, will be further extended until such time that
the "close period" has ended (the "Warrant Extension"). The
exercise price of the Warrants will remain unchanged.
Related Party Transaction
As 93,847 of the Warrants are held by Directors of the Company,
the Warrant Extension constitutes a related party transaction under
Rule 13 of the AIM Rules. Accordingly, Catherine Evans, as the
independent director, considers, having consulted with the
Company's nominated adviser, that the terms of the Warrant
Extension are fair and reasonable insofar as shareholders of the
Company are concerned.
Capitalised terms used in this announcement carry the same
meanings as those ascribed to them in the Company's announcement of
31 January 2022, unless the context requires otherwise.
Contacts
For further information please visit https://phoenixcopperlimited.com or contact:
Phoenix Copper Ryan McDermott Tel: +1 208
Limited Dennis Thomas 954 7039
Richard Wilkins Tel: +44 7827
290 849
Tel: +44 7590
216 657
SP Angel Corporate David Hignell / Caroline Rowe Tel: +44 20
Finance LLP (Nominated 3470 0470
Adviser)
----------------------------------- ---------------
T avira Securities Jonathan Evans / Oliver Stansfield Tel: +44 20
Ltd (Joint Broker) 7100 5100
----------------------------------- ---------------
WH Ireland (Joint Harry Ansell / Adam Pollock Tel: +44 20
Broker) / Katy Mitchell 7220 1666
----------------------------------- ---------------
Panmure Gordon John Prior / Hugh Rich / Ailsa Tel: +44 20
(UK) Limited (Joint Macmaster 7886 2500
Broker)
----------------------------------- ---------------
EAS Advisors (US Matt Bonner / Rogier de la Tel: +1 (646)
Corporate Adviser) Rambelje 495-2225
----------------------------------- ---------------
Blytheweigh Tim Blythe / Megan Ray Tel: +44 20
(Financial PR) 7138 3204
----------------------------------- ---------------
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 from
late 2022.
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 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 Metals (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/
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END
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(END) Dow Jones Newswires
February 11, 2022 01:59 ET (06:59 GMT)
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