TIDMPXC
RNS Number : 7209Y
Phoenix Copper Limited
05 January 2024
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
5 January 2024
Phoenix Copper Limited
('Phoenix' or the 'Company')
Update on corporate copper bonds and short-term loan
facility
Phoenix Copper Ltd (AIM: PXC, OTCQX: PXCLY), the AIM-quoted
USA-focused base and precious metals company, refers to the
Company's proposed corporate copper bond financing which is
intended to finance construction of the Empire open-pit copper mine
in Idaho, USA and confirms that discussions remain at an advanced
stage with a number of interested bond investors.
The relevant documentation relating to the creation of the bonds
has now been finalised, the bond security has been recorded with
the Custer County Recorder in Challis, Idaho, and the bonds have
been deposited with the settlement agent. The issue of the bonds
remains subject to the satisfactory conclusion of discussions with
interested bond investors.
The Company also refers to the $2 million short-term loan
facility (the "Facility") first announced on 24 March 2023, and
confirms that it is in negotiations with the lender to roll the
Facility into a new and larger facility to assist the Company with
access to additional working capital, should it be required for
purposes other than construction of the Empire open-pit copper
mine.
Although there can be no certainty at this stage, the Directors
remain confident that the bond financing will close and that the
Facility will be rolled into a new facility. Further announcements
relating to the bond financing and the Facility will be made 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. The Company has
recently published its inaugural Sustainability Report, which can
be viewed on the Company's website.
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
For further information please visit
https://phoenixcopperlimited.com or contact:
Phoenix Copper Ryan McDermott Tel: +1 208
Limited Brittany Lock 954 7039
Richard Wilkins Tel: +1 208
794 8033
Tel: +44 7590
216 657
SP Angel Corporate David Hignell / Kasia Brzozowska Tel: +44 20
Finance LLP (Nominated 3470 0470
Adviser)
----------------------------------- ---------------
Tavira Financial Jonathan Evans / Oliver Stansfield Tel: +44 20
Limited (Joint 7100 5100
Broker)
----------------------------------- ---------------
WH Ireland (Joint Harry Ansell / Katy Mitchell Tel: +44 20
Broker) 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
----------------------------------- ---------------
BlytheRay 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, gold and silver 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
grammes per tonne ("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.
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 16.09 sq km area. The
Company's total land package at Empire comprises 8,434 acres (34.13
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 primarily 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/
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END
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January 05, 2024 02:00 ET (07:00 GMT)
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