TIDMPXC

RNS Number : 8991A

Phoenix Copper Limited

04 June 2021

Phoenix Copper Limited / Ticker: PXC / Sector: Mining

4 June 2021

Further to RNS number 7917A which was released at 7:00a.m. on 4 June 2021, Phoenix Copper Limited advises that the vesting period of the Options previously stated, as being 50% after six months and 50% after twelve months, was incorrect. The full corrected announcement is as per below. All other information was correct.

Phoenix Copper Limited

("Phoenix" or the "Company")

Grant of Options

Phoenix Copper Ltd (AIM: PXC, OTCQX: PXCLF), the AIM quoted USA focused base and precious metals emerging producer and exploration company, announces a grant of options over an aggregate of 2,350,000 ordinary shares of no par value (the "Options"). All the Options have been granted upon the recommendation of the Company's Remuneration Committee and pursuant to the terms of the Company's Staff Incentive Scheme, which was implemented in June 2017, in conjunction with the Company's Admission to trading on AIM.

A total of 1,500,000 Options have been granted to Directors of the Company, as per the table below:

 
                                                   Number of Options 
 Director                Position                   Granted 
 Marcus Edwards-Jones    Executive Chairman        300,000 
                        ------------------------  ------------------ 
                         Chief Executive 
 Ryan McDermott           Officer                  300,000 
                        ------------------------  ------------------ 
                         Chief Financial 
 Richard Wilkins          Officer                  300,000 
                        ------------------------  ------------------ 
 Roger Turner            Non-Executive Director    200,000 
                        ------------------------  ------------------ 
 Andre Cohen             Non-Executive Director    150,000 
                        ------------------------  ------------------ 
 Catherine Evans         Non-Executive Director    150,000 
                        ------------------------  ------------------ 
 Jason Riley             Non-Executive Director    100,000 
                        ------------------------  ------------------ 
 

In addition, a total of 450,000 Options have been granted to members of the Company's recently created Advisory Board, as per the table below:

 
                                   Number of Options 
                                    Granted 
 Dennis Thomas          200,000 
                       ----------------------------- 
 Harry Kenyon-Slaney    250,000 
                       ----------------------------- 
 

400,000 Options have also been granted to employees of Konnex Resources Inc, the Company's Idaho registered operating subsidiary, on the same terms.

The Options have an exercise price of GBP0.50, vest 50% on signing of construction financing to build either the Empire Open Pit or the Red Star Silver Deposit, and 50% on the commencement of commercial production from the Empire Open Pit or Red Star, whichever comes first. The Options will expire three years from the date of grant.

Following this grant of Options, the total number of ordinary shares under option is 6,025,000, representing 5.18 per cent. of the Company's issued share capital.

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

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 (Nominated   David Hignell / Caroline                Tel: +44 20 
  Adviser)              Rowe                                     3470 0470 
                      -----------------------------------  --------------- 
 Brandon Hill          Jonathan Evans / Oliver Stansfield      Tel: +44 20 
  Capital (Joint                                                 3463 5000 
  Broker) 
                      -----------------------------------  --------------- 
 WH Ireland (Joint     Harry Ansell / Adam Pollock            Tel: +44 207 
  Broker)               / Katy Mitchell                            2201666 
                      -----------------------------------  --------------- 
 Panmure Gordon        John Prior / Hugh Rich /                Tel: +44 20 
  (UK) Limited          Ailsa Macmaster                          7886 2500 
  (Joint Broker) 
                      -----------------------------------  --------------- 
 EAS Advisors          Matt Bonner / Rogier de la            Tel: +1 (646) 
  (US Corporate         Rambelje                                  495-2225 
  Adviser) 
                      -----------------------------------  --------------- 
 Blytheweigh           Tim Blythe / Megan Ray                  Tel: +44 20 
  (Financial PR)                                                 7138 3204 
                      -----------------------------------  --------------- 
 

Notes

Phoenix Copper Limited is a USA focused, base and precious metal emerging producer and exploration company, which has carried out a drilling programme and generated a copper, gold, silver and zinc resource on which it is carrying out a feasibility study to bring the historically producing Empire Mine in Idaho, USA, back into production. It is also evaluating the silver and gold resources around three other past producing mines within the 27.8 km (2) Empire claims block as well as cobalt in two claims blocks north of Empire in Idaho.

Phoenix's primary operations are focused near Mackay, Idaho in the Alder Creek mining district. This district includes the historical Empire, Horseshoe, White Knob and Blue Bird Mines, past producers of copper, gold, silver, zinc, lead and tungsten from underground mines in the first half of the twentieth century. Additionally, the district includes Navarre Creek, a Carlin-trend gold discovery which hosts a 6.1 km gold strike length within a 9.8 km(2) area.

Phoenix acquired an 80% interest in the historical Empire Mine property in 2017 and, based on a total of 320 drill holes, an oxide resource was completed in late 2017. A NI 43-101 compliant PEA (preliminary economic assessment) for an open pit heap leach solvent extraction and electrowinning ("SX-EW") mine was completed in April 2018. In 2018 a further 8,600 metres in 93 holes was completed to upgrade the oxide resources, provide samples for ongoing metallurgical test work, geotechnical and hydrological studies and condemnation drilling for the heap leach pad site, waste dump and plant site. An updated NI 43-101 compliant resource was completed in early May 2020 and October 2020 for all metals. Present contained metal in all NI 43-101 compliant categories of resources, measured, indicated and inferred, stand at 355,523 ounces of gold, 129,641 tonnes of copper, 10,133,772 ounces of silver and 58,440 tonnes of zinc. Following the latest NI 43-101 compliant resource, Phoenix updated its economic model in February 2021 to include the processing of all contained metals through a two phased approach.

Since acquiring the Empire project, Phoenix has increased the claim area from 818 acres to 5,717 acres, mainly to the northwest and west, and in so doing has increased the potential for additional oxide and sulphide copper resources, as well as the potential for stand-alone gold and silver resources, along a strike length of approximately 5.4 km towards the other brownfield mines of the Horseshoe, White Knob and Blue Bird Mines now within the property boundary. In particular, a new discovery at Red Star, 330 metres north west of the Empire Mine proposed open pit, has revealed sulphide ore and from three shallow exploration drill holes a NI 43-101 compliant maiden resource of 1.6 million silver equivalent ounces was reported.

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.

More details on the Company, its assets and its objectives can be found on PXC's website at https://phoenixcopperlimited.com

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

 
       Details of the person discharging managerial responsibilities/person 
   .    closely associated 
 a)    Name:                                   i) Marcus Edwards Jones 
                                                ii) Ryan McDermott 
                                                iii) Richard Wilkins 
                                                iv) Roger Turner 
                                                v) Andre Cohen 
                                                vi) Catherine Evans 
                                                vii) Jason Riley 
                                                viii) Dennis Thomas 
      ---------------------------------  ---------------------------------------------------------- 
 2.    Reason for the notification 
      --------------------------------------------------------------------------------------------- 
 a)    Position/status:                        i) Executive Chairman 
                                                ii) Chief Executive Officer 
                                                iii) Chief Financial Officer 
                                                iv) Non-Executive Director 
                                                v) Non-Executive Director 
                                                vi) Non-Executive Director 
                                                vii) Non-Executive Director 
                                                viii) Advisory board member 
                                                and VP Investor Relations 
      ---------------------------------  ---------------------------------------------------------- 
 b)    Initial notification/Amendment:    Initial notification 
      ---------------------------------  ---------------------------------------------------------- 
 3.    Details of the issuer, emission allowance market participant, auction 
        platform, auctioneer or auction monitor 
      --------------------------------------------------------------------------------------------- 
 a)    Name:                              Phoenix Copper Limited 
      ---------------------------------  ---------------------------------------------------------- 
 b)    LEI:                               2138006UWPZAB1A75680 
      ---------------------------------  ---------------------------------------------------------- 
 4.    Details of the transaction(s): section to be repeated for (i) each 
        type of instrument; (ii) each type of transaction; (iii) each date; 
        and (iv) each place where transactions have been conducted 
      --------------------------------------------------------------------------------------------- 
 a)    Description of the financial       Shares of nil par value each 
        instrument, type of instrument:    ISIN: VGG7060R1139 
        Identification code: 
      ---------------------------------  ---------------------------------------------------------- 
 b)    Nature of the transaction:         Grant of Options 
      ---------------------------------  ---------------------------------------------------------- 
 c)    Price(s) and volume(s):              Price(s)                           Volume(s) 
                                                              i) 50 pence            ix) 300,000 
                                                               ii) 50 pence           x) 300,000 
                                                               iii) 50 pence          xi) 300,000 
                                                               iv) 50 pence           xii) 200,000 
                                                               v) 50 pence            xiii) 150,000 
                                                               vi) 50 pence           xiv) 150,000 
                                                               vii) 50 pence          xv) 100,000 
                                                               viii) 50 pence         xvi) 200,000 
                                                                               -------------------- 
      ---------------------------------  ---------------------------------------------------------- 
 d)    Aggregated information:            Aggregate transaction: Price(s)    Volume(s) 
        Aggregated volume:                  50 pence    1,700,000 
        Price: 
      ---------------------------------  ---------------------------------------------------------- 
 e)    Date of the transaction:           3 June 2021 
      ---------------------------------  ---------------------------------------------------------- 
 f)    Place of the transaction:          Outside a trading venue 
      ---------------------------------  ---------------------------------------------------------- 
 

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END

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June 04, 2021 06:27 ET (10:27 GMT)

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