Last checked at 10 Oct 2023 17:02
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
10 October 2023
Phoenix Copper Limited
('Phoenix' or the 'Company')
Block Listing Six Monthly Return
Phoenix Copper Ltd (AIM: PXC, OTCQX ADR: PXCLY) the AIM quoted USA focused base and precious metals emerging producer and exploration company, announces the following block listing six monthly return:
| Name of applicant: | Phoenix Copper Limited | |||
| Name of scheme: | Warrants | |||
| Period of return: | From: | 07/04/2023 | To | 06/10/2023 |
| Balance of unallotted securities under scheme (s) from previous return: | 9,471,457
| |||
| Plus: The amount by which the block scheme(s) has been increased since the date of the last return (if any increase has been applied for): |
2,000,000 warrants exercisable at 35p valid to 31/08/2025
| |||
| Less: Number of securities issued/allotted under scheme(s) during period (see LR3.5.7G): |
2,250,000 exercised: 2,000,000 at 18p 250,000 at 16p
| |||
| Equals: Balance under scheme(s) not yet issued/ allotted at end of period: | 9,221,457 | |||
| |||||
Name of contact: | Richard Wilkins, CFO | ||||
Telephone number of contact: | +44 (0) 7590 216 657 | ||||
Application to trading on AIM
Application has been made to the London Stock Exchange for a block admission of up to 2,000,000 ordinary shares of no par value in the Company to be admitted to trading on AIM ("Admission"). Admission is expected to become effective at 8.00 a.m. on or around 17 October 2023. As and when, or if, the warrants are exercised, the shares will be issued fully paid and will rank pari passu in all respects with the existing issued ordinary shares of the Company.
These shares will be block listed pursuant to the Company's existing application which was filed to enable holders of the Company's warrants to continue to voluntarily exercise them without the need for the issue of a separate RNS and admissions filing each time this occurs.
Total Voting Rights
The total number of ordinary shares of no par value in the Company as at the date of this announcement is 124,928,622. For the purposes of the Disclosure Guidance and Transparency Rules, shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the issued share capital of the Company. No ordinary shares are held in treasury.
Contacts
For further information please visit https://phoenixcopperlimited.com, or contact:
Phoenix Copper Limited | Ryan McDermott Brittany Lock Richard Wilkins | Tel: +1 208 954 7039 Tel: +1 208 794 8033 Tel: +44 7590 216 657 |
SP Angel Corporate Finance LLP (Nominated Adviser) | David Hignell / Kasia Brzozowska | Tel: +44 20 3470 0470 |
Tavira Financial Limited (Joint Broker) | Jonathan Evans / Oliver Stansfield
| Tel: +44 20 7100 5100 |
WH Ireland (Joint Broker) | Harry Ansell / 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(Financial PR) | Tim Blythe / Megan Ray | Tel: +44 20 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.
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 programs 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 tonnes ("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/t silver, 0.85 g/t 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, 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/