Phoenix Copper Limited Regulatory News (PXC)

Phoenix Copper Limited / Ticker: PXC / Sector: Mining

22 April 2022

Phoenix Copper Limited

('Phoenix' or the 'Company')

Phoenix Copper Invites New ESG Standards

Phoenix Copper Limited (AIM: PXC, OTCQX ADR: PXCLY), the AIM-quoted USA-focused base and precious metals emerging producer and exploration company, is pleased to recognise Earth Day by celebrating the continued sustainability efforts of the Company's permitting and environmental, social and governance ("ESG") teams. The teams' commitments to environmental stewardship, social responsibility, and economic development guide Phoenix's mission to provide the critical and strategic minerals necessary for meeting global green energy goals, while protecting natural resources and boosting local economies.

Copper, cobalt, and other metals are central to the world's transition to a clean energy future. Governments across the globe are taking action to move away from fossil fuels and accelerate the use of renewable energy. Industry experts have voiced concerns over how the fast-rising demand of metals needed for renewable energy technologies could create a shortage of the raw materials required to meet clean energy goals. Phoenix aims to support the growing need for clean energy materials by working toward development on the historically producing Empire copper mine and two cobalt exploration properties in Idaho, USA while setting new standards for ESG at every level of Company operations.

Phoenix has committed to work with independent ESG disclosure and oversight platforms for the mining industry which offer a set of frameworks aligned to key global standards. All information disclosed will be independently verified. With robust, industry-specific reporting and disclosure of ESG metrics, the Company can better identify best practices, risks, and solutions.

Catherine Evans, Non-executive Director and Chairman of the ESG & Sustainability Committee said: "From the top down, ESG is integrated into all of our activities. The Phoenix Copper team is eager to promote transparency and accountability into our programme. Not only do we wish to fully disclose our extensive ESG activities, but we would also like to develop potential solutions for unlikely events that could have an effect on our operations. We rely heavily on the trust and support of our community and wider stakeholders, and we regard independent verification of our ESG credentials as a key component of building on that trust. These opportunities for improvement, transparency, and accountability will allow us to create more sustainable projects both environmentally and economically."

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 for furthering 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.

Contacts

For further information please visit https://phoenixcopperlimited.com or contact:

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 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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