Block Listing Six Monthly Return

RNS Number : 9325B

Phoenix Copper Limited

06 October 2022

 

Phoenix Copper Limited / Ticker: PXC / Sector: Mining

6 October 2022

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:	06/04/2022	To	06/10/2022
	Balance of unallotted securities under scheme (s) from previous return:		8,197,360
	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):		777,955 being: 70,455 warrants exercisable at 50p valid to   30/06/2024 707,500 warrants exercisable at 35p valid to 30/06/2025
	Less: Number of securities issued/allotted under scheme(s) during period (see LR3.5.7G):		832,382 exercised 1,608,502 lapsed
	Equals: Balance under scheme(s) not yet issued/ allotted at end of period:		6,534,431
Name of contact:			Richard Wilkins, CFO
Telephone number of contact:			[phone]

Application to trading on AIM

Application has been made to the London Stock Exchange for a block admission of up to 777,955 ordinary shares of no par value in the Company to be admitted to trading on AIM ("Admission"). Admission is expected to become effective at 8.00a.m. on or around 7 October 2022. As and when 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 122,628,622. 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: [phone]  Tel: [phone] Tel: [phone]
SP Angel Corporate Finance LLP (Nominated Adviser)	David Hignell / Caroline Rowe	Tel: [phone]
Tavira F inancial Limited (Joint Broker)	Jonathan Evans / Oliver Stansfield	Tel: [phone]
WH Ireland (Joint Broker)	Harry Ansell / Katy Mitchell	Tel: [phone]
Panmure Gordon (UK) Limited (Joint Broker)	John Prior / Hugh Rich / Ailsa Macmaster	Tel: [phone]
EAS Advisors (US Corporate Adviser)	Matt Bonner / Rogier de la Rambelje	Tel: [phone]
BlytheRay (Financial PR)	Tim Blythe / Megan Ray	Tel: [phone]

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 programs 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 Materials (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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