Grant of Options

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:

Director	Position	Number of Options Granted
Marcus Edwards-Jones	Executive Chairman	300,000
Ryan McDermott	Chief Executive Officer	300,000
Richard Wilkins	Chief Financial 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 £0.50, 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 Limited	Ryan McDermott Dennis Thomas Richard Wilkins	Tel: [phone]  Tel: [phone] Tel: [phone]
SP Angel (Nominated Adviser)	David Hignell / Caroline Rowe	Tel: [phone]
Brandon Hill Capital (Joint Broker)	Jonathan Evans / Oliver Stansfield	Tel: [phone]
WH Ireland (Joint Broker)	Harry Ansell / Adam Pollock / 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]
Blytheweigh (Financial PR)	Tim Blythe / Megan Ray	Tel: [phone]

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 km² 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 km² 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 instrument, type of instrument: Identification code:	Shares of nil par value each  ISIN: VGG7060R1139
b)	Nature of the transaction:	Grant of Options
c)	Price(s) and volume(s):	Price(s) Volume(s) i)  50 pence ii)  50 pence iii)  50 pence iv)  50 pence v)  50 pence vi)  50 pence vii)  50 pence viii)  50 pence ix)  300,000 x)  300,000 xi)  300,000 xii)  200,000 xiii)  150,000 xiv)  150,000 xv)  100,000 xvi)  200,000
d)	Aggregated information: Aggregated volume: Price:	Aggregate transaction: Price(s) Volume(s) 50 pence 1,700,000
e)	Date of the transaction:	3 June 2021
f)	Place of the transaction:	Outside a trading venue

 

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