TIDMPXC
RNS Number : 5388V
Phoenix Copper Limited
06 April 2023
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
6 April 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: 06/10/2022 To 06/04/2023
------------------- ------------- ----- ---------------
Balance of unallotted securities
under scheme (s) from previous return: 6,534,431
-------------------------------------
Plus: The amount by which the block 3,500,000 being:
scheme(s) has been increased since 1,500,000 warrants exercisable
the date of the last return (if at 50p valid to 30/06/2024
any increase has been applied for): 2,000,000 warrants exercisable
at 42p valid to 23/3/2026
-------------------------------------
Less: Number of securities issued/allotted
under scheme(s) during period (see 50,000 exercised
LR3.5.7G): 512,974 lapsed
-------------------------------------
Equals: Balance under scheme(s)
not yet issued/ allotted at end
of period: 9,471,457
-------------------------------------
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 3,500,000 ordinary shares of no par value
in the Company to be admitted to trading on AIM ("Admission").
Admission is expected to become effective at 8.00a.m. on or around
13 April 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 122,678,622. 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 Ryan McDermott Tel: +1 208 954 7039
Limited Brittany Lock Tel: +1 208 794 8033
Richard Wilkins Tel: +44 7590 216
657
SP Angel Corporate David Hignell / K asia Brzozowska Tel: +44 20 3470
Finance LLP (Nominated 0470
Adviser)
----------------------------------- -----------------------
Tavira F inancial Jonathan Evans / Oliver Stansfield Tel: +44 20 7100
Limited (Joint 5100
Broker)
----------------------------------- -----------------------
WH Ireland (Joint Harry Ansell / Katy Mitchell Tel: +44 20 7220
Broker) 1666
----------------------------------- -----------------------
Panmure Gordon John Prior / Hugh Rich / Ailsa Tel: +44 20 7886
(UK) Limited (Joint Macmaster 2500
Broker)
----------------------------------- -----------------------
EAS Advisors (US Matt Bonner / Rogier de la Tel: +1 (646) 495-2225
Corporate Adviser) Rambelje
----------------------------------- -----------------------
BlytheRay Tim Blythe / Megan Ray Tel: +44 20 7138
(Financial PR) 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 programmes
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. 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 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 a 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/
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