Phoenix
Copper Limited / Ticker: PXC / Sector: Mining
14 November 2024
Phoenix Copper
Limited
("Phoenix" or the
"Company")
Update on Corporate Copper
Bond Financing
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
provide an update regarding the US$80 million corporate copper bond
subscription, originally announced on 15 May 2024, of which an
initial tranche of US$5 million was drawn down in June
2024.
NIU Invest SE, the bond subscriber,
is currently reviewing the Empire Mine project data, prior to
finalising a new drawdown schedule, which will be based on the
updated project economics included in the Empire Mine open-pit
Pre-Feasibility Study, published on 19 September 2024.
The Company remains in discussions
with a number of other potential bond investors in order to ensure
appropriate financing is in place for exploration throughout the
Empire mineralised district, including the development of
underground drilling stations for the purposes of testing known
high-grade copper mineralisation below the open-pit reserves, as
reported in the Company's interim results on 26 September
2024.
The Company confirms that it remains
committed to arranging further funding through the placement of its
corporate bonds and that it currently retains sufficient working
capital to meet ongoing obligations into Q2 2025.
Although there can be no certainty,
the Directors remain confident that additional bonds will be
placed. The Company looks forward to providing shareholders with
further updates relating to bond financing as appropriate.
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 to further 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.
Market Abuse Regulation (MAR) Disclosure
The Company deems the information
contained within this announcement to constitute inside information
as stipulated under the Market Abuse Regulations (EU) No. 596/2014,
which has been incorporated into UK law by
the European Union (Withdrawal) Act 2018. Upon the
publication of this announcement via the Regulatory
Information Service, this inside information is now considered to
be in the public domain.
For further information please
visit https://phoenixcopperlimited.com.
Phoenix Copper Limited
|
Ryan McDermott
Paul de Gruchy
Richard Wilkins
|
Tel: +1 208 9547039
Tel: +44 7484 203 720
Tel: +44 7590 216 657
|
SP Angel Corporate Finance
LLP (Nominated Adviser)
|
David Hignell / Caroline
Rowe / Devik Mehta
|
Tel: +44 20 3470 0470
|
Tavira Financial Limited (Joint
Broker)
|
Jonathan Evans / Oliver
Stansfield
|
Tel: +44 20 7100 5100
|
Zeus Capital Limited (Joint
Broker)
|
Harry Ansell / Katy
Mitchell
|
Tel: +44 20 7220 1666
|
Panmure Liberum (UK)
Limited (Joint Broker)
|
Mark Murphy / Kieron
Hodgson
|
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 an emerging producer and exploration company
specialising in base and precious metals, with an initial focus on
copper, gold, and silver extraction from an open-pit mining
operation within the United States.
Located
in the historic Alder Creek mining district
near Mackay, Idaho, Phoenix's flagship asset is
the Empire Mine, in which the Company holds an 80% ownership
stake. The historic Empire underground mine, located beneath the
surface of the Company's proposed open pit, boasts a rich history
of producing high-grade copper, gold, silver, zinc, and
tungsten.
Since
2017, Phoenix has executed extensive drilling
initiatives, resulting in an expansion of the Empire Open-Pit
resource by over 200%. In May 2024 the Company published
its inaugural mineral reserve statement for the Empire
Open-Pit Mine. Proven and Probable mineral reserves are 10.1
million tonnes containing 109,487,970 lbs of copper, 104,000 oz of
gold and 4,654,400 oz of silver. This reserve was estimated using
assay data from 485 drill holes, extensive geological modelling,
metallurgical recovery test work, geotechnical evaluation, and mine
design. The reserve represents a combined 66,467 tonnes of copper
equivalent metal.
In
addition to the Empire Mine, Phoenix's holdings in
the district also encompass the Horseshoe, White Knob, and
Blue Bird Mines, all of which have been producers of copper,
gold, silver, zinc, lead, and tungsten from underground operations,
a new high-grade silver and lead orebody at Red Star, and
the Navarre Creek gold exploration project, which was
first drilled in 2023. The Company's land package at Empire spans
8,434 acres (34 sq km).
Phoenix also owns two cobalt properties situated along
the Idaho Cobalt Belt to the north of Empire. An Earn-In Agreement
has been established concerning one of these 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/