TIDMPXC
RNS Number : 1402C
Phoenix Copper Limited
08 June 2023
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
8 June 2023
Phoenix Copper Limited
("Phoenix" or the "Company")
Result of Annual General Meeting
Phoenix Copper Ltd (AIM: PXC, OTCQX ADR: PXCLY), the AIM quoted
USA focused base and precious metals emerging producer and
exploration company, is pleased to announce that all of the
resolutions put to shareholders at the Annual General Meeting held
today were duly passed.
No. Ordinary Resolutions For Against Votes Withheld
To receive and adopt
the Company's annual
accounts for the financial
year ended 31 December
2022, together with
the report of the directors
of the Company and the
auditors' report on
1 those accounts. 32,189,243 4,191,752 -
--------------------------------- ----------- ---------- ---------------
To reappoint Crowe U.K.
LLP as the Company's
2 auditors. 36,380,995 - -
--------------------------------- ----------- ---------- ---------------
To authorise the directors
of the Company to determine
3 the auditors' remuneration. 36,380,995 - -
--------------------------------- ----------- ---------- ---------------
To re-elect Ryan McDermott,
who is retiring in accordance
with Article 12 of the
Company's Articles of
Association and who,
being eligible, offers
4 himself for re-election. 36,380,995 - -
--------------------------------- ----------- ---------- ---------------
To re-elect Catherine
Evans, who is retiring
in accordance with Article
12 of the Company's
Articles of Association
and who, being eligible,
5 offers herself for re-election. 32,178,353 4,202,642 -
--------------------------------- ----------- ---------- ---------------
To authorise the directors
of the Company to allot
and issue shares in
6 the capital of the Company. 36,380,995 - -
--------------------------------- ----------- ---------- ---------------
Special Resolution
To dis-apply the statutory
pre-emption rights in
respect of the allotment
and issue of shares
pursuant to the authority
referred to in Resolution
7 6 above. 30,691,891 4,255,604 1,433,500
--------------------------------- ----------- ---------- ---------------
Contacts
For further information please visit
https://phoenixcopperlimited.com or contact:
Phoenix Copper Ryan McDermott Tel: +1 208
Limited Brittany Lock 954 7039
Richard Wilkins Tel: +1 208
794 8033
Tel: +44 7590
216 657
SP Angel (Nominated David Hignell / Kasia Brzozowska Tel: +44 20
Adviser) 3470 0470
----------------------------------- ---------------
Tavira Financial Jonathan Evans / Oliver Stansfield Tel: +44 20
Limited (Joint 7100 5100
Broker)
----------------------------------- ---------------
WH Ireland (Joint Harry Ansell / Katy Mitchell Tel: +44 20
Broker) 7220 1666
----------------------------------- ---------------
Panmure Gordon John Prior / Hugh Rich / Ailsa Tel: +44 20
(UK) Limited (Joint Macmaster 7886 2500
Broker)
----------------------------------- ---------------
EAS Advisors (US Matt Bonner / Rogier de la Tel: +1 (646)
Corporate Adviser) Rambelje 495-2225
----------------------------------- ---------------
BlytheRay Tim Blythe / Megan Ray Tel: +44 20
(Financial PR) 7138 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 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/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, 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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END
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