THIS ANNOUNCEMENT AND THE
INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE,
PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA,
JAPAN NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER
JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION
WOULD BE UNLAWFUL. PLEASE SEE THE IMPORTANT NOTICES AT THE END OF
THIS ANNOUNCEMENT.
THIS ANNOUNCEMENT CONTAINS INSIDE
INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE
REGULATION (596/2014/EU) AS IT FORMS PART OF UK DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"). IN
ADDITION, MARKET SOUNDINGS (AS DEFINED IN MAR) WERE TAKEN IN
RESPECT OF CERTAIN OF THE MATTERS CONTAINED WITHIN THIS
ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF
INSIDE INFORMATION (AS DEFINED IN MAR). UPON THE PUBLICATION OF
THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THOSE
PERSONS THAT RECEIVED INSIDE INFORMATION IN A MARKET SOUNDING ARE
NO LONGER IN POSSESSION OF SUCH INSIDE INFORMATION.
26 January 2024
Phoenix Copper
Limited
('Phoenix' or the 'Company')
Close of Accelerated
Bookbuild
Phoenix Copper Ltd (AIM: PXC,
OTCQX: PXCLY), the AIM-quoted USA-focused base and
precious metals emerging producer and exploration company, is
pleased to announce that, further to the announcement made at 7.00
a.m. today, the Placing has now closed and the Bookbuild has been
successfully concluded.
Participants in the Placing will be
contacted by the Joint Bookrunners as soon as practicable later
today to confirm their allocations once finalised. A further
announcement will be made in due course confirming results of the
Placing and Subscription.
Capitalised terms used in this
announcement shall, unless defined in this announcement or unless
the context provides otherwise, bear the same meaning ascribed to
such terms in the announcement made by the Company at 7.00 a.m.
today.
Contacts
|
Phoenix Copper Limited
|
Ryan McDermott
Brittany Lock
Richard Wilkins
|
Tel: +1
208 954 7039
Tel: +1
208 794 8033
Tel: +44
7590 216 657
|
|
SP Angel Corporate Finance
LLP (Nominated Adviser)
|
David Hignell / Caroline
Rowe / Kasia Brzozowska
|
Tel: +44
20 3470 0470
|
|
Tavira Financial Limited (Joint
Broker)
|
Jonathan Evans / Oliver
Stansfield
|
Tel: +44
20 7100 5100
|
|
WH Ireland (Joint Broker and Joint
Bookrunner)
|
Harry Ansell / Katy
Mitchell
|
Tel: +44
20 7220 1666
|
|
Panmure Gordon (UK)
Limited (Joint Broker and Joint Bookrunner)
|
Mark Murphy / Will Goode / Joseph
Tan
|
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
a USA focused, base and precious metals emerging producer
and exploration company, initially targeting copper, gold, silver
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 tonne ("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.
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 an NI
43-101 technical report published in May 2019. Additionally,
the district includes Navarre Creek, a volcanic hosted
precious metals target in a 16.09 sq km area. The Company's total
land package at Empire comprises 8,434 acres (34.13 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/