Phoenix Copper Limited Block Listing Six Monthly Return (2551O)

TIDMPXC

RNS Number : 2551O

Phoenix Copper Limited

06 October 2021

Phoenix Copper Limited / Ticker: PXC / Sector: Mining

6 October 2021

Phoenix Copper Limited

('Phoenix' or the 'Company')

Block Listing Six Monthly Return

Phoenix Copper Ltd (AIM: PXC, OTCQX: PXCLF), 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:                06/04/2021      To    06/10/2021 
                              -------------------  --------------  ----  --------------- 
 
    Balance of unallotted securities 
    under scheme (s) from previous return:           7,150,847 
                                                   ------------------------------------- 
   Plus: The amount by which the block               6,812,396 being: 
    scheme(s) has been increased since                4,812,396 warrants exercisable 
    the date of the last return (if                   at 38.5p valid to 31/3/24 and 
    any increase has been applied for):               2,000,000 warrants exercisable 
                                                      at 50p valid to 30/6/24 
                                                   ------------------------------------- 
   Less: Number of securities issued/allotted 
    under scheme(s) during period (see 
    LR3.5.7G):                                       558,600 
                                                   ------------------------------------- 
   Equals: Balance under scheme(s) 
    not yet issued/ allotted at end 
    of period:                                       13,404,643 
                                                   ------------------------------------- 
 
   Name of contact:                                  Richard Wilkins, CFO 
  Telephone number of contact:                       [phone] 
                                                   ------------------------------------- 
 
 

Application to trading on AIM

Application has been made to the London Stock Exchange for a block admission of up to 6,812,396 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 12 October 2021. As and when 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 116,871,995 shares. 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 Limited    Ryan McDermott                             Tel: [phone] 
                            Dennis Thomas                                        7039 
                            Richard Wilkins                             Tel: +44 7827 
                                                                              290 849 
                                                                        Tel: +44 7590 
                                                                              216 657 
 SP Angel (Nominated       David Hignell / Caroline Rowe             Tel: [phone] 
  Adviser)                                                                       0470 
                          ------------------------------------  --------------------- 
 Brandon Hill Capital      Jonathan Evans / Oliver Stansfield        Tel: [phone] 
  (Joint Broker)                                                                 5000 
                          ------------------------------------  --------------------- 
 WH Ireland (Joint         Harry Ansell / Adam Pollock           Tel: [phone] 
  Broker)                   / Katy Mitchell 
                          ------------------------------------  --------------------- 
 Panmure Gordon (UK)       John Prior / Hugh Rich / Ailsa            Tel: [phone] 
  Limited (Joint Broker)    Macmaster                                            2500 
                          ------------------------------------  --------------------- 
 EAS Advisors (US          Matt Bonner / Rogier de la Rambelje          Tel: +1 (646) 
  Corporate Adviser)                                                         495-2225 
                          ------------------------------------  --------------------- 
 Blytheweigh               Tim Blythe / Megan Ray                    Tel: [phone] 
  (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 from late 2022.

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 our extensive drill programmes which have defined a NI 43-101 compliant PEA (preliminary economic assessment) for an open pit heap leach solvent extraction and electrowinning ("SX-EW") mine, which was updated in October 2020. The contained metal in all NI 43-101 compliant categories of resources, measured, indicated and inferred, stand at 129,641 tonnes of copper, 355,523 ounces of gold, 10,133,772 ounces of silver and 58,440 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 north west of the Empire Mine proposed open pit, has revealed high grade silver / lead 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. Additionally, the district includes Navarre Creek, a volcanic hosted, Carlin-type gold discovery which hosts a 6.1 km gold strike length within a 14.48 km(2) 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 First Cobalt Corporation, Toronto, in respect of one of those properties.

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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October 06, 2021 11:00 ET (15:00 GMT)