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PXC Phoenix Copper Limited

19.25
0.00 (0.00%)
24 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Phoenix Copper Limited LSE:PXC London Ordinary Share VGG7060R1139 ORD NPV (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 19.25 19.00 19.50 19.25 19.00 19.25 318,265 16:11:26
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Miscellaneous Metal Ores,nec 0 -1.55M -0.0124 -15.52 24.05M

Phoenix Copper Limited Update: Purchase of Equipment and Debt Refinancing

19/02/2024 7:00am

RNS Regulatory News


RNS Number : 5145D
Phoenix Copper Limited
19 February 2024
 

19 February 2024

 

Phoenix Copper Limited

("Phoenix" or the "Company")

 

Update re Purchase of Equipment and Debt Refinancing

 

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 on the purchase of equipment for the Empire open-pit mine in Idaho, USA, further to the announcement on 26 January 2024, and on the refinancing of its US$2 million short-term loan facility (the "Existing Facility").

 

Purchase of Equipment

 

The Company has executed an Asset Purchase Agreement (the "Purchase Agreement") to acquire two pre-owned ball mills to be used in the processing circuit at the Empire open-pit mine. The closing and funding date of the Purchase Agreement is 15 March 2024 and is subject to a final inspection and inventory of parts and components. Additional information will be provided following the closing date. The Directors believe the purchase of these mills at a significant discount to the price of the same equipment when new, should have a material positive impact on the Empire mine project economics, as well as reducing the time required to purchase these long lead-time items.

 

Refinancing of Short-Term Loan Facility

 

The Company also confirms that it has agreed terms to refinance the Existing Facility into an 18-month term loan (the "Term Loan"), and is currently finalising the legal documentation. Pending execution of the Term Loan documentation, the lender has agreed to waive its conversion rights on the Existing Facility until 1 March 2024. Further information regarding the Term Loan will be provided following execution of the legal documentation.

 

 

 

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 

 

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/

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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