TIDMPXC
RNS Number : 8945Q
Phoenix Copper Limited
30 June 2022
Phoenix Copper Limited / Ticker: PXC / Sector: Mining
30 June 2022
Phoenix Copper Limited
('Phoenix' or the 'Company')
Update re Director Share Options
Phoenix Copper Ltd (AIM: PXC, OTCQX ADR: PXCLY), the AIM quoted
USA focused base and precious metals emerging producer and
exploration company, announces that it has extended the expiry date
on a class of share options for certain directors and a member of
the Company's Advisory Board, as the Company is currently deemed to
be in a close period.
The expiry date on 1,750,000 share options, with an exercise
price of 30 pence per share (the "Options"), has been extended from
30 June 2022 until such time that the "close period" has ended (the
"Options Extension"). The exercise price of the Options will remain
unchanged. The Options are summarised in the table below:
Director Number of Options
Marcus Edwards-Jones 325,000
------------------
Ryan McDermott 400,000
------------------
Richard Wilkins 325,000
------------------
Roger Turner* 250,000
------------------
Dennis Thomas** 250,000
------------------
Andre Cohen 125,000
------------------
Jason Riley 75,000
------------------
Total 1,750,000
------------------
* As per the Company's announcement of 31 December 2021, Roger
Turner retired from the board as a Non-Executive Director however
continues to advise the Company on a part-time consultancy
basis.
**As per the Company's announcement of 27 April 2021, Dennis
Thomas joined the Company's Advisory Board following his retirement
from the board as a Non-Executive Director.
Related Party Transaction
As 1,250,000 of the Options are held by Directors of the
Company, the Options Extension constitutes a related party
transaction under Rule 13 of the AIM Rules. Accordingly, Catherine
Evans, as the independent director who does not hold any Options
which are subject to the Options Extension, considers, having
consulted with the Company's nominated adviser, that the terms of
the Options Extension are fair and reasonable insofar as
shareholders of the Company are concerned.
Warrant Extension
In addition, the expiry date on 69,286 warrants, with an
exercise price of 35 pence per share (the "Warrants"), has been
extended from 30 June 2022 until such time that the "close period"
has ended. The Warrants are held by one of the Company's advisers
and the exercise price of the Warrants will remain unchanged.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company 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 Regulatory
Information Service, this inside information is now considered to
be in the public domain.
Contacts
For further information please visit https://phoenixcopperlimited.com or contact:
Phoenix Copper Ryan McDermott Tel: +1 208
Limited Dennis Thomas 954 7039
Richard Wilkins Tel: +44 7827
290 849
Tel: +44 7590
216 657
SP Angel Corporate David Hignell / Caroline Rowe Tel: +44 20
Finance LLP (Nominated 3470 0470
Adviser)
----------------------------------- ---------------
T avira Securities Jonathan Evans / Oliver Stansfield Tel: +44 20
Ltd (Joint Broker) 7100 5100
----------------------------------- ---------------
WH Ireland (Joint Harry Ansell / Adam Pollock Tel: +44 20
Broker) / Katy Mitchell 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 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 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 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 (formerly First Cobalt
Corporation), 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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