Result of Retail Offer

Phoenix Copper Limited

10 July 2026

 

10 July 2026

Phoenix Copper Limited

("Phoenix" or the "Company")

Result of Retail Offer

Phoenix (AIM: PXC), the AIM-quoted, 100% USA focused base and precious metals emerging producer and exploration company, announces that the Retail Offer, as announced on 6 July 2026 (the "Retail Launch Announcement"), has now closed. The Retail Offer has raised in aggregate £67,218 through the issuance of 13,443,600 Retail Offer Shares at a price of 0.5 pence per New Ordinary Share (the "Issue Price").

The Company will require additional share authorities to allot the Retail Offer Shares. Accordingly, the Retail Offer is conditional, inter alia, upon Shareholders approving the resolutions at the Annual General Meeting being held on 24 July 2026, and the Retail Offer Shares to be issued pursuant to the Retail Offer being admitted to trading on the AIM market operated by the London Stock Exchange ("Admission"). Admission of the New Ordinary Shares pursuant to the Retail Offer is expected to take place on or around 27 July 2026. Completion of the Retail Offer is conditional, inter alia, upon the completion of the Placing.

In addition, subject to shareholder approval, and as set out in the Retail Launch Announcement, the Company also proposes to issue warrants to subscribe for New Ordinary Shares to all participants in the Fundraising, including the Retail Offer on the basis of one warrant for every three Ordinary Shares subscribed for in the Retail Offer ("Retail Warrants"). Each Retail Warrant will grant the holder the right to subscribe for one new Ordinary Share at 1 pence per share (the "Warrant Price") and will be exercisable for a period of two years from the date of issue of the Retail Warrants (the "Warrant Exercise Period"). The Retail Warrants will not be admitted to trading on AIM or any other regulated market.

The issue of the Retail Warrants is subject to (i) the Directors being granted new authorities to issue and allot equity securities at the Annual General Meeting of the Company and (ii) the successful admission of the Retail Warrants to settlement in uncertificated form through CREST. It is also anticipated that the Retail Warrants will be eligible for CREST settlement by the date of the Annual General Meeting. A circular convening the Annual General Meeting was posted on 8 July 2026. In the event that the relevant authorities are not granted at the Annual General Meeting or that eligibility for CREST settlement is not achieved by that date, then the Retail Warrants will not be issued.

Capitalised terms used but not otherwise defined in this announcement shall have the meanings ascribed to such terms in the Retail Launch Announcement unless the context requires otherwise.

For further information please contact:
Phoenix Copper Limited Catherine Evans Ryan McDermott [phone] Tel: [phone]  SP Angel Corporate Finance LLP (Nominated Adviser) David Hignell / Jen Clarke / Devik Mehta Tel: [phone] Zeus Capital Limited (Joint Broker and Bookrunner) Harry Ansell / Katy Mitchell Tel: [phone] Tavira Financial Limited (Joint Broker) Jonathan Evans / Oliver Stansfield Tel: [phone] Oak Securities (Corporate Bond Adviser) Hugh Rich Tel: [phone] BlytheRay (Financial PR) Megan Ray / Rachael Brooks Tel: [phone]

Notes

Phoenix Copper Limited is an emerging producer and exploration company specialising in base and precious metals, with an initial focus on copper, gold, and silver extraction from an open-pit mining operation within the United States.

Located in the historic Alder Creek mining district near Mackay, Idaho, Phoenix's flagship asset is the Empire Mine, in which the Company holds an 80% ownership stake. The historic Empire underground mine, located beneath the surface of the Company's proposed open pit, boasts a rich history of producing high-grade copper, gold, silver, zinc, and tungsten.

Since 2017, Phoenix has executed extensive drilling initiatives, resulting in an expansion of the Empire Open-Pit resource by over 200%. In May 2024, the Company published its inaugural mineral reserve statement for the Empire Open-Pit Mine. Proven and Probable mineral reserves are 10.1 million tonnes containing 109,487,970 lbs of copper, 104,000 oz of gold and 4,654,400 oz of silver. This reserve was estimated using assay data from 485 drill holes, extensive geological modelling, metallurgical recovery test work, geotechnical evaluation, and mine design. The reserve represents a combined 66,467 tonnes of copper equivalent metal.

In addition to the Empire Mine, Phoenix's holdings in the district also encompass the Horseshoe, White Knob, and Blue Bird Mines, all of which have been producers of copper, gold, silver, zinc, lead, and tungsten from underground operations, a new high-grade silver and lead orebody at Red Star, and the Navarre Creek gold exploration project, which was first drilled in 2023. The Company's land package at Empire spans 8,434 acres (34 sq km).

Phoenix also owns two cobalt properties situated along the Idaho Cobalt Belt to the north of Empire. An Earn-In Agreement has been established concerning one of these 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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