EGM Requisition Notice received

Phoenix Copper Limited / Ticker: PXC / Sector: Mining

10 April 2026

Phoenix Copper Limited

("Phoenix" or the "Company")

EGM Requisition Notice received

Phoenix Copper Limited (AIM: PXC; OTCQX ADR: PXCLY), the AIM quoted, 100% USA focused base and precious metals emerging producer and exploration company, announces that it received a request on 3 April 2026 from NIU Invest SE ("NIU"), a holder of approximately 11.7% of the voting rights in the Company, seeking to requisition an extraordinary general meeting of shareholders pursuant to Article 10.2 of the Company's Articles of Association (the "Requisition").

As announced on 5 June 2024, NIU invested an initial US$5 million, a drawdown of the agreed US$80 million fully subscribed corporate copper bonds, the net proceeds of which were to be used to fully fund the construction of the Company's Empire open pit mine in Idaho, USA for the production of copper, gold and silver, and for general working capital. In lieu of an arrangement fee, the Company issued NIU with 33,884,031 new ordinary shares of no par value in the Company and warrants to subscribe at no cost for a further 22,589,354 new ordinary shares in lieu of a drawdown fee. As no further funding has been forthcoming, the warrants have since been cancelled.

The Company has been working with its advisers to review the content and validity of the Requisition and deem it to be validly served.

The Requisition proposes the following ordinary resolutions:

1. THAT, with effect from the conclusion of the meeting, NIU's representative be and is hereby appointed as a director of the Company. NIU did not name a proposed representative.

2. THAT the shareholders request that the board of directors of the Company promptly commission an independent investigation by external advisers into the matters disclosed in the Company's announcement dated 9 March 2026, and that the board make available to shareholders, as soon as reasonably practicable, a summary of the findings of such investigation, subject to legal privilege, confidentiality obligations and applicable law.

3. THAT the shareholders request that the board of directors of the Company provide to shareholders, within 30 days after the date of the meeting, an explanation of (i) how the unauthorised payments disclosed in the Company's announcements dated 9 February and 9 March 2026 were permitted to occur, including the control failures that made them possible, and (ii) the governance, approval and internal control measures the board has adopted, or proposes to adopt, to prevent any recurrence, in each case subject to legal privilege, confidentiality obligations and applicable law.  

4. THAT the shareholders request that the board of directors of the Company provide to shareholders, within 30 days after the date of the meeting, an update on (i) the use of proceeds of the Company's bond financing, (ii) the Company's current liquidity position and (iii) the Company's near-term funding plans, in each case subject to legal privilege, confidentiality obligations and applicable law.

The board of directors is in discussions with NIU regarding the Requisition and the resolutions, and if deemed necessary, will release a circular pertaining to the Requisition in due course in accordance with statute and with its Articles of Association. In the meantime, shareholders are urged to take no action.

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

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/