Investor Q&A and Shareholder Letter

10 July 2026

Phoenix Copper Limited

("Phoenix" or the "Company")

Investor Q&A via Investor Meet Company

Shareholder Letter

Phoenix (AIM: PXC), the AIM-quoted, 100% USA focused base and precious metals emerging producer and exploration company, is pleased to announce that Catherine Evans, Interim Non-Executive Chair, and Ryan McDermott, Chief Executive Officer, will provide a live Investor Q&A session via Investor Meet Company on 16 July 2026 at 16:00 BST.

The session is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 15 July 2026, 09:00 BST, or at any time during the event.

Investors can sign up to Investor Meet Company for free and add to meet Phoenix Copper Limited via:

https://www.investormeetcompany.com/phoenix-copper-limited/register-investor

Investors who already follow Phoenix Copper Limited on the Investor Meet Company platform will automatically be invited.

Shareholder Letter

Below is a letter to shareholders from Interim Non-Executive Chair, Catherine Evans, which will shortly also be available to view on the Phoenix Copper website: https://phoenixcopperlimited.com/

Dear Shareholders,

This letter is at once an apology, an explanation and an appeal.

As you may have seen in our most recent financial statements, released on 19 June 2026, CEO Ryan McDermott and I both made an unreserved apology on behalf of the Board for the actions of our former directors.

The good news is that the original investment case for PXC remains sound. We as a Board continue to have full confidence in the future potential of the Empire Mine, a strategic asset, offering exposure to a critical mineral in a Tier 1 jurisdiction. According to our Sept 2024 PFS, which used three-year trailing average metals prices at the time, Empire Mine had a Cumulative Cash Flow after tax of $132m and a 5% discounted NPV of $89.55m. With the uptick in metals prices, the PFS figures have more than doubled.

As you know, ahead of our forthcoming AGM, we have put forward a special resolution requesting shareholders to allow us to disapply their pre-emption rights. This is in order to allow the current fundraise to go ahead. We appeal to our shareholders to support this resolution.

We considered and explored every other reasonable alternative, and given our timeframe, we believe that this was the best option available. We clearly referenced material uncertainty as to our going concern status in our recent financial statements, and we had no alternative but to raise money with the remaining time we had and on the terms that the market determined, having regard for our recent history and current market conditions.

We strongly urge shareholders to support the resolutions. As stated in our RNS of 8 July 2026, the alternative is that the company may no longer be able to meet its short-term liabilities to continue trading.

In recent months, following the investigation, we have reached out to as many shareholders as possible by email and by phone, irrespective of the size of their holding, to discuss plans to move the project forward and to reassure shareholders that the remaining members of the Board are committed to the Company, to its shareholders, and to doing whatever is in their power to get Empire Mine into production.

Ryan McDermott and I will appear on a webinar on Thursday 16^th July at 4pm. We encourage our shareholders to participate by submitting questions in advance. In addition, those attending are welcome to submit questions during the webinar.

We look forward to the webinar, and to seeing as many of our shareholders as possible at the forthcoming AGM on 24 June 2026 at 3pm at SP Angel Corporate Finance LLP, Prince Frederick House, 35-39 Maddox Street, London W1S 2PP.

Yours sincerely,

Catherine Evans

Interim Chair

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/