THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

24 July 2026

Phoenix Copper Limited

("Phoenix" or the "Company")

Result of Annual General Meeting

Completion of Fundraise

Phoenix Copper Limited (AIM: PXC), the AIM quoted, 100% USA focused base and precious metals emerging producer and exploration company, is pleased to announce that all Resolutions put to shareholders at the AGM held in London this afternoon were duly passed on a poll.

For information, the total votes received in relation to the Resolutions were as follows:

Completion of Fundraise

Resolutions 8 and 9 (the "Fundraise Resolutions") were necessary to implement the Fundraise to raise a total of £2.4 million (before expenses), as per the Company's announcements of 3 July 2026 and 6 July 2026, and the Retail Offer to raise a total of £67,218 (before expenses), as per the Company's announcements of 6 July 2026 and 10 July 2026.

Following the passing of the Fundraise Resolutions, the Company has allotted (subject only to Admission) the 364,196,369 Placing Shares, the 125,000,000 Subscription Shares and the 13,443,600 Retail Offer Shares with new and existing investors.

Pursuant to the completion of the Fundraise, the Company will now issue 163,065,450 Warrants to participants in the Placing and Subscription, in the ratio of one warrant for every three Ordinary Shares placed and subscribed for as part of the Placing and the Subscription, following Admission.

A further grant of 4,481,200 Warrants will be made to participants in the Retail Offer, on the basis of one Warrant for every three Retail Offer Shares, subject to the Retail Warrants being admitted to settlement in uncertificated form through CREST. The Company is progressing the CREST enablement process and the Directors have every expectation that the Retail Warrants will become enabled for settlement in CREST, but if eligibility for CREST settlement is not achieved then the Retail Warrants will not be issued.

Catherine Evans, interim Non-Executive Chair commented: "On behalf of the Company, I would like to thank our shareholders for their continued support through the recent difficulties we have faced, and for putting their faith in us by passing these Resolutions, which will allow us to complete the Fundraise and move Phoenix forward.

We look forward to providing shareholders with further corporate and operational updates as appropriate."

Indigo Capital Limited & NIU Invest SE

Following the passing of the Resolutions, the Company has also allotted (subject only to Admission) 40,000,000 new Ordinary Shares to Indigo Capital Limited ("Indigo") (the "Indigo Shares") to settle the final repayments owed to Indigo pursuant to the Company's agreement with Indigo, which was initially announced on 4 December 2025. The Company will also issue 13,333,334 warrants to Indigo, on the same terms as the other investors in the Fundraise.

Following the completion of the Fundraise, the Company will also now issue 43,296,258 warrants over Ordinary Shares to NIU Invest SE.

Admission and Total Voting Rights

Application has been made to the London Stock Exchange for admission of the Placing Shares, the Subscription Shares, the Retail Offer Shares and the Indigo Shares (together the "New Ordinary Shares") to trading on AIM (the "Admission"). It is expected that Admission will become effective and dealings in the New Ordinary Shares will commence at 8.00 a.m. on or around 27 July 2026.

The New Ordinary Shares will be issued fully paid and will rank pari passu in all respects with the Company's Existing Ordinary Shares.

On Admission, the total number of Ordinary Shares in the capital of the Company in issue will be 830,635,083 with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company's share capital pursuant to the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Note

This announcement should be read in conjunction with the full text of the 'Fundraise and Notice of Annual General Meeting' Circular, dated 8 July 2026, which can be found on the Company's website. Capitalised terms used but not defined in this announcement have the meanings given to them in the Circular, unless the context provides otherwise.

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