Phoenix Copper Limited / Ticker: PXC / Sector: Mining

24 August 2026

Phoenix Copper Limited

("Phoenix" or the "Company")

Awarding of Contracts for Mineral Reserves Update

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 Hardrock Consulting LLC ("Hardrock"), metallurgist Deepak Molhatra, and Valley Science and Engineering ("Valley") have been appointed to update the Empire Open-Pit Pre-Feasibility Study ("PFS") and the open-pit mineral resources and reserves. The updated studies will provide the framework for future workstreams, including final feasibility engineering and an updated Plan of Operations.

The updated mineral reserves will factor in the uplift in metal prices, providing up-to-date economics for the Empire project. The Company anticipates completion of the technical studies by the end of the year.

Ryan McDermott, Chief Executive Officer, commented:

"I am pleased to report that work is now underway on updating the Empire mineral reserves and the PFS. Hardrock, Dr. Deepak Molhatra, and Valley all have a longstanding relationship with the Company and hold an in-depth knowledge of the Empire project, which allow them to seamlessly progress with their work.

"The Company's most recent mineral resource and reserve update was published in mid-2024. With metals prices having strengthened since then, I look forward to seeing the impact this could have on the updated mineral reserves."

 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/