Summary of Directors’ Share Options

Phoenix Copper Limited / Ticker: PXC / Sector: Mining 

7 May 2021

Phoenix Copper Limited

("Phoenix" or the "Company")

Summary of Directors' Share Options

Phoenix Copper Ltd (AIM: PXC, OTCQX: PXCLF), the AIM quoted USA focused base and precious metals emerging producer and exploration company, wishes to provide additional information regarding the 3,675,000 share options which are currently held over the Company's ordinary shares of no par value ("Ordinary Shares") by Directors and Senior Employees of the Company (the "Phoenix Options"), as summarised in Note 13 (Share-based payments), in the Company's Annual Results RNS dated 5 May 2021.

All the Phoenix Options were granted upon the recommendation of the Company's Remuneration Committee and pursuant to the terms of the Company's Staff Incentive Scheme (the "SIS"), which was implemented in June 2017, in conjunction with the Company's Admission to trading on AIM ("Admission").

The Phoenix Options are summarised in the table below:

*As per the Company's announcement of 27 April 2021 Dennis Thomas has retired as a Non-Executive Director and has joined the Company's newly created Advisory Board.

Of the Phoenix Options which were granted on 26 September 2019, 50% vested on 26 September 2020 and the remaining 50% will vest on 26 September 2021.

Of the Phoenix Options which were granted on 14 July 2020, 50% vested on 31 December 2020 and the remaining 50% will vest on 30 June 2021.

The 3,675,000 Phoenix Options as summarised above, represent 3.2% of the Company's current issued share capital and 2.8% of the Company's total voting rights on a fully diluted basis. At present, no Phoenix Options have been exercised.

Lapsed Options

In addition, options over 1,200,000 Ordinary Shares which were granted to certain Directors on 22 June 2017 in conjunction with Admission and options over a further 25,000 Ordinary Shares, which were granted to Jason Riley on 20 March 2018, all with an exercise price of 45p per Ordinary Share, lapsed on 21 June 2020.

 Contacts

For further information please visit https://phoenixcopperlimited.com or contact:

Notes

Phoenix Copper Limited is a USA focused, base and precious metal emerging producer and exploration company, which has carried out a drilling programme and generated a copper, gold, silver and zinc resource on which it is carrying out a feasibility study to bring the historically producing Empire Mine in Idaho, USA, back into production. It is also evaluating the silver and gold resources around three other past producing mines within the 23 km ²  Empire claims block as well as cobalt in two claims blocks north of Empire in Idaho.

Phoenix's primary operations are focused near Mackay, Idaho in the Alder Creek mining district. This district includes the historical Empire, Horseshoe, White Knob and Blue Bird Mines, past producers of copper, gold, silver, zinc, lead and tungsten from underground mines in the first half of the twentieth century. Additionally, the district includes Navarre Creek a Carlin-trend gold discovery which hosts a 6.1 km gold strike length within a 9.8 km² area.

Phoenix acquired an 80% interest in the historical Empire Mine property in 2017 and, based on a total of 320 drill holes, an oxide resource was completed in late 2017. A NI 43-101 compliant PEA (preliminary economic assessment) for an open pit heap leach solvent extraction and electrowinning ("SX-EW") mine was completed in April 2018. In 2018 a further 8,600 metres in 93 holes was completed to upgrade the oxide resources, provide samples for ongoing metallurgical test work, geotechnical and hydrological studies and condemnation drilling for the heap leach pad site, waste dump and plant site. An updated NI 43-101 compliant resource was completed in early May 2020 and October 2020 for all metals. Present contained metal in all NI 43-101 compliant categories of resources, measured, indicated and inferred, stand at 355,523 ounces of gold, 129,641 tonnes of copper, 10,133,772 ounces of silver and 58,440 tonnes of zinc. Following the latest NI 43-101 compliant resource, Phoenix updated its economic model in February 2021 to include the processing of all contained metals through a two phased approach.

Since acquiring the Empire project, Phoenix has increased the claim area from 818 acres (3.3 sq km) to 6,877 acres (27.8 sq km), mainly to the northwest and west, and in so doing has increased the potential for additional oxide and sulphide copper resources, as well as the potential for stand-alone gold and silver resources, along a strike length of approximately 5.4 km towards the other brownfield mines of the Horseshoe, White Knob and Blue Bird Mines now within the property boundary. In particular, a new discovery at Red Star, 330 metres north west of the Empire Mine proposed open pit, has revealed high grade silver / lead sulphide ore and from three shallow exploration drill holes a NI 43-101 compliant maiden resource of 1.6 million silver equivalent ounces was reported.

At Empire, it is estimated that less than 1% of the potential ore system has been explored to date and, accordingly, there is significant opportunity to increase the resource through phased exploration.

More details on the Company, its assets and its objectives can be found on PXC's website at  https://phoenixcopperlimited.com