Result of Retail Offer and Additional Subscription

Further to the announcements dated 26 January 2024, Phoenix Copper Ltd (AIM: PXC, OTCQX: PXCLY), the AIM-quoted USA-focused base and precious metals emerging producer and exploration company, is pleased to announce that following the closing of the Retail Offer via the BookBuild Platform at 4.35 p.m. today, 576,152 new Ordinary Shares will be issued at a price of 11.5 pence per Retail Offer Share in connection with the Retail Offer, raising gross proceeds of £66,257.48.

In addition, following the close of the Placing and Subscription on 26 January 2024, the Company received a further subscription for 434,783 new Ordinary Shares (the "Additional Subscription Shares") at the Issue Price raising gross proceeds of £50,000.

Admission and Settlement

Application has been made for the Retail Offer Shares and Additional Subscription Shares to be admitted to trading on AIM ("Admission"). Admission of 1,010,935 new Ordinary Shares is expected to take place at 8.00 a.m. on or around 6 February 2024.

The Retail Offer Shares and Additional Subscription Shares will, when issued, be credited as fully paid and rank pari passu in all respects with the existing Ordinary Shares.

Following Admission, the total number of Ordinary Shares in the capital of the Company in issue will be 149,069,995 with each Ordinary Share carrying the right to one vote. There are no shares held in treasury and therefore, following Admission, the total number of voting rights in the Company will be 149,069,995. The above 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 share capital of the Company under the FCA's Disclosure, Guidance and Transparency Rules.

Capitalised terms used in this announcement have the meanings given to them in the announcement made by the Company at 7.00 a.m. on 26 January 2024, unless the context provides otherwise.

Since 2017, Phoenix has carried out extensive drill programmes which have defined a NI 43-101 completed PEA (preliminary economic assessment) for an open pit heap leach solvent extraction and electrowinning ("SX-EW") mine, which was updated in October 2020. From the 2020 PEA, the measured and indicated resource is 22,909,059 tonnes at an average grade of 0.38% copper, 0.324 grammes per tonne ("g/t") gold, 10.3 g/t silver, and 0.19% zinc. The contained metal for the measured and indicated resource is 87,543 tonnes of copper, 238,406 ounces of gold, 7,595,198 ounces of silver and 43,871 tonnes of zinc.

In addition to Empire, the district includes the historic Horseshoe, White Knob and Blue Bird Mines, past producers of copper, gold, silver, zinc, lead and tungsten from underground mines. A new discovery at Red Star, 330 metres northwest of the Empire Mine proposed open pit, has revealed high grade silver / lead sulphide ore, and from three shallow exploration drill holes a maiden inferred resource of 103,000 tonnes containing 173.4 g/t silver, 0.85 g/t gold and 3.85% lead (1.6 million ounces silver equivalent) was reported in an NI 43-101 technical report published in May 2019. Additionally, the district includes Navarre Creek, a volcanic hosted precious metals target in a 16.09 sq km area. The Company's total land package at Empire comprises 8,434 acres (34.13 sq kms).