Extension of Warrants

Phoenix Copper Limited (AIM: PXC; OTCQX ADR: PXCLY), the AIM quoted USA-focused base and precious metals emerging producer and exploration company, announces that it has extended the expiry date on a class of warrants that were granted to advisers and brokers in conjunction with the Company's fundraise which was announced on 5 March 2021.

The expiry date on 3,347,813 warrants, with an exercise price of 38.5 pence per share (the "Warrants"), has been extended from 31 March 2024 to 30 June 2024. The exercise price of the Warrants will remain unchanged.

Since 2017, Phoenix has executed extensive drilling initiatives, resulting in an expansion of the Empire Open-Pit resource by over 200%. The measured and indicated resource currently stands at 22,909,059 tonnes, with an average grade of 0.38% copper, 0.324 grams per tonne ("g/t") gold, 10.3 g/t silver, and 0.19% zinc. This resource represents 87,543 tonnes of copper, 238,406 ounces of gold, and 7,595,198 ounces of silver.

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 (34.13 sq km).