Empire Open-Pit Mine Mineral Reserve Statement

Phoenix Copper Ltd (AIM: PXC; OTCQX ADR: PXCLY), the AIM-quoted USA-focused base and precious metals emerging producer and exploration company, is pleased to confirm that it has upgraded its mineral resources into mineral reserves, and to announce its inaugural mineral reserve statement for its Empire Open-Pit Mine in Idaho, USA.

Highlights

• Proven and Probable mineral reserves - 10.1 million tonnes containing:

o Copper - 109,487,970 lbs

o Gold - 104,000 ounces

o Silver - 4,654,400 ounces

66,467 copper equivalent tonnes of contained metal

Ryan McDermott, Chief Executive Officer, commented: "I am very pleased to report the first mineral reserve statement for our Empire open pit copper-gold-silver mine. The Proven and Probable reserves at Empire are 10.1 million tonnes containing 109,487,970 lbs of copper, 104,000 ounces of gold, and 4,654,400 ounces of silver, which equates to 66,467 copper equivalent tonnes.

"This reserve calculation upgrades our mineral resources into mineral reserves that represent the economically mineable portion of the mineral resources. The reported reserves are the result of years of exploration, drilling, and metallurgical testing, followed by meticulous engineering evaluation and analysis. It was estimated using assay data from 485 drill holes, extensive geological modelling, metallurgical recovery test work, geotechnical evaluation, and mine design.

"Mineral reserves meet the requirements of geological certainty, accessibility, and economic viability, and are estimated after allowing for mining and processing dilution, and thus represent the recoverable contained metal that is expected to be delivered to the smelter for refining into saleable product to generate revenue.

"I want to thank our team for their tireless hours of work and their dedication to our Idaho project. I look forward to sharing additional updates regarding the Empire open pit development in due course."

Mineral Reserve Statement for Empire Mine

Fully diluted tonnes @ a Net Smelter Return cut-off of $22.59/tonne

The mineral reserves presented herein are an integral part of the Company's ongoing pre-feasibility studies and will be reported in a NI43-101 PFS in due course.

Mineral Reserves Defined

Mineral reserves are defined as that portion of a mineral resource that can be realistically and economically mined. A mineral reserve must be proven by a detailed evaluation programme and meet stringent requirements of geological certainty, accessibility, and economic viability, proving that a deposit is of sufficient quantity and quality to be defined as a viable, economically mineable reserve.

A mineral reserve will typically include allowances for losses (dilution) that may occur during the extraction process as defined by feasibility engineering studies. To attain the distinction of being a "reserve," this resource must also be fully evaluated and deemed commercially viable to work.

Mineral reserves are typically defined as probable or proven reserves. Proven reserves are reserves where the spatial information of the reserve, including size, shape, and depth, as well as mineral content of the reserves are well-established. Probable reserves have some of the same qualities of a Proven reserve, but may have sites for inspection, sampling, or measurement that are farther apart or otherwise less adequately spaced, which makes the data less reliable than for Proven reserves.

By comparison, mineral resources are defined as Measured and Indicated and are not necessarily economically mineable. A mineral reserve is extracted from the mineral resource and represents the economically mineable portion of a Measured and Indicated resource.

Qualified Person

Environmental, Social, and Corporate Governance

Since 2017, Phoenix has executed extensive drilling initiatives, resulting in the estimation of mineral reserves. The Proven and Probable reserves at Empire are 10.1 million tonnes containing 109,487,970 lbs of copper, 104,000 ounces of gold, and 4,654,400 ounces of silver, equating to 66,467 copper equivalent tonnes.

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).