Corporate Copper Bonds list on TISE

Phoenix Copper Ltd (AIM: PXC, OTCQX ADR: PXCLY), the AIM-quoted USA-focused base and precious metals company, is pleased to confirm that, further to its announcement on 15 May 2024, corporate copper bonds to the value of US$110 million (the "Bonds") have been admitted to trading on the Official List of The International Stock Exchange ("TISE"). TISE's ticker symbol for the Bonds is PHCOUSDN and the ISIN number is XS2524085417.

The Bonds have a maturity date of 27 December 2033 and will remain listed on TISE until the earlier of maturity or repayment.

As previously announced, NIU Invest SE ("NIU Invest") has subscribed for US$80 million of the Bonds, with the balance held on behalf of Phoenix by The Bank of New York Mellon ("BNYM") as Custodian, pending onward transfer to future bond investors.

The Company is also pleased to confirm that it has instructed BNYM to issue the second tranche of US$5 million Bonds to NIU Invest in accordance with the previously announced drawdown schedule, via delivery vs payment.

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 ounces of gold and 4,654,400 ounces 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 (34.13 sq km).