Update on Refinancing of Short-Term Loan Facility

Phoenix Copper Limited (AIM: PXC; OTCQX ADR: PXCLY), the AIM quoted, 100% USA focused base and precious metals emerging producer and exploration company, announces a further update regarding the refinancing of the Short-Term Loan Facility from Riverfort Global Opportunities PCC Limited ("Riverfort") (the "Facility") following the Company's announcement dated 4 December 2025[1].

As previously announced, the Company drew $1.96 million of a $2.1 million convertible loan note facility from Indigo Capital LP (the "CLN") and utilised the funds, in part, to repay the balance of the Facility.

Following the repayment, the Company was informed by Riverfort that the repayment should have been classified as a prepayment, pursuant to the terms of the Facility.

The Company is now in discussions with Riverfort to determine whether there is a further financial obligation for the Company, pursuant to the terms of the Facility.

The Company will make a further announcement once the discussions with Riverfort have concluded.

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 oz of gold and 4,654,400 oz 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 sq km).

[1] For additional information on the Facility, please see the Company's announcements dated 13 August 2025, 12 June 2025, 4 March 2024, 19 February 2024 and 24 March 2023.