Result of Retail Offer

Phoenix (AIM: PXC), the AIM-quoted, 100% USA focused base and precious metals emerging producer and exploration company, announces that the Retail Offer, as announced on 6 July 2026 (the "Retail Launch Announcement"), has now closed. The Retail Offer has raised in aggregate £67,218 through the issuance of 13,443,600 Retail Offer Shares at a price of 0.5 pence per New Ordinary Share (the "Issue Price").

The Company will require additional share authorities to allot the Retail Offer Shares. Accordingly, the Retail Offer is conditional, inter alia, upon Shareholders approving the resolutions at the Annual General Meeting being held on 24 July 2026, and the Retail Offer Shares to be issued pursuant to the Retail Offer being admitted to trading on the AIM market operated by the London Stock Exchange ("Admission"). Admission of the New Ordinary Shares pursuant to the Retail Offer is expected to take place on or around 27 July 2026. Completion of the Retail Offer is conditional, inter alia, upon the completion of the Placing.

In addition, subject to shareholder approval, and as set out in the Retail Launch Announcement, the Company also proposes to issue warrants to subscribe for New Ordinary Shares to all participants in the Fundraising, including the Retail Offer on the basis of one warrant for every three Ordinary Shares subscribed for in the Retail Offer ("Retail Warrants"). Each Retail Warrant will grant the holder the right to subscribe for one new Ordinary Share at 1 pence per share (the "Warrant Price") and will be exercisable for a period of two years from the date of issue of the Retail Warrants (the "Warrant Exercise Period"). The Retail Warrants will not be admitted to trading on AIM or any other regulated market.

The issue of the Retail Warrants is subject to (i) the Directors being granted new authorities to issue and allot equity securities at the Annual General Meeting of the Company and (ii) the successful admission of the Retail Warrants to settlement in uncertificated form through CREST. It is also anticipated that the Retail Warrants will be eligible for CREST settlement by the date of the Annual General Meeting. A circular convening the Annual General Meeting was posted on 8 July 2026. In the event that the relevant authorities are not granted at the Annual General Meeting or that eligibility for CREST settlement is not achieved by that date, then the Retail Warrants will not be issued.

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).