Updated Mineral Reserve Statement for Empire

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 updated the mineral reserves for its Empire Open-Pit Mine in Idaho, USA.

Highlights

Proven and Probable mineral reserves – 13.27 million tonnes containing:

Copper – 118,781,100 lbs

Gold – 134,600 ounces

Silver – 5,407,400 ounces

83,959 copper equivalent tonnes of contained metal

Ryan McDermott, Chief Executive Officer, commented: “I am very pleased to report the 2026 Empire open-pit mineral reserve update. The Proven and Probable reserves at Empire are 13.27 million tonnes containing 118,781,100 lbs of copper, 134,600 ounces of gold, and 5,407,400 ounces of silver, which equates to 83,959 copper equivalent tonnes. This represents a 31.49% increase in ore tonnes and a 26.31% increase in copper equivalent metal when compared to the May 2024 Empire open-pit inaugural mineral reserve.

“Our consultants are currently updating the 2024 Pre-Feasibility Study (“PFS”) using this updated mineral reserve as a basis. The updated PFS will be published and reported in due course."

2026 Mineral Reserve Statement for Empire Mine

Fully diluted tonnes @ a Net Smelter Return cut-off of $19.83/tonne

The mineral reserves reported herein for the Empire project have been estimated by Hardrock Consulting in a manner consistent with the NI 43-101 Committee of Mineral Reserves International Reporting Standards of which both the Canadian Institute of Mining, Metallurgy and Petroleum and Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves are members.

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 as Proven reserves, 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

The foregoing technical information in this news release has been reviewed and verified by Dennis Thomas, ACSM, FIMMM, FGS, CEng, Eurlng, co-founder of Phoenix Copper Limited. Mr. Thomas has held both executive and non-executive roles in several international private and public natural resources companies and is a chartered mining engineer from the Camborne School of Mines. He is a Qualified Person under the AIM Rules and consents to the inclusion of the information in the form and the context in which it appears.

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 13.27 million tonnes containing 118,781,100 lbs of copper, 134,600 ounces of gold, and 5,407,400 ounces of silver, equating to 83,959 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).