Phoenix Copper: Updated Mineral Reserve Statement for Empire

Phoenix Copper Limited

02 November 2026

 

Phoenix Copper Limited / Ticker: PXC / Sector: Mining

2 November 2026

Phoenix Copper Limited

(“Phoenix” or the “Company”)

Updated Mineral Reserve Statement for the Empire Open-Pit Mine

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

Phoenix is committed to meeting and exceeding the environmental standards required by law as a core value of the Company. The baseline environmental data collected to date will be used to further the permitting process, but as importantly, will be used as the building blocks for the Company's ongoing Environmental, Social, and Corporate Governance (“ESG”) platform, overseen by the Company's ESG & Sustainability Committee. The Company has recently published its inaugural Sustainability Report, which can be viewed on the Company’s website.

Market Abuse Regulation (MAR) Disclosure

The Company deems the information contained within this announcement to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014, which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

For further information please visit  https://phoenixcopperlimited.com.

Contacts

Notes

Phoenix Copper Limited is an emerging producer and exploration company specialising in base and precious metals, with an initial focus on copper, gold, and silver extraction from an open-pit mining operation within the United States.

Located in the historic Alder Creek mining district near Mackay, Idaho, Phoenix's flagship asset is the Empire Mine, in which the Company holds an 80% ownership stake. The historic Empire underground mine, located beneath the surface of the Company's proposed open pit, boasts a rich history of producing high-grade copper, gold, silver, zinc, and tungsten.

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).

Phoenix also owns two cobalt properties situated along the Idaho Cobalt Belt to the north of Empire. An Earn-In Agreement has been established with Electra Battery Materials, Toronto, concerning one of these properties.

Phoenix is listed on London's AIM (PXC), and trades on New York's OTCQX Market (PXCLF and PXCLY (ADRs)). More details on the Company, its assets and its objectives can be found on PXC's website at  https://phoenixcopperlimited.com/

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