REG - Phoenix Copper Ltd - Refinancing of Short-Term Loan Facility

Phoenix CopperAnnouncement

04/12/2025 07:00

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RNS Number : 1463K  Phoenix Copper Limited  04 December 2025

Phoenix Copper Limited / Ticker: PXC / Sector: Mining

 

4 December 2025

Phoenix Copper Limited

("Phoenix" or the "Company")

Refinancing of Short-Term Loan Facility

 

Phoenix Copper Limited (AIM: PXC; OTCQX ADR: PXCLY), the AIM quoted, USA
focused base and precious metals emerging producer and exploration company, is
pleased to announce that, further to its announcement on 13 August 2025, it
has drawn down on a $2.1 million convertible loan note (the "CLN") and
utilised the funds, in part, to repay the balance of its Short-Term Loan
Facility (see below).

Key terms of the CLN

The CLN, which has been issued to Indigo Capital LP, a private family office
investor (the "CLN Investor"), is unsecured and has been drawn down in an
amount of $1.96 million net of a fixed 5% coupon and a 2% commitment fee. The
CLN has a 12 month term and is convertible into new ordinary shares of no par
value in the Company ("New Ordinary Shares"), at the option of the CLN
Investor, at a 20% discount to the prior 5 day lowest Volume Weighted Average
Price ("VWAP") on the day a conversion notice is submitted by the CLN
investor, or on maturity.

The CLN Investor may convert up to $1 million prior to 30 April 2026, plus a
further $250,000 if the Company's share price has closed at 5.5 pence or
higher for 5 consecutive trading days prior to 30 April 2026. From 1 May 2026
the CLN investor may convert the CLN in full. The Company may redeem the CLN
in cash at nominal value plus 20%, with the written consent of the CLN
Investor.

The CLN investor will also be granted 10 million warrants to purchase New
Ordinary Shares at an exercise price of 5 pence at any time from 1 May 2026 to
31 October 2028.

Partial Loan Conversion

The Short-Term Loan Facility from Riverfort Global Opportunities PCC Limited
has been repaid in an amount of $1.46 million inclusive of accrued interest at
15% per annum and net of conversion of $627,251 of outstanding principal and
interest into 19,549,276 New Ordinary Shares at a price of 2.41 pence per
share (the "Partial Loan Conversion").

Application has been made for the 19,549,276 New Ordinary Shares issued
pursuant to the Partial Loan Conversion to be admitted to trading on AIM
("Admission"). It is expected that Admission will become effective and
dealings will commence at 8:00 am UK time on or around 8 December 2025.

Total Voting Rights

As a result of the Partial Loan Conversion, the Company will have 261,013,300
ordinary shares outstanding. Shareholders may use this number as the
denominator for the calculation by which they will determine if they are
required to notify their interest in, or a change to their interest in, the
issued share capital of the Company.

 

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
(https://phoenixcopperlimited.com/) .

 

Contacts

 Phoenix Copper Limited                               Ryan McDermott                                Tel: +1 208 9547039

                                                      Paul de Gruchy                                Tel: +44 7484 203 720

                                                      Richard Wilkins                               Tel: +44 7590 216 657
 SP Angel Corporate Finance LLP (Nominated Adviser)   David Hignell / Jen Clarke / Devik Mehta      Tel: +44 20 3470 0470
 Tavira Financial Limited (Joint Broker)              Jonathan Evans / Oliver Stansfield            Tel: +44 20 7100 5100
 Zeus Capital Limited (Joint Broker)                  Harry Ansell / Katy Mitchell                  Tel: +44 20 7220 1666
 Oak Securities (Corporate Bond Adviser)              Hugh Rich                                     Tel: +44 20 3973 3678
 BlytheRay                                            Tim Blythe / Megan Ray                        Tel: +44 20 7138 3204

 (Financial PR)                                                                                     Email: PhoenixCopper@blytheray.com

 

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 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).

Phoenix also owns two cobalt properties situated along the Idaho Cobalt Belt
to the north of Empire. An Earn-In Agreement has been established 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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