Empire Mine

Phoenix Copper's Flagship Operation

The Empire Open-Pit oxide copper deposit is the Company’s flagship operation. Located near Mackay, Idaho, USA, Empire is in the development stage for copper, gold, and silver production.

In May 2024, the Company upgraded its mineral resources into mineral reserves. The Proven and Probable reserves at Empire are 10.1 million tonnes containing 109,487,970 lbs of copper, 104,000 ounces of gold, and 4,654,400 ounces of silver, which equates to 66,467 copper equivalent tonnes.

Phoenix Copper Limited has an 80% interest in Konnex, the owner of the Empire Mine project. The Empire Mine originally operated as an underground mine from 1901 to 1942 and shipped copper ore of 6% to 8% copper and 6.6 grams/tonne of gold. In 2015, Phoenix signed an option agreement to acquire an 80% interest in Konnex Resources Inc. In 2017, Phoenix IPO’d on the LSE: AIM and satisfied the option agreement to acquire the 80% interest in Konnex.

Phoenix is dedicated to fostering strong partnerships with local and regional stakeholders and mining professionals. Together, we are committed to developing the Empire open pit copper mine as a cost-effective, environmentally friendly producer of copper, gold, and silver.

Mineral Reserve Statement for Empire Mine

Fully diluted tonnes @ a Net Smelter Return cut-off of $22.59/tonne

The mineral reserves reported herein for the Empire project have been estimated in a manner consistent with the NI 43-101 Committee of Mineral Reserves International Reporting Standards (“CRIRSCO”) of which both the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) and Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”) are members. The mineral reserves presented herein are an integral part of the Company’s ongoing pre-feasibility studies and will be reported in a NI43-101 PFS in due course.

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 program 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 typically includes 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.

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, is well-established. Probable reserves have some of the same qualities as a Proven reserve 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.