Phoenix Copper Ltd (LSE:PXC), the AIM-listed US-focused base and precious metals exploration and development company, has announced an updated Mineral Reserve Statement for its Empire Open-Pit Mine in Idaho, reporting a 31.49% increase in ore tonnage compared with its inaugural reserve estimate published in May 2024.
The revised Proven and Probable reserves total 13.27 million tonnes, containing approximately 118.8 million pounds of copper, 134,600 ounces of gold and 5.41 million ounces of silver.
The company reported total contained metal of 83,959 copper equivalent tonnes, representing a 26.31% increase compared with the previous reserve estimate.
Updated Empire Reserves Include Copper, Gold and Silver
The 2026 Mineral Reserve Statement identifies 13.27 million tonnes of economically mineable material within the Empire open-pit deposit.
The updated reserves contain 118,781,100 pounds of copper, 134,600 ounces of gold and 5,407,400 ounces of silver.
On a copper equivalent basis, the total amounts to 83,959 tonnes of contained metal.
Phoenix Copper said the revised figures represent a 31.49% increase in reserve tonnage and a 26.31% increase in copper equivalent metal compared with the May 2024 estimate.
The updated reserves were estimated by Hardrock Consulting using methods consistent with internationally recognised mineral reserve reporting standards, including NI 43-101-related requirements.
Pre-Feasibility Study Update Underway
Phoenix Copper confirmed that its consultants are updating the Empire project’s 2024 Pre-Feasibility Study (PFS) to incorporate the revised Mineral Reserve Statement.
The updated study will use the new reserve figures as the basis for reassessing the proposed open-pit mining operation.
The company intends to publish the revised PFS once the work has been completed, although no specific publication date was provided.
Mineral reserves represent the portion of a mineral resource assessed as economically mineable following technical and economic evaluation, including allowances for mining dilution and extraction losses.
The Empire estimate comprises Proven and Probable reserves, reflecting different levels of geological confidence and supporting technical information.
CEO Comments on Reserve Increase
Ryan McDermott, Chief Executive Officer of Phoenix Copper, reported that the revised reserves represent a 31.49% increase in ore tonnes and a 26.31% increase in copper equivalent metal compared with the May 2024 estimate.
He also confirmed that consultants are updating the project’s Pre-Feasibility Study using the revised reserve figures, with publication planned following completion of the assessment.
Technical Review and Environmental Work
Phoenix Copper confirmed that the technical information supporting the announcement was reviewed and verified by Dennis Thomas, a co-founder of the company and a chartered mining engineer.
Thomas is recognised as a Qualified Person under the AIM Rules and consented to the inclusion of the technical information in the announcement.
The company also reported that environmental baseline data collected at Empire will continue to support the project’s permitting process and its environmental, social and governance activities.
These activities are overseen by Phoenix Copper’s ESG & Sustainability Committee. The company has also published its inaugural Sustainability Report.
More About Phoenix Copper
Phoenix Copper Ltd is an AIM-listed mineral exploration and development company focused on base and precious metals projects in the United States.
Its Empire Open-Pit Mine project in Idaho contains copper, gold and silver reserves and is undergoing further technical evaluation through an updated Pre-Feasibility Study.
The company is also progressing environmental and permitting activities associated with the proposed development.
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