PHOENIX COPPER LIMITED - Investor Q&A Session

Phoenix Copper Limited provided an investor update focused on reaffirming the value of its Empire copper, gold and silver project in Idaho despite recent corporate governance challenges. Management stressed that the project's underlying asset base remains unchanged, with higher commodity prices significantly improving the project's illustrative economics compared with the 2024 pre-feasibility study, highlighting potential for a substantially higher post-tax NPV, stronger IRR and faster payback period. The company outlined its near-term growth strategy, centred on completing feasibility engineering, advancing permitting and securing construction finance through a combination of debt, equity and potential streaming agreements. Phoenix also addressed the discovery of previously undisclosed related-party transactions involving former directors, detailing governance reforms including enhanced financial controls, adoption of new accounting systems and increased transparency with shareholders. Management emphasised that preserving shareholder value, maintaining the Idaho assets and securing additional funding remain the board's immediate priorities, while confirming ongoing investor discussions and confidence in achieving the capital required to advance the project toward production. The presentation also highlighted supportive local permitting conditions, a clear development pathway and continued engagement with stakeholders, reinforcing management's belief in the long-term value of the company despite short-term funding and governance challenges.