Phoenix Copper Ltd. reported the assay results from a further two metallurgical core holes at its Empire Open Pit Copper Project, in Custer County, Idaho, USA (the 'Empire Open Pit'). 1,077 metres ('m') of a planned 1,500 m metallurgical core drilling programme were completed during 2022 and will provide samples and technical information for further metallurgical testing, geotechnical studies, and geological modeling. Significant drill results from the fourth and fifth holes of the programme are listed in Table 1, including the following highlights: Hole KXD22-04 11.00 m of 1.59% copper, 45.60 grammes /tonne ('g/t') silver, and 0.37% zinc starting at the surface, Including 5.20 m of 2.00% copper and 56.30 g/t silver from the surface And including 1.20 m of 5.19% copper, 149.00 g/t silver, and 1.61% zinc from 9.80 m. And 0.60 m of 2.55% copper and 58.80 g/t silver from 12.80 m, And 2.70 m of 0.597 g/t gold and 13.60 g/t silver from 80.30 m. Hole KXD22-05, 17.70 m of 0.59% copper, 20.10 g/t silver, and 0.39% zinc starting at a depth of 22.60 m, Including 1.20 m of 7.43 g/t gold and 10.50 g/t silver from 29.30 m and including 3.40 m of 1.98% copper, 0.32 g/t gold, 60.30 g/t silver, and 0.90% zinc from 35.40 m. The 2022 metallurgical exploration programme was designed to collect material from each of the metallurgical domains, to evaluate the metallurgical variability within the Empire Open Pit, while improving the understanding of the geologic and structural controls on mineralisation.

The results continue to confirm the continuity of mineralisation, which appears along structures striking northeast and dipping steeply to the southeast. The Phoenix team is assessing these results for inclusion in updated geological models and to target additional drilling programmes.