Phoenix Copper Ltd. to report 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'). As announced on 4 January 2023, 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 sixth and seventh holes of the programme are listed in Table 1, including the following highlights: 56.70 metres ('m') of 0.54% copper, 19.90 grammes /tonne ('g/t') silver, and 0.73% zinc starting at the surface o including 17.10 m of 1.11% copper and 22.90 g/t silver from the surface, and including 5.90 m of 1.38% copper and 23.40 g/t silver from 6.60 m, and including 3.20 m of 0.49 g/t gold from 15.50 m, and including 12.50 m of 0.62% copper, 24.60 g/t silver, and 1.28% zinc from 20.70 m and including 1.70 m of 0.75 g/t gold from 20.70 m, and including 15.00 m of 0.47% copper, 27.80 g/t silver, and 1.52% zinc from 24.20 m. 1.50 m of 0.93% copper, 33.90 g/t silver, and 490 ppm tungsten starting at a depth of 9.80 m, 2.80 m of 2.15% copper and 125.30 g/t silver from 15.50 m including 1.20 m of 4.49% copper and 269.10 g/t silver from 17.10 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 targeting additional drilling.