26th Jul 2024 19:20
Phoenix Copper Ltd - US-focused base and precious metals producer and explorer - Announces on Thursday that it has renewed its earn-in agreement with Electra Battery Materials, regarding Phoenix's Redcastle cobalt property on the Idaho cobalt belt. Inks amendment to the Redcastle property agreement to extend its two main exploration expenditure commitments by two years, to 2026 and 2028 respectively. The amendment will require an investment of USD1.5 million into any combination of exploration, development and related work by the third anniversary date of May 21, 2026; with an additional required investment of USD1.5 million into any combination of the above works by the fifth anniversary date of May 21, 2028.
Chief Executive Officer Ryan McDermott says: "We are pleased to be continuing our collaboration with Electra through the extension of this agreement. We believe Electra is well-positioned to further advance the Redcastle property's potential, and we look forward to working with the Electra team as that potential is realized."
Current stock price: 20.50 pence
12-month change: down 20%
By Holly Beveridge, Alliance News senior reporter
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