Phoenix Copper LimitedCopper Producer & Explorer

Annual General Meetingof

Shareholders

November 2011ASX: PNX

Disclaimer & Competent Person Statement• This presentation is an overview of the Company prepared with good intention. It is not a prospectus and offers no securities for subscription or

sale in any jurisdiction, nor a securities recommendation.

• All information necessary for investment decisions is not contained herein and investors are encouraged to conduct their own research of Phoenix Copper Limited in conjunction with legal, tax, business and financial consultation.

• Phoenix Copper Limited, its directors, officers, employees and agents disclaim liability for any loss or damage suffered by reliance on information contained in this report when making investment decisions. In addition, no express or implied representation or warranty is given in relation to the completeness and sufficiency of the information, opinions or beliefs contained in this document or any other written or oral information made or to be made available to any interested party or its advisors.

• This presentation may refer to the intention of Phoenix Copper Limited but it does in no way intend to forecast forward looking statements or future matters for the purposes of the Corporations Act or any other law. Future events are subject to risks and uncertainties, and as such results, performance and achievements may in fact differ from those referred to in this presentation.

• No liability is accepted for any loss, cost or damage suffered or incurred by the reliance on the sufficiency or completeness of the information, opinions or beliefs contained forthwith.

• Research, evaluation and analysis of the business, data and property are encouraged before making financial investments. Any estimates, projections or opinions contained herein may involve subjective judgement, analysis and interpretation, and satisfaction of ones owns decisions should be undertaken.

• This report contains forward-looking statements. These forward-looking statements reflect management’s current beliefs based on information currently available to management and are based on what management believes to be reasonable assumptions. A number of factors could cause actual results, or expectations to differ materially from the results expressed or implied in the forward looking statements.

• Information of a scientific or technical nature in this presentation, including information that relates to Exploration Results, is based on and accurately reflects information compiled by Mr Mark Manly and Mr Paul Dowd, who are both employees of Phoenix Copper Limited. Mr Manly is a Member and Mr Dowd is a Fellow of the Australasian Institute of Mining and Metallurgy and both have sufficient experience relevant to the style of mineralisation and the type of deposits under consideration and to the activity which they are undertaking to qualify as a Competent Persons as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Manly and Mr Dowd consent to the inclusion in this report of the matters based on their information in the form and context in which it appears.

25 November 2011

Trends of Crude Steel Consumption relative to Gross National IncomeBubble represents population size of country 2007

Assets at Various Stages of Development – Superior to Most Peers

PRODUCERLCCM Assets

DEVELOPER(Advanced Exploration)

Development of LCCM Assets

EXPLORER(Brownfields & Greenfields)

Yorke Peninsula – Burra to Kapunda – LCCM Assets

YP - High Quality IOCG, Moonta-Style CopperBurra “Hub” remains possible – Princess Royal + Burra. Uranium prospects packaged

O/C Potential in known mining area; LCCM - 3 x MLs

JORC Resources3 x Granted MLs, Leach “History”

25 November 2011

Yorke Peninsula – The Company Maker

O/C Potential in known mining area; LCCM 3 x MLs

EXPLORER(Brownfields & Greenfields)

Yorke Peninsula – Burra to Kapunda – LCCM Assets

YP - High Quality IOCG, Moonta-Style CopperBurra “Hub” remains possible – Princess Royal + Burra. Uranium prospects packaged

PRODUCERLCCM Assets

25 November 2011

DEVELOPER(Advanced Exploration)

Development of LCCM Assets

Olympic Domain from Prominent Hill, Olympic Dam & Carapateena to the Yorke Peninsula. Exploration success in these types of geological environments can transform a junior company

25 November 2011 6

• Olympic Dam (BHPB) >78 Mt Cu & 90 Mozs Au• Prominent Hill (Oz Minerals) 2.5 Mt Cu & >3 Mozs Au (Cu Ore)• Carapateena (Oz Minerals) 2.6 Mt Cu & 6.5 Mozs Au (Inf Res)• Hillside (Rex Minerals) 1.5 Mt Cu & 1.4 Mozs Au• Moonta-Wallaroo (historic) >355 Kt Cu & 64 Kozs Au

Olympic Domain “Elephant Country”

Highly Prospective Structural Setting

DEPTH TO CAMBRIAN

Rex Minerals - Inferred Resource of 170Mt @ 0.7% copper & 0.2g/t gold in sheared rocks of the Hiltaba suite closely associated with the Pine Point Fault at Hillside.Phoenix Copper has identified targets in the geophysical data:•structures splaying off the Pine Point Fault.•a south west extension of the Pine Point Fault .•other significant structures disrupting the Hiltaba Suite in PNX’s ELs.Drill Targets refined by Airborne EM to commence after crops removed

GRAVITYMAGNETICS

Hillside Hillside

Hillside

25 November 2011

13 Target Areas Identified• Phoenix Copper 3D Modelling of Aeromagnetic Data to

identify significant bodies of rock adjacent deep seated structures similar to those seen at Hillside or Moonta. Targets for follow up exploration were derived

• Targets T1, 2, 4, 5, 7, 8, 12 and 13 - alkali feldspar and magnetite metasomatic alteration Hillside-style Target

• Targets T3, 6, 9, 10 and 11 - moderate to weakly magnetic bodies may be associated with metavolcanics and metasediments intruded by Hiltaba Suite granitoids Moonta-style Targets

Several areas of high magnetic susceptibility associated with significant structures were identified.

25 November 2011

Yorke Peninsula Exploration Program• Airborne survey 23rd Nov 2011

– more precise location of drill collars– EL4031 Nth Block and EL4312 Nth section

of Southern Block– cost ~ $250,000 – PACE funding

• Priority 1: coincident 3D magnetic and VTEM

25 November 2011

• Crops harvested Dec 2011 - drill locations available Mar 2012 (subject to access agreements with landholders)– initial program of 8 x ~ 200m deep holes– if successful, a further program (2,000m)

drilling on best 4 targets

Significant Value Potential at Burra

O/C Potential in known mining area; LCCM 3 x MLs

PRODUCERLCCM Assets

JORC Resources3 x Granted MLs, Leach “History”

EXPLORER(Brownfields & Greenfields)

Yorke Peninsula – Burra to Kapunda – LCCM Assets

YP - High Quality IOCG, Moonta-Style CopperBurra “Hub” remains possible – Princess Royal + Burra. Uranium prospects packaged

“The best place to search for an orebody is within the shadow of

the headframe”

25 November 2011

DEVELOPER(Advanced Exploration)

Development of LCCM Assets

Burra Project• 6 Contiguous exploration licences that

surround the historic Monster Mine • The Monster Mine produced 2.6Mt of

Cu ore in 2 major mining phases (1845 – 1877, 1970 – 1981)

• Monster Mine itself is within an area reserved from the Mining Act and excluded from EL4226, but is an important indicator of the potential of the Burra North Prospect

• Primary source of Monster Mine secondary mineralisation yet to be discovered– little deep drilling undertaken to date

25 November 2011

Burra North Prospect

• Significant potential for repetitions of the Monster Mine

– Northern area under-explored – no reported drilling immediately north west of the Monster Mine pit

– same fault zone that hosts Monster Mine

– several significant IP anomalies identified around the Monster Mine (refer green hatched areas on adjacent map)

• Planned drilling campaign early 2012

– Phase 1 – 8 diamond holes to test heart of IP anomaly

Section to be drilled

Burra North

Prospect

Monster Mine Pit

Burra “reserve”

25 November 2011

Significant Value Remains in Leigh Creek Assets

PRODUCERLCCM AssetsJORC Resources

3 x Granted MLs, Leach “History”

O/C Potential in known mining area; LCCM 3 x MLs

EXPLORER(Brownfields & Greenfields)

Yorke Peninsula – Burra to Kapunda – LCCM Assets

YP - High Quality IOCG, Moonta-Style CopperBurra “Hub” remains possible – Princess Royal + Burra. Uranium prospects packaged

25 November 2011

DEVELOPER(Advanced Exploration)

Development of LCCM Assets

25 November 2011 14

Leigh Creek Assets – Development Plan

Lorna Doone & Lynda

ML549811,900 t Cu

(Indicated & Inferred Mineral Resource)

in two proposed open pits.

Mt CoffinML 5741

Historic drilling has many significant high

grade copper intercepts including

8m @ 2.70% Cu20m @ 2.00% Cu11m @ 4.10% Cu

Mountain of Light ML54677,700 t Cu

(Indicated & Inferred Mineral Resource)

in two planned open pits.Operating Heap Leach and Copper cementation plant.

Approx65kms

0 5km

Significant assumptions in original feasibility study proved to be inaccurate:• Effects of clays & water table on heap leach operation – extreme• Lack of working capital• No scale up from test-work to operation• Significant Cu required for pond and pad inventory• Less than ideal infrastructure design (ponds too small, no ILS pond)• Lack of technical & costs “History”• Initial mining contractor created backlog & discontinuity – contract

terminated• Incorrect crusher for material type - utilised as the only available unit for

continuity• Availability of skilled & non-skilled workforce; accommodation

25 November 2011 15

Mountain of Light Learnings

Feasibility Study

25 November 2011 16

• Crushing options include MMD mineral sizer or tooth roll crusher less abrasive, high utilisation in clay bearing rock, lower operating and maintenance cost

than high impact crushers

• Mining plan to start in Paltridge North starter pit

• Mining 7.4tpd of contained Copper required for production of 4.4tpd contained Copper in cement

• 3 year mine life at the above rates• High levels of beneficiation in the testwork ~100% of the oxide resource

may be mined, reducing the 0.4% cutoff grade and increasing the available copper to leaching

Testwork

• PN starter pit Results:- +250µm matl contains 78.1% of Cu for 33.5% of the mass, and Grade from 0.55% Cu to 1.27% Cu, an

upgrade factor of 2.27• Up to a 15% Cu loss in the -38µm fraction• Tests to confirm losses generated through

abrasion in crushing process

25 November 2011 17

• Optimum split Historical tests 75µm, Current tests 250µm

• Coarse Copper split – Hydrosizing N/R?• Tests to confirm equipment selection -

Scrubbing Drum or Screen Washing• 78-90% Acid soluble Cu - size dependent

67% TonnesWaste

21% Copper

WasteY% Cu

33% TonnesOre

79% Copper

Leach >2 x Y% Cu

ScreeningOre 100%

Schedule• End Nov 2011, scrubbing testwork complete• Limited Hydrosizing work required, complete by mid Dec 2011• Next phase of testwork to begin in Dec (brought forward from Jan), this

will take a minimum of 60 days Bottle roll for initial acid consumption on coarse size fractions Load percolation for irrigation rates and slump factor Initial agglomeration Columns to determine leach curves

25 November 2011 18

Estimated Capital requirements

Sourcing actual capital costs now test work data has been received and equipment selection is more focussed. Indicative Pricing (± 35%):-• Crusher, feeder, screens $650K• Scrubbing drum $100K• EPCM, Plant Constn, incl civils, piping, etc $1270K• Current operation upgrades & expansion $650KSUBTOTAL $2670K• Pre-strip (Working Capital) $600-700KTOTAL $3370K

25 November 2011 19

Process Flow

25 November 2011 20

Crushed Ore -25mm

DESLIMEDCOARSE ORE +1.0mm

DESLIMED COARSE ORE

+250µm

COARSE ORE

BLENDING

SLIMES/FINES-250µm

THICKENERHEAP LEACH

SCRUBBED COARSE ORE +12.5mm

SCRUBBED ORE -12.5mm

TAILINGS

ROM Ore

2 DECKSCREEN

COPPERCEMENT

Not Just Another Junior ExplorerDistinguished from Peers

Producer-Developer-ExplorerHigh Quality Assets

Exploration at Yorke Peninsula – “Elephant Country”

25 November 2011 21

Conclusion

Forecast Expenditure

25 November 2011

$’000Exploration LCCM

Studies TotalYorke Peninsula

BurraNorth

Total Exploration

2011 - 2012 $1,623 $940 $2,563 $250 $2,813Total expenditures are based upon successful results, resulting in follow up drilling costs

Yorke Peninsula 2011:Notifications for VTEM $15,000Fly VTEM survey. Obtain waivers for gravity/geochem $240,000Process the VTEM data. Obtain waivers for gravity/geochem $25,000Economic Geological Tour Yorke Peninsula. $8,0002012 January - June:Prepare for Diamond drilling program. $60,000Undertake Ground Gravity over select Target clusters $80,000Undertake calcrete sampling over select target Clusters $45,000Project Supervision Contract Geologist $40,000Eight, ~200m deep holes to test VTEM/3D Mag targets. $400,000Project Supervision Contract Geologist $40,000Process data from Yorke Peninsula Drilling. $30,000Project Supervision Contract Geologist $40,000July- December:~ Twenty -60 degree angled holes 150m deep $270,000Project Supervision Contract Geologist $40,000Ground Gravity on select targets 50m line spacing 20m dipoles (1km target) $250,000Project Supervision Contract Geologist $40,000

$1,623,000

2325 November 2011

Burra 2011:FPXRF, surveying, geological mapping, planning & obtaining waivers to drill. $45,000FPXRF, surveying, geological mapping, planning & obtaining waivers to drill. $45,000FPXRF, prepare for Diamond drilling program. $60,0002012 January - June:Four, ~200m deep, holes ~800m N of Nthn edge Monster Mine O/Pit. $220,000Process data from Burra North Drilling. $30,000July-November:If successful 2000m of RC drilling on best targets $230,000Project Supervision Contract Geologist $40,000If successful 2000m of RC drilling on best targets $230,000Project Supervision Contract Geologist $40,000

$940,000

Forecast Expenditure$’000

Exploration LCCMStudies TotalYorke

PeninsulaBurraNorth

Total Exploration

2011 - 2012 $1,623 $940 $2,563 $250 $2,813Total expenditures are based upon successful results, resulting in follow up drilling costs

24

Annual Admin & O/Heads for PNX as a Producing Company

25 November 2011

$0

$200,000

$400,000

$600,000

$800,000

0%10%20%30%40%50%

$320,042 $109,430 $194,905 $179,176 $720,000

21.0%

7.2%12.8% 11.8%

47.3%

PNX Cost Advantages include, FP XRF and Dry Sample Prep and Laboratory at MoL

Admin & Overhead for Producer ~$1.5M; for Explorer ~$1.3M

25

Board Equity

25 November 2011

No. Shares % of Total

MR PETER JAMES WATSON & ASSOCS 8,228,000 5.06%

PAUL J DOWD & ASSOCS 1,530,000 0.94%

MR GRAHAM SPURLING & ASSOCS 935,084 0.58%

MR DAVID HILLIER & ASSOCS 240,000 0.15%

TOTAL 10,933,084 6.73%