The Toronto Stock Exchange reports that it has conditionally approved an application for the listing of Class A common shares of Phoenix Metals Corp., subject to completion of a proposed initial public offering (IPO), as described in the company's preliminary base PREP prospectus dated June 19, 2026. It is anticipated that the offering price will be between $1.10 and $1.40 per offered share. It is expected that in the next few days, the company will file a final base PREP prospectus and a supplemented PREP prospectus, and announce the timeline for trading on an if as and when-issued market. After the final base PREP prospectus is cleared by the relevant securities regulatory authorities, and a supplemented PREP prospectus is filed and consistent with the timeline, the TSX will post the shares for trading on an if, as and when-issued basis under the symbol PCA and with Cusip No. 71910B 30 3. Before the shares are posted for trading on such basis, the TSX will issue a subsequent communication confirming both the pricing and the expected closing date for the offering. If and when the offering closes, the shares will be listed on the TSX. The shares will trade in Canadian dollars and the temporary market-maker is Virtu Canada Corp.

Subject to the closing of the offering, all trades in the shares on and before the trading day immediately preceding the closing date will be for special settlement on the closing date and will appear on the settlement report from CDS Clearing and Depository Services Inc. If the offering does not close, all of the if, as and when-issued trades will be cancelled, no securities will be delivered and no money will be owed by purchasers to sellers. Parties who are entitled to receive shares under the offering may sell such securities in the if, as and when-issued market without being subject to restrictions on short sales. Parties who are not entitled to receive shares under the offering must comply with the short sale rule in all respects for any sales they make in the if, as and when-issued market. If and when the offering closes, there will be no further trading on an if, as and when-issued basis, and the shares issued at such closing will trade on a regular settlement basis.

According to the TSX, Phoenix Metals is a mineral exploration and development company focused on the exploration and advancement of the past-producing copper-gold asset known as the Greenwood project, located in the boundary region of Southern British Columbia, Canada. The company does not intend to pay dividends at this time. The transfer agent and registrar is Odyssey Trust Company at its principal office in Vancouver. As stated in the preliminary prospectus, the company has arranged a $35-million treasury offering. It has also granted to the underwriters an overallotment option to buy up to an additional 15 per cent of the number of shares issued under the offering, at the offering price, for a period of 30 days.