PNX Metals Limited advises that the exclusivity period for negotiation of a proposed Joint Venture for the funding of gold processing infrastructure at PNX’s 100% owned Fountain Head Gold deposit (“Project” or “Fountain Head)” and production sharing agreement with Halifax Capital Pty Limited and its subsidiary Bridge Creek Mining Pty Limited has been allowed to lapse.

As no agreement satisfactory to PNX has been reached, the Company has elected not to extend the negotiations (or negotiating period) and will retain 100% of the Project on its own terms.