The Company is pleased to announce its first Mineral Resource Estimate for the Glencoe gold deposit (“Glencoe”) (reported in accordance with the JORC Code, 2012) which is located 3 kilometres north of PNX’s 100% owned Fountain Head Gold Project (“Fountain Head”) in the Pine Creek region of the Northern Territory.

The Glencoe acquisition represents a ‘bolt on’ asset that will significantly expand the proposed Fountain Head development as gold resources between Fountain Head and Glencoe now total 235,000 oz.

Under the Sale and Purchase Agreement (executed 27 April 2021) with private company, Ausgold Trading Pty Ltd, PNX has acquired Glencoe for a total consideration of $1.875 million; of which $1.175 million has been paid to date with the balance due by 31 December 2021 (refer to Key Terms in PNX ASX announcement 10 December 2020 for further information). The Company has also received unconditional approval from the Foreign Investment Review Board for the acquisition.