Announcements

The Company is pleased to advise environmental approval has been granted for its 100% owned Fountain Head Gold Project, located in the Pine Creek region of the Northern Territory, approximately 170 km by road from Darwin. The decision to grant the environmental approval under the NT Environment Protection Act 2019 (EP Act) was made by the Hon Lauren Moss; Northern Territory Minister for Environment, Climate Change and Water Security; Minister for Equality and Inclusion; Minister for Mental Health and Suicide Prevention; Minister for Seniors; Minister for Youth.

The Company wishes to remind shareholders that the non-renounceable pro-rata rights issue, announced on 30 January 2023, closes at 17:00 (AEDT) on Monday, 20 February 2023.  All eligible shareholders should have received their Offer Booklet by now. If you have not received your booklet and wish to participate, the Company encourages you to contact your broker or custodian, or you can contact us directly.

The Company is pleased to advise that numerous high-grade surface gold samples were collected during an assessment of the northern leases of its Burnside exploration project.  Multiple targets, with the potential to host economically significant gold mineralisation, have been identified within prospective kilometre-scale gold corridors. These areas are located, along with PNX’s Fountain Head and Hayes Creek zinc, gold, silver Projects, in the Pine Creek region of the Northern Territory, approximately 170km from Darwin.

The Company is pleased to advise that, following the launch of a non-renounceable rights issue (Refer to ASX Announcement on 30 January 2023 for further detail), the following offer documents, attached hereto, have been despatched to shareholders today: Entitlement Offer Booklet, and Entitlement and Acceptance Form

This notice is given under section 708AA(2)(f) of the Corporations Act 2001 (Cth) and refers to the Company's Offer Memorandum and Appendix 3B lodged with ASX on 30 January 2023 for a one (1) for three (3) non-renounceable pro-rata entitlement issue of new shares in PNX Metals at an issue price of $0.003 per New Share to raise up to approximately $4.4M (before costs).

Offer Memorandum for the PNX - Non Renounceable Rights Issue announced to the market on 30 January 2023.

Appendix 3B for Proposed issue of securities - PNX in relation to the Non Renounceable Rights Issue announced to the market on 30 January 2023.

The Company is pleased to announce that it is offering eligible shareholders the opportunity to acquire New Shares at $0.003 (0.3 cents) per share through a one (1) for three (3) non-renounceable pro-rata rights issue to raise up to $4.4 million (before costs and expenses) (“Offer”). Full details of the Offer are set out in the Offer Memorandum and Appendix 3B lodged with ASX today.

The Company is pleased to announce positive gold assay results from its recently completed reverse circulation (RC) drilling program at the Glencoe gold deposit. The program comprised 18 RC drill holes for a total of 1,740 metres, and was successful in demonstrating continuity to the east of the Central Zone by approximately 200 metres, and that the gold-bearing quartz veins previously reported at surface (refer ASX release 20 March 2022) extend at depth and to the south, oblique to the main gold mineralisation.

The Company is pleased to advise that a detailed drone-based magnetic survey has identified new targets for follow-up, highlighting the significant untested gold and base metals prospectivity of its 1,500 km² exploration tenure in the Pine Creek region of the Northern Territory. The 1,238 line-km drone magnetic survey, flown by SensorEM, covered PNX’s 100% owned zinc-gold-silver Hayes Creek, and Fountain Head and Glencoe gold projects. The images generated show much greater detail than previous surveys, and permit confident delineation of the folded and faulted magnetic stratigraphy, particularly where it is covered by transported sediments. The survey was co-funded by Grants

The Company advises the outcome of the resolutions considered by Shareholders at the Company’s Annual General Meeting held earlier today. All resolutions were decided by way of a poll.

The Company is pleased to advise that a reverse circulation (RC) drill program of up to 2,000 metres has commenced at its 100%-owned Glencoe gold deposit (Glencoe).  Glencoe is located on a granted Mineral Lease approximately 170 km south of Darwin, and 3 km north of PNX’s Fountain Head Gold Project in the Pine Creek region of the Northern Territory. The current Glencoe drill program is designed to test 3 targets exploring for mineralised extensions where near-surface gold anomalism highlights along-strike potential, and gold-bearing quartz veins oblique to the main gold lodes identified by surface rock chip samples (refer ASX

Appendix 4G with Key to Disclosures for 2022 Corporate Governance Statement.

Notice of Meeting for the Annual General Meeting to be held 10:30am Thursday 10 November 2022, level 3/170 Frome Street, Adelaide