Announcements

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

Appendix 3B for Proposed issue of securities - PNX in relation to the acquisition of the Mt Porter gold Deposit as announced to the market on 28 September 2022.

The Company is pleased to advise that it has executed a sale and purchase agreement with private Company Ausgold Trading Pty Ltd to acquire the Mt Porter gold Deposit for consideration of $1.05 million to be paid upon Completion. Further staged payments are required subject to certain resource scale and development hurdles being met per the Key Terms of the agreement. The acquisition is consistent with the Company’s strategy to consolidate nearby projects which host existing gold, silver or base metals mineral resources to support the proposed Fountain Head and Hayes Creek development, and have significant exploration upside.