Announcements

The Company is pleased to report multiple occurrences of visible gold identified in diamond drill core from the Fountain Head gold Project, part of the Company’s broader Hayes Creek Project, located in the Pine Creek region of the Northern Territory. Two diamond drill holes were completed in March to provide geotechnical information for the proposed open-pit mining operation and to capture new geological data from the south eastern end of the Tally Ho lode. The first diamond hole drilled into the Tally Ho zone by PNX (FHDD181), intersected multiple occurrences of visible gold mineralisation in fractured quartz veining between 145m

Cleansing notice in relation to shares issued today, 23 March 2020.

Appendix 2A for the quotation of PNX: Fully Paid Ordinary Shares issued.

Appendix 3B for the proposed issue of 33,333,334 PNX: Fully Paid Ordinary Shares

The Company is pleased to advise that it has received $1.1 million from the exercise of 74 million options with an exercise price of 1.5 cents (’Options’) by cornerstone investor and existing substantial shareholder DELPHI Unternehmensberatung Aktiengesellschaft. The Company has also signed Subscription Agreements with sophisticated investor shareholders to raise a further $0.5 million before costs via the placement of approximately 33.3 million ordinary shares, also at a price of 1.5 cents per share (‘Placement’). The exercise price of the Options and the Placement price represent a significant premium to PNX’s last closing price on the ASX.

The Company is pleased to provide an update on the proposed Fountain Head gold heap leach development, within the Company’s Hayes Creek Project, located in the Pine Creek region of the Northern Territory. Drilling and technical studies at Fountain Head are progressing on schedule and on budget, as the Company assesses the feasibility of a heap leach operation as a low-cost, scalable option for generating early cashflow from existing gold resources. Assay results have now been received for all RC drilling completed up to the end of 2019 with further high-grade gold intersections being reported

The Company is pleased to announce that, due to increased confidence in the technical components of the Project,  it has appointed Medea Natural Resources Ltd ("Medea"), a specialist mining finance advisory firm, as the lead financial adviser to assist with the negotiation, structuring and arrangement of project financing for the development of the Fountain Head Gold Project (“Fountain Head”, or “Project”) in Northern Territory, Australia.

The Company is pleased to announce a significant step-change by the Company that will result in its immediate priority being near-term gold production from the Fountain Head Project (“Fountain Head”) in the Pine Creek region of the Northern Territory. Heap leaching is currently being assessed as a low-cost, scalable option for rapidly monetising, and generating early cashflow from, existing gold resources at Fountain Head, whilst preserving the future value of Hayes Creek. This strategy may also provide an opportunity to enhance overall Hayes Creek Project economics and extend the project mine life with the mined-out Fountain Head pit available for

The Company is pleased to announce assay results from a follow-up reverse circulation (RC) drill program of 1,669m at its 100% owned Fountain Head gold Project. The drill program was successful, with numerous mineralised intercepts confirming good high-grade continuity at depth and along strike, directly adjacent to the current resource envelope. Due to the success of this drill program, the Company is planning further drilling at Fountain Head to test the potential for future growth in the current resources, this is planned to commence in December.

The Company is pleased to announce the appointment of a new Non-Executive director, Mr Hans-Jörg Schmidt.

The Company is pleased to announce results of initial metallurgical testing of gold ore samples from its 100%-owned Fountain Head Gold Project. The testwork was designed to assess gold recoveries and regent consumption via standard atmospheric cyanide leaching of gold mineralisation. The Company recently released a Mineral Resource estimate for the Project of 2.58Mt at 1.7g/t Au for 138,000 oz Au (reported in accordance with the JORC Code, 2012, see ASX release 11 July 2019 for full details including JORC tables). Fountain Head, together with the Iron Blow and Mt Bonnie volcanogenic massive sulphide (VMS) deposits, form the Hayes Creek

Annual General Meeting to be held 10:30am Weds 23 October 2019, level 3/170 Frome Street, Adelaide

Key to Disclosures - 2019 Corporate Governance Statement.

The Company is pleased to announce a follow-up reverse circulation (RC) drill program of approximately 2,000m at its 100% owned Fountain Head gold Project. This will be the first drilling since the Company released a Mineral Resource estimate1 for the Project (reported in accordance with the JORC Code, 2012).  Fountain Head, together with the Iron Blow and Mt Bonnie VMS deposits, comprise the Hayes Creek zinc-gold-silver Project (“the Project”) in the Pine Creek region of the Northern Territory.

The Company is pleased to announce its first Mineral Resource estimate for the 100% owned Fountain Head gold Project (reported in accordance with the JORC Code, 2012), which together with the Iron Blow and Mt Bonnie VMS deposits comprise the Hayes Creek zinc-gold-silver Project (“Hayes Creek or Project”) in the Pine Creek region of the Northern Territory.