Announcements

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.

The Company is pleased to announce that all assay results have been received from diamond drilling at the Iron Blow VMS deposit. The Iron Blow and Mt Bonnie VMS deposits, along with the Fountain Head gold prospect collectively form the Company’s Hayes Creek zinc-gold-silver project (“Hayes Creek”) in the Pine Creek region of the Northern Territory. Three diamond drill holes were drilled down-dip to the mineralisation for approximately 650 metres at Iron Blow with thick intervals of massive sulphide mineralisation intersected in both the eastern and western lodes further confirming the geological model.

Appendix 3B in relation to Shares issued on 20 May 2019 under the Underwritten Non-renounceable Rights Issue.

The Company is pleased to advise that its underwritten non-renounceable pro-rata rights issue (ASX release 18 April 2019) closed at 5:00pm (ACST) on 10 May 2019. The Company received acceptances for 371,111,697 new shares at an issue price of $0.006 per share for a total $2,226,670, representing an approximate 41% take-up (including oversubscriptions). This included participation by a number of major shareholders, including DELPHI Unternehmensberatung Aktiengesellschaft (“DELPHI”) which took up its full entitlement together with the Board and management of the Company. Pursuant to the underwriting agreement, DELPHI will be allocated the remaining shortfall of 539,073,425 shares for a total