PNX to target near-term gold production from Fountain Head

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 use as tailings storage from subsequent
sulphide flotation of ore from the Mt Bonnie and Iron Blow deposits at Hayes Creek.
Near-term development of gold resources also capitalises on a supportive high gold price environment and
preserves the in-ground value of the Hayes Creek zinc-gold-silver project in a low zinc price environment.