News

PNX is pleased to provide an update on its Fountain Head gold development project, located in the Pine Creek region of the Northern Territory, following the receipt of final assays from the recently completed Reverse Circulation (RC) drilling program. Between December 2019 and February 2020, the Company drilled 59 RC holes at Fountain Head, with all assays now received and reported. The drilling program was designed to confirm and provide support to the Mineral Resource Estimate and has resulted in increased confidence in the geological model and Project economics. Significantly, a number of holes intersected gold outside the proposed pit-shell

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