News

The Company is pleased to announce its first Mineral Resource Estimate for the Glencoe gold deposit (“Glencoe”) (reported in accordance with the JORC Code, 2012) which is located 3 kilometres north of PNX’s 100% owned Fountain Head Gold Project (“Fountain Head”) in the Pine Creek region of the Northern Territory. The Glencoe acquisition represents a ‘bolt on’ asset that will significantly expand the proposed Fountain Head development as gold resources between Fountain Head and Glencoe now total 235,000 oz. Under the Sale and Purchase Agreement (executed 27 April 2021) with private company, Ausgold Trading Pty Ltd, PNX has acquired Glencoe

PNX Metals Limited is pleased to announce that it has received approval from the Northern Territory Department of Industry, Tourism and Trade (DITT) for a variation to the Company’s Mine Management Plan to allow dewatering of the Fountain Head Pit. This approval is the first stage in the approvals process for the development of the Fountain Head gold Project, where the Company is targeting first production in 2022.

PNX Metals Limited is pleased to announce the engagement of Mr Craig Wilson as the Company’s Mining, Infrastructure and Studies Manager who will take a leading role in transitioning the Fountain Head gold and Hayes Creek zinc-gold-silver Projects into production. Craig brings a wealth of operational, mine planning and management experience to PNX which will be invaluable as the Company continues to develop exploration areas into operational mines. He is a Mining Engineer (B.Eng. Mining) with over 30 years of industry experience and has been engaged by the Company for the past two years as a consultant.

The Company advises that Mr Peter Watson and Mr Paul Dowd have resigned as non-Executive Directors of the Company effective from March 5, 2020.

The Company is pleased to provide an update on the Fountain Head Gold Project development with a number of important milestones reached. The Company has finalised the Sale and Purchase Agreement (SPA) with private company, Ausgold Trading Pty Ltd (“Ausgold”), to acquire the Glencoe Gold Deposit (Glencoe) for a total consideration of $1.875 million. A $0.5 million payment was made in Dec 20’ (fully refundable under certain conditions), with a further $0.675 million due upon execution of the SPA, and the balance to be paid by 31 December 2021 (refer to Key Terms in ASX announcement 10 December 2020 for

Appendix 3G in relation to the grant of unquoted Performance Rights under the PNX Metals Limited Employee Performance Rights Plan approved by shareholders at the Annual General Meeting held on 23 October 2019.

See Form 604 prepared by substantial shareholder, DELPHI Unternehmensberatung Aktiengesellschaft.