#1PNZ METALS Near-term Gold Production AGM Northern Territory October 2021 Exploration Upside#2Disclaimer and Important Notes No Liability • . This Presentation has been prepared based on information available to it at the time of preparation and from sources believed to be reliable. PNX Metals Limited (the "Company" or "PNX") makes no representation that it has verified the information. No representation or warranty is made that the information in this presentation is complete or comprehensive and does not purport to summarise all information relevant to the Company. It should be read in conjunction with the Company's other periodic and continuous disclosure announcements and you should conduct your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision. The information contained in the Presentation is general information only and it is not intended to be a recommendation by the Company or any of their officers, employees, associated or advisors to invest in the shares. The Presentation must not be relied upon or construed as advice to investors or potential investors and has been prepared without taking into account the recipient's investment objectives, financial circumstances or particular needs. Those individual objectives, circumstances and needs should be considered, with professional advice, when deciding whether an investment is appropriate. No Obligation to Update • . You cannot assume that the Investor Presentation will be updated at any time subsequent to the date of the Investor Presentation. Except to the extent provided by law, the Company does not undertake to advise any person of any information coming to their attention relating to the financial condition, status or affairs of the Company or its related bodies corporate. All references to dollars, cents or $ in this presentation are to Australian currency, unless otherwise stated. Forward Looking Statements . This Presentation may include statements that could be deemed "forward-looking" statements. Although the Company believes the expectations expressed in such forward- looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those expected in the forward-looking statements or may not take place at all. No Offer to Sell or Invitation to Buy . This Presentation is not, and should not be considered to, constitute any offer to sell, or solicitation of an offer to buy, any securities in the Company, and no part of this Presentation forms the basis of any contract or commitment whatsoever with any person. The Company does not accept any liability to any person in relation to the distribution or possession of this Presentation from or in any jurisdiction. Competent Person's Statement • The results reported herein, insofar as they relate to exploration activities and exploration results, are based on information provided to and reviewed by Mr. Marco Scardigno who is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Scardigno has sufficient experience relevant to the style of mineralisation and type of deposits being considered to qualify as a Competent Person as defined by the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the JORC Code). Mr Scardigno is a full-time Resource Geologist with PNX Metals Ltd and consents to the inclusion in this report of the matters based on the reviewed information in the form and context in which it appears. Bibliography • PNX confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements noted below and referenced in this presentation and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. PNX confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements. PNZ METALS 2#3Northern Australia based Projects Long-term Scalable Production in a low-risk 53 jurisdiction Total Metals Inventory in Mineral Resources (MRE) 1 . 470,000oz gold + 16.2Moz silver + 177,200+ zinc Stage 1+2 Project Pre-tax NPV (8) of A$171m / 63% IRR Project PFS Fountain Head Stage 1 Near-term Gold Production ~30koz Au per year . • Gold/silver production 157,600 oz AuEq over 5 years Total funding of A$46m to commence production Government and Environmental approvals from Q1 2022 Stand-alone gold plant construction from Q1 2022 Gold production target from Q3 2022 Hayes Creek Stage 2 - High grade zinc-gold-silver sulphides Low cost, high-margin development opportunity Uses void space from Stage 1 gold mining for tailings Regional Exploration Focus Large 1,500km² gold/base metals exploration portfolio Priority targets with significant gold potential identified Strong Funding Support Supportive cornerstone investors Undervalued Investment Opportunity PNX AU EV only A$23.3m = ~$49.6/oz gold (excl. Ag & Zn) Well below peer group (explorer/developer) average of A$70- 100/oz gold 1. See Appendix for further information on Mineral Resources and PFS 3#4Corporate Overview Advanced gold and base metals Development Projects Capital Structure Shares¹ Options Performance Rights² Share price (26/10/21) PNX Share Price $0.012 3,652 m PNX Chart Nil 54.3 m $0.011 $0.007/share $0.01 Market Capitalisation $25.6 m $0.009 Cash (A$m)¹ $2.3 m $0.008 Debt (A$m)¹ Nil $0.007 Enterprise Value (A$m) $23.3 m Substantial Shareholder Breakdown DELPHI 44.4% Marilei 4.8% Sochrastem 5.8% Other PNX Shareholders 45.0% PNZ 1. As at 30 September 2021 2. METALS Nov Dec 2021 Feb Mar Apr May Jun Jul Aug Sep Oct https://pnxmetals.com.au/ Contact Level 1, 135 Fullarton Road Rose Park, South Australia Australia 5067 Performance Rights conditions vary, but are aligned with development of the Fountain head Gold Project Phone +61 8 8364 3188 [email protected] 4#5Geology Graham Ascough PNX Chairman A Senior Resources Executive with more than 30 years of industry experience. A geophysicist by training, has had broad industry involvement playing a leading role in setting the strategic direction for companies, completing financing and in implementing successful exploration programs. Chairman of four ASX listed resource companies. Mining & Approvals Craig Wilson PNX Project and Infrastructure Manager A Mining Engineer with +30 years of mining experience. Prior to joining PNX he was the Manager Mining for SIMEC Mining (previously Arrium & OneSteel) at their Whyalla Iron Ore Operations. Expertise includes mining operations management, mine design, feasibility & construction of greenfield operations in Australia and as an expat in Africa. He has worked in Gold, Iron Ore, Uranium, Mineral Sands and Copper. Production James Fox PNX MD and CEO An experienced Mining Executive with 25 years experience in the mining industry in development, construction, operations and corporate roles. Has held various senior processing positions and been involved in the construction, commissioning and operations of Gold, Cobalt, Copper and Nickel processing plants in East Africa & Western Australia. Hansjörg Plaggemars PNX NED Experienced Company Director with a strong background in corporate finance, corporate Finance strategy, and governance. Qualifications in Business Administration and has served on the Board of Directors of many listed and unlisted companies in a variety of industries including mining, agriculture, shipping, construction, and investments. Hansjoerg Schmidt PNX NED Based in Monaco, with a Master of Business & Administration from the University of Mannheim (Germany). A strong track record of business start-up and investment management. An experienced Private Equity Investor, working and investing across a broad range of industries. Has held senior positions in investment banking and investment research firms along with director roles for publicly listed Companies in Europe. Advised boards and management teams on investment decisions, financings and transactions across a broad range of industries Dr Frank Bierlein PNX NED A geologist with 30 years of experience as a consultant, researcher, lecturer and industry professional. Has held exploration and generative geology management positions with QMSD Mining Co Ltd, Qatar Mining, Afmeco Australia and Areva NC, and consulted for, among others, Newmont Gold, Resolute Mining, Goldfields International, Freeport-McMoRan, and the International Atomic Energy Agency. A non-executive director of Gold Australia Pty Ltd from 2015 to 2019, and chaired the Advisory Board of a Luxemburg-based private PE fund from 2014-2021. Has worked on six continents spanning multiple commodities, and published/co- authored more than 130 articles in peer-reviewed scientific journals. Obtained a PhD (Geology) from the University of Melbourne, is a Fellow of the Australian Institute of Geoscientists (AIG), and a member of both the Society of Economic Geologists (SEG) and the Society of Geology Applied to Mineral Deposits. PNZ METALS David Browne Environmental Expert A Principal with ERIAS Group with over 30 years experience in the mining, oil and gas, infrastructure and renewable energy sectors. This experience includes direction and/or management of environmental investigations (scoping studies, feasibility studies, impact assessments, management plans, due diligence/audits and closure plans) for projects in all Australian states (including Northern Territory), Papua New Guinea, China, Ghana, Indonesia, New Zealand, Egypt, Cote d'Ivoire and Uganda. David's experience covers both consulting and client-based roles in managing environmental approvals, preparing EIA's, community consultation and on the ground construction and operations in both oil and gas and mining. David Readett Processing Expert A Chartered Professional Metallurgical Engineer with over 30 years experience in the Mining and Minerals Industry. Employed in a variety of professional roles including Principal Consultant for Mworx, Group Manager Project Development, Minara Resources and Group Manager Processing and Engineering, Straits Resources Limited. Involved in test work, process flowsheet development, design, construction, commissioning, optimisation, operation and management of numerous metallurgical projects specialising in base metal, coal and gold. Extensive experience in Australia, the Americas, Europe and South East Asia. Developed an international reputation, in his chosen fields of hydrometallurgy and heap leaching, as a result of his industrial and consulting experience and his extensive publication of over 100 technical papers. Richard Wilson PNX NED An experienced, Non-Executive Director, Company Secretary and CFO with more than 20 years' experience with both publicly listed and private companies. Mr Willson holds a Bachelor of Accounting Degree from the University of South Australia, is a Fellow of CPA Australia, and a Fellow of the Australian Institute of Company Directors. He is a Non- Executive Director of Titomic Limited (ASX:TTT), AusTin Mining Limited (ASX:ANW), Thomson Resources Limited (ASX:TMZ), 8IP Emerging Companies Limited (ASX:8EC), Unity Housing Company Ltd and Variety SA; and Company Secretary of a number of ASX listed Companies. Industry Experts developing the Fountain Head Gold Project 5#6Growth Ambitions Route from 30koz Au Annual Production to 50koz AuEq and beyond Multi-Asset Producer Hayes Creek Fountain Head • Over 1,500km² of mineral and exploration licences AUSTRALIA • . Hayes Creek Development Fountain Head Development • • • PFS Complete Engineering underway Subsequent to gold mining at Fountain Head new flotation stream to be installed Target additional annual production of additional 30- 50koz AuEq¹ in sulphide conc. Construct 0.75Mtpa processing facility Target average annual production of ~30koz Au Mine life extensions from numerous gold deposits within trucking distance PNZ METALS • Pipeline of targets to feed into infrastructure Hub and spoke approach Recent exploration review identifies potential for large scale discovery 1. (AuEq) Gold Equivalent - takes into account other payable metals such as silver and zinc in addition to the contained gold and converts into a gold equivalent value 6#7Significant Milestones already Achieved Target First Gold Production from Fountain Head Q4 2022 Current Position Q3 2017 Hayes Creek MRE 237.7koz Au 16.2Moz Ag 177kt Zn Q1 2018 Q2 2020 Fountain Head PNX acquires Fountain Head Gold Project MRE update 156koz Au Q2 2021 Submission of Q4 2021 Project Engineering Agreement Government Approvals, & Glencoe MRE 79koz Au PNZ METALS O Q4 2017 PFS completed on Hayes Creek Q3 2019 JORC (2012) Resource at Fountain Head Q3 2020 Assessing Mt Bonnie Oxide Au+Ag to FH AU Q2 2021 Publish Project PFS Q4 2021 Project Financing Q1 2022 EIS approval expected Q4 2022 Target first gold production from Fountain Head Q2 2022 Onsite construction to commence 7#8PNX Assets Overview Exciting Gold & Base Metals Opportunities Fountain Head Gold Project 100% Mining Leases (MLS) . FH Resource - 2.9Mt @ 1.7g/t for 156koz Au* Glencoe Resource - 2.1Mt @ 1.2g/t for 79koz Au* Hayes Creek Base Metals Project 100% MLS High-Grade Zn-Au-Ag VMS deposits 4.1 Mt containing 237.7Koz Au, 16.2Moz Ag, 177kt Zn* Burnside Exploration Project 90% (KLG 10%) Cookies Corner discovery: >800m strike of gold mineralisation drilled; open in all directions* New drill targets identified / prioritised in recent regional review Numerous high-class Au deposits locally Moline Project 100% Historical gold mining centre 65km from Hayes Creek PNZ METALS NORTHERN PNX Exploration Licence Ri | PNX Mining Licence TE FORY Cookies Corner TED Goodall Other parties production licence Other parties production licence application Highway O Gold occurrence Medusa OBons Rush O Santorini O Kazi Western Arm O Burnside 03 Western Arm North Howley C Rising Tide Brocks Creek OZapopan Big Howley Chinese Howley Chimera Fault Granite Target Woolwonga Glencoe Glencoe O Fountain Head Princess Louise Iron Blow Hayes Creek O Cosmo Howley (Cosmo Deeps) Mount Bonnie Davies ° Langleys Golden Dyke Long Airfield Hayes Creek 0 5 10 Fenton Airfield kilometres *See Appendix for further details Emerald Springs Roadhouse 8#9PNZ METALS Stage 1: Fountain Head Gold Project#10Fountain Head Gold Project - 100% owned MLS Stage 1 - Near-term Gold Production Background • • • • MLS acquired in 2018 to use historic pit void for Hayes Creek sub-aqueous tailings storage; a cornerstone of the approvals process and capital cost profile of the Hayes Creek Project Numerous near-surface high-grade gold intersections drilled in 2018 Prompted change in strategy to assess options to monetise gold resources prior to backfilling with tails Updated Mineral Resource reported in June 2020 (JORC 2012)*: . Indicated Resource Inferred Resource Total Resource 1.83 Mt at 1.7 g/t Au for 100,000 oz Au 1.11 Mt at 1.6 g/t Au for 56,000 oz Au 2.94 Mt at 1.7 g/t Au for 156,000 oz Au Extensional zones of open gold mineralisation over >1.6km strike along the Fountain Head anticline Potential for additional resource upside from: areas of open mineralisation beyond the resource envelope high-grade mineralisation trap sites at junction of x-cutting structures & anticline hinge zones PFS Production Profile PNZ METAL S 2022 2023 2024 2025 2026 Total Total Mined Tonnes t 188,066 966,923 1,042,595 785,286 1,049,958 4,032,828 Total Recovered Au Ounces OZ 4,941 39,362 32,440 22,303 48,633 147,678 Total Recovered Ag Ounces OZ 149,795 538,695 688,490 *See Appendix for further details including Full Mineral Resources 10#11Fountain Head Exploration Updated 2020 Mineral Resource Highlights New Expanded Areas Fountain Head Local Grid North 10200 N 100 Boundary of block model 200 m MGA Grid North NW Breccia (new resources) at 0.3 g/t Au cut off 10100 N 10000 N Fountain Head West Fountain Head East Fold Axis 9900 Tally Ho Central East 9800 N 9700 N 9600 N 9300 E 9400 E MUNA MLN1034 9500 E 9600 PNZ NW Breccia potential northerly extension of high-grade Tally Ho lode METALS .....3.0046 • . 9800 E 9900 E (new resources) ML31124 300001 10200 E FH Far East (new resources) CACO30080 FH Far East -~9,600oz at 5.6g/t Au remains open Central East - new zone of flanking mineralisation 11#12Mt Bonnie Oxides Opportunities identified to bring forward projected cashflow Mined first in proposed production schedule 250K+* of near-surface oxide and transitional material amenable to processing through proposed CIL Contains 1.2Moz Ag & 25,300oz Au in existing MRE Mining optimisation completed and included in FH PFS, <15km from FH Mt Bonnie Legend - AU Description 0 to 0.3 0.3 to 0.5 Color 0.5 to 1 1 to 1.5 1.5 to 2 Stockpile material at Mt Bonnie from historic mining to be assessed for potential inclusion 2 to 99 PNZ METALS *See Appendix for further details including Full Mineral Resources 12#13• • • Glencoe Gold Deposit 3km north of Fountain Head Mined second in proposed Production Schedule 'Bolt on' asset that has the potential to significantly expand the Fountain Head gold development Increased tailings and management flexibility water Updated MRE 2.1 Mt @ 1.2 g/t Au for 79,000 oz Au (Inferred)* Remains open with strong exploration potential and numerous open intercepts 'Historic' resources Inferred, lack of QAQC not to JORC 2012 standards, drilling to improve geological categorisation Stage 2 drilling to commence shortly Test for immediate extensions where surface gold anomalism highlights along-strike potential Numerous high-grade near-surface rock chips containing gold* PNZ METALS ML 29679 BAN BAN SPRINGS ROAD 771,000 E Existing Drilling (RC/DD) 771,500 E 8,513,500 N Map Grid: GDA94 (MGA Zone 52) 8,513,000 N Resource Outline 0.7g/t Au 8,512,500 N 250 500 m Plan view of the Glencoe deposit showing mineral lode wireframes (red) and historic drill traces *See Appendix for further details including Full Mineral Resources 13#14PNZ METALS -2450 N + -2600 N + + 3150-E- + 3200-E- + 3250-E- + 3300-E- + 3350-E- Stage 1 Incorporates Glencoe New PNX RC Drilling highlights potential for extensions -2400 N + + + + + + + + + + 3400-E- 3450 E- 3500-E- + 3550 E- -2250 4 + + + + + + + + + + -2200 N + + + + + + + + + + + + + incl 1m @ 4.07 g/t from 10m GLRCQ15 3m @ 2.40 g/t from 22m GLRC015 1m @ 0.79 g/t from 30m GLRC015 1m @ 7.99 g/t from 34m GLRC015 1m @ 0.82 g/t from 39m GLRC015 2m @ 0.76 g/t from 47m GLRC015 1m @ 0.76 g/t from 67m + + + + + + + = + 3600-E- + 3650-E- 3700-E- 3750-E- 3800-E- 3850-E- GLRC015 4m @ 1.81 g/t from 7m + + + + + North Central + $10,024t @ 1.06g/t 15,580oz Rec. 3900-E- 山 +4100-E GLRED13 2m 1.44 g/t from 21m GLRC013 1m @0.97 g/t from 33m GLRC013 3m @ 1.99 g/t from 64m GLRC013 1m @0.76 g/t from 69m + GLRC013 1m @ 0.93 g/t from 71m GLRC013 1m @ 5.49 g/t from 80m GLRC013 1m @ 0.74 g/t from 87m + GLRCD14 1m @ 1.13 g/t from 28m GLRC014 2m @ 2.86 g/t from 60m + GLRC014 6m @ 1.84 g/t from 69m GLRC014 1m @ 0.84 g/t from 87m GLRC014 2m @ 2.27 g/t from 94m GLRC014 1m @ 1.43 g/t from 108m GLRC014 1m @ 2.59 g/t from 120m + 4150-E- + 4200-E- + 4250-E- GLRC009 1m @ 0.70 g/t from 8m GLRC009 7m @ 1.07 g/t from 13m + ind 1m @ 3.70 g/t from 19m GLRC009 2m @ 0.96 g/t from 26m GLRC009 2m @ 0.90 g/t from 31m GLR0009 7m @ 1.11 g/t from 39m + 4300-E- + 4350-E- + 4400-E- + 4450-E- + 4500-E- GLRC010 2m @ 1.41 g/t from Om GLRC010 1m @ 1.12 g/t from 52m GLRC010 2m @ 1.04 g/t from 56m GLRC010 6m @ 1.69 g/t from 69m incl 1m @ 4.87 g/t from 74m GLRC010 1m @ 1.05 g/t from 77m. -2050 N + + + + + + + + + + West 175,050t @1.24g/t 6,286oz Rec.. C018 -2000 N + + + + GERG019 GLRC025 GERC024 GLRC023 GLRED17 6tRe018 GARC009 GLRC020 GLRC010 GLRC021 and GLRC011 AGLRC012+ GLRC022 + -1950 N + I + + A -1900 N + + West Extension GLRC02 ERC 26 + + -1850 N + 14,[email protected]/t 829oz Rec. + GLRC003 GLRC016 2m @ 0.96 g/t from 33m GLRCO16 1m @ 1.09 g/t from 38m GLRCO16 1m @ 1.22 g/t from 45m RC007 GLRC004 + GLRC002 GLRCO16 1m @ 1.15 g/t from 56m GLRC016 1m @ 0.74 g/t from 98m GLRC012 2m @0.83 g/t from 24m *GLRC012 1m @ 3.18 g/t from 58m GLRC012 8m @ 1.69 g/t from 65m incl 1m @ 3.17 g/t from 65m incl 2m @ 3.35 g/t from 71m GLRC012 1m 0.75 g/t from 75m + Twin Hole GLRCO1 1m @ 1.46 g/t from Om GLRCO 3m @ 1.68 g/t from 11m incl 1m @ 3.30 g/t from 12m GLRC011 1m @ 0.74 g/t from 21m GLRC011 1m @ 1.42 g/t from 28m GLRCO115m @ 1.09 g/t from 64m GLRC011 3m @ 1.18 g/t from $4m -1800 N + + + + + GLRC001 GLRCO16 1m @ 3.80 g/t from 102m GLRC016 1m @ 2.02 g/t from 115m GLRC005 + + + GLRC003 1m @ 1.29 g/t from 18m AGLRC003 2m @ 1.04 g/t from 79m GLRC004 1m @ 1.13 g/t from 56m GLRC006 -1750 N + + + + + + + + + + + + + + -1700 N + + + - + + + + + + + + + + South Central 109,[email protected]/t 5,685oz Rec. + + + Į GLRC005 2m @ 1.23 g/t from 14m GLRC005 2m @ 1.39 g/t from 41m + -1650 N + + + ▲ proposed drilled 2021 -1600 N + + + drilled historic + + + + + + + + + + + + + + + + + + + + + + + + + + GLRC008 2m @ 1.15 g/t from 39m + + + + + + + + -1550 N + + + + + + + + + + + + + + + + + + + + + *See Appendix for further details including Full Mineral Resources + + + + 14#15Stage 1 - Fountain Head Gold Project Standalone Gold Production over an initial 5 years Staged development - treatment of gold/silver ore through a purpose built carbon-in-leach (CIL) plant Upfront capital (per the PFS) A$46 million for mine development, gold plant and infrastructure EPC costs, first fill, critical spares, and working capital Process oxide/free milling gold from FH, Glencoe & Mt Bonnie to self-fund Hayes Creek (Stage 2) No other process infrastructure in the region, KLG's Union Reefs Mill under C&M ~63km by road from FH Forecast unleveraged Pre-tax NPV 8% of A$31.6 million with a Pre-tax IRR of 40%* O Undiscounted revenues of A$339 million (net of treatment, refining and transport charges) ○ Project EBITDA of A$93.9 million O Commodity prices (US$) and FX rates used: gold $1,733/oz, silver $25/oz, US$0.77/A$1.00 ✓ Project to generate 157,600 oz AuEq (gold+silver) over 5 year initial mine life ✓ Short window to Production <1 year from financing Located in existing infrastructure corridor with rail, gas, power and other mining operations, only 170km from Darwin in the Northern Territory of Australia - safe jurisdiction Environmental Impact Statement has been submitted (refer ASX release 1 June 2021) with Project Government and Environmental approvals anticipated early 2022 ✓ Strong near-mine gold and base metal exploration potential, multiple drill targets ✓ Opportunities to expand Project footprint and incorporate 3rd party mill feed opportunities PNZ METALS *See Appendix for further details including Full Mineral Resources 15#16Fountain Head Gold Project Development Steps to gold Production in <1 year Mining and Infrastructure ✓ Open-pit mining optimisation and pit designs completed Staged approach to ore deliveries, water and tails management Existing Infrastructure to minimise footprint, utilises existing waste dump, water storage dams etc Process design and metallurgical test work ✓ Feasibility level technical studies to inform the proposed milling and CIL process route (PFS June 2021) ✓ Design criteria established for crushing, gold leaching and recovery based on preliminary data ✓ Usage of 2nd hand equipment under consideration ✓ Finalising construction agreement with Como Engineers Q4 2021 ➤ Construction from Q2 2022 (upon receipt of approvals and financing) Approvals ✓ Project Notice of Intent submitted to NT Environmental Protection Authority in Dec 2019 ✓ Mine Management Plan for dewatering approved ✓ EIS submission Q2 2021 - Public consultation period ended August 2021, minimal additional supplementary work required, final submission Nov 21 EIS and Mine Management Plan approvals from end Q1 2022 Production ➤ Target first gold production from Q4 2022 PNX METAL S 16#17PNZ METALS 0 Fountain Head Gold Project Proposed Site Layout 8509000 8509500 8510000 8510500 8511000 769000 Ban Ban Springs Road 66kV Ban Ban Powerline 769500 770000 770500 ANE Shed Magazines E North Topsoil Core Shed Mining Contractors Yard 000000000 West Topsoil Offices & Mine Workshops CIP Plant Road Train Access Only ROM & Crusher 771000 771500 772000 772500 PAF Stockpile Fountain Head Pit LG Stockpile LG Stockpile 2 Integrated Waste Landform (IWL) Tailings Adelaide to Darwin Railway 769000 769500 770000 770500 250 500 750 m 66kV Pine Creek to Cosmo Powerline 771000 PNX METALS Title: Evaporation Dam East Topsoil 771500 772000 PNX Metals Limited Project: Fountain Head Gold Project Fountain Head GA 772500 Date: 03-Aug-21 Drawn: CW Scale: 1:14,000 Drawing: 8509000 8509500 8510000 8510500 17 8511000#18PNZ METALS Plant and Infrastructure PNX and Engineers finalising agreements Q4 2021 Pictorial representation of proposed Fountain Head CIL Plant 107 18#19PNZ METALS Stage 2: Hayes Creek Base Metals Project#20Combined two-stage gold-silver-zinc development Refer PNX ASX release June 2021 for Project PFS PFS* confirms technical and financial viability of PNX's strategy to sequentially develop its 100% owned Fountain Head gold and Hayes Creek gold-silver-zinc Projects Robust, multi-commodity development - forecast unleveraged Pre-tax NPV 8% of A$171 million with 10- year mine life: ○ Undiscounted revenues of A$972 million (net of treatment, refining and transport charges) ○ Pre-tax IRR of 63% with an approximate 18-month payback period Net revenues of A$352 million, returning a net-cash position of A$276 million after tax ○ ○ Carry forward tax losses as at 30 June 2020 of A$43.3 million, estimated A$53.8 million at Project start Commodity prices (US$) and FX rates used: gold $1,733/oz, silver $25/oz, zinc $1.31lb, US$0.77/A$1.00 O LOM AISC, net of zinc by-product credits, of A$1,119/oz gold equivalent The study envisages initial gold mining and processing at Fountain Head (Years 1 to 5) to be followed. by gold-silver-zinc development at Hayes Creek (from Year 4) Gold processing to take place at a proposed CIL plant located at Fountain Head The Hayes Creek gold-silver-zinc development will utilise the mined-out Fountain Head pit for tailings storage Total Life of Mine production estimates of metals recovered to doré and concentrates: ○ 250,500 ounces of gold, 11.4 million ounces of silver, and 116,300 tonnes of zinc Significant upside potential to production profile via resource growth and discovery from 1,500km² NT exploration tenure PNZ METALS *See Appendix for further details including Full Mineral Resources 20 0#21Stage 2 - Hayes Creek Two Zinc-Gold-Silver Rich VMS Deposits ✓ 3Mt of high-grade (11.9% ZnEq) Mining Inventory of which 98% Indicated* 100 lev 46 56 69 75 89 24 25 36 45 758 784 839 847 88 13 22 23 35 55 61 66 787 772 82 -Elev 60 705 76 910 41 1920 31 32 51 42 57 62 52 58 63 16 27 39 48 49 2829 40 100-Elev 15 26 47 38 Stope Ave Grade Zn% Looking NW 100-Elev 0 Elev 100 Elev Proposed plant location at Fountain Head utilises historic open-pit for TSF, existing water, rail, gas, grid power, camp facilities 768,000 mE ALRA Abonginal Land Claim Head Rd 000 mE Fountain Head fossicking reserve "Douglas North DC2001/023 NTD6023/2001 Mt Osbourne Tower Absent 0-2 2-4 4-6 6-8 8-10 0 10-12 200 Elev 776,000 mE West Ban Ban #2 DC2004/005 NTD6023/2001 Ban Ban Pastoral Station Mt Wells Road H Northpoint Grove Hill Road PNX METALS Exclusion from Douglas Station Co native title claim Princess Louise Iron Blow Douglas Pastoral Station kilometres Stuart Highway Fishers Lode Davie ****** Mt Bonnie "Mary River West" DC2001/006 NTD6006/2001 Mary River Wes Pastoral Station 8,508,000 mN 8,504,000 mN 500,000 Mining areas sit on granted MLs, less than 3km apart 15-20km along existing haul roads from mine location Low-cost open-pit mining to start at Mt Bonnie, then underground mining at Iron Blow PNZ PNX Mineral Leases Burnside Project ELS Other Mineral Leases Gas Pipeline Reserved Land Pastoral Lease Boundary 100m RL contour 200m RL contour Darwin-Adelaide Railway XHV Powerlines 66 kVa -HV Powerlines 11 kVa Major Road Minor Road Track Main Watercourse NLC native title claim boundaries (approx) ALRA Aboriginal Land Claim H Grove Hill Hotel Q Airstrip Historical Open Pit *See Appendix for further details 21 METALS#22Regional Exploration Overview PNZ METALS#23Exploration Overview Large Tenure With Untested Gold & Base Metals Potential Aim is to discover and define additional 'standalone' gold deposits and those that can be processed through proposed Fountain Head plant Birthplace of the NT gold rush in the 1870s Goodall • Highly prospective and underexplored NORTHERN PNX Exploration Licence Ri | PNX Mining Licence TE FORY Cookies Corner TED Other parties production licence Other parties production licence application Highway O Gold occurrence Medusa OBons Rush O Santorini O Kazi Chimera Fault Granite Target Burnside hosts a substantial historic gold endowment in excess of 3Moz (PNX and others) Potential for: Multi-million-ounce gold deposits (i.e., Callie style) VMS i.e. Hayes Creek (4.1 Mt @ 11.9% ZnEq) Woodcutters (historical production of 4.65 Mt @ 12.28% Zn, 5.6% Pb, 87g/t Ag) Multiple high-priority gold exploration targets with 'scale potential' identified for immediate follow-up Targets defined by large geochemical signature + favourable structural settings with limited drilling PNZ METALS Western Arm O Burnside 03 Western Arm North Howley C Rising Tide Brocks Creek OZapopan Big Howley Chinese Howley Woolwonga Glencoe Glencoe O Fountain Head Princess Louise Iron Blow Hayes Creek O Cosmo Howley (Cosmo Deeps) Mount Bonnie Davies ° Langleys Golden Dyke Long Airfield Hayes Creek 0 5 10 Fenton Airfield kilometres Emerald Springs Roadhouse 23 3#24Exploration Overview Target generation for large-scale, standalone discoveries • Pine Creek region hosts >10moz gold endowment Gold mineralisation typically occurs within structurally- controlled zones of sulphide-bearing quartz veins and stockworks proximal to regional scale anticlinal fold hinges All known deposits at Pine Creek were outcropping Virtually no drill testing below cover PNX's drilling database comprises nearly one million metres of drilling; >A$120m replacement cost Most drilling associated with known mineralisation and to shallow depths: Average depth of RC drilling 64 metres, & 147 metres for diamond Large portion of landholding remains untested in the primary zone Field work commenced, drill testing to follow INTERPRET AEROMAGNETICS Identify major structural features DATA COMPILATION & VERIFICATION Cross checking historic data with NT Mines reports TARGET GENERATION Empirical and conceptual criteria TARGET RANKING Based on potential to host a 'standalone' gold deposit Compilation Statistics of all drilling on PNX's Burnside Project Drill type Unknown no of holes Est unit cost Est value 991 10,630 11 $20 Vac 7,233 28,638 AC/RAB 17,176 166,971 RC 9,999 Diamond 1,010 632,920 147,709 totals 36,409 986,867 4 $10 10 $20 $212,600 $72,330 $3,339,418 64 $130 $82,279,600 147 $250 metres average $36,927,143 $122,831,091 Source: Terrace Minerals PNZ METALS 24#25Exploration Overview Cookies Corner Gold Prospect Showing Extensive Mineralisation • 758.800 m RC Drill holes Completed 2018 Historical Rock Chip Samples >5 g/t Au 758.800m 759,000 m 759 200 m Drill targeted ~1km long 0.1g/t gold in soils anomaly associated with NE trending structures* • Immediate exploration success - extensive gold mineralisation over a continuous 800m strike • Near-surface mineralisation open in all directions • Mapped Quartz Veins Tracks Au in Soils (>0.1 g/t) Burrell Creek Fm Upper Sandy Unit Upper Red Silty Unit Lower Red Silty Unit COOKIES CORNER GOLD PROSPECT CCRC021 CCRC022 1m at 0.84 g/t Au CCRC020 1m at 2.71 g/t Au 2m at 0.90 g/t Au 98 CCRC002 6m at 3.72 g/t Au a High-impact, low cost drilling, all 24 holes drilled were successful, see diagram for results High-grade rock chips extend to the north, demonstrate the potential for strike extensions Same structural corridor as Kirkland Lake's Cosmo Mine (>2Moz Au) & Pine Creek shear zone Comparable size and tenor to Goodall Mine (historic mined 330,000oz Au resource) <4km SW Demonstrates significant untapped potential within large exploration tenure 8.542.000 CCRC023 CCRC003 6m at 1.82 g/t Au Inc. 1m at 7.33 g/t Au CCRC007 3m at 1.13 g/t Au CCRC006 4m at 1.97 g/t Au Inc. 1m at 5.44 g/t Au 30 40 40 40 00 CCRC001 6m at 1.14 g/t Au CCRC019 3m at 1.43 g/t Au CCRC004 4m at 2.12 g/t Au CCRC018 2m at 4.35 g/t Au CCRC005 12m at 2.18 g/t Au CCRC009 2m at 1.18 g/t Au 8888 40 40 40 40 CCRC008 4m at 2.25 g/t Au CCRC017 4m at 2.86 g/t Au CCRC011 2m at 1.42 g/t Au 11m at 1.13 g/t Au Inc. 1m at 5.62 g/t Au CCRC013 3m at 1.26 g/t Au CCRC012 19m at 1.15 g/t Au CCRC016 11m at 1.12 g/t Au PNZ METAL Se 8.341 000 N CCRC014 2m at 2.01 g/t Au CCRC015 2m at 1.84 g/t Au 100 metres L 756.600 m 754 800 m *See Appendix for further details 750 200 m 25#26Appendix PNZ METALS#27PNX ASX Releases and references Hayes Creek confirmed to be a leading Zinc and Precious Metals Project in Australia (12 July 2017) Extensive gold mineralisation at Cookies Corner, NT (9 Oct 2018) Gold Mineralisation Extended at Cookies Corner, NT (28 Jan 2019) Report number 116702, page 57 'Results of a hard rock trenching and drilling program, MLN1034 Fountain Head, NT' (Jan 1989) Increase and improved confidence in Mineral Resource at Fountain Head Gold Project (includes JORC Tables) (16 June 2020) • New gold targets prioritised for immediate follow-up (9 Oct 2020) • Fountain Head Gold Project Development, NT (4 March 2021) Key appointment made for development of Fountain Head gold and Hayes Creek zinc-gold-silver Projects, NT (16 March 2021) New Glencoe Mineral Resource expands Fountain Head Development (includes JORC Tables) (28 April 2021) Environmental Impact Statement lodged for the Fountain Head Gold Project, NT (1 June 2021) Positive PFS supports long-term gold, silver, zinc Project development (17 June 2021) Drilling Underway at the Fountain Head Gold Project (23 June 2021) Engineers engaged to fast-track gold plant development at Fountain Head (29 June 2021) Drilling commenced at the Glencoe gold deposit (16 July 2021) Fountain Head Gold Project - Drilling Results (11 Aug 2021) Multiple new zones of high-grade gold mineralisation at the Glencoe gold deposit (14 Sept 2021) High-Grade surface rock chips highlight potential for significant extensions to the Glencoe gold deposit (23 Sept 2021) PNZ METALS 27#28Industry Experts used to complete PFS Contributor Craig Wilson (PNX) James Fox (PNX) David Readett (MWorx) David Browne (ERIAS) David Hutton (Terrace Minerals) Michael Green (PNX) Como Engineers Pty Ltd Marco Scardigno (PNX) H&S Consultants Pty Ltd CSA Global Pty Ltd Resource Engineering Consultants Pty Ltd CDM Smith Australia Pty Ltd Katestone Environmental Pty Ltd Sonus Pty Ltd Environmental Geochemistry International Pty Ltd Low Ecological Services Pty Ltd In Depth Archaeology GHD Australia Ltd Role Mining, Infrastructure & Studies Manager Project oversight Metallurgical Engineering Consultant Lead Environmental Consultant Geological Consultant Exploration Manager Mechanical & Process Engineering Resource Geologist Mineral Resource Consultants Mineral Resource Consultants Filtered Tailings Scoping Study Hydrology & Water Quality Air Quality and Greenhouse Gas Noise Geochemistry Flora and Fauna Archaeology Traffic and Transport Responsibility Project Study Owner, Optimisation, Pit & Infrastructure Designs and Scheduling Project oversight, Strategy, Financing Metallurgical Testwork and Process Design Environmental Impact Statement and MMPS Exploration Geology & Exploration Metallurgical and Processing Plant Design Consultants Mineral Resource Modelling Glencoe Mineral Resource Fountain Head, Mt Bonnie & Iron Blow Mineral Resources Design of filtered tailings storage in Integrated Waste Landform Site water balance, flood assessment and water management Air Quality and Greenhouse Gas Assessment Environmental Noise Assessment Geochemical Characterisation Flora and Fauna Assessment Archaeological Assessment Traffic Impact Assessment PNZ METALS 28#29Iron Blow And Mt Bonnie VMS Deposits Table 1: Iron Blow Mineral Resources by JORC Classification as at 03 May 2017 JORC Classification AuEq Cut- Tonnage Zn Lode off (g/t) (Mt) Pb (%) Cu (%) Ag (g/t) Au (g/t) Zn Eq (%) AuEq (g/t) (%) East Lode 1.0 0.80 7.64 1.83 0.30 275 2.90 20.64 15.53 Indicated West Lode 1.0 1.28 4.14 0.33 0.31 60 1.73 8.84 6.66 Total Indicated 2.08 5.49 0.91 0.30 143 2.19 13.39 10.08 East Lode 1.0 0.02 0.48 0.34 0.16 132 6.01 13.65 9.43 West Lode 1.0 0.02 0.76 0.96 0.13 109 1.02 5.90 4.44 FW Gold 1.0 0.21 0.25 0.07 0.03 16 2.03 3.48 2.62 HW Gold 1.0 0.04 0.06 0.09 0.01 6 1.68 2.57 1.94 Inferred Interlode 1.0 0.04 0.21 0.03 0.07 8 1.66 2.79 2.10 Gold Interlode Base 1.0 0.12 3.52 0.32 0.14 35 0.69 5.87 4.42 Metal Total Inferred 0.45 1.11 0.18 0.07 27 1.71 4.38 3.30 Total Indicated + Inferred Mineral 2.53 4.71 0.78 0.26 122 2.10 11.79 8.87 Resource Total Contained Metal (t) 119,200 19,700 6,650 9.9Moz 170.9koz 298,000t 721.5koz Table 2: Mt Bonnie Resource Mineral Resources by JORC Classification as at 08 February 2017 JORC Classification Indicated Indicated Inferred Domain Oxide/Tran sitional Fresh Total Indicated Oxide/Tran sitional Cut-off grade Tonnage (kt) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) ZnEq (%) AuEq (g/t) 0.5g/t Au 195 0.94 2.43 0.18 171 3.80 11.50 9.44 1% Zn 1,180 4.46 0.94 0.23 121 1.02 9.60 7.88 1,375 3.96 1.15 0.23 128 1.41 9.87 8.11 0.5g/t Au 32 0.43 1.33 0.29 74 2.28 6.37 5.23 Inferred Fresh 1% Zn 118 2.91 0.90 0.15 135 0.54 7.61 6.25 Inferred Ag Zone 50g/t Ag 21 0.17 0.03 0.04 87 0.04 2.36 1.94 Total Inferred 171 2.11 0.87 0.16 118 0.80 6.73 5.53 Total Indicated + Inferred Mineral Total Contained Metal (t) 1,545 3.76 1.12 0.22 127 1.34 9.53 7.82 Resource 58,000 17,300 3,400 6.3Moz 66.8koz 147,000t 388.5koz PNX See next page Notes Relating to Mineral Resources and ASX releases 09 February and 03 May 2017 for further information METALS 29#30Iron Blow and Mt Bonnie VMS deposits Table 3: Total Hayes Creek Mineral Resources (Iron Blow + Mt Bonnie) by JORC Classification as at 03 May 2017 JORC Classification Tonnage (kt) Cu ZnEq Zn (%) Pb (%) Ag (g/t) Au (g/t) AuEq (g/t) (%) (%) Total Indicated (84.7%) 3,455 4.88 1.01 0.27 137 1.88 11.99 9.29 Total Inferred (15.3%) 622 1.39 0.37 0.10 52 1.46 5.03 3.91 Total Indicated + Inferred Mineral 4,077 4.35 0.91 0.25 124 1.81 10.93 8.47 Resource Total Contained Metal (t) 177,200 37,000 10,050 16.2Moz 237.7koz 445,000t 1,110koz Notes relating to Tables 1, 2 & 3 Due to effects of rounding, the total may not represent the sum of all components. Metallurgical recoveries and metal prices have been applied in calculating zinc equivalent (ZnEq) and gold equivalent (AuEq) grades. Iron Blow - A mineralisation envelope was interpreted for each of the two main lodes, the East Lode (Zn-Au-Ag-Pb) and West Lode (Zn-Au), and four subsidiary lodes with a 1 g/t AuEq cut-off used to interpret and report these lodes. Mt Bonnie - Zinc domains are reported above a cut-of grade of 1% Zn, gold domains are reported above a cut-off grade of 0.5 g/t Au and silver domains are reported above a cut-off grade of 50 g/t Ag. In order to assess the potential value of the total suite of minerals of economic interest, formulae were developed to calculate metal equivalency for the gold and zinc (see below). Metal prices were derived from average consensus forecasts from external sources for the period 2017 through 2021 and are consistent with those used in PNX's recently updated Mt Bonnie Mineral Resource Estimate. Metallurgical recovery information was sourced from test work completed at the Iron Blow deposit, including historical test work. Mt Bonnie and Iron Blow have similar mineralogical characteristics and are a similar style of deposit. In PNX's opinion all the metals used in the equivalence calculation have a reasonable potential to be recovered and sold. PNX has chosen to report both the ZnEq and AuEq grades as although individually zinc is the dominant metal by value, the precious metals are the dominant group by value and will be recovered and sold separately to the zinc. The formulae below were applied to the estimated constituents to derive the metal equivalent values: Gold Equivalent (field = "AuEq") (g/t) = (Au grade (g/t) * (Au price per ounce/31.10348) * Au recovery) + (Ag grade (g/t) * (Ag price per ounce/31.10348) * Ag recovery) + (Cu grade (%) * (Cu price per tonne/100) * Cu recovery) + (Pb grade (%) * (Pb price per tonne/100) * Pb recovery) + (Zn grade (%) * (Zn price per tonne/100) * Zn recovery) / (Au price per ounce/31.10348 * Au recovery) Zinc Equivalent (field = "ZnEq") (%) = (Au grade (g/t) * (Au price per ounce/31.10348) * Au recovery) + (Ag grade (g/t) * (Ag price per ounce/31.10348) * Ag recovery) + (Cu grade (%) (Cu price per tonne/100) * Cu recovery) + (Pb grade (%) * (Pb price per tonne/100) * Pb recovery) + (Zn grade (%) * (Zn price per tonne/100) * Zn recovery) / (Zn price per tonne/100 *Zn recovery) Metals Unit Price Recovery Mt Bonnie Recovery Iron Blow Zn USD/t 2,450 80% 80% Pb USD/t 2,100 60% 60% Cu USD/t 6,200 60% 60% Ag USD/troy ounce 20.50 70% 80% Au USD/troy ounce 1,350 55% 60% PNZ METALS 30 30#31Fountain Head & Glencoe Gold Deposits Table 1: Fountain Head and Tally Ho Mineral Resources by JORC Classification as at 16 June 2020, reported utilising a cut-off grade of >0.7 g/t Au which is consistent with the assumed open cut mining method. See ASX Release 16 June 2020 for JORC tables JORC Classification Indicated Inferred Tonnage (Mt) Tally Ho 0.94 Au (g/t) 2.0 Ounces (Koz) 59 Total 0.94 2.0 59 Fountain Head Indicated 0.89 1.4 41 Inferred 1.11 1.6 56 Total 2.00 1.5 96 Total Fountain Head + Tally Ho* Indicated Inferred 1.83 1.7 Total 1.11 2.94 1.6 1.7 100 56 156 Table 2: Glencoe Mineral Resources by oxidation zone as at 26 April 2021 estimated using a cut-off grade of 0.7g/t Au which is consistent with the assumed open-cut mining method. The cut-off grade is also consistent with the Mineral Resource Estimate for Fountain Head JORC Classification Inferred Oxidation Oxide Transitional Tonnage (Mt) Au (g/t) Ounces (Koz) 0.5 1.3 20 0.3 1.2 11 Fresh 1.3 1.1 48 Total* 2.1 1.2 79 PNZ METALS 31