#1PNZ METALS Investor Presentation 30 November 2020 Near-term Gold Production Northern Territory Exploration Upside#2Disclaimer and Important Notes No Liability . • This Investor 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 Investor 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 Investor 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. Charles Nesbitt who is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Nesbitt 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 Nesbitt is a full-time contract Exploration Manager 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 announcement (see Appendix at slide 27 for further referenced information). PNZ METALS 2#3Undervalued Assets With Long-term Scalable Production Total Metals Inventory in Mineral Resources (MRE)* 393,700oz gold + 16.2Moz silver + 177,200t zinc Stage 1 Near-term Gold Production Fountain Head Gold Project (FH) heading towards development Incorporate Mt Bonnie high-grade gold + silver oxides Stand-alone CIL gold plant feasibility underway EIS and Mine Management Plan approvals from Q3 2021 Q2 2022 FH gold production target Stage 2 - High grade zinc-gold-silver sulphides PFS completed 2017* Robust economics enhanced by 2020 metals price increases Regional Exploration Focus Large 1,500km² gold-focused portfolio Priority targets with significant gold potential identified Strong Funding Support Supportive cornerstone investors = $2.27M pre RI Placement Assessing options for process plant requirements Undervalued Investment Opportunity Market Cap only A$23m = ~$57/oz contained Au in MRE's Therefore Nil value attributed to silver & zinc in MRE'S *See Appendix for further details 3#4Details of the Capital Raising PNZ METALS#5Entitlement offer to raise up to $4.4 million Pre Rights Issue placement completed for $2.27 million Placement Completed Offer Structure Offer Price Firm commitments for a Placement to eligible professional and sophisticated investors, including existing substantial shareholder DELPHI Unternehmensberatung Aktiengesellschaft ("DELPHI"), of approximately 378 million fully paid ordinary shares in the Company at an issue price of 0.6c per share to raise approximately $2.27 million before costs. The Placement shares are expected to be allotted and issued on 1 December 2020 and accordingly these shares will have an entitlement to subscribe for New Shares under the Offer. Non-renounceable pro-rata entitlements issue on the basis of 1 new shares ("Shares") for every 4 existing shares ("Entitlements Offer") Entitlements Offer to raise up to ~$4.4m (before costs) via the issue up to ~584m Shares Shareholders have the right to apply for shortfall shares The Offer Price of 0.6 cents ($0.006) per Share, represents: о 30.7% discount to 5-day VWAP of 0.86 cents ○ 25% discount to last closing price of 0.8 cents Ranking Use of Proceeds Other Information о 21.1% discount to TERP1 based on last closing price of 0.8 cents per share Shares will rank equally with existing current fully paid ordinary shares on issue The proceeds of the Entitlements Offer will be used to support feasibility and development activities at PNX's 100% owned Fountain Head Gold Project, and significant near-mine and regional exploration (see next slide) Investors should have regard to the Offer Document for further details of the Offer, including how to participate and risks relevant to any investment in PNX 1. The Theoretical Ex-Rights Price ("TERP") is the theoretical price at which PNX shares should trade after the ex-date for the Entitlement Offer. TERP is calculated by reference to PNX's last closing share price of 0.8c per share, being the last trading day prior to entering a trading suspension on 25 Nov 2020. TERP is a theoretical calculation only. PNZ METALS 5#6Use of Funds Gold exploration and Fountain Head Development To undertake significant activity at the 100% owned Fountain Head Gold Project and at the Hayes Creek zinc-gold-silver projects; including feasibility and Government and Environmental approvals submission; near mine and regional exploration; project assessments and potential acquisitions of 'bolt-on' assets; . general corporate costs and costs associate with the Offer. Sources of Funds (up to) Uses of Funds Placement Funds* Rights Issue $2.2m All works related to Project Government and Environmental approvals $4.4m Project Feasibility, inc. engineering and Met work $0.6m $0.7m Technical studies relating to geology, resources and mining Assessment and potential acquisition of 'bolt on' assets $0.5m $1.3m Regional Exploration, near mine exploration, geophysics, tenement management, licenses and holding costs, including drilling $2.4m Cost of raise $0.1m Working Capital $1.0m $6.6m Total Sources $6.6m Total Uses *Note: the above assumes 100% take-up of RI, if lower then activities will be scaled back PNZ METALS 6#7Entitlement Offer Timetable Key Event Announcement of Entitlements Offer Capital Raising Presentation Released Ex-Date Record Date for Entitlements Offer (18:30 Adelaide time) Entitlements Offer Opens Entitlements Offer Closes (17:00 Adelaide time) New shares commence quotation on ASX on a deferred settlement basis Notification of Shortfall to ASX (if any) Issue date for new Shares and Deferred Settlement Trading Ends Trading of new Shares commences Holding Statements Despatched Indicative Date & Time Monday, 30 November 2020 Monday, 30 November 2020 Wednesday, 2 December 2020 Thursday, 3 December 2020 Tuesday 8 December 2020 Thursday 17 December 2020 Friday 18 December 2020 Tuesday 22 December 2020 Thursday 24 December 2020 Tuesday 29 December 2020 Monday 4 January 2020 This timetable is indicative only. Subject to the ASX Listing Rules, the Directors reserve the right to vary the dates for the Offer at their discretion. Should this occur, the variation will have a consequential effect on the anticipated date of issue and normal trading of the New Shares. Unless otherwise indicated, all times are Adelaide time, the Company reserves the right to vary these dates and times without notice. PNZ METALS 7#8PNX Metals Overview PNZ METALS#9Corporate Overview A Gold Development Company with Supportive Major Shareholders Capital Structure Shares¹ 2,921 m Options¹ Share price (29/11/20) Market Capitalisation Cash (A$m)1 Debt (A$m) 1 379 m $0.008 / sh $23.4 m $3.0 m including placement funds Nil Enterprise Value (A$m) $26.4 m Board & Management Graham Ascough James Fox Paul J Dowd Peter J Watson Hans-Jörg Schmidt Mr Hansjörg Plaggemars Angelo Gaudio Non Executive Chairman Managing Director & CEO Non Executive Director Non Executive Director Non Executive Director Non Executive Dierctor CFO/Company Secretary PNZ METALS Share price (A$/share) PNX Share Price 0.016 0.014 0.012 0.01 0.008 0.006 0.004 0.002 0 1/09/2020 21/02/2020 30/03/2020 5/05/2020 6/09/2020 13/07/2020 Juny trum 17/08/2020 18/09/2020 22/10/2020 25/11/2020 Substantial Shareholder Breakdown DELPHI 44.4% Marilei 5.4% Sochrastem. 5.5% Other PNX Shareholders 44.5% 1. Including Placement shares which are to be issued 1 December 2020 9#10Assets Overview Exciting Gold & Base Metals Opportunities Across The Region Fountain Head Gold Project • 2.9Mt @ 1.7g/t for 156koz Au* DARWIN 12 132 "E ய Money Shoal Basin Daly Basin . • • Feasibility to assess CIL as a viable processing option Large-scale gold system emerging External to mineral resources 6m @ 39.5 g/t from 54m (FHRC085) & 17m @ 2.8 g/t Au from 66m* (PDH41) at Banner Hayes Creek Base Metals Project • High-Grade Zn-Au-Ag VMS deposits 4.1 Mt containing 237.7Koz Au, 16.2Moz Ag, 177kt Zn* • PFS completed, robust economics Significant metals price increases since PFS Burnside Project • • Cookies Corner discovery: >800m strike of gold mineralisation drilled; open in all directions* New drill targets identified / prioritised in recent review Numerous high-class Au deposits locally Moline Project Historical gold mining centre 65km from Hayes Creek PNZ -13 S Adelaide River -14. S kilometres Burnside Project Cookies Corner Hayes Creek Zn-Au-Ag Project 50 Fountain Head Pine Creek HIGHWAY Birrindudu Basin Pine Creek Orogen Archaean O Moline Project Katherine Simplified Geology and Project location map = Chessman Project Red Major base metals deposits, Yellow = Major gold deposits METALS *See Appendix for further details 10#11Growth Ambitions Route to 30-50koz Annual Gold Production Hayes Creek Fountain Head Multi-Asset Producer · Over 1,500km² of mineral and exploration licences • • • AUSTRALIA • • Hayes Creek Development Fountain Head Development Subsequent to gold mining at Fountain Head new flotation stream to be installed Target annual production of additional 30-50koz AuEq+ in sulphide conc. Complete Feasibility and Project approvals Capital Funding Options Construct 0.75Mtpa processing facility Target annual production of +/-30koz Au from mill + CIL Mine life extensions from numerous open pits 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 11#12SIGNIIFCANT MILESTONES ACHIEVED On Track for First Gold Production from Fountain Head Q2 2022 Current Position Q3 2017 Hayes Creek MRE 237.7koz Au 16.2Moz Ag 177kt Zn Q1 2018 PNX acquires Fountain Head Gold Project Q2 2020 Fountain Head MRE update 156koz Au Q4 2020 Cap raise for development and exploration activities Q2 2021 Submission of Government Approvals Q1 2022 Mining activity to commence - dewatering & pre-strip PNZ METALS O 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 Q1 2021 Regional exploration re-commences Q3 2021 EIS approval expected Q2 2022 First gold production from Fountain Head 12#13Fountain Head Gold Project PNZ METALS#14Fountain Head Gold Project - 100% owned MLS 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 Project Numerous high-grade gold intersections from >2018 drilling; modelling of the near-surface mineralisation centred on the historic open-pit Updated Mineral Resource reported in June 2020 (JORC 2012)*: • • Indicated Resource 1.83 Mt at 1.7 g/t Au for 100,000 oz Au Inferred Resource Total Resource 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 considerable strike along the FH anticline Potential for additional resource upside from areas of open mineralisation beyond the resource envelope at Banner & NW Breccia Located within existing mining infrastructure corridor with rail, roads, high-voltage grid power, gas pipeline and water, further enhancing Project fundamentals and lowering development risks Feasibility underway to assess Milling + CIL as suitable process route - completion Q1 2021 Potential to incorporate Mt Bonnie oxide + transitional high-grade gold & silver (see slide 16) PNZ METALS *See Appendix for further details including Full Mineral Resources 14#15Fountain 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 MINA MLN1034 9500 E 9600 PNZ NW Breccia potential northerly extension of high-grade Tally Ho lode METALS .....3.0046 • • 9800 E- 9900 E 30000 (new resources) ML31124 10200 E FH Far East (new resources) SACCO300801 FH Far East -~9,600oz at 5.6g/t Au remains open Central East - new zone of flanking mineralisation 15#16Mt Bonnie Oxides Opportunities identified to bring forward cashflow • • 250K* of near-surface oxide and transitional amenable material to processing through proposed CIL to be located at FH Contains 1.2Moz Ag & 25,300oz Au in existing Hayes Cree MRE'S Met test work to be completed Mining optimisation completed and to be included in FH feasibility, <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 also be assessed for potential inclusion 2 to 99 PNZ METALS *See Appendix for further details including Full Mineral Resources 16#17Fountain Head Gold Project Development Steps Mining and Infrastructure ✓ Open-pit mining optimisation and pit design completed using 2020 MRE ✓ ✓ Assessment of Mt Bonnie Oxide gold + silver material well advanced Existing Infrastructure to minimise footprint, utilises existing waste dump, water storage dams etc Dewatering existing Fountain Head pit critical path for approvals & mine schedule Process design and metallurgical test work • • Feasibility level technical studies relating to gold heap leaching to inform the proposed milling and CIL process route Design criteria established for crushing, gold leaching and recovery based on preliminary data Usage of 2nd hand equipment under consideration Higher recoveries and tailings management a key physical differential between CIL and HL Approvals • Project Notice of Intent submitted to NT Environmental Protection Authority in Dec 2019 . • Final Terms of Reference received in May 2020 for Environmental Impact Statement (EIS) (as expected) Further CIL related technical studies needed for EIS completion, with submission expected in Q1 2021 EIS and Mine Management Plan approvals from Q2 2021 PNX METALS 17#18Fountain Head Gold Project Proposed Site Layout PNZ METALS 769000 769000 770000 Alluvials Mining Contractors Yard ROM/Crusher Power CIL Process Plant MOUNT WELL ROAD 770000 771000 772000 Evaporation Ponds Fountain Head Pit Waste Rock Storage FOUNTAIN HEAD 771000 772000 18#19Fountain Head Exploration >1.6km strike extent Open In All Directions - Resource Growth with Scale Potential MLN1034 *PDH12: 4m at 9.9 g/t Au FHRC085: 6m at 39.5 g/t Au FHRC072: 1m at 10.9 g/t Au MEN4 *PDH15: 1m at 5.4 g/t Au FHR332: 2m at 4.5 g/t Au FHRC079: 1m at 5.9 g/t Au 2m at 5.9 g/t Au RC and DD Drill Holes Average Grade Au g/t *PDH23: 8m at 1.3 g/t Au *PDH24: 2m at 7.6 g/t Au *PDH33: 10m at 4.8 g/t Au *PDH41: 18m at 2.8 g/t Au & 4m at 3.1 g/t Au FHRC070: 1m at 28.0 g/t Au *FDP0096: 7m at 8.1 g/t Au LVWRC006: 2m at 100.3 g/t Au FHNW002: 6m at 4.4 g/t Au Fountain Head West MGA Grid North 000 *PDH65: 7m at 10.5 g/t Au Tally Ho *PDH66: 5m at 3.4 g/t Au *PDH67: 2m at 6.7 g/t Au Fountain Head East *FDP0159: 4m at 3.5 g/t Au *FDP0160: 6m at 20.1 g/t Au Legend ML31124 *PDH68: 9m at 2.9 g/t Au *PDH80: 7m at 6.8 g/t Au 1-3 > 3 250 500 m denotes holes drilled prior to 1997, which may not have sufficient QAQC sample data MC31124 TERCO10: 1m at 93.7 g/t Au Fountain Head resource outline RAB/Vacuum gold anomaly Target Area Non-PNX tenure kilometers 773000+ 772.000 774.000 Glencoe 43Koz gold Banner Fountain Head Klondike alluvial workings 156Koz gold Fountain Head Anticline-- T Glencoe Anticline. Glencoe Tally Ho - Klondike Trend 77 000- T • • • Geological assessment of FH and other gold deposits in the region suggests that mineralisation occurs at the intersection of N/NW trending structures and anticline fold hinges Glencoe - Tally Ho - Klondike structural zone has not been drill tested away from the immediate FH deposit The unexplored portions of this structure represent a key target for follow-up along with the soil-covered western. extension of the FH anticline which has never been previously explored The three new purple ‘target areas' are all located on PNX exploration tenure; field follow-up underway PNZ METALS 19#20PNZ METALS Hayes Creek Base Metals Project#21Hayes Creek Zinc-Gold-Silver Development To Be Mined Subsequent To Fountain Head Strong Economics Revenues of A$628 million over an initial 6.5 year LOM, NPV 10% A$133 million* Excellent Cash flow A$41m estimated pre-tax net cash flow per annum (A$266m LOM) Rapid Payback Payback of capital in less than 15 months - exceptionally fast, low risk Low Capital Hurdle Strong Production Infrastructure Access Exploration Potential Commodity Outlook Upfront capex of A$58 million (includes processing facility and mine development) 18.3ktpa Zn, 14.7kozpa Au, and 1.4Mozpa Ag (~40ktpa ZnEq) Located in existing infrastructure corridor with rail, gas, power and other mining operations, only 170km from Darwin Strong near-mine gold and base metal exploration potential, multiple drill targets The supply and demand fundamentals for zinc remain strong, as does the price outlook for gold and silver PNZ METALS Refer ASX release of 12 July 2017 for full details of PFS. The material assumptions underpinning the production targets and the forecast financial information derived from the production targets continue to apply and have not materially changed. Revenues based on forward consensus commodity prices (US$) & FX rates: Zn $2,570, Au $1,289, Ag $19.4, Pb $2,129, Cu $6,366, US$0.73c 21#22Hayes Creek Hayes Creek NPV Upside at Current Spot Prices Hayes Creek Pre-Tax NPV 10% Increase Decrease Total PFS SPOT CHANGE % OF REVENUE¹ PRODUCTION2 AUD/USD 73.0 71.0 -3% 0 0 200 180 USD GOLD PRICE 1,289 1,906 +48% 19% 95,400 oz 160 140 133 120 USD SILVER PRICE 19.4 24.5 +26% 30% 9.28 Moz ASM 100 80 USD ZINC PRICE 2,570 2,580 +0% ! 43% 118,900 t 60 40 USD COPPER PRICE 6,366 6,898 +8% 4% n/a 20 0 USD LEAD PRICE 2,129 1,809 I -15% 4% n/a PFS Base Case NPV AUD USD USD Gold Price USD Zinc Price Spot NPV See comparisons of pre-tax NPV and IRR incorporating the significant rise in the gold and silver price between publishing of the PFS in July 2017 and recent spot prices. IRR % Hayes Creek Pre-Tax IRR Increase Decrease Total 120% 100% 80% 73% 60% 40% 20% 0% PFS Base Case IRR AUD USD USD Gold Price USD Zinc Price Spot IRR 1. Proportion of projected revenue from sales of each metal in the PFS Financial Model. 2. Shows projected metal contained in concentrates, however, the total metal due for payment to the Company will be subject to certain deductions, with payment terms from smelters depend on a number of factors and will need to be finalised as part of any future offtake agreement. PNZ METALS 22#23Hayes 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 Looking NW 100-Elev 0 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 776,000 mE PNX "West Ban Ban #2° DC2004/005 METALS NTD6023/2001 Ban Ban Pastoral Station Mt Wells Road H Northpoint Grove Hill Road Exclusion from Douglas Station native title claim Princess Louise Iron Blow 8.508.000 mN 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% 100 Elev Mt Osbourne Tower Absent 0-2 2-4 4-6 6-8 8-10 0 10-12 200 Elev 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 METALS Douglas Pastoral Station kilometres Stuart Highway PNX Mineral Leases Burnside Project ELS Other Mineral Leases Gas Pipeline Reserved Land Pastoral Lease Boundary 100m RL contour 200m RL contour Fishers Lode Davies ******* Darwin-Adelaide Railway XHV Powerlines 66 kVa Mt Bonnie "Mary River West" DC2001/006 NTD6006/2001 Mary River Wes Pastoral Station NLC native title claim boundaries (approx) ALRA Aboriginal Land Claim HV Powerlines 11 kVa Major Road H Grove Hill Hotel Minor Road Q Airstrip Track Main Watercourse Historical Open Pit 8,504,000 mN ,500,000 n *See Appendix for further details 23#24Regional Exploration Overview PNZ METALS#25Exploration 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 O Cosmo Howley (Cosmo Deeps) Glencoe O Woolwonga Fountain Head Princess Louise Iron Blow OMount Bonnie Davies Golden Dyke Langleys Long Airfield Hayes Creek 0 Fenton Airfield 5 kilometres 10 *See Appendix Table 5 for further details Emerald Springs Roadhouse 25 5#26Exploration 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 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 • Large portion of landholding remains untested in the primary zone Drill type Unknown no of holes Field work commenced, drill testing to follow metres average 991 10,630 Vac 7,233 AC/RAB 1,176 RC 9,999 Diamond 1,010 totals 36,409 28,638 166,971 632,920 147,709 986,867 11 4 10 Est unit cost $20 $10 $20 Est value $212,600 $72,330 $3,339,418 64 $130 $82,279,600 147 $250 PNZ METALS $36,927,143 $122,831,091 Source: Terrace Minerals 26#27Exploration Overview Cookies Corner Gold Prospect Showing Extensive Mineralisation • 758.600 m RC Drill holes Completed 2018 Historical Rock Chip Samples >5 g/t Au 758800 75.000 759 200 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 Follow-up planned during new exploration season (from May'21) Demonstrates significant untapped potential within large exploration tenure 8.542.000 8341 000 N 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 CCRC014 2m at 2.01 g/t Au CCRC015 2m at 1.84 g/t Au CCRC012 19m at 1.15 g/t Au CCRC016 11m at 1.12 g/t Au PNZ METAL Se 100 metres L 756.600 m 75A 800 m 750 000 750 200 m *See Appendix for further details 27#28Exploration Overview Potential For New Plant Feed 11500E PNX RC and Diamond Drill Holes Mine Pit Outline PNX Metals Tenements SWAN PNZ METALS HERCULES Undrilled by PNX 183 000 MORC017 4m at 1.10 gt Au MORC002 7m at 11.9 g/t Au MORC015 11m at 1.06 g/t Au 3m at 7.60 g/t Au MORC001 9m at 2.66 gt Au 3m at 2.52 gt Au SCHOOL MOLINE MORC006 1m at 4.36 gt Au Om at 2.57 g/t Au MORC005 11m at 1.41 gt Au MORC003 2m at 4.66 gt Au, 177 gt Ag. 4.92% Zn, 4.41% Pb MORC022 2m at 1.39 gt Au MORC019 MORC026 2m at 5.94 g/t Au, 95.5 g/t Ag. 2.53% Zn, 0.90% Pb MORC007 3m at 2.04 g/t Au MORC011 4m at 1.05 g/t Au MORC009 10m at 1.67 gt Au 0.97% Zn MORC010 3m at 2.49 gt Au 10m at 2.29 gt Au TUMBLING DICE 2m at 1.45 gt Au • • • • 100% owned granted MLs, only 65km from Hayes Creek Numerous gold and base metal occurrences Large mineralised envelope with several km of strike over three parallel trends High-grade 'shoots' x-cutting the main mineralised zones in a N/S trend Opportunity to delineate additional feed for the FH and Hayes Creek project Test work highlights potential to generate a high-value concentrate through the proposed FH process infrastructure - Au-Zn-Pb well liberated at coarse grind Additional flotation test-work to commence Mineralisation to be wire-framed and modelled with mining optimisation and financial assessment Focus will initially be on the near-surface potential open-pit zones Drilling has barely scratched the surface.... 28#29Appendix PNZ METALS#30References • • Pg 3: See PNX ASX release - 'Hayes Creek confirmed to be a leading Zinc and Precious Metals Project in Australia' (12 July 2017) Pg 6: See PNX ASX release - 'Extensive gold mineralisation at Cookies Corner, NT' (9 Oct 2018), and 'Gold Mineralisation Extended at Cookies Corner, NT (28 Jan 2019) Pg 6: See PNX ASX release – 'High-Grade Gold Discovery at the Banner Prospect, NT' (23 Aug 2020) - Pg 6: Report number 116702, page 57 'Results of a hard rock trenching and drilling program, MLN1034 Fountain Head, NT' (January 1989) Pg 10: See PNX ASX release - 'Increase and improved confidence in Mineral Resource at Fountain Head Gold Project' (16 June 2020) Pg 22: See PNX ASX release - 'New gold targets prioritised for immediate follow-up' (9 Oct 2020) PNZ METALS 0 30#31Iron 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) ZnEq (%) 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 Inferred Fresh Ag Zone 1% Zn 118 2.91 0.90 0.15 135 0.54 7.61 6.25 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 31#32Iron 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 Zn (%) Pb (%) Ag (g/t) Au (g/t) ZnEq 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 32#33Fountain Head Gold Deposit Table 4: 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 Total Indicated Inferred Total Indicated Inferred Total Tonnage (Mt) Tally Ho 0.94 Au (g/t) 2.0 Ounces (Koz) 59 0.94 2.0 59 Fountain Head 0.89 1.4 41 1.11 1.6 56 2.00 1.5 96 Total Fountain Head + Tally Ho* 1.83 1.7 100 1.11 2.94 1.6 56 1.7 156 Table 5: Historic drillhole specifications and intercepts. Note all coordinates are given in MGA94_Z52 datum Prospect Medusa Hole ID MEDR0001 Type East RC North Azi° (mag) Dip° EOH From Int (m) gold g/t 761,025 8,524,049 105 -60 120 26 2 1.83 Medusa MEDR0008 RC 761,411 8,524,492 105 -60 120 9 3 1.19 Cookies Corner CC03 RC 758,915 8,542,064 86 -60 80 133 6 1.82 Cookies Corner CC04 RC 758,962 8,542,067 266 -60 63 44 4 2.12 Cookies Corner Cookies Corner CC05 RC 758,988 8,542,066 266 -60 80 45 10 1.66 CCRC003 RC 758,883 8,542,111 90 -60 139 133 6 1.82 Cookies Corner CCRC004 RC 758,946 8,542,011 90 -60 91 44 4 2.12 Cookies Corner CCRC017 RC 758,944 8,541,912 90 -60 61 35 4 2.86 Cookies Corner CCRC018 RC 758,975 8,542,010 90 -60 79 61 2 3.45 Cookies Corner CCRC023 RC 758,828 8,541,815 90 -60 109 75 11 1.13 Western Arm Nth NW 1 RC 748,910 8,518,476 0 -90 Western Arm Nth NW 8 RC 748,980 8,518,475 0 -90 Western Arm Nth NW 9 RC 748,990 8,518,475 0 -90 222 19 1 2.23 13 2 1.26 8 1 1.30 PNZ METALS 33