#1PNZ METALS Australian Gold & Base Metals Explorer & Developer Investor Presentation 30 January 2023 Northern Australia based projects Long-term scalable production and exploration upside 79 47 30 82 29 Au Ag Zn Pb Cu Gold Silver Zinc Lead Copper#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 information in this report that relates to exploration data is based on information compiled by Dr Michael Green, who is a full-time employee of PNX Metals Ltd. Dr Green is a Member of the Australian Institute of Geoscientists (AIG No: 4360) and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Dr Green consents to the inclusion of this information in the form and context in which it occurs. New Information Statement 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 (see Appendix at the end of this presentation for further referenced information). PNZ METALS 2#3Investment Highlights Integrated Development & Exploration Strategy 100% Five advanced gold, silver & base metals projects on 100%-owned MLS (ΟΙΟΙΟ) Integrated large scale zinc- gold-silver development studies underway Robust initial forecast production 70-80 k oz AuEq per year over >7yrs* ($) Large, highly prospective exploration tenure - drill ready targets & district scale discovery potential Experienced, Board & Management Team and supportive shareholders Significant metal endowment provides platform for growth * (AuEq) Gold Equivalent - incorporates other payable metals such as silver and zinc in addition to the contained gold and converts into a gold equivalent value, refer PNX PFS 17 June 2021 for further details PNX METALS 3#4Details of the Capital Raising PNZ METALS#5Capital Raise to Advance zinc-gold-silver Exploration & Development in the NT Entitlement Offer to Raise up to $4.4 million Offer Structure Offer Price Ranking • Non-renounceable pro-rata entitlements issue on the basis of 1 new share ("Shares") for every 3 existing shares ("Entitlements Offer") Entitlements Offer to raise up to ~$4.4 million (before costs) via the issue of up to ~1,481 million new Shares • Shareholders have the right to apply for shortfall shares The Offer Price of $0.003 (0.3 cents) per Share, represents: о 30.1% discount to 5-day VWAP of 0.43 cents 25.0% discount to last closing price of 0.40 cents 20.0% discount to TERP¹ based on last closing price of 0.40 cents per share Shares will rank equally with existing current fully paid ordinary shares on issue Substantial shareholders Use of Proceeds Other Information Existing shareholders, including Delphi Unternehmensberatung Aktiengesellschaft (DELPHI), have provided a binding commitment to subscribe for $2.1 million of Entitlements for which they are entitled to under the Offer (Committed Shareholders). If DELPHI takes up their Entitlement in full and no other Shareholder, apart from Committed Shareholders, takes up their Entitlements, DELPHI'S Voting Power will increase from 45.58% to 52.30%. The proceeds of the Entitlements Offer will be used to support ongoing approvals and development activities at PNX's 100% owned Fountain Head gold and Hayes Creel zinc-gold-silver Projects, and significant near-mine and regional exploration (see next slide for further details) 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 0.4c per share, being the last trading day prior to entering a trading suspension on 27 January 2023. TERP is a theoretical calculation only. PNZ METALS 5#6Use of Funds Integrated Project Development and Exploration To continue with significant activity at the 100% owned Fountain Head gold and at the Hayes Creek zinc-gold-silver projects Sources of Funds (up to) Uses of Funds NRRI $4.4m Mine Management Plans for the newly acquired Mt Porter & at Glencoe/ Fountain Head gold deposits $0.3m Hayes Creek Environmental Impact statement technical studies & Project Management Integrated Plant test-work, engineering & design, & updated feasibility $1.0m $0.5m Tenement holding & management costs, near-mine drilling at Mt Porter & regional exploration $1.6m Finalising Mt Porter acquisition $0.3m Corporate costs, working capital & costs associated with the Offer $0.7m Total Sources $4.4m Total Uses $4.4m *Note: the above assumes 100% take-up of the NRRI, if lower then activities will be scaled back accordingly PNZ METALS 6#7Entitlement Offer Timetable Key Dates Key Event Announcement of Non Renounceable Rights Issue (NRRI) and Investor Presentation Offer Memorandum, ASX Appendix 3B and cleansing notice lodged with ASX Ex-Date - the date on which Shares commence trading without the entitlement to participate in the Offer Record Date - the date for determining entitlements of Shareholders to participate in the Offer (19:00 AEST) Entitlements Offer Opens for acceptance - Offer Memorandum sent to Shareholders Last day to extend the Closing Date (before 12:00 AEST) Indicative Date & Time Monday, 30 January 2023 Monday, 30 January 2023 Wednesday, 1 February 2023 Thursday, 2 February 2023 Tuesday, 7 February 2023 Wednesday, 15 February 2023 Monday, 20 February 2023 Closing Date - the last day for receipt of Acceptance Forms (17:00 AEST) New shares commence quotation on ASX on a deferred settlement basis Tuesday, 21 February 2023 Thursday, 23 February 2023 Monday, 27 February 2023 Tuesday, 28 February 2023 Notification of NRRI result to ASX Issue date for new Shares and Deferred Settlement Trading Ends Expected commencement of trading of new Shares on ASX 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 AEST, the Company reserves the right to vary these dates and times without notice. PNZ METALS 7#8PNX Metals Overview PNZ METALS#9Corporate Overview Advanced NT focused Gold and Base Metals Development Directors & Management Share Pricel Shares on Issue Performance Rights² Market Capitalisation Enterprise Value Cash2 12 month Share Price Performance $0.010 $0.008 $0.006 $0.004 $0.002 חר $0.000 Nov-21 Mmm Jan-22 Mar-22 Current Years experience $0.04 4,444M Graham Ascough James Fox Chairman 30+ 141.8M Hansjoerg Plaggemars Managing Director & CEO Non-Executive Director 25+ 25+ $17.8M Hans-jörg Schmidt Non-Executive Director 20+ $16.3M Dr Frank Bierlein Non-Executive Director 30+ $1.5M Richard Willson Non-Executive Director 20+ Shareholder Structure 50.0m Тимитными Milium May-22 Jul-22 Sep-22 1. Close of trading 25 January 2023. 2. Last reported cash balance, as at 31 December 2022 2. Performance Rights conditions vary, but are aligned with PNX's Project development PNZ METALS 40.0m Nov-22 30.0m 20.0m 10.0m 0.0m Delphi 45.6% Sochrastem 6.0% Marilei 4.9% Other shareholder 43.5% 9#10PNXs Strategic Growth Channels Integrated zinc-gold-silver development underway Future Growth Embedded in Existing Asset Base Strong Development Pipeline • Over 1,500km² of mineral and exploration licences . Pipeline of targets to feed into proposed infrastructure District scale discovery potential • Continue to acquire value add assets at the right price. Plant feed from multiple sources • Plant design capable of treating multiple ore types Process flexibility to improve resource utilisation Zinc-gold-silver to concentrates & gold-silver doré Capital and operating cost synergies Centralised Plant & Infrastructure at Fountain Head ML • Initial PFS completed June'21 • Fountain Head Environmental approvals imminent . Integrated Plant design & engineering underway • Target average annual production of ~70-80koz AuEq' 1. (AuEq) Gold Equivalent - incorporates other payable metals such as silver and zinc in addition to the contained gold and converts into a gold equivalent value, refer PNX PFS 17 June 2021 for further details PNX METALS 10#11Investment Overview Total Mineral Resources: 520,900 oz Au, 16.2Moz Ag, 177kt Zn, 37kt Pb and 10kt Cu¹ Hayes Fountain Creek Head Integrated zinc-gold-silver Project comprising five 100% owned Mineral Resources on granted MLS . High-grade Zn-Au-Ag VMS deposits with supporting gold resources • PFS confirms robust, high-margin integrated development2 • • • • • • Forecast life-of-mine production 250,500 oz Au, 11.4M oz Ag, 116.300 † Zn (excludes newly acquired Mt Porter gold deposit – PFS update H2 2023) over >7yrs Accelerating Zn-Au-Ag sulphides development & improved economy of scale Como Engineers optimising flowsheet, recoveries & payables Environmental Impact Statement (EIS) approval due imminently for Fountain Head Hayes Creek sulphide approvals commenced Argonaut PCF Limited assisting with financing strategy Regional Exploration Upside: • Extensive 1,500km² land package with untested gold & base metals potential • Priority targets with scale potential identified - drill ready targets 1. Refer Appendix and PNX Annual Report for further details 2. Refer ASX Announcement 17 June 2022 for further details PNZ METALS 11#12Exploration Overview Extensive landholding with untested gold and base metals potential Pine Creek Orogen - substantial historic gold endowment in excess of 3Moz Potential for: • Multi-million-ounce gold deposits (i.e., Callie style) • VMS i.e. Hayes Creek (4.1 Mt @ 10.9% ZnEq) • Woodcutters (historical production of 4.65 Mt @ 12.28% Zn, 5.6% Pb, 87g/t Ag) Large portion of landholding untested in the primary zone Multiple high-priority exploration targets with 'scale potential' identified Targets defined by large geochemical signature + favourable structural settings Government co-funded drone-magnetic survey completed over prospective areas around Fountain Head and Glencoe - new target areas emerging Goodall NORTHERN PNX Exploration Licence Ri PNX Mining Licence TE FORY Cookies Corner Other parties production licence Other parties production licence application Highway O Gold occurrence Fault Medusa OBons Rush Santorini O Kazi Western Arm North Western Arm O Howley Rising Tide Brocks Creek Big Howley Chinese Howley Glencoe OZapopan OCosmo Howley (Cosmo Deeps) Chimera Granite Target Woolwonga Fountain Head Princess Louise Iron Blow Hayes Creek Mount Bonnie PNZ METALS Davies Golden Dyke Langleys Long Airfield Hayes Creek 0 5 10 Fenton Airfield kilometres Burnside 03 Emerald Springs Roadhouse PS 12#13Integrated Development Approach PNZ METALS#14Engineering, Design and Approvals Update Industry-wide challenges relating to costs and schedules $$ Industry wide cost escalations impacting operating & capital costs – particularly power and labour PNX METALS Engineering partner Como Engineers identifying cost synergies relating to Project integration Improve resource utilisation, recoveries, and payment terms through test-work & flowsheet design Project Government and Environmental approvals programs advancing, Fountain Head EIS approval due imminently, Hayes Creek sulphide approvals commenced <2 years Update feasibility to incorporate Project integration synergies & new Mt Porter gold deposit - Argonaut PCF to assess development financing – feasibility update and higher confidence MREs to ensure cost and risk of financing are appropriate 14#15Project Pre-Feasibility Study1 Long-term scalable production in a low-risk jurisdiction Zinc-gold-silver Mineral Resources (JORC 2012)¹ 520,900 oz Au, 16.2Moz Ag, 177 kt Zn, 37kt Pb and 10kt Cu Life-of-mine production estimates¹ 70-80koz AuEq per year over >7yrs 1. Refer PNX ASX announcement 17 June 2021 PNX METALS Plant and Infrastructure Como Engineers completing integration study - Project economics to be updated Process Optimisation To improve resource utilisation, Plant recoveries, payment terms Substantial Exploration Upside Drill ready gold targets with scale potential Reduce Environmental Footprint Integrated waste landform Zero waste discharge site FH EIS approvals due imminently 15#16Integrated Production Path Plant & Infrastructure to be located at Fountain Head 10200 N • • Proposed integrated Plant capable of treating: Updated Fountain Head (FH) MRE 2.94 Mt @ 1.7 g/t Au for 156,000 oz Au (Indicated and Inferred)1 NW Breccia (new resources) Boundary of block model at 0.3 g/t Au cut off Fountain Head Local Grid North 100 200 m MGA Grid North 10100 N 10000 N Fountain Head West Fountain Head East FH Far East (new resources) • Zinc-gold-silver sulphides from Hayes Creek • Free milling/oxide gold/silver ore from Glencoe/Mt Porter/FH Fold Axis 9800 N Green energy component, up to 41% renewable power from solar and battery energy storage system 9700 N MLN1034 MUNA Tally Ho (new resources) Central East ML31124 ய 9600 N 9700 E 9800 E 10300 E • Located in existing infrastructure corridor with rail, gas, power and other mining operations, 170km from Darwin • No close process infrastructure in the region • • Agnico Eagle Mill under care & maintenance ~63km by road from FH Opportunities to expand Project footprint and incorporate third-party mill feed opportunities, i.e., Mt Porter • Extensional zones of open gold mineralisation adjacent to Plant, over >1.6km strike along the FH anticline 1. See Appendix for further details including Full Mineral Resources PNZ METALS 769000 Ban Springs Road 769500 770000 770500 North Topsoil ANE Shed Core Shed Mining Contractors Yard West Topso Offices & Mine Workshops cess Only ROM & Crusher Magazines 771000 771500 772000 772500 Evaporation Dam PAF Stockpile Fountain Head Pit LG Stodple ILG Stockpile2 Integrated Waste Landform (W) Tailings East Topsoil Adelaide to Darwin Railway 66kV Pine Creek to Cosmo Powerline 771000 771500 772000 772500 769000 769500 770000 770500 16#17. . Plant and Infrastructure Mitigation of capital & operating cost pressures Leveraging expertise of engineering partner Como Engineers to: • update flowsheet for parallel sulphide flotation/CIL • improve recoveries & payables through test-work and design (see next slide) ⚫ CIL component capital remains in-line with the PFS . estimate due to simplification of flowsheet and mobile crushing option Integrated Plant to produce zinc-gold-silver concentrates & a separate gold-silver doré • Test work to model value drivers of updated flowsheet & include in updated PFS (H2 2023) • Stand-alone hybrid power station reduces overall carbon footprint and unit operating costs • Existing Infrastructure utilised, includes waste storage, water dams, roads etc Proposed gold plant layout PNZ METALS 17#18Project Optimisation Significant additional value targeted via test-work and flowsheet update Opportunities due to Plant Integration Brief Description Deliverables 1 Project Synergy Review (underway) 2 Recirculate Float Tails (underway) 3 Integration of FH gold CIL Plant and Capital and operating cost savings Hayes Creek flotation Leach float tails though CIL circuit to improve overall Au + Ag recoveries Timing Total additional recovery of metals (AuEq*) over Life of Mine (LoM) Update integrated process flowsheet & est. capex requirement to implement changes Jan '23 n/a Leach tests on float tails to quantify Au + Ag recoveries & reagent consumptions Feb '23 Target up to 15-20koz Equipment requirements & +/- 35% capital estimate Review existing test work & marketing/ offtake terms, identify opportunities, recommend test work H1'23 Target up to 35-40koz Improve distribution and recovery of payable metals Alternative processing of Precious Metals (PM) concentrate stream Refinery limits on concentrate grade & deleterious elements results in lower float recoveries, nil payment for certain metals, e.g., copper & lead Assess alternative process to PM flotation circuit to improve resource utilisation/recoveries/ tailings Options analysis for on-site treatment and refining of PMs 5 Updated Integrated Plant design to PFS level confidence and accuracy Incorporate the above findings in an updated PFS Test-work to determine optimum processing route and PM recovery for onsite treatment Cost benefit analysis H1'23 Target up to 30-35koz Prepare PFS on Integrated Plant, and improved utilisation and payables of HC ore H2'23 Target total 80-95koz over LoM * (AuEq) Gold Equivalent - incorporates other payable metals such as silver and zinc in addition to the contained gold and converts into a gold equivalent value, refer PNX PFS 17 June 2021 for further details PNZ METALS 18#19Mt Bonnie Oxides - 100% Owned MLS . High-value gold/silver ore • <15km from proposed Plant location at FH • 250K+¹ of near-surface oxide material to be processed Oxide component contains 1.2Moz Ag & 25,300oz Au Mining optimisation completed and included in PFS 1. See Appendix for further details including Mineral Resources PNZ METALS Mt Bonnie Legend - AU ? - X Description Color 0 to 0.3 0.3 to 0.5 0.5 to 1 1 to 1.5 1.5 to 2 Stockpile at Mt Bonnie from historic mining incorporated as first fill/commissioning material 2 to 99 19#20Mt Bonnie & Iron Blow Sulphides Two Zinc-Gold-Silver Rich VMS Deposits • 4.1 Mt of high- • grade Mineral Resources of which 84% Indicated¹ Mining areas sit on granted MLS, less than 3km apart 100 lev -8504400-N 8504500 DH061 18DH062 IBDH063 46 69 75 80 89 24 25 36 45 13 22 23 35 55 61 66 Elev 8504600 N 7.58 74 839 88 767 772 82 • 15-20km along existing haul roads from mine location to proposed Plant at Fountain Head 1. See Appendix for further details PNZ METALS 100 Elov 850430 30 10 18 11 1920 41 31 32 51 42 57 52 62 58 63 8 16 27 39 48 49 8 17 2829 40 50 26 38 Proposed plant location at Fountain Head utilises historic open- pit for TSF, existing water, rail, gas, grid power, camp facilities -8504700 N 768,000 mE 772.000 mB S N Land Claim Ban Ban ALRA Aboriginal Fountain Head Looking NW 100 Elev 0-Elev Stope Ave Grade Zn% 400 Elev Absent 0-2 2-4 4-6 6-8 776,000 mE "West Ban Ban #2" DC2004/005 NTD6023/2001 Ban Ban Pastoral Station Mt Wells Road fossicking reserve "Douglas North" DC2001/023 NTD6023/2001 Mt Osbourne Tower po native title claim Prin Douglas Pastoral Station Fishers Lode kilometres Davies Stuart Highway H Northpoint Grove Hill Road PNY METALS Exclusion from Douglas Station Iron Blow Q Mt Bonnie 8,508,000 mN 8,504,000 mN 8,500,000 mN "Mary River West" DC2001/006 NTD6006/2001 Mary River Wes Pastoral Station 8-10 10-12 200-Elev 0504700 Low-cost open-pit mining to start at Mt Bonnie, then underground mining at Iron Blow 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 X HV Powerlines 66 kVa ―x 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 20 0#21Glencoe gold deposit - 100% Owned MLS 3km north of Fountain Head - Open in all directions with a near-surface 1.5km strike extent 8513200 Open TARGET GLRC058 4m at 1.02 g/t Au GLRC056 4m at 1.52 g/t Au 2m at 2.50 g/t Au 8512800 Open GLRC063 2m at 2.81 g/t Au Central North Central TARGET 4 ML29679 interpreted fault interpreted 40m N/S PNX 2022 RC drill hole gold lode displacement TARGET 3 PNX 2021 drill hole Collars 2021 22 Glencoe PNX Trace Glencoe_hist_dhole_Au 1-2 2-60.4 Trace_Glencoe hist Targets MGG Mineral resource strings (90 mRL) GLRC071 3m at 2.92 g/t Au • Updated MRE 2.1 Mt @ 1.2 g/t Au for 79,000 oz Au (Measured and Indicated)1 Remains open with strong exploration potential and numerous open intercepts • Numerous high-grade near-surface rock chips containing gold² • 33.1 g/t Au in GLFS035c • 15.5 g/t Au in GLFS043 • 35.8 g/t Au in GLFS046a • 15.9 g/t Au in GLFS046c 8512400 ML29679 interpreted 250-400m N/S gold lode displacement GLRC067 4m at 1.26 g/t Au GLRC070 1m at 4.53 g/t Au GLRC072 5m at 1.20 g/t Au Open GLRC068 GLRC065 1m at 1.55 g/t Au 4m at 2.35 g/t Au 4m at 1.29 g/t Au Open Glencoe November 2022 RC drilling, with interpreted faults shown as dashed lines 1. Refer ASX Announcement 30 August 2022 further details including JORC tables 2. Refer ASX Announcement 17 March 2022 3. Refer ASX Announcement 16 December 2022 PNZ METALS • • Near-mine RC drill program in 2022 identified extensions to defined lodes Mined out void to provide Project tailings and water management flexibility 21#22- Mt Porter gold deposit – Newly Acquired MLS Gold deposit <50 km by existing road SE of Fountain Head 8m @ 8.38 g/t Au from 54 m (MPRC089) 13m @ 3.53 g/t Au from 71 m (MPRC248) Mineral Resource outline Drill holes by company Ark Mines (2017) Arafura Resources (2003-06) Homestake (1996-97) Renison Goldfields/ Pine Creek Gold (prior to 1994) 9m @ 1.55 g/t Au from 2 m (MPOP037) ML23839 MGA94, Zone 52 0 250 500 750 1,000 m Location map of the Mt Porter ML showing MRE outline and historic drilling 1. Refer ASX Announcement 28 September 2022 for further details including JORC tables PNZ METALS 8492000 • 8491000 8490000 • • • • . Acquisition consistent with PNX's strategy to: . . consolidate nearby mineral resources to support the proposed Project development, and have significant exploration upside Updated MRE 681,000 † @ 2.2 g/t Au for 48,200 oz Au (Indicated & Inferred)] Strong exploration over 1.2 km strike. Numerous high-grade intercepts identified. outside the current resource boundary •13 m @ 3.53 g/t Au from 71 m (MPRC248) - 20m west of current resource • 8 m @ 8.38 g/t Au from 54 m (MPRC089) - Mt Porter North • 9 m @ 1.55 g/t Au from 2 m (MPOP037) - Mt Porter South Conditions Precedent to be satisfied by 31 Mar' 23 with Completion thereafter • MMP updated and exploration during '23 field. season 22#23Drone-Mag Geophysics Government Co-Funded survey • ⚫ 1,099 line-km Government co-funded drone magnetic survey flown over Hayes Creek, Fountain Head, Glencoe* • Identified prospective targets within the same host stratigraphy of the nearby >1.2Moz Cosmo gold mine between PNX's Glencoe & Fountain Head gold deposits Targets appear to have the same orientation as gold-rich sheeted-quartz veins in the Tally Ho deposit, and high- grade gold in surface rock chip samples from Glencoe • • Shallow drilling and geochemistry planned ASAP after the NT wet season 768000 Glencoe MRE lodes plus fold axis (pink) high mag unit folded Koolpin Formation Vacuum holes (Dominion 1993-94) • <0.5 ppb Au 0.5 - 2 ppb Au 2 - 10 ppb Au 10 - 50 ppb Au >50 ppb Au Inferred fault/vein MLN1034 770000 ML29679 772000 MLN4 drone survey boundary flight line direction 774000 8514000 8512000 8510000 Fountain Head - Tally Ho Mineral Resource outline plus fold axis (pink) 8508000 0 1,000 2,000 m PNZ METALS Coloured Total Magnetic Intensity image for Fountain Head - Glencoe drone survey, inferred faults/veins, & historic vacuum drill gold results from 1993-94 1. Refer ASX Announcement 17 November 2022 for further details including JORC tables 23#24Investment Summary Robust, high-margin base metals supported by satellite gold deposits, with regional exploration upside 100% Five advanced gold, silver & base metals projects on 100%-owned MLS (ΟΙΟΙΟ) Integrated large scale zinc- gold-silver development studies underway Robust initial forecast production 70-80 k oz AuEq per year over >7yrs* ($ Large, highly prospective exploration tenure - drill ready targets & district scale discovery potential Experienced, Board & Management Team and supportive shareholders Significant metal endowment provides platform for growth *Refer PNX PFS announcement 17 June 2021 for further details PNZ METALS 24#25PNZ METALS Thank you For more information: www.pnxmetals.com.au [email protected]#26Appendix PNZ METALS#27Zinc's role in a low-carbon Economy Project provides a quality zinc development opportunity to underpin future Company growth in the renewable energy sector Growing Demand for Zinc Accelerated investment and adoption of renewable energy is leading to growing zinc demand Zinc use in Renewables (tonnes) Storage Battery Offshore Wind Solar 136,000 LE 14,000 55,000 62,000 • 300 24,000 150,000 162,000 85,000 $ 2020 2025 2030 • . • • Zinc-ion batteries are safer than lithium-ion batteries as they use a water-based chemistry, avoiding fires Galvanized steel requires zinc and is the preferred material used by electric vehicle manufacturers Zinc coatings protect solar panel fixtures and prevent rust A 100MWh solar power park requires 240 tonnes of zinc Offshore wind turbines require a zinc coating to handle extreme environmental conditions • A 10MWh offshore turbine requires 4 tonnes of zinc Zinc's superior ability to protect metals against corrosion and its growing role in energy storage and production makes it an essential material for the future Source: https://www.visual capitalist.com/sp/understanding-zincs-role-in-a-low-carbon-economy/ PNZ METALS 27#28Industry Experts Developing the Fountain Head Gold Project (1/2) Geology 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. 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. 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. 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. 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. 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. PNZ METALS 28 0#29Industry Experts Developing the Fountain Head Gold Project (2/2) Hansjoerg Plaggemars PNX NED Experienced Company Director with a strong background in corporate finance, corporate 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. Finance & Business Development Hans-jörg 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 Richard Willson 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. PNZ METALS 29#30• • • References • • PNX ASX release - 'Hayes Creek confirmed to be a leading Zinc and Precious Metals Project in Australia' (12 July 2017) PNX ASX release - 'Extensive gold mineralisation at Cookies Corner, NT' (9 Oct 2018), and 'Gold Mineralisation Extended at Cookies Corner, NT (28 Jan 2019) PNX ASX release – 'High-Grade Gold Discovery at the Banner Prospect, NT' (23 Aug 2020) Report number 116702, page 57 'Results of a hard rock trenching and drilling program, MLN 1034 Fountain Head, NT' (January 1989) PNX ASX release - 'Increase and improved confidence in Mineral Resource at Fountain Head Gold Project' (16 June 2020) . PNX ASX release - 'New gold targets prioritised for immediate follow-up' (9 Oct 2020) • • • • • • PNX ASX release - 'Fountain Head Gold Project Development Update' (20 December 2021) PNX ASX release - 'Positive PFS supports long-term gold, silver, zinc Project' (17 Jun 2021) PNX ASX release - 'Environmental Impact Statement lodged for FH Gold Project' (1 Jun 2021) PNX ASX release - 'Near-surface high-grade gold zones extended to over 1.4 km at Glencoe and remains open in all directions (14 Jan 2022) PNX ASX release - 'Additional high-grade rock chips from surface at Glencoe' (17 March 2022) PNX ASX release - 'PNX increases NT gold exploration footprint' (28 June 2022) PNX ASX release - 'Significant upgrade in Glencoe gold mineral resource categorisation' (30 August 2022) • PNX ASX release – ‘PNX acquires the Mt Porter gold deposit' (28 September 2022) • PNX Annual Report - 7 October 2022 • • PNX ASX release - 'New gold target zone identified between Fountain Head & Glencoe' (17 November 2022) PNX ASX release - 'Drilling Extends Gold Mineralisation at Glencoe' (16 December 2022) PNZ METALS 30 0#31Fountain Head and Glencoe gold deposits¹ The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements referenced in this release continue to apply and have not materially changed. 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 Tally Ho Indicated Inferred Total Tonnage (Mt) 0.94 Au (g/t) 2.0 Ounces (Koz) 59 59 0.94 2.0 59 Table 2: Glencoe Mineral Resources by oxidation zone and JORC Classification as at 29 August 2022 estimated using a cut-off grade of 0.7 g/t Au which is consistent with the assumed open-cut mining method. See ASX Release 30 August 2022 for JORC tables PNZ METALS 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 1.83 1.7 100 Inferred 1.11 1.6 56 Total 2.94 1.7 156 JORC Classificati Measured Indicated Inferred Total on Tonnes Au (g/t) Tonnes Au (g/t) Tonnes Au (g/t) Tonnes Au (g/t) Au Ounces Oxide 14,000 1.18 86,000 1.04 40,000 1.23 140,000 1.11 5,000 Transitional 144,000 1.25 449,000 1.28 107,000 1.18 700,000 1.26 28,300 Fresh 269,000 1.36 649,000 1.04 324,000 1.17 1,242,000 1.14 45,700 Total 427,000 1.32 1,184,000 1.13 471,000 1.18 2,082,000 1.18 79,000 31#32Mr Porter gold deposit¹ The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements referenced in this release continue to apply and have not materially changed. Table 3: Mt Porter Mineral Resources by JORC Classification as at 28 June 2022 estimated utilising a cut-off grade of >1.0 g/t Au which is consistent with the assumed open-cut mining method. See ASX Release 28 September 2020 for JORC tables and full report. Indicated Inferred Total JORC Classification Tonnes (t) Au (g/t) Tonnes (t) Au (g/t) Tonnes (t) Au (g/t) Au (oz) Oxide/ Transitional Fresh 70,000 1.9 7,300 2.4 77,200 2.0 4,900 478,000 2.3 125,000 1.8 603,000 2.2 43,200 Total 548,000 2.3 133,000 1.9 681,000 2.2 48,200 PNZ METALS 32#33Iron Blow and Mt Bonnie VMS Deposits¹ (1/2) The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements referenced in this release continue to apply and have not materially changed. Table 4: Iron JORC Classification Lode Blow Mineral AuEq Cut-off (g/t) Tonnage (Mt) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) ZnEq (%) AuEq (g/t) Resources by East Lode 1.0 0.80 7.64 1.83 0.30 275 2.90 20.64 15.53 Indicated JORC West Lode 1.0 1.28 4.14 0.33 0.31 60 1.73 8.84 6.66 Classification as at 03 May 2017 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 Inferred HW Gold 1.0 0.04 0.06 0.09 0.01 6 1.68 2.57 1.94 Interlode Gold 1.0 0.04 0.21 0.03 0.07 8 1.66 2.79 2.10 Interlode Base Metal 1.0 0.12 3.52 0.32 0.14 35 0.69 5.87 4.42 Total Inferred 0.45 1.11 0.18 0.07 27 1.71 4.38 3.30 Total Indicated + Inferred Mineral Resource 2.53 4.71 0.78 0.26 122 2.10 11.79 8.87 Total Contained Metal (†) 119,200 19,700 6,650 9.9 Moz 170.9koz 298,000t 721.5koz Table 5: Mt Bonnie Resource Mineral Resources by JORC Classification as at 08 February 2017 PNZ METALS JORC Cut-off Tonnage Classification Domain grade (kt) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) ZnEq (%) AuEq (g/t) Indicated Oxide/Transitional 0.5g/t Au 195 0.94 2.43 0.18 171 3.80 11.50 9.44 Indicated Fresh 1% Zn 1,180 4.46 0.94 0.23 121 1.02 9.60 7.88 Total Indicated 1,375 3.96 1.15 0.23 128 1.41 9.87 8.11 Inferred Oxide/Transitional 0.5g/t Au 32 0.43 1.33 0.29 74 2.28 6.37 5.23 Inferred Fresh Inferred Ag Zone 1% Zn 50g/t Ag 118 2.91 0.90 0.15 135 0.54 7.61 6.25 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 Resource 1,545 3.76 1.12 0.22 127 1.34 9.53 7.82 Total Contained Metal (t) 58,000 17,300 3,400 6.3Moz 66.8koz 147,000t 388.5koz See next page Notes Relating to Mineral Resources and ASX releases 09 February and 03 May 2017 for further information 33#34Iron Blow and Mt Bonnie VMS Deposits¹ (2/2) The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements referenced in this release continue to apply and have not materially changed. Table 6: Total Hayes Creek JORC Classification Tonnage (kt) Zn (%) Pb (%) Cu (%) Ag (g/t) Au (g/t) ZnEq (%) AuEq (g/t) Mineral Resources (Iron Blow+Mt Total Indicated (84.7%) 3,455 4.88 1.01 0.27 137 1.88 11.99 9.29 Bonnie) by JORC Total Inferred (15.3%) 622 1.39 0.37 0.10 52 1.46 5.03 3.91 Classification as at 03 May 2017 Total Indicated + Inferred Mineral Resource Total Contained Metal (t) 4,077 4.35 0.91 0.25 124 1.81 10.93 8.47 177,200 37,000 10,050 16.2Moz 237.7koz 445,000+ 1,110koz Notes relating to Tables 4, 5 & 6 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) * Curecovery) - (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 Zn USD / t Price 2,450 Recovery Mt Bonnie Recovery Iron Blow 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 34