#1PNZ METALS Investor Presentation 20 January 2022 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. Marco Scardigno who is a Member of the Australian Institute of Geoscientists. 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 (see Appendix at the end of this presentation for further referenced information). 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 + 177,200t zinc Stage 1+2 Project Pre-tax NPV (8) of A$171m / 63% IRR Near-term Gold Production • • Project PFS Fountain Head Stage 1 ~30koz Au per year - Gold/silver production 157,600 oz AuEq over 5 years Plant and Infrastructure cost ~A$46m Government and Environmental approvals ongoing Development decision pending Govt/Env approvals and financing 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 Argonaut PCF appointed as Debt Advisor Undervalued Investment Opportunity PNX EV only A$20.2m = Au EV~$46.8/oz (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#4Details of the Capital Raising PNZ METALS#5Entitlement offer to raise up to $4.6 million Offer Structure • Offer Price • • 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 ~$4.6m (before costs) via the issue of up to ~913m Shares Shareholders have the right to apply for shortfall shares The Offer Price of 0.5 cents ($0.005) per Share, represents: О 18.7% discount to 5-day VWAP of 0.62 cents О 23.1% discount to last closing price of 0.65 cents Ranking Substantial shareholders Use of Proceeds Other Information O 19.4% discount to TERP1 based on last closing price of 0.65 cents per share Shares will rank equally with existing current fully paid ordinary shares on issue Existing substantial shareholders, including DELPHI Unternehmensberatung Aktiengesellschaft ("DELPHI"), have confirmed their intention to take-up entitlements The proceeds of the Entitlements Offer will be used to support ongoing approvals 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 0.65c per share, being the last trading day prior to entering a trading suspension on 18 January 2022. TERP is a theoretical calculation only. PNZ METALS SO 5#6Use of Funds Gold exploration and Fountain Head Development 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 $4.60m finalise the Government and Environmental approvals application process, including installation of water monitoring boreholes $0.70m finalise plant and infrastructure engineering, assess suitable second-hand filtration equipment $0.55m continue in-fill and near-mine exploration drilling at Glencoe and undertake regional exploration $1.90m working capital and costs associated with the Offer $0.95m finalise the Glencoe acquisition $0.50m Total Sources $4.60m Total Uses $4.60m *Note: the above assumes 100% take-up of the NRRI, if lower then activities will be scaled back PNZ METALS 6#7Entitlement Offer Timetable Key Event Announcement of Non Renounceable Rights Issue (NRRI) Capital Raising Presentation Released Ex-Date Record Date for Entitlements Offer (18:30 Adelaide time) Offer Memorandum sent to Shareholders - Entitlements Offer Opens for acceptance Entitlements Offer Closes (17:00 Adelaide time) New shares commence quotation on ASX on a deferred settlement basis 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 Indicative Date & Time Thursday, 20 January 2022 Thursday, 20 January 2022 Monday, 24 January 2022 Tuesday, 25 January 2022 Monday, 31 January 2022 Wednesday, 9 February 2022 Thursday, 10 February 2022 Monday, 14 February 2022 Wednesday, 16 February 2022 Thursday, 17 February 2022 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 Advanced gold and base metals Development Projects Capital Structure PNX Share Price Shares¹ Options Performance Rights² Share price (17/02/22) Market Capitalisation 3,652 m Nil 49.3 m $0.0065/share $23.7m PNX Close $0.006 17/1/2022 0.0100 Cash (A$m)¹ $1.7 m Debt (A$m) 1 Nil February March: April May June July August September October November December January 2022 2021 x Volume Add Overlay Enterprise Value (A$m) $22.0 m Substantial Shareholder Breakdown DELPHI 44.4% Marilei 4.8% Sochrastem. 5.8% Other PNX Shareholders 45.0% PNZ 1. As at 31 December 2021 2. METALS 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 די 0.0095 0.0090 0.0085 0.0080 0.0075 0.0070 0.0065 0.0060 150M 100M 50M Phone +61 8 8364 3188 [email protected] 9#10Growth 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 • Pipeline of targets to feed AUSTRALIA Hayes Creek Development • Subsequent to gold mining at Fountain Head new flotation stream to be installed • Target additional Fountain Head Development annual production of additional 30- 50koz AuEq¹ in sulphide conc. • into infrastructure Hub and spoke approach Glencoe expand continues to Potential for large scale discovery • PFS Complete • • Engineering underway 0.75Mtpa gold processing facility Target average annual production of ~30koz Au Mine life extensions from numerous gold deposits within trucking distance PNZ METALS 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 10#11Significant Milestones already Achieved Target First Gold Production from Fountain Head early 2023 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 Q2 2021 Submission of Government Approvals, & Glencoe MRE 79koz Au Current Position Q4 2021 Ongoing Project Engineering PNZ METALS OOOOOOO 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 From end Q1 2022 Project Financing and FID Up to 12 months from FID Target first gold production from Fountain Head Q2 2021 Publish Project PFS From end Q1 2022 EIS approval From Q2 2022 Onsite works to commence *See Appendix for further details 11#12PNX Assets Overview Exciting Gold & Base Metals Opportunities with scale potential Fountain Head Gold Project 100% Mining Leases (MLS) . • FH Resource - 2.9Mt @ 1.7g/t for 156koz Au* Glencoe Resource - 2.1 Mt @ 1.2g/t for 79koz Au* Recent drilling identified high-grade near- surface gold mineralisation over 1.4km extent 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 regional review Goodall 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 Western Arm O Western Arm North Howley C Rising Tide Brocks Creek OZapopan Big Howley prioritised in recent Chinese Howley Numerous high-class Au deposits locally Moline Project 100% Historical gold mining centre 65km from Hayes Creek Chimera Glencoe O Fault Granite Target Woolwonga Glencoe 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 Burnside 03 Emerald Springs Roadhouse PNZ METALS *See Appendix for further details 12#13PNZ METALS Stage 1: Fountain Head Gold Project#14Stage 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%* • • Undiscounted revenues of A$339 million (net of treatment, refining and transport charges) Project EBITDA of A$93.9 million Commodity prices (US$) 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 and Govt/Env approvals 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 from end Q1 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 14#15• Fountain 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 intersections drilled in 2018 10200 N Fountain Head Local Grid North 100 NW Breccia (new resources) Boundary of block model at 0.3 g/t Au cut off 200 m MGA Grid North 10100 N Fountain Head East 10000 Fountain Head West Fold Axis high-grade gold 9800 N 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) of 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 Proposed location for Plant and Infrastructure Project footprint minimised to avoid additional disturbance Intergraded waste landform (IWL) to combine storage of waste rock and tailings 9700 N 9600 N E 9400 E MUN4 MLN1034 769000 769500 770000 770500 Road Train Access Only Tally Ho 9800 Magazines North Topsail ANE Shed Core Shed Mining Contractors Yard West Topsoil Offices & Mine Workshops ROM & Crusher FH Far East (new resources) Central East (new resources) ML31124 771000 771500 772000 Evaporation Dam PAF Stockpile Fountain Head Pit LG Stockpile LG Stod Integrated Waste Landform (IWL) Tailings East Topsoil 772500 PNZ METALS Adelaide to Darwin Railway 66kV Pine Creek to Cosmo Powerline 769000 769500 770000 770500 771000 771500 772000 772500 *See Appendix for further details including Full Mineral Resources 15#16Mt Bonnie Oxides - 100% owned MLS 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 Stockpile at Mt Bonnie from historic mining incorporated as first fill/commissioning material PNZ METALS *See Appendix for further details including Full Mineral Resources 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 2 to 99 16#17Glencoe 100% owned MLS - Gold Deposit 3km north of Fountain Head Mined second in proposed Production Schedule 'Bolt on' asset that has significantly expanded 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 Numerous high-grade near-surface rock chips containing gold* Recent successful drilling highlights scale potential (see next slide) 8513500 8513000 8512500 ML 29679 Glencoe Project A Map Grid GDA94 (Zone 52) 0 100 200 300 400 500 m 771000 771500 PNZ METALS Fountain Head pit outlines Fountain Head MRE footprint Glencoe drilling combined 0.3 - 0.5 g/t Au 0.5 - 1.0 g/t Au >1.0 g/t Au Glencoe future mining optimised Plan view comparing Glencoe drilling and optimised pit shells with Fountain Head MRE outline superimposed in yellow PNZ METALS *See Appendix for further details including Full Mineral Resources 17#18Stage 1 Incorporates Glencoe Near-surface high-grade gold zones extended to over 1.4 km and remains open in all directions • • 54 RC holes drilled in 2021, including: 6m at 3.84 g/t Au from 36m in GLRC044 2m at 8.58 g/t Au from 10m in GLRC045 8m at 1.52 g/t Au from 80m in GLRC048 20m at 1.01 g/t Au from 72m in GLRC052 5m at 1.61 g/t Au from 11m in GLRC053 12m at 1.05 g/t Au from 43m in GLRC054 3 hole diamond drilling commenced Updated resource end Q1 2022 Glencoe Project PNX Exploration Drilling 100m Ri -80m RL- GLRC048-0-5 m 5 m at 0.70 g/t Au GLRC048 GLRC049 BLRC050 GLRC049-14-25 m 11 m at 1.03 g/t Au SECTION 4340 E Glencoe Local Grid North 100mRt GLRC050-24-29 m 5 m at 1.02 g/t Au 60m-RL Base of Oxidation ML 29679 Glencoe Project 8513000 N 770500 E Ban Ban Springs Road 771000 E West GLRC054 16m at 1.02 g/t Au 12m at 1.05 g/t Au GLRC052 20m at 1.01 g/t Au Mid Central GLRC053 5m at 1.61 g/t Au North Central South Central East GLRC050 5m at 1.02 g/t Au GLRC049 21m at 0.90 g/t Au GLRC048 20m at 1.00 g/t Au GLRC045 2m at 8.58 g/t Au 60m RL GLRC048-35-61 m 26 m at 0.57 g/t Au 40m RL Aug/t >1.0 0.7-1.0 GLRC048-68-88 m 20 m at 1.00 g/t Au -20m RL 0.4-0.7 0.2-0.4 0.1-0.2 0.05-0.1 <0.05 PNZ METALS 512500 N 60m-RL- Map Grid: GDA94 (Zone 52) GLRC049-70-74 m 4 m at 1.35 g/t Au 40m RL 0 250 500 m -20m-RL- 0 25 m Interpreted Mineralised Zones Approx. 0.5 g/t Au cut off *See Appendix for further details including Full Mineral Resources GLRC044 6m at 3.84 g/t Au 18#19Fountain Head Gold Project Development Steps to gold Production in <1 year Mining and Infrastructure ✓ Open-pit mining optimisation and pit designs completed – mining tenders to be distributed Feb'2022 Existing Infrastructure to minimise footprint, utilises existing waste storage for IWL, water 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 – assessment of filtration equipment to occur when WA borders open ✓ Ongoing engineering and design with engineering partner Como Engineers Financing ➤ Argonaut PCF appointed as Debt Advisor, Term Sheets due Q1 2022 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, supplement submission Nov 21, awaiting feedback Production ➤ Site based activities to commence from Q2 2022 (subject to receipt of approvals and financing) Gold production achievable 12 months from development decision PNX METALS 19#20Plant and Infrastructure Mitigation of capital cost pressures Capital cost estimates updated by Como -20% increase Initiatives employed to offset and remain in-line with the PFS estimate of A$46m, include; 2nd hand equipment; suitable tailing filtration equipment assessment underway Modular Plant design; reduce time and site-based construction costs Mobile crushing plant; chosen over fixed units to achieve greater flexibility and ease of financing Option for stand-alone hybrid power station positive, up to 41% renewable power reduces overall carbon footprint and unit operating costs Tailings Filtration system including filter press (background) and thickener (foreground) that PNX is assessing for use at the Fountain Head project. The equipment would be transported and reconstructed at Fountain Head PNZ METALS 20 0#21PNZ METALS Hayes Creek Base Metals Project#22Combined 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: O 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 • • O O Carry forward tax losses as at 30 June 2020 of A$43.3 million, est. 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 LOM AISC, net of zinc by-product credits, of A$1,119/oz gold equivalent 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 Hayes Creek development will utilise the future 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 22#23Stage 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 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 Po native title claim Princess Louise Iron Blow Absent Douglas Pastoral Station 0-2 2-4 4-6 6-8 Fishers Lode 8-10 0 10-12 200 Elev kilometres Davie Stuart Highway Mt Bonnie 8.508.000 mN "Mary River West" DC2001/006 NTD6006/2001 Mary River Wes Pastoral Station 8,504,000 mN ,500,000 n 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 NLC native title claim boundaries (approx) ALRA Aboriginal Land Claim Major Road Minor Road Track Main Watercourse H Grove Hill Hotel Q Airstrip Historical Open Pit *See Appendix for further details 23 METALS#24Regional Exploration Overview PNZ METALS#25Exploration Overview Large Tenure With Untested Gold & Base Metals Potential Aim 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 • Highly prospective and underexplored 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 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 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 metres 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 Field work to re-commence after the NT wet season average 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 2.71 g/t Au 1m at 0.84 g/t Au CCRC020 2m at 0.90 g/t Au CCRC002 6m at 3.72 g/t Au a 98 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'22) 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#28Appendix PNZ METALS#29Geology 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 29#30References • 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 - '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 - 'New gold targets prioritised for immediate follow-up' (9 Oct 2020) PNZ METALS 0 30#31Stage 1: Fountain Head and Glencoe Gold Deposits 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) Au (g/t) Tally Ho 0.94 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 1.7 56 156 Table 5: Glencoe Mineral Resources by oxidation zone and JORC Classification as at 26 April 2021 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 26 April 2021 for JORC tables JORC Classification Ounces (Koz) 20 Oxidation Tonnage (Mt) Au (g/t) Oxide 0.5 1.3 Inferred Transitional Fresh 0.3 1.2 1.3 1.1 48 Total 2.1 1.2 79 2722 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. PNZ METALS 31#32Stage 2: Iron 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 32#33Iron 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 33