Fountain Head Exploration

Exploration Overview Target generation for large-scale, standalone discoveries • Pine Creek region hosts >10moz gold endowment Gold mineralisation typically occurs within structurally- controlled zones of sulphide-bearing quartz veins and stockworks proximal to regional scale anticlinal fold hinges All known deposits at Pine Creek were outcropping Virtually no drill testing below cover PNX's drilling database comprises nearly one million metres of drilling; >A$120m replacement cost Most drilling associated with known mineralisation and to shallow depths: Average depth of RC drilling 64 metres, & 147 metres for diamond Large portion of landholding remains untested in the primary zone Field work commenced, drill testing to follow INTERPRET AEROMAGNETICS Identify major structural features DATA COMPILATION & VERIFICATION Cross checking historic data with NT Mines reports TARGET GENERATION Empirical and conceptual criteria TARGET RANKING Based on potential to host a 'standalone' gold deposit Compilation Statistics of all drilling on PNX's Burnside Project Drill type Unknown no of holes Est unit cost Est value 991 10,630 11 $20 Vac 7,233 28,638 AC/RAB 17,176 166,971 RC 9,999 Diamond 1,010 632,920 147,709 totals 36,409 986,867 4 $10 10 $20 $212,600 $72,330 $3,339,418 64 $130 $82,279,600 147 $250 metres average $36,927,143 $122,831,091 Source: Terrace Minerals PNZ METALS 24

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