Investor Presentaiton

Exploration 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

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