Fountain Head Gold Project Development Overview

Entitlement 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

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