Announcement • Dec 20

PNX Metals Limited Provides Fountain Head Gold Project Development Update

PNX Metals Limited provided a comprehensive update on the development of the Fountain Head Gold Project. A considerable volume of work has been undertaken since publishing the Project PFS. Government and Environmental Approvals: Project approvals are well advanced with the majority of the technical studies now complete. The assessment and approval process will continue over the next few months with NT EPA regulatory approval for the Project, likely to occur from end of first quarter of calendar 2022 (based on published statutory timeframes and subject to any further requests or clarification by NT EPA or other agencies). Submission of the Environmental Impact Statement (EIS) and Supplement is an important milestone in the Project approval process, and the culmination of a significant body of work by the Company and its Environmental Consultants, ERIAS Group. The EIS identifies potential Project environmental impacts and risks and to mitigate these through careful and considered management commitments. The EIS and Supplement contain a comprehensive risk assessment, and studies on groundwater and surface water, biodiversity, Aboriginal and cultural heritage, socioeconomic impacts, transport, air quality, noise, and mine closure/rehabilitation. Following the close of the EIS public comment period in early August 2021, the Company received a Direction from the NT EPA at the end of September 2021 to prepare the Supplement to the EIS, specifically to addresscomments from Government agencies relating to the assessment of potential environmental impacts. These comments have now been addressed with additional information provided where required in the Supplement which is now available for public comment. The Fountain Head Mining Management Plan (MMP) is now also being prepared. An approved MMP is required before any works can commence on site. The lead time for approval of the MMP is 4-6 months and consequently the Company is running both the MMP and EIS approvals in parallel in order to minimise any delays. The first draft of the MMP is near completion and is to be submitted to the NT Department of Industry, Tourism and Trade (DITT) early in 2022. Debt Advisor Appointment: Specialist natural resources investment house Argonaut PCF Limited has been appointed to act as the Company's exclusive debt advisor. There has been a good level of interest by potential financiers in the Project and PNX expects that the appointment of Argonaut PCF, combined with the experience of the Board and management in funding projects, will result in a tailored funding solution that appropriately manages shareholder dilution, cost and risk to the Company. Mining and Site Establishment: Early engagement with mining contractors has commenced with request for quotes distributed and several groups short listed for further discussions. Various contracting models are being considered to provide the lowest cost of mining. The mining contract will include all drill and blast, mining activities, remote site ore haulage, and crushing services. Site establishment works will commence upon grant of Project approvals including fencing, cattle grids, site access upgrades, offices and telecommunications and plant earthworks.Plant and Infrastructure Engineering and Design: PNX Project Engineering partner Como Engineers (Como) have updated capital costs based on a refined process design and contractor quotes. Quoted 3rd party contractor costs have increased by approximately 20% when compared to those utilised in the PFS. Numerous contributing factors include inflation, global supply shortages and demand increase, shipping, logistical bottlenecks, raw material price increases, and ongoing uncertainty and OHS&E considerations relating to borderrestrictions. Mitigation strategies have been employed to limit the impact of these increases, including the use of second-hand equipment where possible. PNX announced that it has reached an in-principle agreement to acquire suitable second-hand tailings filtration equipment for the Project. Como are assessing the equipment with a site visit scheduled for early 2022. Relocation and rebuild costs will then be included as part of the Project budget. A significant capital cost reduction is envisaged when compared to acquiring new tailings filtration equipment. Additional time and cost savings will also be realised by incorporating modular designs into the Plant, something that Como have applied successfully at other operations, and will include construction and fabrication of transportable modules that will be essentially bolted together on site with a minimum of additional engineering. A mobile crushing plant has been chosen over a fixed unit to reduce capital costs and time to production, and to achieve greater operational flexibility and ease of financing. The Company is working with several contract groups to finalise this component. By applying the above measures, the Project Capital cost inclusive of contingency and margins, first fill and critical spares will be in-line with the PFS estimate of AUD 46 million, and in such a challenging environment is testament to the hard work of the engineering team. PNX and Como have agreed to work under a modified Design and Construct contract arrangement which provides for cost-plus (open book) coupled with a `gain-share/pain-share' mechanism by reference to actual vs target cost outcomes. The benefit of this arrangement is that any cost underrun is shared between PNX and Como and the risk of any cost overrun is also shared, helping to incentivise Como to perform and deliver under budget whilst mitigating the impact and risk of a `capital cost blowout'. PNX and Como are investing time upfront in setting an ambitious but achievable "Target Out-turn Cost (TOC)"based on the Project scope. There are limited circumstances such as variations or un-budgeted risk in which theTOC should be varied /revisited however both parties are confident that once agreed the overall Project capitalcosts will be very close to TOC. The project construction schedule is yet to be finalised but expected to be up to 12 months from FID. Since publishing the Project PFS, RC drilling of approximately 4,000 metres has been completed at Glencoe totest for near-surface extensions to gold mineralisation, and increase confidence in the current Mineral Resource(MRE) of 2.1Mt @ 1.2g/t Au for 79,000oz Au (Inferred category).

CEO salary percentage	n/a
CEO tenure	no data
CEO ownership	n/a
Management average tenure	less than a year
Board average tenure	4.8yrs

Name	Position	Tenure	Compensation	Ownership
Graham Ascough	Executive Chairman	11.8yrs	AU$75.00k	0.36% A$ 86.0k
James Fox	Technical Director & Director	less than a year	AU$444.23k	0.20% A$ 48.0k
Michael Green	Exploration Manager	2.9yrs	AU$259.01k	0.050% A$ 12.0k
Craig Wilson	Project Mining & Infrastructure Manager	no data	AU$340.48k	0.060% A$ 14.2k
Katelyn Adams	CFO & Secretary	less than a year	no data	no data

Name	Position	Tenure	Compensation	Ownership
Graham Ascough	Executive Chairman	11.8yrs	AU$75.00k	0.36% A$ 86.0k
James Fox	Technical Director & Director	9.8yrs	AU$444.23k	0.20% A$ 48.0k
Hansjorg Plaggemars	Non-Executive Director	3.8yrs	AU$40.00k	no data
Robert Johnston	Independent Non-Executive Director	1.4yrs	AU$9.34k	no data
Hans-Jörg Schmidt	Non-Executive Director	4.8yrs	AU$40.00k	no data

Data	Last Updated (UTC time)
Company Analysis	2024/09/09 06:48
End of Day Share Price	2024/09/09 00:00
Earnings	2023/12/31
Annual Earnings	2023/06/30

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

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PNX Metals Management

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