PNX Metals : Cleansing Notice Under Section 708A(5)(e)

ASX Announcement

3 December 2020

Level 1, 135 Fullarton Road Rose Park, SA 5067 Australia

This announcement has been authorised to be lodged with the ASX by the Board of Directors of PNX Metals Limited.

Telephone [phone] Facsimile [phone]

Notice Under Section 708A (5)(e) of the Corporations Act

PNX Metals Limited ('Company') (ASX: PNX) confirms that it has issued a total of 378,333,333 ordinary shares (Shares) on 2 December 2020 to sophisticated and professional investors under a capital raising announced to the ASX on 30 November 2020. The related Appendix 2A was lodged with the ASX on 2 December 2020.

The Company advises that:

• 1) as a disclosing entity, the Company is subject to regular reporting and disclosure obligations;

• 2) the shares placed are in the same class of ordinary share as are quoted on the ASX;

• 3) the Company issued all of these shares without disclosure to investors under Part 6D.2 of the Act;

• 4) as at the date of this notice:

  • • the Company has complied with the provisions of Chapter 2M of the Act as they apply to the Company; and

  • • the Company has complied with section 674 of the Act; and

  • • as at the date of this notice there is no information that is excluded information under sections 708A(7) and (8) of the Act that has not already been disclosed to investors generally and in the Appendix 3B lodged on 30 November 2020 other than the following: a) the Company is assessing and considering the potential acquisition of other 'bolt-on'

opportunities within the Pine Creek region, where PNX's existing Fountain Head gold and

Hayes Creek zinc-gold-silver Projects are also located.

By order of the Board:

For further information please visit the Company's websitewww.pnxmetals.com.au or contact:

Graham Ascough Chairman

Angelo Gaudio

Company Secretary

Telephone: [phone]

PNX Metals Limited | ABN 67 127 446 271

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