PNX Metals : Investor Presentation

ersonal use only

Investor Presentation	Near-term Gold Production
Northern Territory
20 January 2022
Exploration Upside

Disclaimer and Important Notes

No Liability

• This Investor Presentation has been prepared based on information available to it at the time of preparation and from sources believed to be reliable. PNX Metals Limited (the "Company" or "PNX") makes no representation that it has verified the information. No representation or warranty is made that the information in this presentation is complete or comprehensive and does not purport to summarise all information relevant to the Company. It should be read in conjunction with the Company's other periodic and continuous disclosure announcements and you should conduct your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision.

• The information contained in the Investor Presentation is general information only and it is not intended to be a recommendation by the Company or any of their officers, employees, associated or advisors to invest in the shares. The Investor Presentation must not be relied upon or construed as advice to investors or potential investors and has been prepared without taking into account the recipient's investment objectives, financial circumstances or particular needs. Those individual objectives, circumstances and needs should be considered, with professional advice, when deciding whether an investment is appropriate.

No Obligation to Update

• You cannot assume that the Investor Presentation will be updated at any time subsequent to the date of the Investor Presentation. Except to the extent provided by law, the Company does not undertake to advise any person of any information coming to their attention relating to the financial condition, status or affairs of the Company or its related bodies corporate.

• All references to dollars, cents or $ in this presentation are to Australian currency, unless otherwise stated.
onlyF rward Looking Statements
• This Presentation may include statements that could be deemed "forward-looking" statements. Although the Company believes the expectations expressed in such forward-
use	looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially
	from those expected in the forward-looking statements or may not take place at all.
No Offer to Sell or Invitation to Buy
• This Presentation is not, and should not be considered to, constitute any offer to sell, or solicitation of an offer to buy, any securities in the Company, and no part of this
	Presentation forms the basis of any contract or commitment whatsoever with any person. The Company does not accept any liability to any person in relation to the distribution
	or possession of this Presentation from or in any jurisdiction.
Competent Person's Statement
• The results reported herein, insofar as they relate to exploration activities and exploration results, are based on information provided to and reviewed by Mr. Marco Scardigno
ersonal	who is a Member of the Australian Institute of Geoscientists. Mr. Scardigno has sufficient experience relevant to the style of mineralisation and type of deposits being considered
to qualify as a Competent Person as defined by the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the JORC

Code). Mr. Scardigno is a full-time Resource Geologist with PNX Metals Ltd and consents to the inclusion in this report of the matters based on the reviewed information in the form and context in which it appears.

Bibliography

• PNX confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements noted below and referenced in this presentation and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. PNX confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements (see Appendix at the end of this presentation for further referenced information).

2

ersonal use only

Northern Australia based Projects

Long-term Scalable Production in a low-risk jurisdiction

Total Metals Inventory in Mineral Resources (MRE) 1

• 470,000oz gold + 16.2Moz silver + 177,200t zinc
• Stage 1+2 Project Pre-tax NPV(8) of A$171m / 63% IRR

Project PFS Fountain Head Stage 1 - Near-term Gold Production

~30koz Au per year

• Gold/silver production 157,600 oz AuEq over 5 years
• Plant and Infrastructure cost ~A$46m
• Government and Environmental approvals ongoing
• Development decision pending Govt/Env approvals and financing

Hayes Creek Stage 2 - High grade zinc-gold-silver sulphides

• Low cost, high-margin development opportunity
• Uses void space from Stage 1 gold mining for tailings

Regional Exploration Focus

• Large 1,500km2 gold/base metals exploration portfolio
• Priority targets with significant gold potential identified

Strong Funding Support

• Supportive cornerstone investors
• Argonaut PCF appointed as Debt Advisor

Undervalued Investment Opportunity

• PNX EV only A$20.2m = Au EV~$46.8/oz (excl. Ag & Zn)
• Well below peer group (explorer/developer) average of A$70- 100/oz gold

1. See Appendix for further information on Mineral Resources and PFS

3

only Details of the Capital Raising

useersonal

CapitalEntitlementRaisingofferto toDeliverraiseDFSup to $4.6 million

	Offer Structure	• Non-renounceablepro-rata entitlements issue on the basis of 1 new shares ("Shares") for every 4 existing shares
				("Entitlements Offer")
only		•	Entitlements Offer to raise up to ~$4.6m (before costs) via the issue of up to ~913m Shares
	• Shareholders have the right to apply for shortfall shares
	Offer Price	• The Offer Price of 0.5 cents ($0.005) per Share, represents:
				o 18.7% discount to 5-day VWAP of 0.62 cents
				o 23.1% discount to last closing price of 0.65 cents
				o 19.4% discount to TERP1 based on last closing price of 0.65 cents per share
	Ranking	•	Shares will rank equally with existing current fully paid ordinary shares on issue
use
	• Existing substantial shareholders, including DELPHI Unternehmensberatung Aktiengesellschaft ("DELPHI"), have
	Substantial
	hareholders		confirmed their intention to take-up entitlements
	Use of Proceeds	• The proceeds of the Entitlements Offer will be used to support ongoing approvals and development activities at
				PNX's 100% owned Fountain Head Gold Project, and significant near-mine and regional exploration (see next
				slide)
ersonal		• Investors should have regard to the Offer Document for further details of the Offer, including how to participate
	Other Information
				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 0.65c per share, being the last trading day prior to entering a trading suspension on 18 January 2022. TERP is a theoretical
		calculation only. depend on many factors and may not be equal to the TERP.
				5