PNX Metals Limited (ASX:PNX) has executed a sale and purchase agreement to acquire Mt Porter gold Deposit from Ausgold Trading Pty Ltd for AUD 3.25 million on September 27, 2022. 200 million fully-paid PNX shares to be issued within 5 business days of Completion of transaction and AUD 0.25 million cash to be paid at Completion of transaction. AUD 1 million in cash or shares, at PNX's election when a Mineral Resource Estimate with more than 100,000 oz gold is estimated using a 1 g/t Au cut-off, of which at least 50,000 oz gold reports to the Indicated category under the JORC Code, 2012, within the Mt Porter ML, and AUD 1 million in cash or shares, at PNX's election (and subject to any required approvals), on the production of 10,000 ounces of gold (recovered) from Mt Porter.

If Tranches 2 and 3 are not satisfied within 5 years of the Completion date then these hurdles are deemed to have not been met and no payments are due. The Completion of the Agreement is subject to certain Conditions Precedent typical of an agreement of this nature including PNX obtaining Foreign Investment Review Board (FIRB) and in principle Ministerial approval for the title transfer.