POLYMETALS RESOURCES LTD - Annual Report 2025

Polymetals Resources Ltd Annual Report FY2025 30 June 2025 Annual Report For the financial year

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Polymetals Resources Ltd Annual Report FY2025 30 June 2025

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Polymetals Resources Ltd has successfully restarted the Endeavor Silver Zinc Mine in Cobar New South Wales, with first revenues from the production of concentrates received in July 2025.

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Polymetals Resources Ltd Annual Report FY2025 30 June 2025

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Corporate Directory	02	Consolidated statement of proft or loss
Chairman’s Letter	03	and other comprehensive income	32
Review of Operations	05	Consolidated statement of fnancial position	33
Mineral Resources & Ore Reserves	11	Consolidated statement of changes in equity	34
Corporate	13	Consolidated statement of cash flows	35
Important Information	14	Notes to the consolidated fnancial statements	36
Tenement Position	15	Consolidated Entity Disclosure Statement	70
Directors’ Report	16	Directors’ Declaration	71
Renumeration Report	22	Independent Auditor’s Report	72
Auditor’s Dependence Declaration	31	Shareholder Information	78

Corporate Directory

Board of Directors

David Sproule - Executive Chairman Jess Oram - Executive Director Alistair Barton - Non-Executive Director

Share Registry

MUFG Corporate Markets (AU) Limited Liberty Place, Level 41, 161 Castlereagh St Sydney NSW 2000 Phone: +61 1300 554 474

Company Secretary

John Haley

Registered Office and Principal Business Office

Unit 1, 101 Main Street Alstonville NSW 2477

Lawyers

K&L Gates LLP Level 31, 1 O'Connell St Sydney NSW 2000

Auditor

RSM Australia Partners Level 27, 120 Collins Street Melbourne VIC 3000

Securities Exchange Listing

ASX Limited (Australian Securities Exchange) ASX Code: POL

Website

www.polymetals.com

Bankers

Commonwealth Bank of Australia 86 Woodlark Street Lismore NSW 2480

Corporate Governance Statement

www.polymetals.com/company/corporate-governance

ACN

ACN 644 736 247

Polymetals Resources Ltd Annual Report FY2025 30 June 2025

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Chairman’s Letter

Dear Shareholder,

This has been a defining year for Polymetals. We restarted the Endeavor Silver Zinc Mine, with first ore treated in June, produced first saleable concentrates and received maiden revenues, transforming the company from developer to producer and establishing the foundation for sustained cash flow and long-term growth.

Over eight months we refurbished the underground crushing and shaft hoisting systems and overhauled the processing plant. With first ore treatment in June, milling has stabilised with optimisation underway to maximise recoveries to maintain consistent, premium grade silver-lead and zinc concentrates. During the financial year our workforce surpassed 185 full-time employees as we work toward 230 full-time employees to manage continuous operations.

Concentrate logistics are in place with zinc concentrate being shipped in 10,000 dry metric tonnes (dmt) parcels and silver-lead concentrate initially in 5,000 dry metric tonne (dmt) parcels via Berth 29, Adelaide. These shipments are supported by pre-payment arrangements with our offtake partner Ocean Partners, which also provided the facility that supported our working capital during ramp-up. The restart followed a revised mine plan and financing put in place during FY24 and early FY25. In November, we executed the US$20 million pre-payment loan facility with Ocean Partners, complementing offtake terms and underpinning a practical and timely path to cash flow. In July 2025, after the close of the financial year, we rebalanced the capital structure by reducing the undrawn debt facility to US$10 million and replacing it with a $15 million equity placement at $0.80 to ensure adequate working capital during the production ramp-up.

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Polymetals Resources Ltd Annual Report FY2025 30 June 2025

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In February, we completed a strongly supported institutional placement raising $33.3 million (after costs), followed by a Share Purchase Plan which raised a further $0.42 million, both completed at $0.80 per new share. These initiatives enhanced liquidity as we moved into production. We were also pleased to appoint Director Jess Oram as Executive Director – Exploration, bringing three decades of experience, including in the Cobar Basin, to drive near-mine and regional programmes. Earlier in the year, we welcomed Matt Gill as Endeavor Mine General Manager. Matt is leading site operations and the build-out of a high calibre team.

Our near-term priority is steady-state production and cash generation. Endeavor processed approximately 36,000dmt of commissioning ore in June with an average head grade of 103 g/t silver, 3.72% zinc and 2.31% lead. Site activities remain on schedule to increase up to 65,000t per month as we sequence higher grade stopes and optimise the circuit. Access to the Upper North Lode, which contains shallow high grade silver mineralisation located 100 to 200m below surface, continued during the period. Geotechnical work suggests potential to apply lower cost mining methods than assumed in earlier plans, which may enhance economics and ultimately mine life.

With first cash flow achieved, we are advancing a disciplined exploration program across our wholly owned 1,107km[2] Cobar Basin tenure. Near-mine drilling at Endeavor South and the Carpark prospect refined our geological model and highlighted structures that may control mineralisation. Regionally, we integrated more than 50 years of historical geophysics, drilling and geochemistry into a unified 3D model, ranking targets for systematic testing through aircore and percussion drilling and staged IP surveys. The objective is clear: supplement Endeavor mill feed and discover additional stand-alone systems across the Basin.

Silver prices moved to multi-year highs through mid-2025, with June closing around US$36 per ounce and subsequent trading approaching the low forties per ounce. The combination of precious-metal investment flows and robust industrial demand from solar, electronics and electric vehicles has strengthened sentiment. This backdrop is favourable for a silver-weighted producer like Polymetals.

Polymetals enters FY26 with momentum. Our focus is on maintaining reliable operations and cost discipline, completing ramp-up, sustaining safe and efficient production and optimising recoveries to drive cash margins. We are committed to sequencing high grade ore from the Upper North Lode, refining stoping strategies in line with geotechnical findings and executing near-mine and regional exploration to extend mine life and create new production opportunities. At the same time, we will continue to exercise capital discipline, maintaining a prudent balance between working capital, sustaining capital and exploration, while leveraging our strong partnerships and a supportive silver market.

On behalf of the Board, I extend sincere thanks to our employees, contractors, community partners and suppliers, particularly the Endeavor team who brought the mine back to life safely and efficiently. I also thank our shareholders for their continued support through the transition to production. We will continue to communicate with transparency as we fill the mill with quality ore and work to unlock the full potential of Endeavor and our Cobar Basin portfolio.

Best regards,

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David Sproule Executive Chairman

Polymetals Resources Ltd Annual Report FY2025 30 June 2025

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Review of Operations

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Polymetals Resources Ltd Annual Report FY2025 30 June 2025

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Endeavor Silver Zinc Mine

Cobar, NSW Ownership 100%

The Endeavor Mine has been successfully restarted, culminating in the production of first saleable silver-lead and zinc concentrates in June 2025. Following eight months of refurbishment, the mine and plant transitioned from commissioning into production, with a growing on-site workforce.

Mining and surface refurbishment activities were advanced steadily, leading to the first treatment of ore in June. During commissioning, a total of 36,066 dry metric tonnes (dmt) was processed at head grades of 103g/t silver, 3.72% zinc and 2.31% lead. While the early days of commissioning were impacted by an unexpected ball-mill motor bearing failure, the issue was quickly rectified through the installation of a spare replacement motor. The plant has since operated consistently, with optimisation efforts focused on stabilising throughput and recoveries.

The production of silver-lead and zinc concentrates in June formally marked the restart of the operation. Export logistics were finalised in parallel with operational ramp-up, with zinc concentrates to be shipped in 10,000-dmt parcels and silver-lead initially in 5,000-dmt parcels through Berth 29 in Adelaide. These arrangements underpin the delivery of first revenues and provide certainty in concentrate handling for the ramp-up period.

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Figure 1. Endeavor Silver Zinc Mine – May 2025.

Polymetals Resources Ltd Annual Report FY2025 30 June 2025

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The company also advanced mine access into the Upper North Lode (UNL). A five-hole geotechnical drilling program conducted during the year confirmed the continuity of mineralisation and delivered a series of broad, high-grade intersections. Independent geotechnical advice confirmed that portions of the UNL are amenable to stoping methods in addition to conservative cut-and-fill approaches. This outcome is expected to accelerate early silver production and improve unit operating costs relative to initial assumptions, enhancing the economics of the restart.

Workforce growth and transition was another feature of the year. At 30 June 2025, Endeavor employed 185 full-time staff, with contractor numbers significantly reduced following completion of refurbishment. This marked an important shift towards an autonomous, owner-operator mining model that will underpin sustainable production. Recruitment and training efforts are continuing, with the workforce expected to grow toward a steady-state complement of approximately 230 employees.

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Figure 2. Crushed ore surface stockpile.

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Figure 3. August zinc concentrate stockpile.

Subsequent to the end of the financial year, Polymetals announced that July 2025 concentrate production totalled 5,398t. Concentrate pre-payments of A$11.6 million were received, ensuring that

Polymetals Resources Ltd Annual Report FY2025 30 June 2025

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operations met site operating costs in the first full month of production. Road haulage of concentrate commenced in September, with the first shipment scheduled for mid-October. Importantly, the Company has also began mining high-grade ore from the Upper North Lode during September, delivering on a key element of the restart plan.

Production and Operational Ramp-up

Ore mining and hoisting advanced in line with the mine plan through the second half of the year, supported by the rehabilitation of key underground levels and the extension of ventilation and services. The ramp-up was underpinned by the introduction of 65 tonne trucks and other efficiency measures that improved ore haulage and ore hoisting to surface. By June, commissioning ore was available in sufficient quantities to support commencement of plant commissioning.

Processing commenced on 7 June 2025 which quickly identified various plant items requiring further attention. Following the replacement of the ball-mill motor, the plant treated 36,066t during the month of June, demonstrating the robustness of the refurbished plant. The ramp-up plan anticipates maximum monthly throughput of 65,000 tonnes toward the end of calendar 2025, supported by the sequencing of ore from both the main lode and the Upper North Lode (UNL). However, blending of high grade UNL ore may require lower mill throughput to ensure maximum metal recovery to concentrate is achieved.

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Figure 4. Upper North Lode high grade silver 10100 development drive.

Polymetals Resources Ltd Annual Report FY2025 30 June 2025

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Near-Mine Exploration

Near mine exploration activity during the year has concentrated on the Carpark and Endeavor South prospects. At the Carpark prospect, located only 150 metres from the Endeavor Resource boundary, drilling tested geophysical anomalies through the completion of five HQ diamond holes and two reverse circulation holes. Although no ore-grade intersections have yet been returned, the program has delivered valuable structural and geochemical information, intersecting alteration zones and structures consistent with ore-hosting systems. This work has provided critical insights for ongoing vector-to-ore exploration.

At Endeavor South, step-out drilling beneath silicified zones intersected alteration, visible sulphides and veining, together with elevated copper values. These results reinforce the potential for a southern extension to the Endeavor mineral system. Follow-up drilling is now underway, building confidence in the geological model and advancing the project toward more targeted step-outs.

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Figure 5. Drilling of Endeavor South – May 2025.

Regional Exploration

Regional exploration efforts focused on Polymetals’ 1,107km[2] ground position in the Cobar Basin. The Company completed the integration of more than five decades of historical datasets into a single model, enabling the refinement of structural interpretations and target definition. Preparations were underway for the first on-ground fieldwork to commence in areas displaying strong geochemical signatures. In parallel, a staged induced polarisation survey is planned to investigate deep-seated structures at prospects including No. 4 Tank, Boundary Tank and Furney’s Tank. Additional prospects such as Kiri, Cougar Ridge, Poon Boon and Elura SE will be advanced through early-stage sampling and geophysical review, providing a growing pipeline of opportunities across the tenure.

Polymetals Resources Ltd Annual Report FY2025 30 June 2025

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Figure 6. Regional Exploration Map.

Polymetals Resources Ltd Annual Report FY2025 30 June 2025

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Mineral Resources & Ore Reserves

In accordance with Listing Rule 5.21, Polymetals provides the following information concerning its Endeavor Mine Mineral Resources and Ore Reserves which have been prepared to JORC 2012 standards:

Endeavor Mine Underground JORC (2012) Mineral Resource[1]

JORC Category	Mt	Zinc %	Lead %	Silver g/t	Zinc Mt	Lead Mt	Silver Moz
Measured	4.4	8.3	5.1	93	0.37	0.22	13.2
Indicated	8.8	7.9	4.6	82	0.70	0.40	23.2
Inferred	3.1	7.7	3.7	78	0.24	0.11	7.8
TOTAL	16.3	8.0	4.5	84	1.30	0.73	44.2

Sector 1 Tailings JORC (2012) Mineral Resource

JORC Category	Mt	Zinc %	Lead %	Silver g/t
Indicated	3.6	2.14	1.56	80
Inferred	1.6	2.07	1.53	77
TOTAL	5.2	2.12	1.55	79

Stage 1 Endeavor Mine Plan JORC (2012) Ore Reserve[2]

JORC Category	Mt	Zinc %	Lead %	Silver g/t	Zinc Kt	Lead Kt	Silver Moz
Proved (UG)	0.9	6.17	3.82	92	56	34	2.7
Probable (UG)	2.3	6.8	2.07	55	156	48	4.1
Probable (tailings)	3.4	2.14	1.56	80	73	53	8.7
TOTAL	6.6	4.32	4.5	84	285	135	15.5

1 Refer ASX announcement “Endeavor Near Surface Resource 94% Measured & Indicated” dated 23rd May 2023. 2 Refer ASX announcement “Endeavor Silver Lead Zinc Mine Restart Study completed” dated 16th October 2023.

Competent Persons Statement

The information supplied in this release regarding Mineral Resources of the Endeavor Project is based on information compiled by Mr Troy Lowien, a Competent Person who is a Member of the Australian Institute of Mining and Metallurgy. Mr Lowien was a full-time employee of Polymetals Resources Ltd during the reporting period and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as

Polymetals Resources Ltd Annual Report FY2025 30 June 2025

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defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Lowien consents to the inclusion of matters based on information in the form and context in which it appears.

The information supplied in this release regarding Ore Reserves of the Endeavor Project is based on information compiled by Mr Matthew Gill, a Competent Person who is a Fellow of the Australian Institute of Mining and Metallurgy. Mr Gill is a full-time employee of Polymetals Resources Ltd and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Gill consents to the inclusion of matters based on information in the form and context in which it appears.

Polymetals Resources Ltd Annual Report FY2025 30 June 2025

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Corporate

Cash position

On 30 June 2025, the company held a pro forma cash position of approximately $8.3 million. Subsequent to the year end the company received its first revenue from pre-payment of silver-lead and zinc concentrate.

During the March quarter, Polymetals significantly strengthened its balance sheet through the successful completion of a $35 million institutional placement at $0.80 per share. The placement was well supported by both new and existing institutional investors and strengthens the company’s balance sheet to complete mine restart activities and accelerate exploration across its tenement portfolio.

To complement the placement and provide existing shareholders an opportunity to participate, a Share Purchase Plan (SPP) was conducted during February and March 2025, raising an additional $423,500. Notably, the Board and management contributed $295,000, reflecting strong internal alignment with the company’s shareholders, strategy and growth outlook.

Subsequent to the end of the reporting period, Polymetals advised that the company’s existing US$20m debt facility with Ocean Partners had been reduced to US$10m due to the inability to obtain releases of additional security from existing security holders. The undrawn US$10m debt was replaced with an equity placement of A$15m at $0.80 per new share. This ensures adequate working capital is available for the Endeavor Mine’s ongoing production ramp-up.

The company is progressing the replacement of the Environmental Rehabilitation Bond held by the vendor, due for exchange by August 2026. The company is completing legal and technical due diligence as part of the financing process and is expecting to conclude this process during H1 2026.

New appointments

On 17 July 2024, the company announced that Mr Matthew Gill, who has been a director of Polymetals since 16 May 2023, would be appointed as General Manager of the Endeavor Silver, Zinc and Lead Mine. Mr Gill relocated to Cobar and resides locally to drive the redevelopment and operations at Endeavor and represent Polymetals within the Cobar community.

On 13 January 2025, the company appointed Mr Jess Oram to the role of Executive Director – Exploration. Mr Oram brings more than 30 years of experience in mineral discovery and development across a range of commodities and jurisdictions and has already played a key role in shaping Polymetals’ near-mine and regional exploration focus.

Polymetals Resources Ltd Annual Report FY2025 30 June 2025

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Important Notices

References

The information in this report references to previously released ASX Announcements.

ASX Announcement “Making Endeavor Great Again-Project Update 1” dated 4 December 2024
ASX Announcement “Endeavor Exploration update” dated 26 November 2024
ASX Announcement “Endeavor Project Finance completed” dated 8 November 2024
ASX Announcement “September 2024 Quarterly Report” dated 22 October 2024
ASX Announcement “67 m at 517 g/t Silver Equivalent Endeavor Mine” dated 9 October 2024
ASX Announcement “Significantly improved Endeavor Silver Lead Zinc Mine Plan” dated 5 August 2024
ASX Announcement “Appointment of Executive Director Exploration” dated 13 January 2025
ASX Announcement “Making Endeavor Great Again-Project Update 2” dated 3 February 2025
ASX Announcement “Debt Reduction and Equity Raise” dated 7 July 2025
ASX Announcement “Production underway at the Endeavor Silver Zinc Mine” dated 16 June 2025
ASX Announcement “Endeavor Silver Zinc Mine Commissioning Underway” dated 21 May 2025
ASX Announcement “$35 M Placement Secures Polymetals Growth” dated 10 February 2025
ASX Announcement “Share Purchase Plan Completion” dated 14 March 2025
ASX Announcement “Metals Acquisition & Polymetals Alliance” dated 27 May 2024
ASX Announcement “Polymetals completes equity raise realising net proceeds of $14.97 million.” dated 14 July 2025
ASX Announcement “Endeavor Production Meets Operating Costs in First Full Month” dated 4 August 2025

The Company confirms that it is not aware of any information or data that materially affects the information included in the relevant market announcement and all material assumptions and technical parameters underpinning the estimates in the Original Announcement continue to apply and have not materially changed.

Competent Persons Statement

The information supplied in this release regarding Exploration Targets & Exploration Results of the Endeavor Project is based on information compiled by Mr Jess Oram. Mr Oram is an Executive Director of Polymetals Resources Ltd.

The information supplied in this release regarding Mineral Resources of the Endeavor Project is based on information compiled by Mr Troy Lowien. Mr Lowien is a full-time employee of Polymetals Resources Ltd.

The information supplied in this release regarding Ore Reserves of the Endeavor Project is based on information compiled by Mr Matthew Gill. Mr Gill is a full-time employee of Polymetals Resources Ltd.

Mr Jess Oram, Mr Troy Lowien and Mr Matthew Gill are each Competent Persons and Members of the Australian Institute of Mining and Metallurgy. Mr Jess Oram, Mr Troy Lowien and Mr Matthew Gill each have sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Oram, Mr Lowien and Mr Gill consent to the inclusion of matters based on information in the form and context in which it appears.

Forward Looking Statement

This report prepared by Polymetals Resources Limited (or ‘the Company’) includes forward looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as ‘may’, ‘will’, ‘expect’, ‘intend’, ‘plan’, ‘estimate’, ‘anticipate’, ‘continue’, and ‘guidance’, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, exploration results, anticipated production or construction commencement dates and expected costs or production outputs. Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance and achievements to differ materially from any future results, performance or achievements. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, the Directors and management of the Company. The Company cannot and does not give assurances that the results, performance or achievements expressed or implied in the forward-looking statements contained in this announcement will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. Although the Company attempts and has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be as anticipated, estimated or intended, and many events are beyond the reasonable control of the Company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements.

Polymetals Resources Ltd Annual Report FY2025 30 June 2025

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Tenement Position

In accordance with Listing Rule 5.3.3, Polymetals provides the following Information concerning Its mining tenements:

(a) no applications were made during the quarter by the Company to acquire new or surrender its existing licences; and
(b) the following table lists the Company’s mining tenements held at the end of the quarter and their location:

Table 1: Polymetals - Exploration Licences & Mining Leases: Endeavor and Guinea.

Project	Licence	Location	Expiry	Ownership
Endeavor (NSW)
Exploration Licence	EL 5785	NSW	5/10/2027	100%
Exploration Licence	EL 8583	NSW	2/6/2029	100%
Exploration Licence	EL 8752	NSW	27/6/2027	100%
Mining Lease	ML 158	NSW	20/5/2028	100%
Mining Lease	ML 159	NSW	12/3/2028	100%
Mining Lease	ML 160	NSW	12/3/2028	100%
Mining Lease	ML 161	NSW	12/3/2028	100%
Mining Lease	ML 930	NSW	20/5/2028	100%
Guinea
Alahiné	EL22123	Republic of Guinea	Awaiting renewal	100%
Mansala	EL22694	Republic of Guinea	Awaiting renewal	100%

Polymetals Resources Ltd Annual Report FY2025 30 June 2025

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Directors Report

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Polymetals Resources Ltd Directors' report 30 June 2025

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The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity' or the 'group') consisting of Polymetals Resources Ltd (referred to hereafter as the 'Company' or 'parent entity') and the entities it controlled at the end of, or during, the year ended 30 June 2025.

Directors

The following persons were directors of Polymetals Resources Ltd during the whole of the financial year and up to the date of this report, unless otherwise stated:

Current:

David Sproule - Executive Chairman Alistair Barton - Non-Executive Director

Jess Oram - Executive Director (appointed as Executive Director on 13 January 2025)

Former:

Matthew Gill - Non-Executive Director (resigned 18 July 2024)

Principal activities

The principal activities of the consolidated entity during the reporting period were the exploration and development of mineral resources - in particular silver-lead and zinc. During the year, the consolidated entity completed mine-restart studies on the Endeavor silver-lead-zinc mine in the Cobar Basin, NSW and concentrate production is underway with the first shipments of zinc concentrate planned for August 2025. The Company funded the care and maintenance of the Endeavor silver-lead and zinc mine since the acquisition of Cobar Metals Pty Ltd in May 2023.

Dividends

There were no dividends paid, recommended or declared during the current or previous financial year.

Operating and Financial Review

The loss for the consolidated entity after providing for income tax amounted to $47,848,266 (30 June 2024: $3,273,241).

Review of Operations

Our operations are reviewed on pages 5 to 15.

Significant changes in the state of affairs

On 1 August 2024, the consolidated entity completed the acquisition of Cobar Operations Pty Ltd and Endeavor Operations Pty Ltd, the companies that together own the Endeavor Mine (refer note 27).

For other significant changes in the state of affairs, refer to the above Review of operations .

There were no other significant changes in the state of affairs of the consolidated entity during the financial year.

Matters subsequent to the end of the financial year

In July 2025, the revolving US$20,000,000 facility with Ocean Partners (refer note 13) was reduced to US$10,000,000 due to the inability to obtain releases of additional security from existing security holders. The Company has replaced the undrawn US$10,000,000 debt with an equity placement of A$15,000,000 at $0.80 per share, as noted below.

Polymetals Resources Ltd Directors' report 30 June 2025

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On 14 July 2025, the Company issued 18,750,000 ordinary shares at $0.80 per share to raise $15,000,000 to replace the undrawn facility that is no longer available from Ocean Partners, as noted above.

On 23 July 2025, the consolidated entity entered into a transport services agreement for the haulage of concentrate from the Endeavor Mine to Inner Harbour, Adelaide. The agreement commenced on 1 August 2025 and has a term of five years.

Since the end of the reporting period, the consolidated entity has commenced ramp-up of production at the Endeavor silver-zinc mine, Cobar NSW. The mine is now meeting its operating costs following the first full month of production. A prepayment of $11.6 million has been agreed with the offtake partner.

No other matter or circumstance has arisen since 30 June 2025 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years.

Likely developments and expected results of operations

On 1 August 2024 the acquisition of Cobar Operations Pty Ltd and Endeavor Operations Pty Ltd was completed. The consolidated entity has two years from completion to replace the $34.092 million Environmental Bonds.

Cobar Operations Pty Ltd and Endeavor Operations Pty Ltd own the mining tenements and exploration licences relating to the plant and equipment located at the Endeavor Mine. Following the acquisition, the consolidated entity accessed external debt and equity funding to support the development of the Endeavor Mine. Following the receipt of any such funding, the consolidated entity was able to expeditiously move towards the recommencement of production at the Endeavor Mine with the added benefit that any revenues generated from the project will ultimately be available, if needed, to support the replacement of the Environmental Bonds. The risk of being unable to replace the Environmental Bonds is detailed in the Material business risks below

During the year ended 30 June 2025, the Company entered a loan facility with Ocean Partners UK Ltd to fund the restart of the Endeavor Mine totalling US$20,000,000 (the facility limit reduced to US$10,000,000 subsequent to the year end). In conjunction with this facility arrangement, the Company executed a six-year offtake agreement with Ocean Partners UK Ltd relating to zinc and silver-lead concentrates produced from the Endeavor Mine. The offtake is dependent on future production benchmarks which may or may not occur.

Material business risks

Material business	risks
Access to future	There is no assurance that the funding required by the consolidated entity from time to
funding	time to meet its business requirements and objectives will be available to it on favourable
	terms, or at all. However, in September 2024, the consolidated entity secured a
	US$20,000,000 loan facility from Ocean Partners UK Ltd (reduced to US$10,000,000
	subsequent to the year end).

The consolidated entity also has a proven ability to raise the necessary funding or settle debts via the issuance of shares, as evidenced by the raising of $38,483,500 in cash (before share issue transaction costs) from shares issued during the year ended 30 June 2025 respectively, and $15,000,000 in cash (before share issue transaction costs) from shares issued subsequent to the year end. Regulation changes Unforeseen changes to the mining laws, regulations, standards and practices applicable may significantly affect the Exploration Licences in Guinea and the Endeavor Mine tenements in Australia and therefore the ability of the Company to operate in Guinea and Australia. Any such changes in Australia is monitored by the Company’s membership of AMEC which maintains a close watching brief of state and federal regulatory changes with regular updates circulated to members. The Company monitors its Guinea interests via its Country Manager, Mr Aguibou Bah. Reserves and The consolidated entity is now in the early stages of production. A key risk is that the production mineral reserves underground may be less extensive, or of lower grade, than currently estimated. This could result in reduced production volumes, higher operating costs, or a shorter mine life than planned. Ongoing drilling, geological modelling, and mine planning

Polymetals Resources Ltd Directors' report 30 June 2025

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are undertaken to improve confidence in the mineral resource and reserve base. The Board and Management maintain close oversight of production performance, mine planning, and reserve reconciliation to mitigate this risk.

Endeavor mine The acquisition of the Endeavor Mine requires replacing the Vendors current guarantee for Rehabilitation Bonds of A$34.092 million within two years of the completion of the acquisition of the two entities that hold the Endeavor Mine (Cobar Operations Pty Ltd and Endeavor Operations Pty Ltd). Under the Share Sale Agreement, security has been granted over assets of Cobar Operations Pty Ltd and Endeavor Operations Pty Ltd in favour of the vendor of the Endeavor Mine, CBH Resources Ltd ('CBH'). If the Company is unable to replace the Rehabilitation Bonds within two years then CBH may enforce the security and take ownership of the assets of Cobar Operations Pty Ltd and Endeavor Operations Pty Ltd. If this were to occur, then this would present a significant strategic setback for the Company and could potentially threaten the Company's listing on the ASX and its ability to continue as a going concern. The Company is now generating revenue and this could potentially be utilised to partly or wholly repay the bond. The Company has also commenced legal and technical due diligence as part of a potential refinancing process including replacement of the Bond. Occupational health Exploration, operations and care and maintenance programs carry occupational health and safety risk and safety risks which remains well managed by training, site hygiene practices and qualified staff who have implemented industry standard operating and monitoring procedures.

In addition to these measures, the consolidated entity maintains comprehensive insurance coverage, including workers' compensation policies through Icare NSW, to address potential liabilities and provide financial support in the event of workplace incidents. These policies are designed to safeguard the consolidated entity and its employees against unforeseen events, ensuring compliance with statutory obligations and supporting the consolidated entity’s commitment to workplace safety.

Environmental regulation

The consolidated entity is subject to environmental regulations under Australian and international laws, including the Endeavor Mine in New South Wales, which was acquired during the year. The mine has been under care and maintenance previously with refurbishment occurring from August 2024, and mining and milling operations commenced in May 2025. The consolidated entity continued to meet all regulatory obligations during this year.

Additionally, the consolidated entity holds mineral tenements in Guinea under the Guinea Mining Act 1992, which are subject to renewal and include standard environmental conditions. The Company complies with these conditions, and the directors are not aware of any non-compliance with environmental laws.

Information on directors

Information on directors
Name:	David Sproule
Title:	Executive Chairman
Qualifications:	BE (Hons, Extractive Metallurgy), Member AusIMM
Experience and expertise:	David Sproule has specialised in value creation within the minerals industry,
	founding and managing the private Polymetals Group which developed eight
	Australian gold projects over 25 years. An "owner build" model was applied to
	all operations significantly reducing typical mine development costs. The
	projects collectively returned +2,000% in fully franked dividends on initial
	shareholder investment.
Other current directorships:	None
Former directorships (last 3	None
years):
Special responsibilities:	Chairman
Interests in shares:	73,250,000
Interests in options:	nil

Polymetals Resources Ltd Directors' report 30 June 2025

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Name: Alistair Barton Title: Non-Executive Director Qualifications: Associate Diploma and Fellowship Diploma in Geology and a Graduate Diploma in Finance and Investment. Experience and expertise: Alistair has over 45 years' exploration, operational and corporate experience. Alistair has operated his own consultancy practice providing technical and corporate advice to the resources sector, carrying out numerous resource project due diligence studies, feasibility studies and independent experts reports for project funding and developments. Alistair has held the positions of Managing Director for ASX-listed Probe Resources, General Manager of Exploration for Barrack Mines, General Manager of Operations for Barrack Mines, Operations Manager for McIlwraith Minerals and various Project Management positions. Other current directorships: None Former directorships (last 3 None years): Special responsibilities: None Interests in shares: 937,196 Interests in options: nil Name: Jess Oram Title: Executive Director (appointed as Executive Director on 13 January 2025) Qualifications: B.Sc.,(Geol), Member AIG Experience and expertise: Jess is an experienced exploration geologist with over 30 years' practice in mineral exploration and management across a variety of commodities, companies and countries. He has significant experience in uranium, base and precious metals exploration and has been involved in mineral discovery, resource delineation and expansion and mining feasibility studies. Jess is currently the Senior Vice President - Exploration for ASX-listed Paladin Energy Limited. Other current directorships: None Former directorships (last 3 None years): Special responsibilities: None Interests in shares: 188,000 Interests in options: nil

Polymetals Resources Ltd Directors' report 30 June 2025

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Name:	Matthew Gill(resigned 18 July 2024)
Title:	Non-Executive Director
Qualifications:	B.E (Hons, Mining), M Eng Sc, FAusIMM, GAICD
Experience and expertise:	Matthew is a mining engineer with over 40 years' experience. He has a strong
	technical, operational and executive management background; having
	worked as an underground miner, mine planning engineer, supervisor,
	general manager and CEO/Managing Director in Australia, Papua New
	Guinea, India, Ghana and Bolivia. He holds three First Class Metalliferous
	Mine Manager's Certificates of Competency and has been instrumental in the
	development of four gold mines. He is a three-time winner of the Australia
	Mine Manager of the Year Award and received the AusIMM Leadership
	Award in 2008. Previously, CEO and Managing Director of ASX-listed White
	Rock Minerals for seven years, he has also held the role of Group Chief
	Operating Officer for Singapore-listed LionGroup Corp. Matthew has also
	held the position of board member and president of the Tasmanian Minerals
	Council, has been chair of the MCA Victorian division, and deputy chair of
	AMEC Victoria.
Other current directorships:	Akora Resources Ltd (ASX:AKO)
Former directorships (last 3	White Rock Minerals Ltd (ASX:WRM)
years):
Special responsibilities:	General Manager of the Endeavor Mine from 18 July 2024
Interests in shares:	nil (as at 18 July 2024)
Interests in options:	nil (as at 18 July 2024)

'Other current directorships' quoted above are current directorships for listed entities only and excludes directorships of all other types of entities, unless otherwise stated.

'Former directorships (last 3 years)' quoted above are directorships held in the last 3 years for listed entities only and excludes directorships of all other types of entities, unless otherwise stated.

Company secretary

John Haley is the Company Secretary. John is a Chartered Accountant and has over 40 years of extensive Board, company secretarial and corporate finance experience, predominantly within the mining and resources industry.

Meetings of directors

The number of meetings of the Company's Board of Directors ('the Board') held during the year ended 30 June 2025, and the number of meetings attended by each director were:

	Full Board
	Attended	Held
David Sproule	5	5
Alistair Barton	5	5
Jess Oram	5	5
Matthew Gill (resigned 18 July 2024)	1	1

Held: represents the number of meetings held during the time the director held office.

There were two meetings of the Audit and Risk Committee during the financial year. The Board comprised no more than four directors during the financial year, the Board also constituted the Audit and Risk Committee and all attended the two meetings.

Remuneration report (audited)

The remuneration report details the key management personnel remuneration arrangements for the consolidated entity, in accordance with the requirements of the Corporations Act 2001 and its Regulations.

Polymetals Resources Ltd Directors' report 30 June 2025

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Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including all directors.

The remuneration report is set out under the following main headings:
Principles used to determine the nature and amount of remuneration
Details of remuneration
Service agreements
Share-based compensation
Additional information
Additional disclosures relating to key management personnel

Principles used to determine the nature and amount of remuneration

The remuneration policy of the consolidated entity has been designed to align key management personnel objectives with shareholder and business objectives by providing a fixed remuneration component and offering specific long-term incentives based on key performance areas affecting the consolidated entity's financial results. The Board of Directors ("the Board") believes the remuneration policy to be appropriate and effective in its ability to attract and retain the best key management personnel to run and manage the consolidated entity, as well as create goal congruence between directors, executives and shareholders.

All remuneration paid to directors and executives is valued at the cost to the consolidated entity and expensed. Shares given to directors and executives are valued as the difference between the market price of those shares and the amount paid by the director or executive. Options are valued using the Black-Scholes methodology.

The Company had entered into a Loan Funded Share Plan (LFSP) whereby limited recourse loans had been provided to directors and key management personnel to acquire shares in the Company. 3,525,000 insubstance options were granted under the LFSP in the year ended 30 June 2025.

The Board believes that it has implemented suitable practices and procedures that are appropriate for an organisation of this size and maturity.

In accordance with best practice corporate governance, the structure of non-executive director and executive director remuneration is separate.

Non-executive directors remuneration

The Board policy is to remunerate non-executive directors at market rates for comparable companies for time, commitment and responsibilities. The Board determines payments to the non-executive directors and reviews their remuneration annually, based on market practice, duties and accountability. Independent external advice is sought when required. Fees for non-executive directors are not linked to the performance of the consolidated entity. The directors are not required to hold any shares in the Company under the Constitution of the Company; however, to align directors' interest with shareholder interests, the directors are encouraged to hold shares in the Company.

ASX listing rules require the aggregate non-executive directors' remuneration be determined periodically by a general meeting. The most recent determination was during the 2021 Annual General Meeting where the shareholders approved a maximum annual aggregate remuneration of $250,000. The amount paid to nonexecutive directors of the parent entity (Polymetals Resources Limited) during the year to 30 June 2025 was $60,163 excluding any remuneration from options (2024: $115,013).

Executive remuneration

Executive directors can be employed by the consolidated entity on a consultancy basis, on Board approval, with remuneration and terms stipulated in individual consultancy agreements.

The Board reviews executive packages annually by reference to the consolidated entity's performance, executive performance and comparable information from industry sectors and other listed companies in similar industries. In addition, external consultants may be used to provide analysis and advice to ensure the directors' and senior executives' remuneration is competitive in the market place.

Polymetals Resources Ltd Directors' report 30 June 2025

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The remuneration of the executives employed by the Company for the year ended 30 June 2025 is detailed in this Remuneration Report.

Consolidated entity performance and link to remuneration

As the Company has only recently commenced initial production activities, with first concentrate deliveries occurring subsequent to year end, the relationship between remuneration, Company performance and shareholder wealth remains limited. Share price movements continue to be influenced primarily by mineral and metals prices and broader market sentiment toward the resources sector, and may therefore fluctuate independently of executive performance or remuneration outcomes.

At 30 June 2025 the market price of the Company’s ordinary shares was $0.81 per share (30 June 2024: $0.25 per share). No dividends were paid during the year ended 30 June 2025.

Remuneration committee

During the year ended 30 June 2025, the Company did not have a separately established remuneration committee. Considering the size of the consolidated entity, the number of directors and the consolidated entity's transition from development into early production, the directors are of the view that these functions can be efficiently performed with full Board participation.

Use of remuneration consultants

The Company did not engage remuneration consultants to prepare a formal remuneration report during the financial year ended 30 June 2025.

Voting and comments made at the Company's 15 November 2024 Annual General Meeting ('AGM') At the 15 November 2024 AGM, 99.95% of the votes received supported the adoption of the remuneration report for the year ended 30 June 2024. The Company did not receive any specific feedback at the AGM regarding its remuneration practices.

Details of remuneration

Amounts of remuneration

Details of the remuneration of key management personnel of the consolidated entity are set out in the following tables.

The key management personnel of the consolidated entity consisted of the following directors of Polymetals Resources Ltd:

David Sproule
Alistair Barton
Jess Oram

And the following persons:

John Haley - Company Secretary and Chief Financial Officer
Matthew Gill - resigned as a Director on 18 July 2024 and commenced employment as General Manager of the Endeavor Mine

Polymetals Resources Ltd Directors' report 30 June 2025

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2025 Non-Executive Directors: Alistair Barton Executive Directors: David Sproule Jess Oram(a) Other Key Management Personnel: John Haley Matthew Gill(b)	Short-term benefits Cash salary and fees $ 32,433 120,000 122,655 120,000 363,583	Post- employment benefits Super- annuation $ 3,730 - 11,345 - 41,812	Long-term benefits Long service leave $ - - - - -	Share-based payments Equity- settled $ 6,735 8,980 4,490 4,490 7,184	Total $ 42,898 128,980 138,490 124,490 412,579
	758,671	56,887	-	31,879	847,437

(a) Jess Oram was appointed as Executive Director on 13 January 2025 (formerly Non-Executive Director)

(b) Matthew Gill resigned as a Director on 18 July 2024 and commenced employment as General Manager of the Endeavor Mine

2024 Non-Executive Directors: Alistair Barton Jess Oram Matthew Gill Executive Directors: David Sproule Other Key Management Personnel: John Haley	Short-term benefits Cash salary and fees $ 30,012 36,000 46,000 120,000 84,000	Post- employment benefits Super- annuation $ 3,001 - - - -	Long-term benefits Long service leave $ - - - - -	Share-based payments Equity- settled $ - - - - -	Total $ 33,013 36,000 46,000 120,000 84,000
	316,012	3,001	-	-	319,013

Polymetals Resources Ltd Directors' report 30 June 2025

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The proportion of remuneration linked to performance and the fixed proportion are as follows:

	Fixed remuneration	Fixed remuneration	At risk - STI	At risk - STI		At risk - LTI	At risk - LTI
Name	2025	2024	2025	2024		2025	2024
Non-Executive Directors:
Alistair Barton	84%	100%		-	-	16%		-
Jess Oram (Executive
Director from 13 January
2025)	-	100%		-	-		-	-
Matthew Gill (Other Key
Management Personnel from
18 July 2024)	-	100%		-	-		-	-
Executive Directors:
David Sproule	93%	100%		-	-		7%	-
Jess Oram	97%	-		-	-		3%	-
Other Key Management
Personnel:
John Haley	96%	100%		-	-		4%	-
Matthew Gill	98%	-		-	-		2%	-

Service agreements

All directors and key management personnel invoice the Company under their personal name, except for the following:

David Sproule is Executive Chairman under a contract for services (the Contract) which commenced on 10 November 2022, with no fixed term duration, for an annual fee of $120,000. No annual leave, long service or other leave is provided for under the Contract. The termination notice period is 1 month and may be paid out in lieu of notice by the Company .
John Haley is Company Secretary and Chief Financial Officer. John is paid through a contract for services which commenced on 1 February 2023, with no fixed term duration, at a rate of $100 per hour. On 1 May 2023, the rate per hour was subsequently replaced with a fixed fee of $7,000 per month. On 1 July 2024 the fixed fee was increased to $10,000 per month. The termination notice period is 1 month.
On 1 March 2025, Jess Oram commenced as Executive Director Exploration for a base remuneration of $330,000 per annum. The contract has no fixed term duration. The termination notice period is 3 months.

Share-based compensation

Issue of shares

Details of shares issued to directors and other key management personnel as part of compensation under the Loan Funded Share Plan (refer note 32) during the year ended 30 June 2025 are set out below:

Name	Date	Shares	Issue price	$
Alistair Barton	19 December 2024	187,500	$0.35	65,625
David Sproule	19 December 2024	250,000	$0.35	87,500
Jess Oram	19 December 2024	125,000	$0.35	43,750
John Haley	19 December 2024	125,000	$0.35	43,750
Matthew Gill	19 December 2024	200,000	$0.35	70,000

Polymetals Resources Ltd Directors' report 30 June 2025

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Options

The terms and conditions of each grant of options over ordinary shares affecting remuneration of directors and other key management personnel in this financial year or future reporting years are as follows:

	Number of					Fair value
	options		Vesting and		Exercise	per option at
Name	granted	Grant date	exercisable date	Expiry date	price	grant date
Alistair Barton	162,500	5 September 2024	Refer note 32	5 September 2027	$0.35	$0.109
David Sproule	250,000	5 September 2024	Refer note 32	5 September 2027	$0.35	$0.109
Jess Oram	125,000	5 September 2024	Refer note 32	5 September 2027	$0.35	$0.109
John Haley	125,000	5 September 2024	Refer note 32	5 September 2027	$0.35	$0.109
Matthew Gill	200,000	5 September 2024	Refer note 32	5 September 2027	$0.35	$0.109

Options granted carry no dividend or voting rights.

Performance rights

There were no performance rights over ordinary shares granted to or vested by directors and other key management personnel as part of compensation during the year ended 30 June 2025.

Additional information

The earnings of the consolidated entity for the five years to 30 June 2025 are summarised below:

	2025	2024	2023	2022	2021
	$	$	$	$	$
Loss after income tax	(47,848,266)	(3,273,241) (7,799,397)		(1,156,988)	(506,932)
The factors that are considered to affect total shareholders		return ('TSR') are summarised below:
	2025	2024	2023	2022	2021
Share price at financial year end (cents)	81.0	25.0	38.0	8.9	14.5
Basic earnings per share (cents per share)	(22.4)	(2.1)	(8.7)	(1.5)	(1.7)

Polymetals Resources Ltd Directors' report 30 June 2025

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Additional disclosures relating to key management personnel

Shareholding

The number of shares in the Company held during the financial year by each director and other members of key management personnel of the consolidated entity, including their personally related parties, is set out below:

Ordinary shares Directors: David Sproule Alistair Barton Jess Oram Other Key Management Personnel: John Haley Matthew Gill	Balance at the start of the year 65,000,000 695,983 38,000 550,000 -	Received as part of remuneration 250,000 187,500 125,000 125,000 200,000	Additions 7,862,500 53,713 25,000 - -	Disposed/ expired/ forfeited - - - (245,000) -	Balance at the end of the year 73,112,500 937,196 188,000 430,000 200,000
	66,283,983	887,500	7,941,213	(245,000)	74,867,696

Option holding

The number of options over ordinary shares in the Company held during the financial year by each director and other members of key management personnel of the consolidated entity, including their personally related parties, is set out below:

Loan Funded Share Plan** Directors: Alistair Barton David Sproule Jess Oram Other Key Management Personnel: John Haley Matthew Gill	Balance at the start of the year - - - - -	Granted 375,000 500,000 250,000 250,000 400,000	Exercised (187,500) (250,000) (125,000) (125,000) (200,000)	Expired/ forfeited/ other* - - - - -	Balance at the end of the year 187,500 250,000 125,000 125,000 200,000
	-	1,750,000	(887,500)	-	862,500

Included in expired/forfeited/other is the removal from the table of the options for key management personnel who have resigned during the period or are no longer considered to be a key management person.

** All options noted above are options that have been issued under the Loan Funded Share Plan (refer note 32).

Other transactions with key management personnel and their related parties

A related party, Meadowhead Investments Pty Ltd, an entity controlled by David Sproule, agreed to provide the consolidated entity with a loan facility of up to $1,350,000 (refer note 13). The facility was unsecured, could be drawn down at any time, and incurred interest at 5% per annum. The repayment date was the earlier of the next capital raising or 18 months from the first drawdown date.

During the year ended 30 June 2024, $294,488 of the Meadowhead loan was repaid and a further $500,000 was advanced. On 17 July 2024, $1,400,000 of the loan was repaid by the issue of 5,000,000 shares in the Company (refer note 17) and the remaining loan was repaid by cash.

Polymetals Resources Ltd Directors' report 30 June 2025

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In February 2024, a company controlled by David Sproule's spouse, Deering Nominees Pty Ltd, loaned $950,000 to the consolidated entity. The loan was unsecured and incurred interest at 5% per annum. The repayment date was the earlier of the next capital raising or 18 months from the first drawdown date. The loan was repaid in full during the year ended 30 June 2025.

Aggregate amounts of each of the above types of other transactions with key management personnel and their related entities are included in the financial statements as follows:

Consolidated statement of profit or loss and other comprehensive income:

Amounts recognised as finance charges: Interest payable: $nil (2024: $78,103)

Consolidated statement of financial position:

Amounts recognised as borrowings: Related party loans: $nil (2024: $2,505,512)

Amounts recognised as trade and other payables, being the unpaid or accrued key management personnel remuneration: Trade payables: $nil (2024: $6,602) Other payables: $120,000 (2024: $160,500) Interest payable: $nil (2024: $78,103)

This concludes the remuneration report, which has been audited.

Shares under option

Unissued ordinary shares of Polymetals Resources Ltd under option at the date of this report are as follows:

Exercise Grant date Expiry date price 5 September 2024 5 September 2027 $0.35 13 September 2024 23 November 2026 $1.00	Number under option 1,762,500 2,500,000
	4,262,500

No person entitled to exercise the options issued on 13 September 2024 had or has any right by virtue of the option to participate in any share issue of the Company or of any other body corporate.

Shares issued under the Loan Funded Share Plan on 5 September 2024 are legally on issue and carry the same rights as other ordinary shares, subject to restrictions under the plan (refer note 32).

Shares under performance rights

There were no unissued ordinary shares of Polymetals Resources Ltd under performance rights outstanding at the date of this report.

Shares issued on the exercise of options

On 13 November 2024, 1,762,500 ordinary shares of Polymetals Resources Ltd were issued under a loanfunded share plan where the issued shares had been accounted for as an in-substance option award.

Shares issued on the exercise of performance rights

There were no ordinary shares of Polymetals Resources Ltd issued on the exercise of performance rights during the year ended 30 June 2025 and up to the date of this report.

Polymetals Resources Ltd Directors' report 30 June 2025

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Indemnity and insurance of officers

The Company has indemnified the directors and executives of the Company for costs incurred, in their capacity as a director or executive, for which they may be held personally liable, except where there is a lack of good faith.

During the financial year, the Company paid a premium in respect of a contract to insure the directors and executives of the Company against a liability to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits disclosure of the nature of the liability and the amount of the premium.

Indemnity and insurance of auditor

The Company has not, during or since the end of the financial year, indemnified or agreed to indemnify the auditor of the Company or any related entity against a liability incurred by the auditor.

During the financial year, the Company has not paid a premium in respect of a contract to insure the auditor of the Company or any related entity.

Proceedings on behalf of the Company

No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Company, or to intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or part of those proceedings.

Non-audit services

There were no non-audit services provided during the financial year by the auditor.

Officers of the Company who are former partners of RSM Australia Partners

There are no officers of the Company who are former partners of RSM Australia Partners.

Auditor's independence declaration

A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors' report.

Rounding of amounts

The Company is of a kind referred to in ASIC Legislative Instrument 2016/191, relating to 'rounding -off' of amounts in the directors’ report. Amounts in the directors’ report have been rounded off in accordance with the instrument to the nearest dollar.

Auditor

RSM Australia Partners continues in office in accordance with section 327 of the Corporations Act 2001.

This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001.

On behalf of the directors

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_________ David Sproule Executive Chairman

29 September 2025

Polymetals Resources Ltd Contents 30 June 2025

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Auditor's independence declaration	31
Consolidated statement of profit or loss and other comprehensive income	32
Consolidated statement of financial position	33
Consolidated statement of changes in equity	34
Consolidated statement of cash flows	35
Notes to the consolidated financial statements	36
Consolidated entity disclosure statement	70
Directors' declaration	71
Independent auditor's report to the members of Polymetals Resources Ltd	72
Shareholder information	77

General information

The financial statements cover Polymetals Resources Ltd as a consolidated entity consisting of Polymetals Resources Ltd and the entities it controlled at the end of, or during, the year. The financial statements are presented in Australian dollars, which is Polymetals Resources Ltd's functional and presentation currency.

Polymetals Resources Ltd is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is:

Unit 1, 101 Main Street Alstonville NSW 2477

A description of the nature of the consolidated entity's operations and its principal activities are included in the directors' report, which is not part of the financial statements.

The financial statements were authorised for issue, in accordance with a resolution of directors, on 29 September 2025. The directors have the power to amend and reissue the financial statements.

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RSM Australia Partners

Level 27, 120 Collins Street, Melbourne, VIC 3000 PO Box 248 Collins Street West VIC 8007 T +61 (0) 3 9286 8000 F +61 (0) 3 9286 8199 www.rsm.com.au

AUDITOR’S INDEPENDENCE DECLARATION

As lead auditor for the audit of the financial report of Polymetals Resources Ltd for the year ended 30 June 2025, I declare that, to the best of my knowledge and belief, there have been no contraventions of:

(i) the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
(ii) any applicable code of professional conduct in relation to the audit.

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RSM AUSTRALIA PARTNERS

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R J MORILLO MALDONADO Partner

Melbourne, VIC Dated: 29 September 2025

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RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction. RSM Australia Partners ABN 36 965 185 036 Liability limited by a scheme approved under Professional Standards Legislation

Polymetals Resources Ltd Consolidated statement of profit or loss and other comprehensive income For the year ended 30 June 2025

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Note Revenue Other income Interest revenue Expenses Safety, health and environment expenses Consultancy and accountancy fees Depreciation and amortisation expense 4 Employee benefits expense 4 Exploration expenses Impairment of exploration costs Insurance Legal costs Professional, registry and listing related expenses Repairs and maintenance Short term lease expense Site establishment costs Write off of assets 9 Other expenses Finance costs 4 Total expenses Loss before income tax expense Income tax expense 5 Loss after income tax expense for the year attributable to the owners of Polymetals Resources Ltd Other comprehensive income for the year, net of tax Total comprehensive income for the year attributable to the owners of Polymetals Resources Ltd Basic earnings per share 31 Diluted earnings per share 31	Consolidated 2025 2024 $ $ 1,425 - 89,236 425,000 244,762 2,666 (393,436) - (378,591) (153,468) (3,323,169) (4,442) (16,399,623) (1,288,852) (812,548) (1,280,144) - (86,859) (1,257,368) (68,500) (230,046) (235,457) (220,988) (176,686) (2,374,161) - (779,911) (21,490) (14,478,250) - (567,524) - (4,634,574) (306,905) (2,333,500) (78,104)	Consolidated 2025 2024 $ $ 1,425 - 89,236 425,000 244,762 2,666 (393,436) - (378,591) (153,468) (3,323,169) (4,442) (16,399,623) (1,288,852) (812,548) (1,280,144) - (86,859) (1,257,368) (68,500) (230,046) (235,457) (220,988) (176,686) (2,374,161) - (779,911) (21,490) (14,478,250) - (567,524) - (4,634,574) (306,905) (2,333,500) (78,104)
	(48,183,689)	(3,700,907)
	(47,848,266) -	(3,273,241) -
	(47,848,266) -	(3,273,241) -
	(47,848,266)	(3,273,241)
	Cents (22.4) (22.4)	Cents (2.1) (2.1)

The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes

Polymetals Resources Ltd Consolidated statement of financial position As at 30 June 2025

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Note Assets Current assets Cash and cash equivalents 6 Trade and other receivables Inventories 7 Other assets 8 Total current assets Non-current assets Inventories 7 Property, plant and equipment 9 Right-of-use assets 10 Intangible assets 11 Other assets 8 Total non-current assets Total assets Liabilities Current liabilities Trade and other payables 12 Borrowings 13 Lease liabilities 14 Employee benefits 15 Total current liabilities Non-current liabilities Borrowings 13 Lease liabilities 14 Employee benefits 15 Provisions 16 Total non-current liabilities Total liabilities Net assets Equity Issued capital 17 Reserves 18 Accumulated losses Total equity	Consolidated 2025 2024 $ $ 8,375,993 7,875,287 21,881 116,595 3,920,470 - 448,602 -	Consolidated 2025 2024 $ $ 8,375,993 7,875,287 21,881 116,595 3,920,470 - 448,602 -
	12,766,946	7,991,882
	4,592,141 68,679,871 2,086,331 9,100,000 41,900	- 12,819 - 22,933,519 1,900
	84,500,243	22,948,238
	97,267,189	30,940,120
	16,483,791 18,258,546 1,191,821 1,024,570	1,608,040 2,505,512 - -
	36,958,728	4,113,552
	6,446,516 933,941 43,222 34,092,000	- - - -
	41,515,679	-
	78,474,407	4,113,552
	18,792,782	26,826,568
	79,621,946 (41,699) (60,787,465)	39,765,767 451,145 (13,390,344)
	18,792,782	26,826,568

The above consolidated statement of financial position should be read in conjunction with the accompanying

notes

Polymetals Resources Ltd Consolidated statement of changes in equity For the year ended 30 June 2025

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Issued capital $ 25,488,064 - -	Prepaid capital $ 2,599,485 - -	Reserves $ 451,145 - -	Accumulated losses $ (10,117,103) (3,273,241) -	Total equity $ 18,421,591 (3,273,241) -
- 11,678,218 2,599,485	- - (2,599,485)	- - -	(3,273,241) - -	(3,273,241) 11,678,218 -
39,765,767	-	451,145	(13,390,344)	26,826,568
Issued capital $ 39,765,767 - -	Prepaid capital $ - - -	Reserves $ 451,145 - -	Accumulated losses $ (13,390,344) (47,848,266) -	Total equity $ 26,826,568 (47,848,266) -
- 39,856,179 - - -	- - - - -	- - 575,176 (451,145) (616,875)	(47,848,266) - - 451,145 -	(47,848,266) 39,856,179 575,176 - (616,875)
79,621,946	-	(41,699)	(60,787,465)	18,792,782

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes

Polymetals Resources Ltd Consolidated statement of cash flows For the year ended 30 June 2025

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Note Cash flows from operating activities Payments to suppliers and employees (inclusive of GST) Interest received Government grants Interest and other finance costs paid Net cash used in operating activities 30 Cash flows from investing activities Net cash acquired in asset acquisition Payments for property, plant and equipment 9 Payments for exploration expenditure Payments for security deposits Payments for intangible assets Net cash used in investing activities Cash flows from financing activities Proceeds from issue of shares 17 Repayment of lease liability 14 Share issue transaction costs 17 Proceeds from borrowings Repayment of borrowings Net cash from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the financial year Cash and cash equivalents at the end of the financial year 6	Consolidated 2025 2024 $ $ (36,609,777) (3,683,481) 246,095 1,333 75,000 425,000 (554,793) (78,104)	Consolidated 2025 2024 $ $ (36,609,777) (3,683,481) 246,095 1,333 75,000 425,000 (554,793) (78,104)
	(36,843,475)	(3,335,252)
	2,494 (12,584,371) - (40,000) -	- - (86,859) - (4,160,527)
	(12,621,877)	(4,247,386)
	38,483,500 (498,208) (1,724,196) 15,963,960 (2,359,811)	12,144,048 - (465,830) 1,450,000 (294,488)
	49,865,245	12,833,730
	399,893 7,875,287	5,251,092 2,624,195
	8,275,180	7,875,287

The above consolidated statement of cash flows should be read in conjunction with the accompanying notes

Polymetals Resources Ltd Notes to the consolidated financial statements 30 June 2025

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Note 1. Material accounting policy information

The accounting policies that are material to the consolidated entity are set out either in the respective notes or below. The accounting policies adopted are consistent with those of the previous financial year, unless otherwise stated.

New or amended Accounting Standards and Interpretations adopted

The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. Adoption of these new and amended accounting standards and interpretations did not have a material impact to the financial statements.

Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

Going concern

The financial statements have been prepared on the going concern basis, which assumes the realisation of assets and extinguishment of liabilities in the normal course of business at the amounts stated in the financial report.

The consolidated entity recorded a loss after tax of $47,848,266 and had net cash outflows from operating and investing activities of $36,843,475 and $12,621,877 respectively for the year ended 30 June 2025. At 30 June 2025, the consolidated entity had net current liabilities of $24,191,782.

The continuing viability of the consolidated entity is dependent upon the consolidated entity continuing to transition successfully as a mining producer which would be substantially bolstered by successful exploration.

These factors indicate a material uncertainty which may cast doubt as to whether the consolidated entity will continue as a going concern and therefore whether it will realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the financial report.

The Directors have prepared a cash flow budget for the 12-month period after the signing of this financial report; and concluded that there are reasonable grounds to believe that the consolidated entity will be able to continue as a going concern. The Directors’ conclusion on this matter considers the following factors:

On 6 November 2024, the consolidated entity entered into a six-year offtake agreement for zinc and silverlead concentrates produced from the Endeavor Mine. Under the agreement, the consolidated entity received prepayments of $14.85 million in July 2025 and $11.6 million in August 2025;
The consolidated entity commenced productions and sales of product in July 2025;
On 14 July 2025, the Company also issued 18,750,000 ordinary shares at $0.80 per share, raising $15 million cash (before share issue transaction costs);
The consolidated entity is currently arranging for additional capital or securing other forms of financing, as to ensure it is able to meet the levels of expenditure required to continue production at the Endeavor Mine and to meet the consolidated entity's working capital requirements.
In addition, the Company is listed on the ASX and has the ability to seek for additional funds in the future. The Directors are of the opinion that, if required, the Company will be successful in raising funds, as it has been demonstrated in the past evidenced by the raising of $38.5 million in cash (before share issue transaction costs) from shares issued during the year ended 30 June 2025, and $15 million in July 2025 (refer above-mentioned).

Accordingly, the Directors believe that the consolidated entity will be able to continue as a going concern and that it is appropriate to adopt the going concern basis in the preparation of the financial report.

The financial report does not include any adjustments relating to the amounts or classification of recorded assets or liabilities that might be necessary if the consolidated entity does not continue as a going concern.

Polymetals Resources Ltd Notes to the consolidated financial statements 30 June 2025

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Note 1. Material accounting policy information (continued)

Basis of preparation

These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') and the Corporations Act 2001, as appropriate for for-profit oriented entities. These financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board ('IASB').

Historical cost convention

The financial statements have been prepared under the historical cost convention.

Critical accounting estimates

The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the consolidated entity's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 2.

Parent entity information

In accordance with the Corporations Act 2001, these financial statements present the results of the consolidated entity only. Supplementary information about the parent entity is disclosed in note 26.

Principles of consolidation

The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Polymetals Resources Ltd ('Company' or 'parent entity') as at 30 June 2025 and the results of all subsidiaries for the year then ended. Polymetals Resources Ltd and its subsidiaries together are referred to in these financial statements as the 'consolidated entity'.

The consolidated financial statements have been prepared on the basis that the wholly-owned subsidiary, Golden Guinea Resources SARL, is the accounting parent entity.

Foreign currency translation

The financial statements are presented in Australian dollars, which is Polymetals Resources Ltd's functional and presentation currency.

Foreign currency transactions

Foreign currency transactions are translated into Australian dollars using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Foreign operations

The assets and liabilities of foreign operations are translated into Australian dollars using the exchange rates at the reporting date. The revenues and expenses of foreign operations are translated into Australian dollars using the average exchange rates, which approximate the rates at the dates of the transactions, for the period. All resulting foreign exchange differences are recognised in other comprehensive income through the foreign currency reserve in equity.

The foreign currency reserve is recognised in profit or loss when the foreign operation or net investment is disposed of.

Rounding of amounts

The Company is of a kind referred to in ASIC Legislative Instrument 2016/191, relating to 'rounding -off' of amounts in the report. Amounts in the report have been rounded off in accordance with the instrument to the nearest dollar.

Polymetals Resources Ltd Notes to the consolidated financial statements 30 June 2025

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Note 1. Material accounting policy information (continued)

New Accounting Standards and Interpretations not yet mandatory or early adopted

Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not been early adopted by the consolidated entity for the annual reporting period ended 30 June 2025. The consolidated entity's assessment of the impact of these new or amended Accounting Standards and Interpretations, most relevant to the consolidated entity, are set out below.

AASB 18 Presentation and Disclosure in Financial Statements

This standard is applicable to annual reporting periods beginning on or after 1 January 2027 and early adoption is permitted. The standard replaces AASB 101 'Presentation of Financial Statements', with many of the original disclosure requirements retained and there will be no impact on the recognition and measurement of items in the financial statements. But the standard will affect presentation and disclosure in the financial statements, including introducing five categories in the statement of profit or loss and other comprehensive income: operating, investing, financing, income taxes and discontinued operations. The standard introduces two mandatory sub-totals in the statement: 'Operating profit' and 'Profit before financing and income taxes'. There are also new disclosure requirements for 'management-defined performance measures', such as earnings before interest, taxes, depreciation and amortisation ('EBITDA') or 'adjusted profit'. The standard provides enhanced guidance on grouping of information (aggregation and disaggregation), including whether to present this information in the primary financial statements or in the notes. The consolidated entity will adopt this standard from 1 July 2027 and it is expected that there will be a significant change to the layout of the statement of profit or loss and other comprehensive income.

Note 2. Critical accounting judgements, estimates and assumptions

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below.

Provision for impairment of inventories

The provision for impairment of inventories assessment requires a degree of estimation and judgement. The level of the provision is assessed by taking into account the recent sales experience, the ageing of inventories and other factors that affect inventory obsolescence.

Estimation of useful lives of property, plant and equipment

The estimations of useful lives, residual values and depreciation methods require significant management judgements and are regularly reviewed. The useful lives could change significantly as a result of a change in mine life or some other event. If they need to be modified, the depreciation and amortisation expense is accounted for prospectively from the date of the assessment until the end of the revised useful life (for both the current and future years).

Impairment of property, plant and equipment

The consolidated entity assesses impairment of property, plant and equipment and mine assets in accordance with AASB 136 'Impairment of Assets'. Where indicators of impairment exists, the recoverable amount of these assets is determined based on the value in use. The value in use calculation is based on discounted cashflow model. This requires the use of estimates and judgements in relation to a range of inputs including: commodity prices; exchange rates; reserves and mine planning scheduling; production costs; and discount rates.

Polymetals Resources Ltd Notes to the consolidated financial statements 30 June 2025

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Note 2. Critical accounting judgements, estimates and assumptions (continued)

It is reasonably possible that the underlying metal price assumption may change which may then impact the estimated life of mine determinant and may then require a material adjustment to the carrying value of mining plant and equipment, mining infrastructure and mining development assets. Furthermore, the expected future cash flows used to determine the value-in-use of these assets are inherently uncertain and could materially change over time. They are significantly affected by a number of factors including reserves and production estimates, together with economic factors such as metal spot prices, discount rates, estimates of costs to produce reserves and future capital expenditure.

The consolidated entity has regard to external forecasts of key assumptions where available (e.g. commodity price and exchange rates). The recoverable amount is particularly sensitive to fluctuations in the AUD commodity price.

No impairment to property, plant and equipment occurred for the year ended 30 June 2025.

Lease term

The lease term is a significant component in the measurement of both the right-of-use asset and lease liability. Judgement is exercised in determining whether there is reasonable certainty that an option to extend the lease or purchase the underlying asset will be exercised, or an option to terminate the lease will not be exercised, when ascertaining the periods to be included in the lease term. In determining the lease term, all facts and circumstances that create an economical incentive to exercise an extension option, or not to exercise a termination option, are considered at the lease commencement date. Factors considered may include the importance of the asset to the consolidated entity's operations; comparison of terms and conditions to prevailing market rates; incurrence of significant penalties; existence of significant leasehold improvements; and the costs and disruption to replace the asset. The consolidated entity reassesses whether it is reasonably certain to exercise an extension option, or not exercise a termination option, if there is a significant event or significant change in circumstances.

Incremental borrowing rate

Where the interest rate implicit in a lease cannot be readily determined, an incremental borrowing rate is estimated to discount future lease payments to measure the present value of the lease liability at the lease commencement date. Such a rate is based on what the consolidated entity estimates it would have to pay a third party to borrow the funds necessary to obtain an asset of a similar value to the right-of-use asset, with similar terms, security and economic environment.

Rehabilitation provision

A provision has been made for the present value of anticipated costs for future rehabilitation of the Endeavor Mine. The consolidated entity's mining and exploration activities are subject to various laws and regulations governing the protection of the environment. The consolidated entity recognises management's best estimate for assets retirement obligations and site rehabilitations in the period in which they are incurred. Actual costs incurred in the future periods could differ materially from the estimates. Additionally, future changes to environmental laws and regulations, life of mine estimates and discount rates could affect the carrying amount of this provision.

Note 3. Operating segments

Identification of reportable operating segments

The consolidated entity is organised into two operating segments: a silver-zinc-lead mine located in Cobar, NSW and gold exploration within Guinea, West Africa. No exploration activity occurred in Guinea in the 2025 financial year. The operating segments are based on the internal reports that are reviewed and used by the Board of Directors (who are identified as the Chief Operating Decision Makers ('CODM')) in assessing performance and in determining the allocation of resources. There is no aggregation of operating segments.

Polymetals Resources Ltd Notes to the consolidated financial statements 30 June 2025

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Note 3. Operating segments (continued)

During the year, the consolidated entity acquired the shares in 2 companies that together own a silver-zinc and lead mine in Cobar, NSW (the Endeavor Mine) (refer note 27). Care and maintenance costs have been payable by the consolidated entity since the acquisition of Cobar Metals Pty Ltd in May 2023. In 2025, staged commissioning of the Endeavor Mine commenced, with underground crushing and hoisting ramping up, drawing from over 40,000 of ore stockpiled. Concentrate production is underway with the first shipments of zinc concentrate planned for September 2025.

The information reported to the CODM is on at least a quarterly basis.

Unallocated items

The following items of revenue, expenses, assets and liabilities are not allocated to operating segments as they are not considered part of the core operations of any segment:

interest revenue;
income tax benefit;
corporate costs;
cash at bank of Polymetals Resources Ltd; and
receivables and payables associated with corporate costs.

Operating segment information

Silver-Zinc- Lead $ (43,357,116) (3,323,169) 1,295	Gold $ (5,010) - -	Unallocated $ (1,407,733) - 243,467	Total $ (44,769,859) (3,323,169) 244,762
(46,678,990)	(5,010)	(1,164,266)	(47,848,266) -
88,505,668	403	8,761,118
			(47,848,266)
			97,267,189
60,810,555	-	-	97,267,189
			60,810,555
78,474,407	-	-	78,474,407
			78,474,407

Polymetals Resources Ltd Notes to the consolidated financial statements 30 June 2025

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Note 3. Operating segments (continued)

Silver-Zinc- Lead $ (1,922,912) (218) -	Gold $ (85,613) - -	Unallocated $ (1,262,940) (4,224) 2,666	Total $ (3,271,465) (4,442) 2,666
(1,923,130)	(85,613)	(1,264,498)	(3,273,241) -
23,173,722	403	7,765,995
			(3,273,241)
			30,940,120
4,296,862	86,859	-	30,940,120
			4,383,721
1,584,889	-	2,528,663	4,113,552
		4,113,552 Geographical non- current assets 2025 2024 $ $ 84,500,243 22,948,238	4,113,552

The geographical non-current assets above are exclusive of, where applicable, financial instruments and deferred tax assets.

Accounting policy for operating segments

Operating segments are presented using the 'management approach', where the information presented is on the same basis as the internal reports provided to the Chief Operating Decision Makers ('CODM'). The CODM is responsible for the allocation of resources to operating segments and assessing their performance.

Polymetals Resources Ltd Notes to the consolidated financial statements 30 June 2025

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Note 4. Expenses

Loss before income tax includes the following specific expenses: Depreciation Plant and equipment Fixtures and fittings Motor vehicles Accommodation right-of-use assets Motor vehicles right-of-use assets Total depreciation Finance costs Interest and finance charges paid/payable/equity settled on borrowings Interest and finance charges paid/payable on lease liabilities General interest charge paid/payable to the ATO Finance costs expensed Superannuation expense Defined contribution superannuation expense Employee benefits expense Wages and salaries Defined contribution superannuation expense Share-based payments expense	Consolidated 2025 2024 $ $ 2,758,295 4,442 2,789 - 24,446 - 411,112 - 126,527 -	Consolidated 2025 2024 $ $ 2,758,295 4,442 2,789 - 24,446 - 411,112 - 126,527 -
	3,323,169	4,442
	2,231,897 75,331 26,272	78,104 - -
	2,333,500	78,104
	-	-
	14,863,081 1,409,918 126,624	1,183,813 105,039 -
	16,399,623	1,288,852

Polymetals Resources Ltd Notes to the consolidated financial statements 30 June 2025

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Note 5. Income tax

Numerical reconciliation of income tax expense and tax at the statutory rate Loss before income tax expense Tax at the statutory tax rate of 30% Tax effect amounts which are not deductible/(taxable) in calculating taxable income: Non-deductible expenses Current year tax losses and temporary differences not recognised Income tax expense Tax losses not recognised Unused tax losses for which no deferred tax asset has been recognised Potential tax benefit @ 30%	Consolidated 2025 2024 $ $ (47,848,266) (3,273,241)	Consolidated 2025 2024 $ $ (47,848,266) (3,273,241)
	(14,354,480) 453,330	(981,972) 70,637
	(13,901,150) 13,901,150	(911,335) 911,335
	-	-
	Consolidated 2025 2024 $ $ 47,047,917 5,478,590
	14,114,375	1,643,577

The above potential tax benefit for tax losses has not been recognised in the statement of financial position. These tax losses can only be utilised in the future if the continuity of ownership test is passed, or failing that, the same business test is passed.

Deferred tax assets not recognised Deferred tax assets not recognised comprises temporary differences attributable to: Employee benefits Leases Right-of-use assets Accrued expenses Plant and equipment Other Total deferred tax assets not recognised	Consolidated 2025 2024 $ $ 510,269 - 638,254 - (625,899) - 920,498 - 108,176 - 215,513 -	Consolidated 2025 2024 $ $ 510,269 - 638,254 - (625,899) - 920,498 - 108,176 - 215,513 -
	1,766,811	-

The above potential tax benefit, which excludes tax losses, for deductible temporary differences has not been recognised in the statement of financial position as the recovery of this benefit is uncertain.

Polymetals Resources Ltd Notes to the consolidated financial statements 30 June 2025

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Note 5. Income tax (continued)

Accounting policy for income tax

Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

Polymetals Resources Ltd (the 'head entity') and its wholly-owned Australian subsidiaries have formed an income tax consolidated group from 31 July 2024 under the tax consolidation regime. The head entity and each subsidiary in the tax consolidated group continue to account for their own current and deferred tax amounts. The tax consolidated group has applied the 'separate taxpayer within group' approach in determining the appropriate amount of taxes to allocate to members of the tax consolidated group.

Note 6. Cash and cash equivalents

Current assets Cash at bank Reconciliation to cash and cash equivalents at the end of the financial year The above figures are reconciled to cash and cash equivalents at the end of the financial year as shown in the statement of cash flows as follows: Balances as above Bank overdraft (note 13) Balance as per statement of cash flows	Consolidated 2025 2024 $ $ 8,375,993 7,875,287	Consolidated 2025 2024 $ $ 8,375,993 7,875,287
	8,375,993 (100,813)	7,875,287 -
	8,275,180	7,875,287

Accounting policy for cash and cash equivalents

Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other shortterm, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. For the statement of cash flows presentation purposes, cash and cash equivalents also includes bank overdrafts, which are shown within borrowings in current liabilities on the statement of financial position.

Polymetals Resources Ltd Notes to the consolidated financial statements 30 June 2025

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Note 7. Inventories

Current assets Concentrate inventory Consumables inventory Non-current assets Spares on hand	Consolidated 2025 2024 $ $ 2,697,486 - 1,222,984 -	Consolidated 2025 2024 $ $ 2,697,486 - 1,222,984 -
	3,920,470	-
	4,592,141	-
	8,512,611	-

Accounting policy for inventories

Inventory is stated at the lower of cost and net realisable value. Cost comprises of purchase and delivery costs, net of rebates and discounts received or receivable.

Spares on hand are determined using fair value on acquisition date (refer to note 27) which became their cost upon initial recognition. As at the reporting date, management has assessed that the costs of spares are below net realisable value.

Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.

Note 8. Other assets

Current assets Prepayments Non-current assets Security deposits	Consolidated 2025 2024 $ $ 448,602 -	Consolidated 2025 2024 $ $ 448,602 -
	41,900	1,900
	490,502	1,900

Polymetals Resources Ltd Notes to the consolidated financial statements 30 June 2025

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Note 9. Property, plant and equipment

Non-current assets Plant and equipment - at cost Less: Accumulated depreciation Fixtures and fittings - at cost Less: Accumulated depreciation Motor vehicles - at cost Less: Accumulated depreciation	Consolidated 2025 2024 $ $ 70,855,625 21,962 (2,767,438) (9,143)	Consolidated 2025 2024 $ $ 70,855,625 21,962 (2,767,438) (9,143)
	68,088,187	12,819
	13,695 (2,789)	- -
	10,906	-
	605,224 (24,446)	- -
	580,778	-
	68,679,871	12,819

Reconciliations

Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:

Consolidated Balance at 1 July 2023 Disposals Depreciation expense Balance at 30 June 2024 Additions Additions through asset acquisition (note 27) Write off of assets Depreciation expense Balance at 30 June 2025	Plant and equipment $ 21,187 (3,926) (4,442)	Fixtures and fittings $ - - -	Motor vehicles $ - - -	Total $ 21,187 (3,926) (4,442)
	12,819 25,439,013 45,962,174 (567,524) (2,758,295)	- 13,695 - - (2,789)	- 605,224 - - (24,446)	12,819 26,057,932 45,962,174 (567,524) (2,785,530)
	68,088,187	10,906	580,778	68,679,871

Assets under finance

At 30 June 2025, the carrying amount of property, plant and equipment includes assets subject to finance lease arrangements with a net book value of $9,237,628. The finance lease liabilities are secured over the related assets (refer note 13).

Security over property, plant and equipment

The seller of the Endeavor Mine companies holds security over the Endeavor Mine companies, including property, plant and equipment with a carrying value of $6,239,215 at 30 June 2025, and could reclaim ownership if the consolidated entity is not able to replace the Environmental Bonds - MLs by 1 August 2026 or pay $34,092,000 in cash.

Polymetals Resources Ltd Notes to the consolidated financial statements 30 June 2025

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Note 9. Property, plant and equipment (continued)

Accounting policy for property, plant and equipment

Plant and equipment, including mining plant, processing facilities and supporting infrastructure, is stated at historical cost less accumulated depreciation and impairment. Cost includes the fair value of assets acquired on acquisition of the Endeavor mine, together with any subsequent expenditure that is directly attributable to bringing the assets to the condition necessary for them to be capable of operating in the manner intended by management. Expenditure incurred to restart operations after the Endeavor mine acquisition is capitalised where it relates directly to the refurbishment, replacement or upgrading of plant and infrastructure. Expenditure that is not directly attributable, including utilities and administrative overheads, is expensed as incurred.

Depreciation is calculated on a diminishing value basis to write off the net cost of each item of plant and equipment over their expected useful lives as follows:

Plant and equipment 10% per annum / using the units-of-production method Fixtures and fittings 33% per annum Motor vehicles 25% per annum

The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date.

Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are included in the consolidated statement of profit and loss and other comprehensive income.

Note 10. Right-of-use assets

Non-current assets Accommodation - right-of-use Less: Accumulated depreciation Motor vehicles - right-of-use Less: Accumulated depreciation	Consolidated 2025 2024 $ $ 1,973,336 - (411,112) -	Consolidated 2025 2024 $ $ 1,973,336 - (411,112) -
	1,562,224	-
	650,634 (126,527)	- -
	524,107	-
	2,086,331	-

Polymetals Resources Ltd Notes to the consolidated financial statements 30 June 2025

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Note 10. Right-of-use assets (continued)

Reconciliations

Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:

Consolidated Balance at 1 July 2023 Balance at 30 June 2024 Additions Depreciation expense Balance at 30 June 2025	Accommodation right-of-use $ -	Motor vehicles right-of-use $ -	Total $ -
	- 1,973,336 (411,112)	- 650,634 (126,527)	- 2,623,970 (537,639)
	1,562,224	524,107	2,086,331

For more information on the associated leases, refer to note 14.

Accounting policy for right-of-use assets

Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated useful life of the asset, whichever is the shorter. Where the consolidated entity expects to obtain ownership of the leased asset at the end of the lease term, the depreciation is over its estimated useful life. Right-of use assets are subject to impairment or adjusted for any remeasurement of lease liabilities.

The consolidated entity has elected not to recognise a right-of-use asset and corresponding lease liability for short-term leases with terms of 12 months or less and leases of low-value assets. Lease payments on these assets are expensed to profit or loss as incurred.

Note 11. Intangible assets

Non-current assets Right to acquire the Endeavor Mine	Consolidated 2025 2024 $ $ 9,100,000 22,933,519

Polymetals Resources Ltd Notes to the consolidated financial statements 30 June 2025

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Note 11. Intangible assets (continued)

Reconciliations

Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:

Consolidated Balance at 1 July 2023 Additions Balance at 30 June 2024 Completion of the acquisition of Endeavor mine assets (note 27) Balance at 30 June 2025	Right to acquire Endeavor mine $ 18,636,657 4,296,862
	22,933,519 (13,833,519)
	9,100,000

Right to acquire the Endeavor Mine

On 12 May 2023, the Company acquired the right to purchase the shares in three companies, two of which (Cobar Operations Pty Ltd and Endeavor Operations Pty Ltd) own the Endeavor silver-zinc mine in Cobar, NSW (the Endeavor Mine) and the third (Cobar Infrastructure Pty Ltd) holds residential properties. On 1 August 2024, the consolidated entity acquired Cobar Operations Pty Ltd and Endeavor Operations Pty Ltd and the balance of the right to acquire the Endeavor Mine asset has been allocated to the assets acquired (refer note 27). To be eligible to acquire Cobar Infrastructure Pty Ltd, the consolidated entity will need to replace the Vendors exposure to existing Environmental Bond guarantees of $34,092,000 by 1 August 2026, therefore the remaining balance represents the right to acquire Cobar Infrastructure Pty Ltd.

Accounting policy for mine properties Right to acquire Endeavor Mine

Care and maintenance costs were capitalised to the right to acquire the Endeavor Mine. The right to acquire the Endeavor Mine asset is not amortised and is subsequently measured at cost less any impairment.

Note 12. Trade and other payables

Current liabilities Trade payables Payable to Cobar Water Board Payroll tax payable Accruals BAS payable Other payables	Consolidated 2025 2024 $ $ 9,995,239 910,462 2,216,554 - 280,512 - 3,082,768 - 65,616 - 843,102 697,578	Consolidated 2025 2024 $ $ 9,995,239 910,462 2,216,554 - 280,512 - 3,082,768 - 65,616 - 843,102 697,578
	16,483,791	1,608,040

Included in Other payables is $nil (2024: $160,500) and in Trade payables is $120,000 (2024: $6,602) payable to directors at 30 June 2025.

Polymetals Resources Ltd Notes to the consolidated financial statements 30 June 2025

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Note 12. Trade and other payables (continued)

Refer to note 20 for further information on financial instruments.

Accounting policy for trade and other payables

Due to their short-term nature, trade and other payables are measured at amortised cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition.

Note 13. Borrowings

Current liabilities Bank overdraft Related party loans Equipment finance Ocean Partners loan facility Premium finance Employee loans Non-current liabilities Equipment finance	Consolidated 2025 2024 $ $ 100,813 - - 2,505,512 3,049,466 - 14,903,643 - 187,124 - 17,500 -	Consolidated 2025 2024 $ $ 100,813 - - 2,505,512 3,049,466 - 14,903,643 - 187,124 - 17,500 -
	18,258,546	2,505,512
	6,446,516	-
	24,705,062	2,505,512

Refer to note 20 for further information on financial instruments.

Financing arrangements

Unrestricted access was available at the reporting date to the following lines of credit:

Total facilities Related party loans Ocean Partners loan facility Used at the reporting date Related party loans Ocean Partners loan facility Unused at the reporting date Related party loans Ocean Partners loan facility	Consolidated 2025 2024 $ $ - 2,505,512 30,683,412 -	Consolidated 2025 2024 $ $ - 2,505,512 30,683,412 -
	30,683,412	2,505,512
	- 14,903,643	2,505,512 -
	14,903,643	2,505,512
	- 15,779,769	- -
	15,779,769	-

Polymetals Resources Ltd Notes to the consolidated financial statements 30 June 2025

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Note 13. Borrowings (continued)

Related party loans

A related party, Meadowhead Investments Pty Ltd ('Meadowhead'), agreed to provide the consolidated entity with a loan facility of up to $1,350,000. The loan was unsecured and could be drawn down at any time. The key terms of the facility were as follows:

(i) Repayment date - the earlier of the next capital raising or 18 months from the first drawdown date
(ii) Interest rate - 5% per annum, compounded monthly until the end of the loan

Of the $1,555,512 outstanding from the Meadowhead loan at 30 June 2024, $1,400,000 was repaid by the issue of 5,000,000 shares in the Company on 17 July 2024 (refer note 17) and the remaining loan was repaid by cash during the year ended 30 June 2025.

The $950,000 loan from a related party, Deering Nominees Pty Ltd, was repaid in full during the year ended 30 June 2025.

Equipment finance

The consolidated entity has various finance arrangements for motor vehicles and other equipment. Borrowings are measured at amortised cost using the effective interest method. Interest rates are fixed and secured over specific assets with a net book value of $9,237,628 at 30 June 2025. Most arrangements are for a term of 36 months, with interest rates ranging from 6.25% to 8.75%.

Ocean Partners loan facility

On 27 June 2023 the consolidated entity announced that it has entered into a binding Term Sheet with Ocean Partners UK Limited (OPUK) for an unsecured US$10,000,000 pre-payment funding facility, subject to certain conditions, to provide development funding and working capital for the recommencement of mining and processing operation at the Company's underground silver-zinc-lead Endeavor Mine in the Cobar basin, NSW. On 16 September 2024, the pre-payment funding facility was replaced by an upgraded US$20,000,000 revolving loan facility for the same purpose.

The key terms of the facility are as follows:

(i) Facility limit - US$20,000,000 (at 30 June 2025, this translates to A$30,683,412)
(ii) Contract - six-year offtake of zinc and silver-lead concentrates produced from the Endeavor Mine. No offtake on toll treated ores.

Zinc: Pricing is derived from the average London Metal Exchange price over the five days prior to shipment. Treatment charge costs are derived from reference to 50% benchmark (Korea Zinc-Teck) and 50% of the non-benchmark spot treatment charges.

Silver-lead: Lead pricing is derived from the average London Metal Exchange price over the five days prior to shipment. Silver pricing is derived from the average London Bullion Market Association price over the five days prior to shipment. Treatment and refining charge costs are levied with reference to Cannington benchmark.

(iii) Interest - 12-month Secured Overnight Financing Rate + 6.0%
(iv) Term - Revolving facility up to 36 months from first drawdown
(v) Share subscription - 1,118,280 fully paid POL shares and 2,500,000 share options
(vi) Arrangement fee - 1% of drawn funds.
(vii) Security - General security over Cobar Operations Pty Ltd ranked pari-passu with the Endeavor Mine rehabilitation bond and parent company guarantee
(viii) Repayment - 10% of facility amount to be repaid quarterly, with the repayment period starting after the 6- month grace period. Repaid amounts can be redrawn on the same terms revolving over the 36-month term. Outstanding balances upon maturity shall be subject to a bullet repayment. Early repayment can be made any time with five days' notice.
(ix) Grace period - six months

Subsequent to the year-end, the above US$20,000,000 facility was reduced to US$10,000,000 (refer note 29).

Polymetals Resources Ltd Notes to the consolidated financial statements 30 June 2025

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Note 14. Lease liabilities

Current liabilities Lease liability - Cobar accommodation Lease liability - Motor vehicles Non-current liabilities Lease liability - Cobar accommodation Lease liability - Motor vehicles	Consolidated 2025 2024 $ $ 976,954 - 214,867 -	Consolidated 2025 2024 $ $ 976,954 - 214,867 -
	1,191,821	-
	615,643 318,298	- -
	933,941	-
	2,125,762	-

Refer to note 20 for further information on financial instruments.

On 1 February 2025 a lease commenced for all 26 rooms at Cobar Crossroads Motel, Town & Country and Cobar Motor Inn. The lease is for two years to 31 January 2027, with two options for a further two years each. A daily unoccupied room rate of $110 plus GST is payable per room and this is increased to $145 plus GST for an occupied room. The lease liability on commencement of the lease was $1,973,336. Management are not reasonably certain that the options will be exercised therefore these are excluded from the calculation of the lease liability.

The consolidated entity also leases 7 Toyota Landcruisers and a 12-seater bus. The leases all commenced in December 2024 and are for terms ranging from 24 months to 36 months.

Lease liabilities are secured by the related leased assets.

Accounting policy for lease liabilities

A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the present value of the lease payments to be made over the term of the lease, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the consolidated entity's incremental borrowing rate. Lease payments comprise of fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, amounts expected to be paid under residual value guarantees, exercise price of a purchase option when the exercise of the option is reasonably certain to occur, and any anticipated termination penalties. The variable lease payments that do not depend on an index or a rate are expensed in the period in which they are incurred.

Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are remeasured if there is a change in the following: future lease payments arising from a change in an index or a rate used; residual guarantee; lease term; certainty of a purchase option and termination penalties. When a lease liability is remeasured, an adjustment is made to the corresponding right-of use asset, or to profit or loss if the carrying amount of the right-of-use asset is fully written down.

Polymetals Resources Ltd Notes to the consolidated financial statements 30 June 2025

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Note 15. Employee benefits

Current liabilities Annual leave Non-current liabilities Long service leave Note 16. Provisions Non-current liabilities Rehabilitation provision	Consolidated 2025 2024 $ $ 1,024,570 -	Consolidated 2025 2024 $ $ 1,024,570 -
	43,222	-
	1,067,792	-
	Consolidated 2025 2024 $ $ 34,092,000 -

Rehabilitation provision

The provision for rehabilitation costs relate to a present assessment of the costs to reinstate the disturbed area of the Endeavor Mine in accordance with the relevant consent. Provisions have been made to rehabilitate all areas of disturbance including surface infrastructure, buildings, underground mine workings and underground entries, using internal and external expert assessments of each aspect to calculate an anticipated cash outflow discounted to net present value. At each reporting date the rehabilitation provision is re-measured in line with the then-current level of disturbance, cost estimates, and other key inputs.

Movements in provisions

Movements in each class of provision during the current financial year, other than employee benefits, are set out below:

Consolidated - 2025 Carrying amount at the start of the year Additions through asset acquisition (note 27) Carrying amount at the end of the year	Rehabilitation provision $ - 34,092,000
	34,092,000

Accounting policy for provisions

Provisions are recognised when the consolidated entity has a present (legal or constructive) obligation as a result of a past event, it is probable the consolidated entity will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. If the time value of money is material, provisions are discounted using a current pre-tax rate specific to the liability. The increase in the provision resulting from the passage of time is recognised as a finance cost.

Polymetals Resources Ltd Notes to the consolidated financial statements 30 June 2025

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Note 17. Issued capital

Consolidated 2024 2025 Shares $ 186,760,665 79,621,946	Consolidated 2024 2025 Shares $ 186,760,665 79,621,946	2024 $ 39,765,767
Shares 137,714,126 11,777,057 325,040 1,185,000 1,167,000 5,449,585 7,142,857 22,000,000	Issue price $0.31 $0.31 $0.25 $0.25 $0.32 $0.35 $0.28 $0.28 $0.28 $0.28 $0.72 $0.35 $0.80 $0.80 $0.35	$ 25,488,064 3,650,888 100,762 296,250 291,750 1,743,867 2,500,000 6,160,016 (465,830)
186,760,665 5,000,000 2,000,000 1,000,000 1,118,280 1,762,500 43,750,000 529,375 7,142,857		39,765,767 1,400,000 560,000 280,000 800,000 616,875 35,000,000 423,500 2,500,000 (1,724,196)
249,063,677		79,621,946

Ordinary shares

Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the Company does not have a limited amount of authorised capital.

On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.

(a) Shares issued to settle debts

On 17 July 2024, 5,000,000 ordinary shares were issued to a related party, Meadowhead Investments Pty Ltd, in settlement of $1,400,000 of the loan outstanding (refer note 13).

Polymetals Resources Ltd Notes to the consolidated financial statements 30 June 2025

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Note 17. Issued capital (continued)

(b) Placement

On 23 July 2024, 2,000,000 ordinary shares were issued at $0.28 per share to raise working capital totalling $560,000.

On 17 February 2025, the Company issued 43,750,000 ordinary shares for $0.80 per share to strengthen the balance sheet as the Endeavor Mine progresses to production, and to increase the Company's exploration activities. The placement raised $35,000,000.

On 1 August 2024, 1,000,000 ordinary shares were issued to the vendors of the Endeavor Mine companies, valued at $280,000 (refer note 27).

(d) Shares issued to lender

As required under the Ocean Partners UK Ltd loan facility, on 13 September 2024 the consolidated entity issued 1,118,280 ordinary shares to Ocean Partners UK Ltd at $0.72 per share (refer note 11).

(e) Shares issued under loan-funded share plan

On 5 September 2024, the Company granted 3,525,000 loan-funded shares under a loan-funded share plan, split between 15 staff including the Board, Executives and Senior Management. On 19 December 2024, 1,762,500 loan-funded shares vested and were issued. The loans are repayable only from the proceeds of the sale of the shares or their market value at the time of repayment. The shares issued under the plan are included in issued capital, with a corresponding equity reserve to reflect the loan-funded nature of the arrangement (refer note 18). The fair value of the share-based payment expense is recognised in profit or loss over the vesting period. As at 30 June 2025, the total number of shares issued under the plan was 1,762,500, and the outstanding loan balance was $616,875.

(f) Shares issued under Share Purchase Plan

On 17 March 2025, 529,375 shares were issued to existing shareholders at $0.80 per share under a Share Purchase Plan.

(g) Shares issued under agreement dated 27 May 2024

On 27 May 2024, 7,142,857 shares were issued to Metals Acquisition Corp. (Australia) Pty Ltd, a wholly-owned subsidiary of Metals Acquisitions Limited ("Metals Acquisitions") (ASX: MAC), a company that owns and operates the CSA copper mine located 5km north of Cobar, NSW. During the year ended 30 June 2024, the Company entered into an alliance with Metals Acquisitions to allow each company to exploit synergies between the neighbouring mines.

Under the alliance, Metals Acquisitions:

(1) Subscribed to $2.5m of ordinary shares in the Company at $0.35 per share for an initial 4.31% interest in the Company.
(2) Will subscribe to a further $2.5m of ordinary shares in the Company at $0.35 per share subject to the satisfaction of certain conditions precedent as follows:
i) the Company securing sufficient funding to restart the Endeavor mine and processing plant; ii) the Company and Metals Acquisitions entering into a tolling agreement to treat zinc ore delivered by Metals Acquisitions to the Company (with a treatment charge of costs plus 35%);
iii) the Company and Metals Acquisitions entering into a Water Offtake agreement whereby the Company will allow Metals Acquisitions to draw 150ml of water annually from the Endeavor mine pipeline for a term of 4.5 years. Metals Acquisitions will have the option to extend beyond the initial 4.5 years on terms to be agreed in good faith between parties; and
ix) Metals Acquisitions securing any necessary third-party consents (including from its secured lenders and Glencore Plc) to undertake the transactions contemplated.
(3) Will have the right to appoint one director to the Board once it holds 7% of the issued shares in the Company.

On 1 April 2025, 7,142,857 shares were issued to Metals Acquisitions in line with the above agreement for $0.35 per share, as all conditions precedent were met.

Polymetals Resources Ltd Notes to the consolidated financial statements 30 June 2025

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Note 17. Issued capital (continued)

Options

On 5 September 2024, the Company granted 3,525,000 loan-funded shares under a Loan Funded Share Plan, split between 15 staff including the Board, Executives and Senior Management (refer to note 32).

As required under the Ocean Partners UK Ltd loan facility, on 13 September 2024 the consolidated entity issued 2,500,000 share options to Ocean Partners UK Ltd with an exercise price of $1.00 that expire on 23 November 2026. The total fair value of the options at grant date was $448,552 (refer to note 32).

Share buy-back

There is no current on-market share buy-back.

Capital risk management

The consolidated entity's objectives when managing capital is to safeguard its ability to continue as a going concern, so that it can provide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure to reduce the cost of capital.

The consolidated entity is not exposed to externally imposed capital requirements.

The consolidated entity monitors capital through the gearing ratio, which is calculated as net debt divided by total capital. Net debt is calculated as total borrowings less cash and cash equivalents. Total capital is defined as equity per the statement of financial position plus net debt.

The Board reviews the capital structure on an annual basis. As a part of this review the Board considers the cost of capital and risks associated with each class of capital. A high gearing ratio will be expected as the consolidated entity enters into its development stage and more debts are required to fund the operation and development activities.

The capital risk management policy remains unchanged from the 2024 Annual Report.

The consolidated entity monitors capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings (including 'trade and other payables' and 'borrowings' as shown in the statement of financial position) less 'cash and cash equivalents' as shown in the statement of financial position. Total capital is calculated as 'total equity' as shown in the statement of financial position (including non-controlling interest) plus net debt.

The gearing ratio at the reporting date was as follows:

Current liabilities - trade and other payables (note 12) Current liabilities - borrowings (note 13) Non-current liabilities - borrowings (note 13) Total borrowings Current assets - cash and cash equivalents (note 6) Net debt/(Cash and cash equivalents, net of debt) Total equity Total capital Gearing ratio	Consolidated 2025 2024 $ $ 16,483,791 1,608,040 18,258,546 2,505,512 6,446,516 -	Consolidated 2025 2024 $ $ 16,483,791 1,608,040 18,258,546 2,505,512 6,446,516 -
	41,188,853 (8,375,993)	4,113,552 (7,875,287)
	32,812,860 18,792,782	(3,761,735) 26,826,568
	51,605,642	23,064,833
	64%	(16%)

Polymetals Resources Ltd Notes to the consolidated financial statements 30 June 2025

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Note 18. Reserves

Share-based payments reserve Options reserve Loan-funded shares reserve	Consolidated 2025 2024 $ $ 575,176 206,145 - 245,000 (616,875) -	Consolidated 2025 2024 $ $ 575,176 206,145 - 245,000 (616,875) -
	(41,699)	451,145

Share-based payments reserve

The reserve is used to recognise the value of equity benefits provided to employees and directors as part of their remuneration.

Options reserve

The reserve is used to recognise the value of share options provided to other parties as part of their compensation for services.

Loan-funded shares reserve

The loan-funded shares reserve represents the equity component of the Company’s loan-funded share plan. Under the plan, shares are issued to participants at fair value, funded by non-recourse loans provided by the Company. The loans are repayable only from the proceeds of the sale of the shares or their market value at the time of repayment. The reserve reflects the unpaid portion of the loan and is adjusted as the loans are repaid or shares are forfeited (refer note 17).

Note 19. Dividends

There were no dividends paid, recommended or declared during the current or previous financial year.

Note 20. Financial instruments

Financial risk management objectives

In common with all other businesses, the consolidated entity is exposed to risks that arise from its use of financial instruments. This note describes the consolidated entity’s objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements.

There have been no substantive changes in the consolidated entity’s exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous years unless otherwise stated in this note.

The consolidated entity’s financial instruments consist mainly of cash and cash equivalents, receivables, payables, and borrowings.

The Board has overall responsibility for the determination of the consolidated entity’s risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the consolidated entity’s finance function.

The overall objective of the Board is to set polices that seek to reduce risk as far as possible without unduly affecting the consolidated entity’s competitiveness and flexibility. Further details regarding these policies are set out below.

Polymetals Resources Ltd Notes to the consolidated financial statements 30 June 2025

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Note 20. Financial instruments (continued)

Market risk

Foreign currency risk

The consolidated entity undertakes certain transactions denominated in foreign currency and is exposed to foreign currency risk through foreign exchange rate fluctuations.

Foreign exchange risk arises from future commercial transactions and recognised financial assets and financial liabilities denominated in a currency that is not the entity's functional currency. The risk is measured using sensitivity analysis and cash flow forecasting.

At 30 June 2025, the consolidated entity had a USD$20,000,000 revolving credit facility with Ocean Partners. Any amounts drawn under this facility are denominated in US dollars, exposing the consolidated entity to foreign currency risk on changes in the AUD/USD exchange rate, as repayments will be made from Australian dollar-denominated funds. The facility limit was reduced to USD$10,000,000 subsequent to the year end.

At 30 June 2025, if the Australian dollar had weakened/strengthened by 10% against the US dollar with all other variables held constant, the post-tax loss would have been $1,659,984 higher/ $1,355,555 lower as a result of foreign exchange gains/losses on the USD-denominated revolving credit facility.

Apart from the Alahiné and Mansala projects in the Republic of Guinea and the USD$20,000,000 revolving credit facility, the consolidated entity has no other significant exposure to foreign exchange risk, as there are effectively no other foreign currency transactions outstanding. The likely impact of this risk is considered minimal at this stage due to the exploration nature of the assets and the current level of utilisation of the facility.

Price risk

The consolidated entity’s revenue and future operating results will be exposed to fluctuations in the prices of silver, zinc and lead. No sales were made during the reporting period; however, fluctuations in commodity prices could have a material impact on future financial performance and cash flows once sales commence.

The entity does not currently hedge its commodity price risk. The Board and Management monitor market conditions and commodity prices to assess potential impacts on financial results and future capital and operating plans.

Interest rate risk

Interest rate risk arises principally from cash and cash equivalents and borrowings. The consolidated entity’s borrowings include a USD 20 million revolving credit facility at a variable interest rate (12-month Secured Overnight Financing Rate + 6.0%). Variable rate borrowings expose the consolidated entity to cash flow interest rate risk, while fixed rate borrowings expose it to fair value interest rate risk. At 30 June 2025, the used facility totalled $14,903,643. The objective of interest rate risk management is to manage and control interest rate exposures within acceptable parameters while optimising returns.

The consolidated entity's main interest rate risk arises from long-term borrowings obtained at variable rates.

The consolidated entity performed multiple capital raisings during the year ended 30 June 2025 which has led to a large closing cash at bank balance of $8,375,993 at 30 June 2025. These balances are subject to interest rate risk as changes in market interest rates can affect the interest income earned on these balances.

Exposure to interest rate risk arises on financial assets and financial liabilities at reporting date whereby a future change in interest rates will affect future cash flows.

Polymetals Resources Ltd Notes to the consolidated financial statements 30 June 2025

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Note 20. Financial instruments (continued)

Basis points increase Basis points decrease Consolidated - 2025 Basis points change Effect on profit before tax Effect on equity Basis points change Effect on profit before tax Effect on equity Cash and cash equivalents 100 83,760 83,760 (100) (83,760) (83,760) Borrowings 100 (149,036) (149,036) (100) 149,036 149,036 (65,276) (65,276) 65,276 65,276 Basis points increase Basis points decrease Consolidated - 2024 Basis points change Effect on profit before tax Effect on equity Basis points change Effect on profit before tax Effect on equity Cash and cash equivalents 100 78,753 78,753 (100) (78,753) (78,753) Borrowings 100 (25,055) (25,055) (100) 25,055 25,055 53,698 53,698 (53,698) (53,698)	Basis points increase Basis points decrease Consolidated - 2025 Basis points change Effect on profit before tax Effect on equity Basis points change Effect on profit before tax Effect on equity Cash and cash equivalents 100 83,760 83,760 (100) (83,760) (83,760) Borrowings 100 (149,036) (149,036) (100) 149,036 149,036 (65,276) (65,276) 65,276 65,276 Basis points increase Basis points decrease Consolidated - 2024 Basis points change Effect on profit before tax Effect on equity Basis points change Effect on profit before tax Effect on equity Cash and cash equivalents 100 78,753 78,753 (100) (78,753) (78,753) Borrowings 100 (25,055) (25,055) (100) 25,055 25,055 53,698 53,698 (53,698) (53,698)	Basis points increase Basis points decrease Consolidated - 2025 Basis points change Effect on profit before tax Effect on equity Basis points change Effect on profit before tax Effect on equity Cash and cash equivalents 100 83,760 83,760 (100) (83,760) (83,760) Borrowings 100 (149,036) (149,036) (100) 149,036 149,036 (65,276) (65,276) 65,276 65,276 Basis points increase Basis points decrease Consolidated - 2024 Basis points change Effect on profit before tax Effect on equity Basis points change Effect on profit before tax Effect on equity Cash and cash equivalents 100 78,753 78,753 (100) (78,753) (78,753) Borrowings 100 (25,055) (25,055) (100) 25,055 25,055 53,698 53,698 (53,698) (53,698)
	(53,698)	(53,698)

Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the consolidated entity. This usually occurs when debtors fail to settle their obligations owing to the consolidated entity. The consolidated entity ’s objective is to minimise the risk of loss from credit risk exposure.

The maximum exposure to credit risk, excluding the value of any collateral or other security, at reporting date to recognised financial assets, is the carrying amount, net of any provisions for impairment of those assets, as disclosed in the statement of financial position and notes to the financial statements.

Credit risk is reviewed regularly by the Board. It arises from exposure to receivables as well as through deposits with financial institutions.

The consolidated entity does not have any material credit risk exposure to any single debtor or group of debtors under financial instruments entered into by the consolidated entity and at the reporting date.

The consolidated entity’s cash at bank is wholly held with the Commonwealth Bank of Australia.

Liquidity risk

Vigilant liquidity risk management requires the consolidated entity to maintain sufficient liquid assets (mainly cash and cash equivalents) and available borrowing facilities to be able to pay debts as and when they become due and payable.

The consolidated entity manages liquidity risk by monitoring forecast cash flows for the possible need to obtain debt or equity finance.

Related parties agreed to provide the consolidated entity with a loan facility of up to $2,505,512 in 2024 (refer note 13). The facilities were fully utilised at 30 June 2024 and were repaid in full by 30 June 2025.

Polymetals Resources Ltd Notes to the consolidated financial statements 30 June 2025

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Note 20. Financial instruments (continued)

The consolidated entity has entered into a binding Term Sheet with Ocean Partners UK Limited (OPUK) for an unsecured US$20,000,000 (A$30,534,351) concentrate pre-payment funding facility which will provide development funding and working capital for the recommencement of mining and processing operation at the Company's underground Silver-Zinc Endeavor Mine in the Cobar basin, NSW (refer note 13). Subsequent to the year-end, the US$20,000,000 facility was reduced to US$10,000,000 (refer note 29).

Remaining contractual maturities

The following tables detail the consolidated entity's remaining contractual maturity for its financial instrument liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the financial liabilities are required to be paid. The tables include both interest and principal cash flows disclosed as remaining contractual maturities and therefore these totals may differ from their carrying amount in the statement of financial position.

1 year or less $ 16,483,791 100,813 15,090,767 3,695,847 1,304,789	Between 1 and 2 years $ - - - 3,658,203 862,800	Between 2 and 5 years $ - - - 3,298,500 98,734	Over 5 years $ - - - - -	Remaining contractual maturities $ 16,483,791 100,813 15,090,767 10,652,550 2,266,323
36,676,007	4,521,003	3,397,234	-	44,594,244
1 year or less $ 1,608,040 2,505,512	Between 1 and 2 years $ - -	Between 2 and 5 years $ - -	Over 5 years $ - -	Remaining contractual maturities $ 1,608,040 2,505,512
4,113,552	-	-	-	4,113,552

The cash flows in the maturity analysis above are not expected to occur significantly earlier than contractually disclosed above.

Fair value of financial instruments

Unless otherwise stated, the carrying amounts of financial instruments reflect their fair value.

Polymetals Resources Ltd Notes to the consolidated financial statements 30 June 2025

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Note 21. Key management personnel disclosures

Compensation

The aggregate compensation made to directors and other members of key management personnel of the consolidated entity is set out below:

Short-term employee benefits Post-employment benefits Share-based payments	Consolidated 2025 2024 $ $ 758,671 316,012 56,887 3,001 31,879 -	Consolidated 2025 2024 $ $ 758,671 316,012 56,887 3,001 31,879 -
	847,437	319,013

Note 22. Remuneration of auditors

During the financial year the following fees were paid or payable for services provided by RSM Australia Partners, the auditor of the Company:

	Consolidated	Consolidated
	2025	2024
	$	$
Audit services - RSM Australia Partners
Audit or review of the financial statements	123,000	50,000

Note 23. Contingent liabilities and contingent assets

Under the terms of the acquisition of the Endeavor Mine companies (refer note 27), the consolidated entity has until 1 August 2026 to procure the replacement of the Environmental Bonds - MLs. If these bonds are not replaced before this date, the seller may exercise its security over the Endeavor Mine companies and reclaim ownership, or the consolidated entity could pay $34,092,000 in cash to replace the Environmental Bonds - MLs.

At the reporting date, management expects to meet this obligation within the required timeframe.

During the year ended 30 June 2025, the Company entered a loan facility with Ocean Partners UK Ltd to fund the restart of the Endeavor Mine totalling US$20,000,000. Subsequent to the year end, the facility limit reduced to US$10,000,000 (refer note 29). In conjunction with this facility arrangement, the Company executed a sixyear offtake agreement with Ocean Partners UK Ltd relating to zinc and silver-lead concentrates produced from the Endeavor Mine. The offtake is dependent on future production benchmarks which may or may not occur.

The consolidated entity is not aware of any other contingent liabilities or contingent assets as at the date of this financial report.

Polymetals Resources Ltd Notes to the consolidated financial statements 30 June 2025

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Note 24. Commitments

Committed at the reporting date but not recognised as liabilities, payable: Within one year	Consolidated 2025 2024 $ $ 34,092,000 27,996,000

The consolidated entity is required to pay $34,092,000 (increased from $27,996,000 at 30 June 2024) of Environmental Bonds in favour of the Minister of the Government of New South Wales to meet the environmental obligations of the Endeavor Mine tenements.

Note 25. Related party transactions

Legal parent entity

Polymetals Resources Ltd is the legal parent entity.

Subsidiaries

Interests in subsidiaries are set out in note 28.

Key management personnel

Disclosures relating to key management personnel are set out in note 21 and the remuneration report included in the directors' report.

Transactions with related parties

The following transactions occurred with related parties:

	Consolidated	Consolidated
	2025	2024
	$	$
Payment for other expenses:
Interest payable to other related party	-	78,103
Other transactions:
Subscription for ordinary shares under rights issue by key management personnel,
including their personally related parties	-	1,115,938

Receivable from and payable to related parties

The following balances are outstanding at the reporting date in relation to transactions with related parties:

	Consolidated	Consolidated
	2025	2024
	$	$
Current payables:
Trade payables to key management personnel	120,000	6,602
Other payables to key management personnel	-	160,500
Interest payable to other related party	-	78,103

Polymetals Resources Ltd Notes to the consolidated financial statements 30 June 2025

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Note 25. Related party transactions (continued)

Loans to/from related parties

The following balances are outstanding at the reporting date in relation to loans with related parties:

	Consolidated	Consolidated
	2025	2024
	$	$
Current borrowings:
Loan from other related party - Meadowhead Investments Pty Ltd	-	1,555,512
Loan from other related party - Deering Nominees Pty Ltd	-	950,000

Note 26. Parent entity information

Set out below is the supplementary information about the legal parent entity.

Statement of profit or loss and other comprehensive income

Loss after income tax Total comprehensive income	Parent 2025 2024 $ $ (7,794,409) (4,112,708)	Parent 2025 2024 $ $ (7,794,409) (4,112,708)
	(7,794,409)	(4,112,708)

Polymetals Resources Ltd Notes to the consolidated financial statements 30 June 2025

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Note 26. Parent entity information (continued)

Statement of financial position

Total current assets Total assets Total current liabilities Total liabilities Net assets Equity Issued capital Share-based payments reserve Options reserve Loan-funded shares reserve Accumulated losses Total equity	Parent 2025 2024 $ $ 8,761,117 7,871,738	Parent 2025 2024 $ $ 8,761,117 7,871,738
	75,162,651	29,272,052
	16,280,898	2,728,664
	16,599,196	2,728,664
	58,563,455	26,543,388
	84,763,047 575,176 - (616,875) (26,157,893)	44,906,872 206,145 245,000 - (18,814,629)
	58,563,455	26,543,388

Guarantees entered into by the parent entity in relation to the debts of its subsidiaries

The parent entity had no guarantees in relation to the debts of its subsidiaries as at 30 June 2025 and 30 June 2024.

Contingent liabilities

The parent entity had no contingent liabilities as at 30 June 2025 and 30 June 2024.

Capital commitments - Property, plant and equipment

The parent entity had no capital commitments for property, plant and equipment as at 30 June 2025 and 30 June 2024.

Material accounting policy information

The accounting policies of the parent entity are consistent with those of the consolidated entity, as disclosed in note 1, except for the following:

Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity.

Note 27. Asset acquisition

On 12 May 2023 the Company acquired the right to purchase the shares in three companies holding the Endeavor silver-zinc mine in Cobar, NSW (the Mine). During the year ended 30 June 2024, the terms of the agreement were amended to entitle the consolidated entity to acquire two of the three companies, with the acquisition of the third subsidiary holding residential properties deferred until Environmental Bond guarantees of $27,996,000 have been replaced. The Environmental Bond guarantees required to be replaced have since increased to $36,188,509.

Polymetals Resources Ltd Notes to the consolidated financial statements 30 June 2025

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Note 27. Asset acquisition (continued)

Cobar Operations Pty Ltd and Endeavor Operations Pty Ltd (the 'Endeavor Mine companies') together hold the Endeavor Mine assets and the acquisition of the Endeavor Mine companies completed on 1 August 2024. The new SSA allowed a further two years from completion of the acquisition of the Endeavor Mine companies to procure the replacement of the Environmental Bond guarantees, otherwise the consolidated entity was liable to pay cash to the vendor to release it from its obligations on rehabilitation of the Endeavor Mine site.

The total consideration for the acquisition was as follows:

The $1,000,000 upfront payment made prior to 30 June 2024.
$5,293,519 paid up until the completion of the acquisition relating to the right to acquire the Endeavor Mine.
Polymetals Resources Ltd ordinary shares valued at $16,640,000 issued in prior periods relating to the right to acquire the Endeavor Mine.
1,000,000 of Polymetals Resources Ltd ordinary shares valued at $280,000, issued to the vendors on 1 August 2024 (refer note 17).
Stamp duty payable on the acquisition of $119,345.

Substantially all of the fair value of the assets acquired are concentrated in a group of similar assets - the mining assets. The mining assets include all capitalised costs relevant to the Endeavor Mine, including exploration, development and production assets that are considered a group of similar assets as they collectively contribute to the extraction and processing of the resources at the Endeavor Mine. With reference to AASB 3 Business combinations , it has been determined that the acquisition is not a business combination and the transaction has therefore been accounted for as an asset acquisition. The cost of the acquisition, including the consideration paid to the vendor, and liabilities assumed, has been allocated across the relative fair value of the assets acquired.

Details of the acquisition are as follows:

Cash and cash equivalents Inventories Mining assets Employee benefits Rehabilitation provision Other liabilities assumed Assets acquired and liabilities assumed on acquisition date Right to acquire Endeavor assets at the beginning of the year Stamp duty paid during the year as part of consideration Shares issued by the Company during the year as part of consideration Total fair value of consideration transferred	Fair value $ 121,838 4,592,141 45,962,174 (134,735) (34,092,000) (2,216,554)
	14,232,864
	13,833,519 119,345 280,000
	14,232,864

Note 28. Interests in subsidiaries

Polymetals Resources Ltd is the legal parent entity of the consolidated entity and Golden Guinea Resources SARL is the accounting parent entity.

Polymetals Resources Ltd Notes to the consolidated financial statements 30 June 2025

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Note 28. Interests in subsidiaries (continued)

The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance with the accounting policy described in note 1:

		Ownership	interest
	Principal place of business /	2025	2024
Name	Country of incorporation	%	%
Golden Guinea Resources SARL	Guinea, Africa	100%	100%
Société Oro Tree Guinea Resources SARL	Guinea, Africa	100%	100%
Orana Minerals Pty Ltd	Australia	100%	100%
Cobar Metals Pty Ltd*	Australia	100%	100%
Cobar Operations Pty Ltd**	Australia	100%	-
Endeavor Operations Pty Ltd**	Australia	100%	-
Polymetals (Endeavor) Pty Ltd***	Australia	100%	-

Subsidiary of Orana Minerals Pty Ltd.

** Subsidiaries of Cobar Metals Pty Ltd, acquired during the year ended 30 June 2025 (refer note 27). *** Polymetals (Endeavor) Pty Ltd was registered on 23 July 2024.

Unless otherwise stated, the subsidiaries have share capital consisting solely of ordinary shares that are held directly by the consolidated entity, and the proportion of ownership interests is equal to the proportion of voting rights held by the consolidated entity.

Note 29. Events after the reporting period

On 14 July 2025, the Company issued 18,750,000 ordinary shares at $0.80 per share to raise $15,000,000 to replace the undrawn facility that is no longer available from Ocean Partners, as noted above.

Polymetals Resources Ltd Notes to the consolidated financial statements 30 June 2025

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Note 30. Cash flow information

Reconciliation of loss after income tax to net cash used in operating activities

Loss after income tax expense for the year Adjustments for: Depreciation and amortisation Impairment Share-based payments Write off of assets Finance costs - non-cash Change in operating assets and liabilities (excluding operating assets (acquired)/assumed on asset acquisition – note 27): Decrease in trade and other receivables Increase in inventories Increase in prepayments Increase in other operating assets Increase/(decrease) in trade and other payables Increase in employee benefits Net cash used in operating activities Changes in liabilities arising from financing activities Consolidated Balance at 1 July 2023 Net cash from financing activities Balance at 30 June 2024 Net cash from/(used in) financing activities Equity-settled (note 17) Acquisition of plant and equipment by means of leases Acquisition of leases Balance at 30 June 2025	Consolidated 2025 2024 $ $ (47,848,266) (3,273,241) 3,323,169 4,442 - 86,859 126,624 - 567,524 3,926 1,778,707 - 94,714 140,875 (3,920,470) - (448,602) - - (136,335) 8,550,068 (161,778) 933,057 -	Consolidated 2025 2024 $ $ (47,848,266) (3,273,241) 3,323,169 4,442 - 86,859 126,624 - 567,524 3,926 1,778,707 - 94,714 140,875 (3,920,470) - (448,602) - - (136,335) 8,550,068 (161,778) 933,057 -
	(36,843,475)	(3,335,252)
	Lease liabilities $ - -	Borrowings $ 1,350,000 1,155,512
	- (498,208) - - 2,623,970	2,505,512 13,604,149 (1,400,000) 9,894,588 -
	2,125,762	24,604,249

Polymetals Resources Ltd Notes to the consolidated financial statements 30 June 2025

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Note 31. Earnings per share

Loss after income tax attributable to the owners of Polymetals Resources Ltd Weighted average number of ordinary shares used in calculating basic earnings per share Weighted average number of ordinary shares used in calculating diluted earnings per share Basic earnings per share Diluted earnings per share Note 32. Share-based payments	Consolidated 2025 2024 $ $ (47,848,266) (3,273,241) Number Number 213,908,060 155,690,782	Consolidated 2025 2024 $ $ (47,848,266) (3,273,241)	Consolidated 2025 2024 $ $ (47,848,266) (3,273,241)	Consolidated 2025 2024 $ $ (47,848,266) (3,273,241)
				Number 155,690,782
	213,908,060			155,690,782
	Cents (22.4) (22.4)			Cents (2.1) (2.1)

A Loan Funded Share Plan (the plan) has been established by the consolidated entity whereby the consolidated entity may, at the discretion of the Board, grant Restricted Shares in the Company to certain key management personnel of the consolidated entity. The Plan was established to attract, motivate and retain current and prospective directors, employees and certain contractors of the consolidated entity and provide them with an incentive to deliver growth and value to all shareholders.

On 5 September 2024, the Company granted 3,525,000 loan-funded shares under the plan, split between 15 staff including the Board, Executives and Senior Management.

The options vest in the following circumstances:

25% upon drawdown of a debt facility to fund the restart of the Endeavor Mine
25% upon the Company’s shares trading at a 30-day VWAP above $0.50
25% upon first zinc or silver-lead concentrate shipment from the Endeavor Mine
25% upon exchange of Endeavor Mine Environmental Rehabilitation Bonds

The exercise conditions are as follows:

Exercise price of $0.35 per share
3-year term
Participants must remain engaged with the Company throughout the 3-year term
100% of options vest in the event of a change of control transaction

Under Accounting Standard AASB 2 Share-based Payment , the issuance of these shares has been accounted for as an in-substance option award. The fair value of these equity instruments was assessed by Directors based on an independent valuation (using an option-pricing model) and were recorded in the Share-based payments reserve (note 18). The total fair value of the in-substance options at grant date was $191,914.

On 19 December 2024, 1,762,500 loan-funded shares vested and were issued. The loans are repayable only from the proceeds of the sale of the shares or their market value at the time of repayment. The shares issued under the plan are included in issued capital (refer note 17), with a corresponding equity reserve to reflect the loan-funded nature of the arrangement (refer note 18).

Polymetals Resources Ltd Notes to the consolidated financial statements 30 June 2025

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Note 32. Share-based payments (continued)

Other share options

Outstanding at the beginning of the financial year Granted Exercised Outstanding at the end of the financial year Exercisable at the end of the financial year	Number of options Weighted average exercise price 2025 2025 - $0.00 6,025,000 $0.62 (1,762,500) $0.35 4,262,500 $0.73 4,262,500 $0.73	Number of options Weighted average exercise price 2024 2024 2,352,000 $0.25 - $0.00 (2,352,000) $0.25 - $0.00 - $0.00

The weighted average remaining contractual life of options outstanding at the end of the 2025 financial year was 1.86 years.

For the options granted during the current financial year, the valuation model inputs used to determine the fair value at the grant date, are as follows:

		Share price	Exercise	Expected	Dividend	Risk-free	Fair value
Grant date	Expiry date	at grant date	price	volatility	yield	interest rate	at grant date
05/09/2024	05/09/2027	$0.26	$0.35	48.00%	-	3.54%	$0.109
21/11/2024	23/11/2026	$0.72	$1.00	48.37%	-	4.08%	$0.180

Polymetals Resources Ltd Consolidated entity disclosure statement As at 30 June 2025

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Basis of preparation

The Consolidated Entity Disclosure Statement (CEDS) has been prepared in accordance with the Corporations Act 2001. It includes certain information for each entity that was part of the consolidated entity at the end of the financial year.

Determination of tax residency

Section 295 (3A) of the Corporations Act 2001 defines tax residency as having the meaning in the Income Tax Assessment Act 1997. The determination of tax residency involves judgment as there are currently several different interpretations that could be adopted, and which could give rise to a different conclusion on residency.

In determining tax residency, the consolidated entity has applied the following interpretations:

(a) Australian tax residency

The consolidated entity has applied current legislation and judicial precedent, including having regard to the Tax Commissioner's public guidance in Tax Ruling TR 2018/5.

(b) Foreign tax residency

Where necessary, the consolidated entity has used independent tax advisers in foreign jurisdictions to assist in determining tax residency and ensure compliance with applicable foreign tax legislation.

			Ownership
		Place formed /	interest
		Country of		Tax
Entity name	Entity type	incorporation	%	residency
Polymetals Resources Ltd (parent entity)	Body corporate	Australia		Australia
Golden Guinea Resources SARL	Body corporate	Guinea, Africa	100%	Guinea
Société Oro Tree Guinea Resources SARL	Body corporate	Guinea, Africa	100%	Guinea
Orana Minerals Pty Ltd	Body corporate	Australia	100%	Australia
Cobar Metals Pty Ltd	Body corporate	Australia	100%	Australia
Cobar Operations Pty Ltd	Body corporate	Australia	100%	Australia
Endeavor Operations Pty Ltd	Body corporate	Australia	100%	Australia
Polymetals (Endeavor) Pty Ltd	Body corporate	Australia	100%	Australia

Polymetals Resources Ltd Directors' declaration 30 June 2025

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In the directors' opinion:

the attached financial statements and notes comply with the Corporations Act 2001, the Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements;
the attached financial statements and notes comply with International Financial Reporting Standards as issued by the International Accounting Standards Board as described in note 1 to the financial statements;
the attached financial statements and notes give a true and fair view of the consolidated entity's financial position as at 30 June 2025 and of its performance for the financial year ended on that date;
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable; and
the information disclosed in the attached consolidated entity disclosure statement is true and correct.

The directors have been given the declarations required by section 295A of the Corporations Act 2001.

Signed in accordance with a resolution of directors made pursuant to section 295(5)(a) of the Corporations Act 2001.

On behalf of the directors

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_________ David Sproule Executive Chairman 29 September 2025

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INDEPENDENT AUDITOR’S REPORT

To the Members of Polymetals Resources Ltd and its controlled subsidiaries

REPORT ON THE AUDIT OF THE FINANCIAL REPORT

Opinion

We have audited the financial report of Polymetals Resources Ltd (the Company) and its subsidiaries (together the Consolidated entity), which comprises the consolidated statement of financial position as at 30 June 2025, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information, the consolidated entity disclosure statement and the directors' declaration.

In our opinion the accompanying financial report of the Consolidated entity is in accordance with the Corporations Act 2001, including:

(i) giving a true and fair view of the Consolidated entity's financial position as at 30 June 2025 and of its financial performance for the year then ended; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001.

Basis for Opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Consolidated entity in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (including independence standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor's report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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Material Uncertainty Related to Going Concern

We draw attention to Note 1 in the financial report, which indicates that for the year ended 30 June 2025 the Consolidated entity recorded a loss after tax of $47,848,266 and had net cash outflows from operating and investing activities of $36,843,475 and $12,621,877, respectively. As at 30 June 2025, the Consolidated entity’s current liabilities exceeded its current assets by $24,191,782. As stated in Note 1, these events or conditions, along with other matters as set forth in Note 1, indicate that a material uncertainty exists that may cast significant doubt on the Consolidated entity’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report of the current period. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. In addition to the matter described in the Material Uncertainty Related to Going Concern section, we have determined the matters described below to be the key audit matters to be communicated in our report.

Key Audit Matter	How our audit addressed this matter
*Assets acquisition*
Refer to Note 27 in the financial statements

On 1 August 2024, Polymetals completed the acquisition of Cobar Operations Pty Ltd, Endeavor Operations Pty Ltd (the ‘Endeavor Mine companies’), which together hold the Endeavor Plant and equipment and Mining assets, located in Cobar NSW, Australia (collectively, the Assets acquired). The total consideration for this acquisition was $14.2 million. The accounting of this Assets acquired was considered a Key Audit Matter as the accounting for the transaction and involved significant judgements in applying the accounting standards. These matters include the determination as to whether this transaction represents a business combination to be accounted for in accordance with AASB 3_Business Combinations_, the recognition and valuation of consideration paid, the determination of the fair value of the assets acquired and liabilities assumed.	Our audit procedures included, among others: • Obtaining the purchase agreements, shareholder agreements and other associated documents to understand the key terms and conditions; • Assessing the reasonableness of management’s conclusion that the Assets acquired did not represent a business combination; • Reviewing management’s process for the calculation of consideration paid; • Assessing the accuracy and completeness of the fair values of the identified assets and liabilities acquired; • Reviewing the work performed by management’s experts on the valuation of the Property, plant and equipment identified in the acquisition, with reference to the requirements of ASA 500_Audit Evidence_, which establishes mandatory requirements in relation to using the work of a management's expert; • Corroborating the appropriate of the valuation of share-based consideration paid; and • Reviewing the adequacy of the disclosures in the financial statement.

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Key Audit Matter How our audit addressed this matter Carrying value of Property, plant and equipment Refer to Notes 9 in the financial statements As at 30 June 2025, the carrying value of the Our audit procedures included, among others: Consolidated entity’s Property, plant and equipment • Conducting substantive analytical procedures to amounted to $68.7 million. Property, plant and corroborate the reasonable of the additions equipment relate mainly to the plant and equipment occurred during the year; and Mining assets at the Endeavor mine.

Conducting substantive analytical procedures to corroborate the reasonable of the additions occurred during the year;
Assessing management’s determination that Property, plant and equipment should be allocated to a single CGU based on the nature of the Consolidated entity’s business and the manner in which results are monitored and reported;

During the year ended 30 June 205, the Consolidated entity incurred a net loss of $47.8 million and had net cash outflows from operating and investing activities of $49.5 million. Given consideration to the requirements of AASB 136 Impairment of Assets , management has concluded the above-mentioned results for the year to be indicators of potential impairment and accordingly conducted an impairment test to estimate the recoverable amount the cash generating unit (‘CGU’) the Property, plant and equipment belong to. The recoverable amount was determined based on the value-in-use calculation.

Evaluating the valuation methodology used to determine the recoverable amount of the CGU. This included:
Holding discussions with management, reviewing ASX announcements and minutes of the directors' meetings to gather sufficient information regarding the operations of the reporting period, as well as the expectations going forward;

We consider this to be a key audit matter due to the significance of these assets (approx. 70% of the Consolidated entity’s total assets) and the significant management’s judgments and estimates involved in:

Challenging the reasonableness of key assumptions, including the cash flow projections, expected revenue growth, exchange rates, the discount rate, and sensitivities used; and
calculating the value in use for the CGU using a discounted cash flow model. These models used cash flows (estimation of the future underlying cashflows of the CGU),
the use of a discount rate to estimate the net present value of these cashflows using the entity’s weighted average cost of capital (WACC); and
Corroborating the mathematical accuracy of the cash flow model, and reconciling input data to supporting evidence, such as approved budgets and considering the reasonableness of these budgets.
comparing the resulting value in use of each CGU to their respective carrying value.

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Key Audit Matter	How our audit addressed this matter
*Provision for rehabilitation costs*
Refer to Notes 16 in the financial statements

As at 30 June 2025, the Consolidated entity’s provision for rehabilitation costs to reinstate the disturbed area of the Endeavor Mine amounted to$34 million. In June 2025, Polymentals conducted an update and assessment of the current work required to rehabilitate all areas of disturbance including surface infrastructure, buildings, underground mine workings and underground entries. The provision for site rehabilitation was considered a key audit matter due to the materiality of this liability, the significant judgements and estimations, and the complexity involved in the quantification of the liability.	Our audit procedures included, among others: • Obtaining an understanding of the process involved in the determination of the site rehabilitation liability; • Obtaining the calculations for the provision for site rehabilitation and verifying that the methodology used is in accordance with AASB 137_Provisions, Contingent Liabilities and_ Contingent Assets; • Reviewing the key assumptions used in the year end calculations and agreeing them to evidence supporting the assumptions used; and • Assessing the appropriateness of the disclosures included in the financial statements in relation to the provision for site rehabilitation.

Other Information

The directors are responsible for the other information. The other information comprises the information included in the Consolidated entity 's annual report for the year ended 30 June 2025; but does not include the financial report and the auditor's report thereon.

Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Directors for the Financial Report

The directors of the Company are responsible for the preparation of:

a) the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001; and
b) the consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001, and

for such internal control as the directors determine is necessary to enable the preparation of:

(i) the financial report (other than the consolidated entity disclosure statement) that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and
(ii) the consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to fraud or error.

In preparing the financial report, the directors are responsible for assessing the ability of the Consolidated entity to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Consolidated entity or to cease operations, or have no realistic alternative but to do so.

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Auditor's Responsibilities for the Audit of the Financial Report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.

A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website at: https://www.auasb.gov.au/admin/file/content102/c3/ar2_2020.pdf

This description forms part of our auditor's report.

REPORT ON THE REMUNERATION REPORT

Opinion on the Remuneration Report

We have audited the Remuneration Report included in pages 21 to 28 of the directors' report for the year ended 30 June 2025.

In our opinion, the Remuneration Report of Polymetals Resources Ltd, for the year ended 30 June 2025, complies with section 300A of the Corporations Act 2001.

Responsibilities

The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards.

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RSM AUSTRALIA PARTNERS

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R J MORILLO MALDONADO

Partner

Melbourne, VIC Dated: 29 September 2025

Polymetals Resources Ltd Shareholder Information 30 June 2025

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The shareholder information set out below was applicable as at 25 September 2024.

Distribution of equitable securities

Analysis of number of equitable security holders by size of holding:

1 to 1,000 1,001 to 5,000 5,001 to 10,000 10,001 to 100,000 100,001 and over Holding less than a marketable parcel	Ordinary shares % of total Number shares of holders issued 263 0.07 647 0.64 350 1.04 563 6.47 161 91.79	Ordinary shares % of total Number shares of holders issued 263 0.07 647 0.64 350 1.04 563 6.47 161 91.79
	1,984	100
	32	0.00

Equity security holders

Twenty largest quoted equity security holders

The names of the twenty largest security holders of quoted equity securities are listed below:

CITICORP NOMINEES PTY LIMITED MEADOWHEAD INVESTMENTS PTY LTD DEERING NOMINEES PTY LTD MEADOWHEAD INVESTMENTS PTY LTD MR STEPHEN LEE JACKSON P & D SUPER AUSTRALIA PTY LTD SPARTA INVEST AG BNP PARIBAS NOMS PTY LTD TA SECURITIES HOLDINGS BERHAD METALS ACQUISITION CORP (AUSTRALIA) BNP PARIBAS NOMS PTY LTD HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED J P MORGAN NOMINEES AUSTRALIA PTY LIMITED OCEAN PARTNERS UK LIMITED AGUIBOU BAH MR PAUL ROBERT MCCALLUM ANG HUI YING SPROULE SUPER FUND PTY TLD DEERING NOMINEES PTY LTD MRS JASMINE LEE CREIGHTON	Ordinary shares % of total shares Number held issued 37,085,109 13.85 25,698,697 9.60 21,537,348 8.04 20,034,931 7.48 14,631,676 5.46 10,962,892 4.09 9,075,000 3.39 6,158,358 2.30 5,703,935 2.13 5,563,975 2.08 5,204,381 1.94 4,121,335 1.54 3,822,411 1.43 3,625,000 1.35 3,593,472 1.34 3,141,078 1.17 2,662,938 0.99 2,287,500 0.85 2,142,194 0.80 1,924,699 0.72	Ordinary shares % of total shares Number held issued 37,085,109 13.85 25,698,697 9.60 21,537,348 8.04 20,034,931 7.48 14,631,676 5.46 10,962,892 4.09 9,075,000 3.39 6,158,358 2.30 5,703,935 2.13 5,563,975 2.08 5,204,381 1.94 4,121,335 1.54 3,822,411 1.43 3,625,000 1.35 3,593,472 1.34 3,141,078 1.17 2,662,938 0.99 2,287,500 0.85 2,142,194 0.80 1,924,699 0.72
	188,976,929	70.56

Polymetals Resources Ltd Shareholder Information 30 June 2025

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Unquoted equity securities

POLAP: 2,500,000 options expiring 23 November 2026 @ $1.00

Substantial holders

Substantial holders in the Company are set out below:

	Ordinary	shares
		% of total
		shares
	Number
	held	issued
MEADOWHEAD INVESTMENTS PTY LTD	45,733,628	17.07
JUPITER ASSET MANAGEMENT	34,217,920	12.77
DEERING NOMINEES PTY LTD	23,679,542	8.84
STEVEN LEE JACKSON	14,631,676	5.46

Voting rights

The voting rights attached to ordinary shares are set out below:

Ordinary shares

On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.

There are no other classes of equity securities.

Tenements

As at the date of this report, the Company has an interest in the following tenements:

Tenement	Holder	% Interest Expiry date
	Golden Guinea
EL22123 - Alahiné	Resources SARL	100% - 30/04/2022
	Golden Guinea
EL22694 - Mansala	Resources SARL	100% - 31/10/2022

Both of the above licences are under renewal and the Board has resolved to place the Guinea tenements on care and maintenance (refer ).

Polymetals Resources Ltd Shareholder Information 30 June 2025

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Polymetals Resources Limited ACN 644 736 247 ASX POL

Unit 1, 101 Main Street Alstonville NSW 2477 Phone: +61 2 6830 2555

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[email protected] polymetals.com

AI assistant

POLYMETALS RESOURCES LTD — Annual Report 2025

65598_rns_2025-09-28_9d5d8b11-9329-4a83-8102-21c1040f1cd7.pdf

Contents

Corporate Directory

Board of Directors

Share Registry

Company Secretary

Registered Office and Principal Business Office

Lawyers

Auditor

Securities Exchange Listing

Website

Bankers

Corporate Governance Statement

ACN

Chairman’s Letter

Dear Shareholder,

Best regards,

Review of Operations

Endeavor Silver Zinc Mine

Production and Operational Ramp-up

Near-Mine Exploration

Regional Exploration

Mineral Resources & Ore Reserves

Sector 1 Tailings JORC (2012) Mineral Resource

Stage 1 Endeavor Mine Plan JORC (2012) Ore Reserve[2]

Competent Persons Statement

Corporate

Cash position

New appointments

Important Notices

References

Competent Persons Statement

Forward Looking Statement

Tenement Position

Directors Report

Directors

Current:

Former:

Principal activities

Dividends

Operating and Financial Review

Review of Operations

Significant changes in the state of affairs

Matters subsequent to the end of the financial year

Likely developments and expected results of operations

Material business risks

Environmental regulation

Information on directors

Company secretary

Meetings of directors

Remuneration report (audited)

Principles used to determine the nature and amount of remuneration

Non-executive directors remuneration

Executive remuneration

Consolidated entity performance and link to remuneration

Remuneration committee

Use of remuneration consultants

Details of remuneration

Amounts of remuneration

And the following persons:

Service agreements

Share-based compensation

Issue of shares

Options

Performance rights

Additional information

Additional disclosures relating to key management personnel

Shareholding

Option holding

Other transactions with key management personnel and their related parties

This concludes the remuneration report, which has been audited.

Shares under option

Shares under performance rights

Shares issued on the exercise of options

Shares issued on the exercise of performance rights

Indemnity and insurance of officers

Indemnity and insurance of auditor

Proceedings on behalf of the Company

POLYMETALS RESOURCES LTD Annual Report 2025