POLYMETALS RESOURCES LTD — Investor Presentation 2021

Aug 9, 2021

Opportunity for potential significant gold discovery

Investor Presentation – August 2021

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Disclaimer & Forward Looking Statement

The purpose of this presentation is to provide background information to assist readers in obtaining a general understanding of Polymetals Resources Ltd (ASX: POL , “ Polymetals ” or the “ Company ”) and its objectives. It is not and should not be considered as an offer or invitation to apply for or purchase securities of the Company or as a recommendation or inducement to make an offer or invitation in respect of the Company’s securities. This presentation is not a disclosure document under Australian law or under any other law. It does not purport to contain all the information any reader or prospective investor may require to make an investment decision and it does not contain all of the information required by Australian law or any other law to be disclosed in a prospectus. No representation or warranty, express or implied, is given as to the fairness, accuracy, completeness, reliability or adequacy of statements, estimates, opinions or other information, or the reasonableness of any assumption or statement in this presentation (any of which may change without notice), or the likelihood of achievement or reasonableness of forecasts or prospective statements in this presentation. Forecasts and prospective statements are by their nature subject to significant uncertainties and contingencies. Forecasts and prospective statements in this presentation are based on current expectations about future events and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from the expectations described.

Readers should make their own independent assessment of the information and take their own independent professional advice in relation to the information and any proposed action to be taken in on the basis of the information. To the maximum extent permitted by law, Polymetals and its professional advisors and their related bodies corporate, affiliates and each of their respective directors, officers, partners, employees, advisers and agents and any other person involved in the preparation of this presentation disclaim all liability and responsibility (including without limitation any liability arising from fault or negligence) for any direct or indirect loss or damage which may arise or be suffered through use of or reliance on anything contained in, or omitted from, this presentation. Neither Polymetals nor its advisors have any responsibility or obligation to inform the reader of any matter arising or coming to their notice after the date of this presentation, which may affect any matter referred to in the presentation.

COMPETENT PERSON STATEMENT

The information in this ASX Announcement that relates to Exploration Results is based on information compiled by Dr Christopher Johnston, a Competent Person who is a Member of the Australian Institute of Geoscientists. Dr Johnston is a Director 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”. Dr Johnston consents to the inclusion in this ASX Announcement of the matters based on his information in the form and context in which it appears.

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Investment Highlights

1

Mining Jurisdiction

Siguiri Basin, host of the world class Siguiri Gold Mine, Nordgold Lefa Gold Mine and ASX explorers Predictive Discovery (ASX:PDI) and Golden Rim Resources (ASX:GMR).

2

Siguiri Basin Gold Potential

Siguiri Basin is located in NE Guinea within West Africa’s Birimian Greenstone Belt.

3

Accelerated Work Program

+7,000m drilled within first month of ASX Listing – analyses to drive further exploration.

ESG

4

Actively engaged with local community, fostering environmental awareness and establishing reliable water supply.

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Company Highlights

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Recognised Established Promising Strategic
Location Relationships Results Management
• Gold exploration within • Strong and • 16% of the licence area • Fully funded for two
West Africa’s fertile productive hosts +40ppb gold years of planned
Birimian Greenstone relationships with anomalism . exploration.
Belt . government and local
communities. •
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  - **Fully funded** for two years of planned exploration.

  - Board experienced across all facets of exploration and mining.

• Alahiné Phase 2 drilling completed 7,320m.

• Polymetals’ two Exploration Licences • Polymetals is assisting (112km[2] ) are located to improve local 37km east of AngloGold community Ashanti’s Siguiri Gold infrastructure . Mine which has produced +6 million oz gold.

• Upcoming Alahiné Phase 2 assay results

• Practical Executive Management team focussed on capital efficiency and project delivery.

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Corporate Overview

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Capital Structure Shareholders
Board &
A$0.14 A$11.12M IPO Shareholders 24%
Management
Share Price Market Cap at 52%
(as at 09/08/21) A$0.14/Share
79.44M Nil
Other
Ordinary Shares Debt
Shareholders
Nil A$5.0M 24%
Options Cash Balance
30 June 2021
Share Price
Opportunity for
potential significant
gold discovery
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Corporate Leadership

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Mr David Sproule
Non - Exec Chairman
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Dr Chris Johnston
Non - Exec Director
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Mr Chris Schroor
Non - Exec Director
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Mr David Sproule has specialised in value creation within the minerals industry, founding and managing the private Polymetals Group which developed 8 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 1350% in fully franked dividends on initial shareholder equity.

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Mr Alex Hanly
Chief Executive Officer
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Dr Christopher Johnston is a first-class honours graduate in geology from Auckland University and has 40 years’ experience in the Australian mining industry. Dr Johnston has explored in most states of Australia for gold, silver and base metals for companies including Burdekin Resources NL, St Francis Mining Limited, Tritton Resources Limited and more recently as NSW Exploration Manager for Black Oak Minerals Limited (previously Polymetals Mining Limited).

Mr Schroor is a founding director of the Azure Development Group, a multifaceted Property Development and Investment Company which has delivered over $500 million of projects since its inception in 2014. Mr Schroor was previously Executive Director – Commercial Development for the Springfield Land Corporation and during his 10 years in that role he spear-headed all development associated with the $8bn, 2830ha master planned city.

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Mr Vincent Fayad Mr Aguibou Bah
Company Secretary & CFO Country Manager - Guinea
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Mr Alex Hanly has a Bachelor of Mechanical Engineering and Masters of Business Administration. Mr Hanly is experienced in capital delivery and operational management for publiclylisted companies within the mining, oil & gas and manufacturing industries throughout Australia. Mr Hanly has led schedule-dependent delivery of sustenance and growth capital spend through a process-orientated management approach.

Mr Vince Fayad has over 35 years’ experience in corporate finance, international M&A, accounting and other advisory related services in Sydney-based midtier accounting firms. Mr Fayad is the principal of his own firm Vince Fayad & Associates, providing accounting and advisory services. Currently, Vince is an Executive Director and Interim CEO for Astro Resources NL (ASX:ARO). One of ARO’s projects is a gold project in Nevada, USA.

Mr Aguibou Bah is a Guinean national, economist and mining industry executive with +35-years experience and 12 years in Business Administration and Marketing within Liberia & Sierra Leone. Previously Country Manager for TSX listed Cassidy Gold – Kouroussa Gold Project, Guinea. Mr Bah has a strong focus on building productive relationships with local communities and believes this is the foundation for execution of projects in the region.

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A Productive 12 months

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Exploration
Alahiné Phase 1 Alahiné Phase 2
planning from
drilling program drilling program
receipt of assays
completed commenced
& data analysis
March Dec June Aug Sep
2020 2020 2021 2021 2021
Mansala licence
IPO on ASX Alahiné Phase 2
soil sampling
Drilling program
program
completed
completed
Alahiné Phase 2 drill collar AH21ARC126 (August 2021)
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Guinea’s Siguiri Basin

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Senegal
Mali
Guinea - Bissau
Lero-LEFA | NORD Alahiné |POL
Operating in Guinea (2019) Siguiri |AGG Mansala|POL
Kada | GMR
Infrastructure Increasing focus on highway & rail development Guinea Siguiri Basin
Kouroussa |HUM
Mineral potential Geologically fertile and underexplored Kaninko |PDI
Kiniero | Sycamore
Exploration Tenure 3-year terms (Guinea Mining Act 2010) Mansounia | Blox Bankan |PDI
Government Interest 15% “free-carried” in mining projects
Mining 26% of GDP
KEY Sierra Leone
Major mineral exports Bauxite & Gold Producing
Development
Bauxite Endowment 35% of world’s known Bauxite Resources
Known gold prospects
Gold Production 10% of West Africa’s gold (900,000 oz p.a. plus
significant unaccounted artisanal production) Liberia
Established & Strategic Mining Jurisdiction
ASX:GMR ASX:AGG ASX:PDI LON:HUM LSE:NORD
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Guinea Mining Industry Snapshot

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Potential for Significant Gold Discovery

A significant gold endowment with 10% of West Africa’s gold (900,000 oz p.a. and significant artisanal production).

Plentiful Bauxite

Guinea hosts an estimated 40 billion tonnes of bauxite with a grade of more than 40%, estimated to be ~35% of the world's reserves.

Untapped Potential

Guinea contains an estimated 20 billion tonnes of high-grade iron ore , undetermined amounts of uranium and prospective oil reserves.

Infrastructure

Focus on Guinean infrastructure development (670km TransGuinean railway and main arterial highways under construction).

Regulation Maturity

Modern mining code enacted in 2011 including incentives for investment, guarantees of state revenue, environmental protection and anti-corruption measures.

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Alahiné Phase 2 drill collar AH21ARC029 (July 2021)

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SOURCE: 1. https://www.privacyshield.gov/article?id=Guinea-Market-Opportunities; and 2. Simandou SEIA Volume III – Cornelius Roberts.

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Guinea Market Overview

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Kalou Kouloubaly - Mansala Village Chief (December 2020)

Despite past financial issues, the long-term economic prognosis for Guinea remains promising, buoyed by:

• Strong endowments of natural resources

• Energy opportunities

• Arable land

• Reliable rainfall

In the 2020 Fraser Institute Annual Survey of Mining Companies, Guinea experienced the single largest increase amongst all African jurisdictions:

• Guinea increased its policy score from ranking 68th (of 76) in 2019 to 44th (of 77) in 2020.

• Investors indicated decreased concerns over the country’s legal system, its labour regulations and employment agreements and its socioeconomic agreements.

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1. https://www.fraserinstitute.org/sites/default/files/annual-survey-of-mining-companies-2020.pdf

SOURCE:

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Methodical Process For Major Discovery

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focus is to make a Polymetals’ major gold discovery through methodical and modern over exploration proven gold-endowed targets in Guinea’s Siguiri Basin.

Downhole survey AH21ARC029 (July 2021)

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Polymetals Siguiri Basin Portfolio

• Siguiri Basin hosts several large active gold mining operations.

• Siguiri Basin is underexplored and known for its significant and widespread gold anomalism.

• • POL owns two Exploration Licences: Alahiné and Mansala (112km[2] ).

• • Licences located 37km east of AngloGold Ashanti’s Siguiri Gold Mine (produced +6 million oz gold).

• • POL Licences contain extensive historic and current artisanal gold production .

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Proximal major gold deposits relative to Polymetals Exploration Licences

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Alahiné Licence

Completed

• Two soil sampling programs (2017 - 2019)

• Phase 1 drilling program (2019 - 2020)

• Phase 2 drilling program (2021)

Licence Details

• Area: 64km[2]

• Renewal: April 2022*

• *Based on good-standing of the Licence.

Gold Mineralisation

• Orogenic

• Oxide Laterite

• Primary

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Active artisanal mining at Alahiné (July 2021)

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Alahiné Soil Geochemistry

13.4km[2] or 20% of the licence area covered by +40ppb gold anomalism

• Area A

• Area A • Local artisanal mining activity; • Exposed vein quartz over 1.5km; and • Peak soil value of 13.2 g/t gold

• • Area B • Current artisanal “gold rush”

• Area B • • Peak soil value of 7.5g/t gold .

• • Area C • Extensive • Peak soil value of 10.2g/t gold .

• Area C

• Alahiné Licence soil geochemistry thematic map

• Exposed vein quartz over 1.5km; and

• Peak soil value of 13.2 g/t gold .

• Current artisanal “gold rush” ;

• Quartz veining extending over 750m; and

• • Peak soil value of 7.5g/t gold .

• Extensive active artisanal workings ; and

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Alahiné Phase 2 Drilling

• –

• 7,320m drilling program completed testing artisanal gold workings, areas enclosed by 40 ppb Au-in-soil contour and new priority targets.

  • 94 air core (AC) holes for 6,840m; and

  • 4 reverse circulation (RC) holes for 480m.

• Analyses conducted by SGS Bamako.

• Next steps: receipt of assays, data

• analysis & further exploration planning.

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Alahiné Phase 2 drill collar AH21ARC126 (August 2021)
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Phase 2 Program – Alahiné North grid image highlighting the 40 ppb Au-in-soil contour, Phase 1 and Phase 2 drilling programs.

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Mansala Licence

• Whole of licence soil

• sampling completed.

• First drill program planned.

Licence Area

• Area: 48km[2]

• Renewal: October 2022*

• *Based on good-standing of the Licence.

Gold Mineralisation

• Orogenic

• Oxide Laterite

• Primary

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Artisanal gold production at Mansala (July 2021)

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Mansala Soil Geochemistry

5km[2] or 10% of the licence area hosts +40ppb gold anomalism

• Phase 1 soil sampling program completed Dec 2020.

• Peak soil assay 93.9g/t gold.

• North East Mansala Licence area has elevated topography and is geochemically prominent with concentrations of Au, Ag, As, Mo, Sb, Fe, Cr, Ti and P.

• First drill program planned.

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• Mansala Licence soil geochemistry thematic map (focussed on East side) Note: = Artisanal pits and mining shafts

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Environment, Sustainability & Governance

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“Committed to the highest international ESG standards”

Environment

Sustainability

Governance

Health & Safety

• Compliance with Guinea regulations.

• Adherence to JORC code.

• Focus on environmental standards.

• Encouraging community awareness of Environment.

• Local workforce 100% Guinea nationals.

• Consistent communication with local and regional leadership.

• Water well and storage system established to encourage agriculture within the community.

• Regular reporting under the Mining Act.

• Management observes company policies and challenges the status quo.

• Polymetals maintains a balanced and progressive Board.

• Best practice applied to exploration and supporting activities.

• Training of exploration team with regards to meaningful Health and Safety practice.

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www.polymetals.com

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Artisanal gold workings at Alahiné (July 2021)