POLYMETALS RESOURCES LTD — Investor Presentation 2022

Jun 1, 2022

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Unlocking Siguiri Basin Gold Potential

Opportunity for significant gold discovery in Guinea

Investor Presentation – June 2022

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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Company Highlights

Recognised Location

Strategic Management

Promising Results

Established Relationships

Exceptional Value Upside

• Well established mining address for international explorers and miners.

• Relatively underexplored region of West Africa yielding exciting new discoveries.

• Practical Executive Management team focused on effective project delivery.

• Geological team have track record of exploration success within Siguiri Basin.

• Systematic exploration continuing.

• Broad intercepts over 4km strike.

• Follow up drilling planned targeting broad and high-grade Phase 2 intercepts.

• Strong and productive relationships with government and local communities.

• Assisting with improvement of local community infrastructure.

• Enterprise Value of <$8 million – providing exceptional leverage to new discovery.

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Quartz veins within artisanal pit at Alahiné
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Corporate Overview

Capital Structure

A$0.130 Share Price (as at 30/05/2022)

A$10.32M Market Cap at A$0.130/Share

79.44M Ordinary Shares Nil 3.5M Debt

3.5M Options ($0.25 exercise)

A$2.4M Cash Balance 31 March 2022

3.1M Performance Share Rights

Directors

Shareholders

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Board & Top 20
Management Shareholders Mr David Sproule
Non-Exec Chairman
57% 80%
Dr Chris Johnston
Non-Exec Director
Mr Chris Schroor
Non-Exec Director
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Executive Team

Mr Alex Hanly Chief Executive Officer

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 high-risk, critical and scheduledependent delivery of sustenance and growth capital projects.

Mr Aguibou Bah Country Manager

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 success.

Mr Vincent Fayad Co-Company Secretary & CFO

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 William Pountney Project Manager

Mr William Pountney has more than 20 years’ experience in both greenfield and brownfield exploration in West Africa. Most recently, he was Exploration Manager with Owere Mines Limited at the Konongo Gold Project in Ghana. Mr Pountney also spent three years as Exploration Manager at the Tri K Gold Project in Guinea. During this period, Mr Pountney managed the growth of gold resources from 1.80 million ounces (Moz) to 3.22Moz.

Mr Kurt Laney Co-Company Secretary

Mr Laney is an Associate Director at Vince Fayad and Associates Pty Ltd, a Sydney based accounting firm. During his more than 10 years in practice, Mr Laney has provided taxation and advisory related services to family groups, high net worth individuals and businesses. In addition, Mr Laney serves as the Joint Company Secretary for Astro Resources NL (ASX:ARO) and other public unlisted companies within the energy and exploration sectors.

Mr Nana Yaw Asante Lead Geologist

Mr Nana Asante has more than 13 years’ experience in both greenfield and brownfield exploration in West Africa. Most recently, Mr Asante spent 4 years as Senior Exploration Geologist with Golden Star Resources (NYSE: GSS, TSX: GSC) in Ghana, where he managed multiple drilling programs. Prior to this, he worked with Avocet Mining Plc (LSE: AVM, OSE: AVM) in Guinea for four years during the resource expansion phase.

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Guinea’s Industry Overview

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Potential for Gold Discovery

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

Untapped Potential

Guinea contains an estimated 20 billion tonnes of high-grade iron ore and 40 billion tonnes of bauxite.

Infrastructure

Focus on Guinean infrastructure upgrade (670km Trans-Guinean railway and main arterial highways under construction).

Regulation Maturity

Modern mining code enacted in 2011 including incentives for investment, environmental protection and anticorruption measures.

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Proximal major gold deposits relative to Polymetals Exploration Licences

Established & Strategic Mining Jurisdiction

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Polymetals’ Siguiri Basin Portfolio

Two 100% owned exploration licences in active exploration district

• Siguiri Basin hosts several large active gold mining operations .

• Siguiri Basin is underexplored and known for its significant and

widespread gold anomalism .

• Two 100% owned Exploration Licences: Alahiné and Mansala (112km[2] ).

• Licence areas contain extensive historic and current artisanal gold production .

• Licences located 37km east of AngloGold Ashanti’s Siguiri Gold +10 Moz Au Mine.

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Proximal major gold deposits relative to Polymetals Exploration Licences

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A Productive 12 months

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Alahiné 8,619m Alahiné & Mansala
auger drilling 1,200 line-km
program aeromag survey
IPO on ASX
commenced commenced
Drilling program to
commence shortly
June Nov Feb Apr June
2021 2021 2022 2022 2022
Alahiné Phase 2 Mansala 6,123m
Alahiné Phase 3
7,300m drilling auger drilling
program planned
program program
commencement
commenced commenced
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Extensive Shallow Artisanal Mining

Alahiné Gold Project

Mansala Gold Project

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Alahiné artisanal gold workings typically range 5-15m in depth targeting mineralised laterite, near surface supergene gold. Main mineralised trend hosts >4km of artisanal workings.

Mansala artisanal gold workings in “Area F” within NE quadrant of licence typically comprise shallow pits and prospecting shafts across estimated >600m strike.

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Alahiné Phase 1 & 2 RC Drilling

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• Strong N-NE mineralised trend over greater than 4km strike.

• Broad mineralised intercepts include[1] :

• 14m @ 1.14 g/t Au from 58m

• 10m @ 1.32g/t Au from 57m;

• 15m @ 0.92 g/t Au from 78m; and

• 7m @ 1.63g/t Au from 95m

• 19m @ 0.99g/t Au from 80m

• Multiple targets on-strike that require further extension drilling and north-south step-out drilling.

• Drill traverses at 500m line spacing with numerous anomalous responses yet to be tested.

Alahiné Phase 2 results highlighting the +50ppb Au-in-soil contour and mineralised trend.

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1. Refer to ASX release dated 20 October 2021 “Additional Positive Results from Phase 2 Drilling Program”

Alahiné Auger Identifies 3 New Targets

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Auger drilling program commenced November 2021

751 holes for 8,619m

completed February 2022[1,2]

• Auger Results outline three (3) new mineralised trends within the Alahiné Licence.

• Peak saprolite grades of 3.58 g/t Au and 0.93 g/t Au .

• Composite samples (typically 2 to 4m) collected within the lateritic cover had peak grades of 10.95 g/t Au, 4.33 g/t Au, 2.66 g/t Au, and 1.02 g/t Au .

• Results provide preliminary confirmation of strike

• continuity of mineralised trend identified by Phase 2 drilling.

Alahiné auger program. Three (3) new mineralised trends identified and shown in green.

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1. Refer to ASX release dated 11 February 2022 “Drilling Update – Alahine Gold Project” 2. Refer to ASX releass dated 18 March 2022 “New Targets Identified at Alahine Gold Project”.

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Alahiné Phase 3 – Targeting broad zones

Planned RC drilling

program June 2022

• Phase 3 will test up dip

and down dip extent of the mineralised zones intersected during the Phase 2 program[1,2] .

• Targeting broad zones of mineralisation:

• 14m @ 1.14 g/t Au

• 10m @ 1.32 g/t Au

• 15m @ 0.92 g/t Au

• 7m @ 1.63g/t Au

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• 19m @ 0.99g/t Au

Section 1294450N showing planned Phase 3 RC drill holes as pecked blue lines. Where mineralisation is intercepted at planned depth drilling will be continued subject to drilling conditions.

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1. Refer to ASX release dated 15 September 2021 “Further Positive Results from Phase 2 Drilling Program”

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1. Refer to ASX release dated 20 October 2021 “Additional Positive Results from Phase 2 Drilling Program”

Alahiné Phase 3 – Targeting broad zones

Planned RC drilling program June 2022

• Phase 3 drilling will target previous[1,2] highgrade end-of-hole intersections: • 1m @ 21.40 g/t Au • 1m @ 7.12 g/t Au • 1m @ 11.56 g/t Au

• RC Drilling program to test a recently identified anticlinal structure.

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Section 1294950N showing planned Phase 3 RC drill holes as pecked blue lines. Where mineralisation is intercepted at planned depth drilling will be continued subject to drilling conditions.

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1. Refer to ASX release dated 15 September 2021 “Further Positive Results from Phase 2 Drilling Program”

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1. Refer to ASX release dated 20 October 2021 “Additional Positive Results from Phase 2 Drilling Program”

Mansala Soil Sampling Program

Soil sampling completed December 2020

• 10% of area reported Au values >40ppb.

• A total of eleven (11) samples returned Au assays in excess of 1,000ppb (1g/t) Au, and include values of

93.98 g/t, 6.03 g/t, 5.85 g/t,

2.91 g/t,

2.38 g/t and 1.10 g/t .

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Area F
Area E
Area D
Area B
Area A
Area C
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• Six key targets identified[1] through significant mineralised Au in soil

anomalies and associated pathfinder elements present (As, Ag, Bi, Mo, Sb, W and Te).

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Mansala Auger Program. Imaged soil gold values and thematically mapped arsenic (As),
tungsten (W) and tellurium (Te)
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Mansala Auger Program. Thematically mapped arsenic (As), tungsten (W) and tellurium (Te) and overlaid on imaged soil gold values.

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1. Refer to ASX release dated 22 February 2022 “Drilling Commences at Mansala”

Mansala Auger Drilling Program Completed

Auger drilling program completed May 2022

• Campaign comprised 799 holes totaling 6,123m on a 100m x 50m drill pattern.

• Best auger results[1] include 3m @ 4.57 g/t Au, 3m @ 3.26 g/t Au and 1m @ 2.50 g/t Au.

• Multiple mineralised trends identified within “Area F”, NE quadrant of licence.

• Auger drilling successfully identified follow up drill targets.

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Mansala Auger Program. Gold (Au) assays superimposed on satellite imagery and auger drilling results shown.

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1. Refer to ASX release dated 05 May 2022 “Exploration Accelerating at Mansala”

Mansala Target Identified

Program illustrates prospectivity of licence

• Quartz stockwork target identified within artisanal workings from chip sampling.

• Best results[1] include 16.70 g/t Au, 8.35 g/t Au, 5.74 g/t Au and 5.48 g/t Au over 600m strike length.

• • 103 rock chip samples collected from walls of abandoned 1m x 1m artisanal mining shafts and workings.

• • Program confirmed the nature and gold content of material extracted by artisanal miners.

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Mansala artisanal pit sampling and auger results within highly prospective Area F. Location of Area F is shown within larger Mansala licence area map.

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1. Refer to ASX release dated 01 June 2022 “Airborne Magnetic Survey commences at Mansala Gold Project”

Airborne Magnetic Survey – Alahiné & Mansala

Aeromag survey covers 112 km[2]

• Commenced high resolution survey at Alahiné licence in April 2022 & Mansala licence in May 2022.

• Combined 1,200 line-km survey specifications:

• Line Spacing: 100m

• Traverse Line direction: 090º

• Bird Height: Approximately 35m

• TMI Data Spacing: Collected at 1000Hz (approx. every 1cm), sub sampled for ease of use to 2m.

• Survey expected to provide data to determine structural controls of mineralisation and information on nature and disposition of host rocks obscured by lateritic cover.

• Additional drill targets likely to be identified.

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The AeroPhysX UAV airborne magnetic survey system in operation at the Alahiné Gold Project.

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1. Refer to ASX release dated 27 April 2022 “Commencement of Airborne Magnetic Survey”

Exploration Program Accelerating

1

2

3

4

Alahiné Phase 3 RC Drill Program Planned RC drilling to test 3.5km of interpreted strike.

Airborne Magnetic Survey

Results from the airborne magnetic surveys at the Alahiné and Mansala licences are expected in the second and third quarters of 2022, respectively.

Mansala Phase 1 RC Drill Program

RC drill program to be planned for the Mansala licence targeting priority areas identified from the auger program, pit sampling and aeromag survey.

Auger Drill Sample Analysis

XRF analysis for several pathfinder elements will be conducted on all auger bottom-of-hole intervals at Alahiné and Mansala projects.

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Gold workings at Alahiné Gold Project
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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 and annual environmental assessment.

• Focus on environmental standards.

• Encouraging community awareness of Environment.

• Local workforce 100% Guinea nationals.

• Water well 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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Polymetals Resources Ltd | ASX:POL www.polymetals.com

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Gold workings at Alahiné Gold Project