POLYMETALS RESOURCES LTD — Investor Presentation 2023

Nov 13, 2023

ENDEAVOR MINE SILVER-ZINC-LEAD

Noosa Mining Conference November 2023

ASX: POL

DISCLAIMER

This investor presentation has been prepared by Polymetals Resources Limited ("Polymetals" or the "Company"). By attending an investor presentation or briefing, or accepting, accessing or reviewing this presentation, you acknowledge and agree to the terms set out below.

SUMMARY INFORMATION

This presentation is for information purposes only and should be read in conjunction with the most recent financial reports and other documents lodged by Polymetals with the Australian Securities Exchange ("ASX") in connection with its continuous disclosure obligations. This presentation does not purport to contain all of the information that an investor should consider when making an investment decision nor does it contain all of the information which would be required in a product disclosure statement or prospectus prepared in accordance with the requirements of the Corporations Act.

No reliance should be placed on the information or opinions contained in this presentation, which are provided as at the date of this presentation (unless otherwise stated) and to the maximum extent permitted by law, Polymetals has no obligation to update the information contained in this presentation. An investment in securities is subject to known and unknown risks, some of which are beyond the control of Polymetals. Investors should consult with their own legal, tax, business and/or financial advisors in connection with any acquisition of securities.

COMPETENT PERSONS STATEMENT

The information supplied in this release regarding Mineral Resources and Ore Reserves is based on information compiled by Mr Troy Lowien & Mr Matt Gill respectively, both being Competent Person's and Members of the Australian Institute of Mining and Metallurgy. Mr Lowien is an employee and Mr Gill is a director of Polymetals Resources Ltd and both 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 Competent Persons defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Lowien & Mr Gill consent to the inclusion of matters based on information in the form and context in which it appears.

FINANCIAL INFORMATION

All financial information set out in this presentation is expressed in Australian Dollars unless stated otherwise. Investors should be aware that certain financial measures included in this presentation are "non-IFRS financial information" under ASIC Regulatory Guide 230: "Disclosing non-IFRS financial information" published by ASIC and also "Non-GAAP financial measures" within the meaning of Regulation G under the US Securities Exchange Act of 1934 and are not recognised under the AAS or IFRS. Polymetals believes the non-IFRS financial information and non-GAAP financial measures provide useful information to users in measuring the financial performance and condition of Polymetals.

FUTURE PERFORMANCE AND FORWARD-LOOKING STATEMENTS

This presentation contains certain 'forward-looking' statements, opinions and estimates, which are based on assumptions and contingencies that are subject to change without notice and involve known and unknown risks and uncertainties beyond the control of Polymetals and its officers. This includes statements about market and industry trends, which are based on interpretations of current market conditions.

Indications of, and guidance on, future earnings and financial position and performance are forward-looking statements. As are statements containing the words "expect", "anticipate", "estimate", "intend", "believe", "guidance", "should", "could", "may", "will", "predict", "plan" and other similar expressions. Forward-looking statements are based on information available to Polymetals as at the date of this presentation and should not be relied upon as an indication or guarantee of future performance. Except as required by law or regulation (including the ASX Listing Rules), none of Polymetals, its representatives or advisers undertakes any obligation to provide any additional or updated information whether as a result of a change in expectations or assumptions, new information, future events or results or otherwise. Investors are strongly cautioned against placing undue reliance on forward-looking statements, especially considering the current economic climate and significant volatility, uncertainty and disruption caused by recent world events such as the COVID-19 pandemic and international hostilities and associated economic changes.

DISCLAIMER

To the maximum extent permitted by law, Polymetals and each of its respective related bodies corporate, shareholders and affiliates, and each of their respective officers, directors, partners, employees, representatives, affiliates, agents, consultants and advisers (each a "Limited Party"):

• expressly disclaim any and all responsibility and liability (including, without limitation, any liability arising from fault, negligence or negligent misstatement) for any direct, indirect, consequential or contingent loss or damage arising from this presentation or reliance on anything contained in or omitted from it or otherwise arising in connection with this presentation;
• disclaim any obligations or undertaking to release any updates or revisions to the information in this presentation and;
• do not make any representation or warranty, express or implied, as to the accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this presentation or that this presentation contains all material information about Polymetals or the Transaction or that a prospective investor or purchaser may require in evaluating a possible investment in Polymetals or acquisition of shares in Polymetals, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement.

CAUTIONARY STATEMENT

The Ore Reserve and Mineral Resource estimates underpinning the Endeavor Production Targets were prepared by a Competent Person in accordance with the JORC Code 2012. The Deep Zinc Lode Exploration Target was prepared by a Competent Person in accordance with the JORC Code 2012. The material assumptions on which the Production Targets are based is set out in the ASX Release of Polymetals dated 16 October 2023 "Endeavor Silver Lead Zinc Mine Restart Study completed" (Mine Restart Study). Polymetals confirms that all material assumptions underpinning the production targets in the Mine Restart Study continue to apply and have not materially changed. The modifying factors used in the estimation of the Ore Reserve were also applied to the Mineral Resources in the generation of the production targets.

ENDEAVOR – SILVER ZINC LEAD MINE

• Polymetals cornerstone asset
• Largest known ore body within Cobar Basin (pre-development +10.5Moz Au equivalent)
• 32.0Mt mined over 38-years containing 91.8Moz Silver, 2.6Mt Zinc and 1.6Mt Lead
• 16.3Mt remaining underground JORC resources1 @ 8.0% Zn, 4.5% Pb and 84 g/t Ag
• 5.2Mt high-grade tailings JORC resources1 @ 2.12% Zn, 1.55% Pb and 79 g/t Ag
• Project unlocked via restructure of historic 100% Silver royalty to 4% royalty on Ag, Zn & Pb
• Polymetals script acquisition – May 2023
• Mine Restart Study Completed early October 2023 generating JORC Ore Reserve2
• Mine restart financing well advanced – Targeting H1 2024

ENDEAVOR – HISTORY & PRODUCTION PROFILE

ENDEAVOR – ESTABLISHED INFRASTRUCTURE (Current value $150M)

Location	40km North-West of Cobar, central NSW
Tenements	5 Mining Leases (30km2), 3 Exploration Licences (1,100km2)
MineralResources	45.4Moz Silver, 1.4Mt Zinc, 0.82Mt Lead in 21.5Mt ofresources
Ore Reserve	14.1Moz Silver, 224.6kt Zinc, 100.0kt Lead in 5.6Mt of ore
MiningMethods	Long hole open stoping, sub-level stoping, cut & fill &hydraulic
ProcessingMethod	Conventional crush, grind & differential (Zn & Ag-Pb)flotation
ProcessingCapacity	1.2mtpa processing capacity
Power &Water	Grid power supplying 132kV / 15MW, Cobar water Supply
Transport	Site rail linked to national network & sealed road from Cobar

POLYMETALS – INVESTMENT SUMMARY

Endeavor Mine is in a pro-mining jurisdiction

Mine is Fully Permitted & Operationally ready with all Infrastructure in place

Stage 1: 10-Years, $323M free cashflow & 91% IRR3

Producing Silver, Zinc & Lead Concentrates H2 2024

Project Expansion via Exploration & hydrometallurgical Processing (Gold & Silver)

The Endeavor Mine is a Low-Risk Project and Investment Opportunity

1. Refer ASX announcement "Endeavor Silver Lead Zinc Mine Restart Study completed" dated 16th October 2023

THREE STAGE VALUE CREATION STRATEGY

Polymetals plans to be a significant silver, zinc & lead producer, unlocking critical metals in New South Wales, Australia.

Mine Restart

7

Establish a cashflow business producing base & precious metals.

1

Apply Polymetals low-cost and operational efficiencies.

Extend Project Life

2

Optimise existing mine plan through In-mine extension drilling.

Advance development of Near-mine exploration to extend project life.

Organic Growth

Downstream processing and Regional exploration.

3

Generate capital returns, organic growth and accretive M&A.

STRATEGY EXECUTION - BUILDING A LONG-TERM BUSINESS

✓ STAGE 1: MINE RESTART

• Cashflow generated from low-risk Ore Reserves
• Funding: US$10M pre-payment facility in place
• Project financing facility A$50M well advanced
• Cashflow to fund exploration & growth

✓ STAGE 2: EXTEND PROJECT LIFE

• Extend mine life through In-mine exploration
• Exploration drives & drilling included in mine plan
• Drill test known Near-mine targets

✓ STAGE 3: ORGANIC GROWTH

• 1,100km2 Exploration Licences over 80km strike of the Cobar Basin
• Primary focus on discovery of Copper & Gold deposits (15 known targets)
• Possible hydrometallurgical Au & Ag recovery 8

STAGE 1 MINE RESTART: 10-YEAR LIFE

Project Highlight	Study Outcome1	Study verses Spot Comparison
Life of Mine Revenue	A$1,412 million	Variable	Restart Study	Spot Price(10/11/2023)	Study vsSpot
Life of Mine OPEX	A$934 million
Life of Mine EBITDA	A$400 million	Zinc	US$2,750/t	US$2,560/t	+ 7.4%
		Silver	US$23.00/oz	US$22.37/oz	+ 2.8%
Average Operating Margin	28.5% p.a.
Free Cashflow	A$323 million	Lead	US$2,200/t	US$2,197/t	+ 0.14%
Pre-Production CAPEX	A$23.7 million	A$:US$	0.67	0.64	+ 4.7%
Pre-Tax NPV8%	A$201 million	Pre-Tax NPV8%	A$201M	A$180M	+ 11.7%
Pre-Tax IRR	91%
Payback	2.3 years

9 1. Refer ASX announcement "Endeavor Silver Lead Zinc Mine Restart Study completed" dated 16th October 2023

STAGE 2 EXTEND PROJECT LIFE: IN-MINE

• North-Western Lodes Extension

• Drill intercepts indicate potential mineralisation
• Drilling required to define potential resources
• Deep Zinc Lodes (DZL) discovered in 2016
  • Current Ore Reserve 1.73Mt @ 8.7% Zinc, 46.4 g/t Silver & 0.8% Lead
  • DZL open along strike and at depth

Exploration Target – DZL4

• 1.5Mt - 3Mt @ 6% - 8% Zn, 30g/t – 50g/t Ag
• The exploration target is based on extrapolation of the mineralisation down dip by a maximum of 200m from the nearest drill hole intercept, using widths and grades based on statistical analysis of the modelled resource.
• The potential quantity and grade is conceptual in nature and there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
• The Endeavor Mine Restart Study has allocated capital in the scheduled mine plan to develop exploration drives and capitalised exploration drilling to test for the extension of mineralisation at both the North-Western Lode and Deep Zinc Lode.

STAGE 2 EXTEND PROJECT LIFE : NEAR-MINE

• 5 Targets:
  • Panda
  • Garman
  • Poon Boon
  • Southern Extension
  • Bengaccah
• Panda identified from Sandfire drill hole 20CES001 which intersected 6m @ 3.61% Pb, 31.4 g/t Ag from 90m downhole
• Recent trenching has defined surface Lead & Zinc anomalism over 300m strike and 80-100m width
• Surface expression at Panda appears to be zinc dominant
• Surface anomalism sitting above a potential anticlinal hinge position identical to Endeavor
• 700m of RC drilling planned at Panda commencing November

STAGE 3 ORGANIC GROWTH: DISCOVERY

• 1,100km2 Exploration Licences extending over 80km strike of the northern Cobar Basin
• Exploration activities focused on delivering new economic deposits
• Metal endowment of the Cobar Basin increases towards the north: (Mineral Deposits – Pre-mining)5
  • Endeavor (Elura) ~10.5Moz Au.eq
  • CSA ~8.5Moz Au.eq
  • Peak ~3.5Moz Au.eq
  • Hera ~1.0Moz Au.eq
• Polymetals is focused on advancing priority regional targets north of Endeavor:
  • 1. Kiri Copper & Zinc
  • 1. Boundary Tank Copper & Gold
  • 1. Waynes Find Gold & Copper
  • 1. No.4 Tank Gold, Copper & Zinc

ON TRACK FOR CASHFLOW

In-Mine Extension Drilling

Finalise Rehabilitation Bond Arrangements

Start Mine Refurbishment Works (H1 2024)

Advancing Regional Exploration

Commissioning & metal production (H2 2024)

Advance Near-Mine Exploration

13

Close Redevelopment Finance

CAPABILITY TO DELIVER

Established infrastructure and long operational history lowers restart risk

Restart Plan conservatively costed and financially robust

Long history with asset and operating within the Cobar Basin

Key positions identified; strong employment interest, local community & state support

Single project focussed – deliver, optimise, discover and expand operations

ASX: POL

Investor Enquiries: Linden Sproule linden.sproule@polymetals.com

www.Polymetals.com

Appendix 1

ENDEAVOR – JORC (2012) MINERAL RESOURCES

Underground JORC (2012) Mineral Resource1

JORCCategory	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 Resource2

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

1. Reported without use of cut-off grade 2. Discrepancies may occur due to rounding

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 is an 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 Lowien consents to the inclusion of matters based on information in the form and context in which it appears.

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

Appendix 2

ENDEAVOR – JORC (2012) ORE RESERVES

Mine Restart Study JORC (2012) Ore Reserves1

			$\bullet$L Ulfilludio
Mt	Zinc $(% )$	Lead (%)	Silver (g/t)

Category	Source	Mt	Zinc (%)	Lead (%)	Silver (g/t)
Proved	Underground	0.49	6.11	3.90	132
Probable	Underground	1.7	7.17	1.64	60
	Sector 1 Tailings	3.4	2.14	1.56	80
Total Proved and ProbableReserves		5.6	4.04	1.79	78

*Discrepancies may occur due to rounding. NOTE: Refer to MRS Summary for JORC Code Compliance Statements.

Competent Persons Statement:

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 Non-executive 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". Mr Gill consents to the inclusion of matters based on information in the form and context in which it appears.

1. Refer ASX announcement "Endeavor Silver Lead Zinc Mine Restart Study completed" dated 16th October 2023