POLYMETALS RESOURCES LTD — Investor Presentation 2023

Oct 30, 2023

DEFINED STRATEGY, CLEAR FUTURE

Transforming Endeavor into our Cornerstone Asset

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 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.

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.

POLYMETALS VALUE CREATION STRATEGY

Polymetals is on a clear path to become a regionally significant long-life silver, zinc & lead producer, unlocking critical metals in the state of New South Wales

Execute Endeavor Mine Restart

1

3

Establish a cashflow business producing base & precious metals.

Apply Polymetals low-cost and operational efficiencies.

Optimise & Extend Project Life

Optimise existing mine plan through In-mine extension drilling.

2

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

Growth & Sustainable Returns

3

Pipeline of future projects from within existing asset portfolio.

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

ENDEAVOR – THE CORNERSTONE ASSET

• Largest known ore body within Cobar Basin (pre-development +10.5Moz Au equivalent)
• 38-years of operations and 32.0Mt mined (91.8Moz Silver, 2.6Mt Zinc, 1.6Mt Lead)
• Project unlocked by restructuring 100% Silver royalty to 4% royalty on Ag, Zn & Pb
• Mine Restart Study demonstrates Stage 1 10-year life and $323M free cashflow
• All supporting infrastructure in place, approved & permitted
• Strategic asset portfolio provides foundation to build a long-life cornerstone asset with potential +20-year operation

ON TRACK FOR CASHFLOW

Finalise Rehabilitation Bond Arrangements

Start Mine Refurbishment Works (H1 2024)

In-Mine Extension Drilling

Advancing Regional Exploration

Commissioning & metal production (H2 2024)

Advance Near-Mine Exploration

5

Close Redevelopment Finance

TRANSITIONING TO PRODUCTION - BUILDING A SUSTAINABLE MINING BUSINESS

• Strong engagement with Local Government & Community.
• Key mine site leadership roles identified.
• Systems & procedures being optimised in keeping with Polymetals values & culture.
• Refurbishment & development team ready.
• POL committed to executing leading ESG programs & reporting frameworks.
• Implementing impactful community & environmental initiatives.
• Transparent reporting to all stakeholders.

KEY DRIVERS UNDERPINNING GROWTH STRATEGY

CASHFLOW

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

7

ORE RESERVE EXPANSION

• Mine life growth from In-mine extensions
• Scheduled exploration drives & drilling has been included in mine plan
• Potential Near-mine satellite deposits could significantly increase life

REGIONAL DISCOVERY

• 1,100km2 of strategic landholding covering 80km strike of the Cobar Basin Primary focus on new
  • Copper & Gold deposits
• 15 brownfields targets identified within +40-year exploration database

ENDEAVOR STAGE 1 CASHFLOW: 10-YEAR LIFE

Project Highlight	Restart StudyOutcome
LOM Revenue	A$1,412 million
LOM OPEX	A$934 million
LOM EBITDA	A$400 million
Free Cashflow	A$323 million
Pre-Production CAPEX	A$23.7 million
Pre-Tax NPV8%	A$201 million
Pre-Tax IRR	91%
Post-Tax NPV8%	A$144 million
Post-Tax IRR	78%
Capital Efficiency	8.5x
Operating Margin	28.5%
Payback	2.3 years

ORE RESERVE EXPANSION: 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 resources 1.73Mt @ 8.7% Zinc, 46.4 g/t Silver & 0.8% Lead
  • Resource open along strike and at depth

Exploration Target - Deep Zinc Lode

• 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.

ORE RESERVE EXPANSION: NEAR-MINE

• 5 Targets:
  • Panda
  • Garman
  • Poon Boon
  • Southern Extension
  • Bengaccah
• Panda identified from Sandfire EM-Conductor drill hole 20CES001 which intersected 6m @ 3.61% Pb, 31.4 g/t Ag from 90m downhole
• There is an anticlinal interpretation based on the Sandfire drilling with surface anomalism sitting above a potential hinge position identical to Endeavor
• Recent trenching has defined surface Lead, Zinc & Arsenic anomalism over 300m strike and 80-100m width
• Surface expression at Panda appears to be zinc dominant
• 1,000m of RC drilling planned at Panda before end of year

REGIONAL DISCOVERY

• Project tenements cover 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-development)
  • 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

EXECUTING ON OUR STRATEGY

We pride ourselves on our values – integrity, innovation & efficiency

We are owners at all levels in our business

We have a long mining development & production history in the Cobar Basin

We operate a can-do business are innovative & problem solvers

We have expertise in unlocking embedded value from historic assets

We treat capital with respect stretching it further than our peers

DEFINED STRATEGY, CLEAR FUTURE

Restarting Endeavor Silver-Zinc-Lead Mine

• Low risk restart
• 10-year mine life
• $323 million free cashflow
• Low CAPEX A$23.7 million
• Approvals & permits in place
• First production scheduled for H2 2024

Established Partnerships Secures Funding

Strategic alliance with

Offtake pre-payment

secured US$10M

Bond replacement

strategy in place

Project development

targeting A$50M

financing advanced

Partners UK

trading group Ocean

Financial Discipline Defines Clear Pathway to Cashflow

• Capital applied to restart is conservatively costed
• Laser focused on single asset mine restart
• Sufficient cash contingency will be maintained +A$15M
• Focused & disciplined financial management

Pursue growth and downstream opportunities from existing asset portfolio

Project Growth

• Expand mine life through In-mine extension drilling
• Progress 5 known Nearmine exploration targets
• Advance pipeline of regional exploration targets

ASX: POL

Investor Enquiries:

Linden Sproule

linden.sproule@polymetals.com

www.Polymetals.com