POLYMETALS RESOURCES LTD — Investor Presentation 2023

Apr 18, 2023

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Acquisition and Advancement of the Endeavor Silver - Zinc - Lead Mine

Investor Presentation - April 2023

A S X : P O L

Endeavor Mine March 2023

Important Notices and Disclaimer

Disclaimer

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. 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. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Polymetals or its directors, or any of their employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of the information contained in this presentation. In particular, no representation or warranty, express or implied is given as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness of any forecasts, projections, prospects or returns contained in this presentation, nor is any obligation assumed to update such information. Such forecasts, prospects or returns are by their nature subject to significant uncertainties and contingencies. Past performance and pro forma historical financial information is given for illustrative purposes only. It should not be relied on and is not an indication of future performance, including future share prices. For further details on historical information relating to the Group, you should see past announcements that Polymetals has released to ASX.

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 based on 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 upon 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 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. This presentation should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation. This presentation contains forecasts and forward-looking information including statements about growth opportunities and targets; management plans and objectives; production forecasts and targets; commodity prices; demand for commodities; the expected timing for commencing new projects; the anticipated life of projects; operating costs; capital costs; and exchange rates. These forward-looking statements are based on expectations as at the date of this presentation. Forward looking statements are not a guarantee of future performance as they involve risks, uncertainties and other factors, many of which are beyond the Company’s control, and may cause results to be different from statements in this presentation. The Company cautions against reliance on any forward-looking statements or guidance, particularly in the current economic climate. You should not act or refrain from acting in reliance on this presentation material. You should not put undue reliance on forwardlooking statements. This overview of Polymetals does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company or its future prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision. The Company makes no representation, assurance or guarantee as to the accuracy or likelihood or fulfilment of any forward-looking statement or any outcomes expressed or implied in any forward-looking statement.

Limitation on Information in Relation to the Endeavor Operations

All information in this presentation relating to the Endeavor Operations, including in relation to historical production, mineral resources and ore reserve estimates, historical exploration results, historical costs, life of mine plans and other historic financial information, has been sourced from the previous mine owner records and reports, public records and consultants. Polymetals has conducted due diligence in relation to the Transaction, but has not independently verified all such information and, to the maximum extent permitted by law, makes no representation or warranty, expressed or implied, as to the fairness, accuracy, correctness, completeness or adequacy of any information relating the Endeavor Operations. Nothing in this presentation can be relied on as implying that there has been no change to any information relating to the Endeavor Operations since the date of this presentation, or as a representation as to future matters in relation to the Endeavor Operations.

Competent Person Statement

The Endeavor Mine Mineral Resource information was prepared and disclosed under the JORC Code (2012) as per the ASX Announcement “Endeavor Mine Acquisition Final” by Polymetals Resources Ltd on 28th March 2023. This presentation contains references to exploration results and Mineral Resource estimates, all of which have been cross-referenced to previous market announcements where possible. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and in the case of estimates of Mineral Resources and Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

The information supplied in this presentation is based on information compiled by a team led by Mr Alistair Barton, a Competent Person who is a Fellow of the Australian Institute of Mining and Metallurgy. Mr Barton 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”. Mr Barton consents to the inclusion of the matters based on information in the form and context in which it appears.

Historic Exploration Information

The exploration results and prospects identified on the tenements includes historical pre-1989 exploration results. The exploration activity was undertaken by a number of companies and POL notes that the pre-1989 results are not reported in accordance with the JORC Code, 2012. A Competent Person has not done sufficient work to disclose the exploration results in accordance with the JORC Code 2012 and it is possible that following further evaluation and/or exploration work, that the confidence in the prior reported exploration results may be reduced when reported under the JORC Code, 2012. Nothing has come to the attention of POL that questions the accuracy or reliability of all the historical exploration results.

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A S X : P O L

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Summary

• The Endeavor Mine is operationally ready and provides excellent potential to re-establish long-term production of silver – zinc – lead as well as gold.

• Significant asset portfolio independently valued +$150 million[1] including; underground mine, processing facility infrastructure and Cobar real estate.

• JORC (2012) Compliant Resources of 16.3Mt at 8.0% Zn, 4.6% Pb and 79 g/t Ag.[2]

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Endeavor Mine Site (March 2023)
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• Strategic regional position – 41km[2] Mining Leases + 1,100km[2] Exploration Licences;[3]

• Existing in-mine, near-mine and regional exploration targets.

• Management team have long-term knowledge and experience of the asset and the Cobar region.

• All operational approvals in place.

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1 Como Engineers Independent Plant & Equipment Going Concern Valuation $140 million. Aspect Property Independent Property Valuation $11.38 million. Copies of reports can be found here https://polymetals.com/investors/research-reports A S

2 The Endeavor Operations hosts JORC (2012) Compliant Resources – refer ASX announcement 28th March 2023 or see copy of independent Resource report by Groundworks Plus Pty Ltd on the Company Website. All metals have reasonable potential to be recovered and sold. 3 Announced to ASX on 28 March 2023 “Endeavor Mine Acquisition Final”

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The Opportunity

1. Acquisition of a significant mining asset portfolio for 7% of its $150M independent valuation[1]

2. Renegotiation of the existing 100% silver streaming royalty to a 4% Ag-Zn-Pb NSR facilitated negotiations for mine acquisition.

3. Significant remaining Measured and Indicated Resources provide immediate ability to remodel Resources and generate Ore Reserves.[2]

4. Potential for near term substantial cash generation by extracting shallow high grade North Lode silver, zinc, lead and gold mineralisation (open-cut or underground mining).

5. Expansion of recently discovered Deep Zinc Lodes (2.69Mt @ 7.7% Zn open along strike and at depth).

6. Potential for delineation of in-mine gold resources.

7. Testing of known near-mine DHEM conductors.

8. Leaching to recover further silver and gold following lead-zinc flotation.

9. Funding assistance via NSW Government Critical Metals Grant Scheme ($500k approved, with up to $10M June 2023 applications)[3]

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The Asset

Endeavor Mine 38-year operational history in one of Australia's most prolific polymetallic regions, Cobar, NSW

Location	•	Cobar Basin, 40km north of Cobar NSW Australia
History	•	Discovered in 1974, production commenced in 1982 and placed on Care and
		Maintenance 2019
	•	Mined & Processed 32Mt @ 8.01% Zinc, 5.04% Lead and 89.2g/t Silver
	•	Output of metal in concentrates: 2.0Mt Zinc, 1.2Mt Lead & 41.6Moz Silver
Deposit &	•	Cobar Style polymetallic deposit (Ag, Zn & Pb dominant with minor Au & Cu)
mineralisation	•	2nd largest mine in the Cobar region, 30km north of CSA Copper mine
Mining	•	Life of Mine average mining rate of 875Ktpa
	•	Open stope mining method with later paste fill
Processing	•	Capacity 1.2Mt per annum Pb/Ag & Zn flotation
Workforce	•	Local Cobar drive-in / drive-out workforce
	•	Accommodation in Cobar - ownership of 42 houses, 4 blocks of units
Access	•	40km sealed road north of Cobar and concentrate freight rail line
Water / Power	•	Cobar Water Supply 1,280ML / 15MW grid supply at 132kV with diesel back-up
Approvals	•	All operational approvals including expansion of tailings storage facility
JORC (2012)	•	16.3Mt @ 8.0% Zn, 4.6% Pb & 79 g/t Ag (Contained Metal: 1.3Mt Zn, 0.75Mt Pb &
Resources		41.4Moz Ag)

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Endeavor Mine Headframe (March 2023)

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The Deal

Terms

• Acquisition of Cobar Metals via 100% purchase of Orana Minerals[1] .

• Issue of 52 million POL shares to Orana Minerals Shareholders. (A$9.36M @ $0.18/share)

• Cobar Metals and CBH Resources are parties to a binding Share Purchase Agreement for Cobar Metals to acquire 100% of the Endeavor project.

• Environmental Rehabilitation Bonds[2] of $27.96M to be replaced by April 2024.

Asset Portfolio

Fully equipped Mine, Process Plant, Infrastructure and Housing

• Tenements: 5 Mining Leases (41km[2] ), 3 Exploration Licences (1,100km[2] ) + Western Lands Pastoral Lease (2,500ha).

• Independent JORC (2012) Compliant Resources - 16.3Mt @ 8.0% Zn, 4.6% Pb & 79g/t Ag within the Mining Leases (Recoverable silver equivalent: 193Moz).

• Mine and infrastructure assets independently valued at +$150M[3] .

• Fully equipped and operationally ready underground mine: 1.2Mtpa mineral processing plant.

• Sealed access road, freight rail line, grid and back-up power and secure water supply.

• Offices, workshops, laboratory, inventory of stores, critical parts, and spares. Light vehicles, heavy machinery, and mobile equipment.

• 42 houses, 4 blocks of units and 6 vacant allotments in Cobar.

• Statutory operational approvals, including increased tailings storage.

Value Creation

• Reset of project economics through silver royalty restructure.

• Resource / Reserve increase via mine optimisation.

• Addition of hydrometallurgical recovery of Ag & Au.

• Fully define in-mine gold resources

• Expand Deep Zinc Lodes (DZL)

• Drilling of known near-mine targets.

• Regional exploration of priority Cu and Au targets.

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1 Announced to ASX on 28 March 2023 “Endeavor Mine Acquisition Final”

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2 Currently held by CBH Resources as Bank Guarantees

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3 - Refer to slide 3 footnote. Copies of independent reports can be found on the Company website or here https://polymetals.com/investors/research reports

The Royalty Restructure: Pre-requisite to Mine Acquisition

An immediate unlocking of +25% in project economics

• Mine acquisition negotiations with CBH commenced following agreement with royalty owner, Metalla Royalty and Streaming Ltd (Metalla), to replace its 100% silver streaming royalty over the Endeavor Mine with a 4% Zn-Pb-Ag Net Smelter Royalty (NSR) over the Mining Leases only and excluding Au and Cu.

• The impact of the renegotiated royalty compared to historic financials demonstrates the potential for improved economics +25%.

• This highlights an example of Polymetals business solutions approach to unlock value.

History In May 2005, Coeur d’Alene paid CBH A$50M in exchange for 100% silver production up to 20Moz. The royalty was subsequently purchased by Metalla in 2017 when the company acquired a portfolio of Coeur Mining royalties. At closure (December 2019) a total of 7.4Moz had been delivered with an outstanding balance of 12.6Moz. Previous Agreement 100% Silver production up to 20Moz Revised Terms 4% Net Smelter Royalty on Zn, Pb & Ag recovered from the existing mining leases Owner Metalla Royalty and Streaming Ltd. (TSX: MTA) (NYSE: MTA) Key Benefit Significant financial constraint removed allowing focus on silver production & recovery options

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Phase 1 Drilling – completed March 2023

21 RC Drill holes (assays for 15 holes awaited as at 16/04/2023)

Hole ID	Intercept (m)	Au g/t	Ag g/t	Zn%	Pb%	Cu%	ZnEq (%)
MET_1LS_1	81	1.15	473	7.4	5.5	0.11	19.5%
including	8	2.21	931	6.2	12.2	0.18	32.6%
PNL001	52	0.65	343	5.7	4.6	0.12	14.6%
including	2	0.64	2020	1.1	6.3	0.13	47.2%
PNL002	40	0.88	226	5.1	2.9	0.10	11.1%
PNL003	22	0.49	228	6.3	3.1	0.10	11.7%
and	3	0.51	576	5.4	2.8	0.08	17.9%
and	9	0.82	757	7.6	3.1	0.07	23.7%
PNL004	36	0.43	341	7.3	4.6	0.18	15.5%
PNL016	34	2.87	131	3.2	4.3	0.07	10.7%
including	4	13.92	62	0.5	1.8	0.02	18.3%

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Oblique view of unmined Upper North Lode, existing mine development and drill hole traces .

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Refer ASX announcement 17 Aril 2023 “Polymetals intercepts 81 m at 19.5% zinc equivalent”. Z inc Equivalent (ZnEq %): Zinc is deemed to be the appropriate metal for equivalent calculations as Zinc is the dominant metal within the Endeavor deposit. Zinc equivalent calculations are based on assumed metal prices taken at spot value on 16/04/2023 (below), 38-years of average process recoveries for lead, zinc and silver and hydrometallurgical precious metal recovery testwork. Inputs for the ZnEq% calculation are as follows; metallurgical recoveries of 50.00% gold, 70.05% silver, 78.58% zinc, 70.97% lead and 0.00% copper. Spot metal prices of US$2004.40/oz gold, US$25.40/oz silver, US$2856.50/t zinc and US$2170.00/t lead. ZnEq% = [(Au g/t x (2,004.40/31.1035) x 0.50) + (Ag g/t x (25.40/31.1035) x 0.7005) + (Zn% x 2,856.50 x 0.7858) + (Pb% x 2,170 x 0.7097)] / (2,856.50). Polymetals Resources is of the opinion that all elements included in the metal equivalent calculation have reasonable potential to be recovered and sold.

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Project Peer Comparison

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Australian Base Metal Mining Projects
MARCH 2022
Metals Acquisition Corp
announced acquisition
of CSA Mine for
US$1.1Bn + 1.5% Cu NSR
Comparison of un-depleted JORC resources expressed as gold equivalent
(Source: Aurelia Metals (ASX: AMI) presentation – 30 March 2022)
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The silver equivalent (AgEq) grades and implied AgEq recoverable ounces used are indicative only and have been calculated using the formula AgEq (ounces) = total recovered metal value ($) / silver price ($/ounce). AgEq (g/t) = ([total recovered metal value ($) / silver price ($/ounce)] * 31.1035 / published total JORC resource tonnage). Endeavor metal recoveries applied are Zn-78.58%, Pb-70.96%, Ag-70.05%, Au-0.00%, Cu-0.00%. Recoveries for all other projects have been extracted from publicly available information. Outputs assumed prices of US$2,023.00/oz for Au, US$8,917.00/t for Cu, US$2,115.50/t for Pb, US$2,898.50/t for Zn and US$25.08/oz for Ag. Resource tonnages, grades and recoveries used for each project have been extracted from the most recent publicly available JORC resource reports, feasibility studies and production data.

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The Regional Opportunity

Walk-up: Sparsely or Untested targets

Numerous regional historic Pb, Zn, Cu, Ag and Au . anomalies to be validated by low-cost exploration[1]

Many prospects have not been followed-up with modern exploration.

Priority Prospects:

1. Kiri: Cu-Zn - discovered 1983 (geochemical soil anomaly)

2. - discovered 1987 Furney’s Tank: Pb-Zn-Au (geochemical anomaly and drill intercepts)

3. Boundary Tank: Cu/Au - discovered 1997 (geochemical soil anomaly with supporting Au in rock chips)

4. Wayne's Find: Cu/Au - discovered 1992 (geochemical soil

anomaly and gossanous Au / Cu in rock chips)

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1 Regional exploration JV / ’Farm-in’ contemplated

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The Future

• Establish sufficient Ore Reserves to support recommencement of operations;

• Assumed lead time 18-24 months targeting initial 5-year mine life.

• Initial development focus on North Lode, 6-6 Stope and Deep Zinc Lodes.

• Addition of leach circuit to existing processing plant to recover further silver and gold.

• Extending Deep Zinc Lode resources (open along strike and at depth).

• Delineating in-mine gold rich zones on the margin of high grade Pb/Zn mineralisation (eg: NP0565: 30m @ 3.58g/t Au incl. 3.2m @ 18.2g/t Au at end of assayed interval)[1] .

• Testing of known near-mine and regional exploration

• targets (regional exploration JV contemplated).

• Zinc and precious metals recovery from stored tailings.

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1 Historic underground diamond core interval – RL 9335

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Endeavor Mine Long Section – known but unmined mineralisation

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JORC (2012) Compliant - Endeavor Mineral Resources

Endeavor Mine JORC Mineral Resource Estimate – ‘ Groundworks Plus 2023 Independent Endeavor Mine Resource Report’[1]

	2023 Endeavor Mine JORC Resources (NSR cut-off values of $190/t for mineralisation above 10,080mRL, and $150/t for mineralisation below 10,080mRL)	2023 Endeavor Mine JORC Resources (NSR cut-off values of $190/t for mineralisation above 10,080mRL, and $150/t for mineralisation below 10,080mRL)	2023 Endeavor Mine JORC Resources (NSR cut-off values of $190/t for mineralisation above 10,080mRL, and $150/t for mineralisation below 10,080mRL)
	Category Mt NSR ($/t) Zn%	Pb% Ag g/t	Zn kt Pb kt Ag Moz 353 218 10.4 712 409 22.9 239 115 7.7 1,304 kt 743 kt 41.1 Moz
	Measured 4.2 302 8.4	5.2 77
	Indicated 8.9 279 8.0	4.6 80
	Inferred 3.1 251 7.7	3.7 78
	Total 16.3 Mt $279/t 8.0%	4.6% 79 g/t

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1 The Endeavor Mine Mineral Resource information was prepared by Independent consultant Groundworks Plus Pty Ltd and disclosed under the JORC Code (2012) as per the ASX Announcement “Endeavor Mine Acquisition Final” on 28[th] March 2023. Copies of independent reports can be found on the Company website or here https://polymetals.com/investors/research-reports

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Acquisition of the Endeavor Silver – Zinc - Lead Mine

Transformational Opportunity with Long-Term Growth from Ownership of Operationally ready Silver-Zinc-Lead Mine within the Cobar Basin, Australia

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