POLYMETALS RESOURCES LTD — Investor Presentation 2024

Oct 1, 2024

ASX: POL

ASX Announcement

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2 October 2024

LONDON METAL EXCHANGE WEEK - PRESENTATION

Polymetals Resources Ltd (ASX: POL ) ( Polymetals ) is attending the 2024 London Metal Exchange Week (LME Week) in London. The Chairman is presenting to various metal traders, smelters and investors.

The presentation material is attached.

This announcement was authorised for release by Polymetals Resources Ltd Board.

For further information, please contact:

Linden Sproule Corporate Development

linden.sproule@polymetals.com

ABOUT POLYMETALS

Polymetals Resources Ltd (ASX: POL) is a mining company developing the high-grade Endeavor silver, lead and zinc mine located within the premier polymetallic mineral province, the Cobar Basin, NSW, Australia. Polymetals is on track to become a long term, profitable base and precious metal producer. Polymetals holds a strong exploration portfolio for organic growth with excellent potential for discovery of copper, gold, silver and zinc orebodies. For more information visit www.polymetals.com

Polymetals Resources Ltd | ACN 644 736 247 | Unit 1, 101 Main Street Alstonville NSW 2477 Australia

www.polymetals.com

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Australia’s next silver and zinc producer.

London Metal Exchange Week October 2024

ASX: POL polymetals.com

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Endeavor Mine
Cobar, New South Wales
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Disclaimer.

Australia’s Next Silver and Zinc Producer

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.

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 associated economic changes.

Disclaimer

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 Ore Reserve and Mineral Resources is based on information compiled by Mr Troy Lowien and Mr Matt Gill, 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 and Mr Gill consent to the inclusion of 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. Where possible, original assay reports were located to verify reported results.

Future Performance and Forward-looking Statements

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.

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.

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Australia’s Next Silver and Zinc Producer

1Refer Appendix 1 2Refer ASX announcement “Significantly improved Endeavor Silver Lead Zinc Mine Plan” dated 5th August 2024

Australia’s next silver and zinc producer.

Footprint Resource1 Production2 Revenue2 $ 1,107km[2] 16.3Mt 10.6Moz A$1.9b Exploration licences x 3 in UG Mineral Resource Payable Silver LOM Revenue prolific Cobar Basin 41.1Moz Silver, 1.3Mt Zinc, 100Kt Lead 260Kt A$688m 30km[[2]] 5.2Mt Payable Zinc LOM EBITDA Mining leases x 5 Tailings Mineral Resource 4.1Moz Silver, 0.3Mt Zinc, 90Kt A$609m 10Kt Lead Payable Lead Free Cashflow New drilling and regional exploration targeting Resource Over 10-year initial mine life Over 10-year initial mine life

30km[[2]] Mining leases x 5

New drilling and regional exploration targeting Resource upgrade

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Investment highlights.

Australia’s Next Silver and Zinc Producer

01

Endeavor Mine restart is fully funded and on track to deliver first cash flow in May 2025.

02

Strong financial metrics for initial 10-year mine life backed by favourable offtake terms.

03

Potential to build +20year operation in the heart of one of Australia’s most prolific mining regions.

04

Board and management have invested A$8 million in the mine and have over 30 years’ mining experience in the Cobar Basin.

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Australia’s Next Silver and Zinc Producer

SECTION -

01

Endeavor Mine will deliver first cash in May 2025

Endeavor Mine is on track to deliver first production in April 2025, and first cash flows in May 2025.

Endeavor Mine restart is fully funded with US$20 million loan facility from global commodity trader Ocean Partners.

Veteran mining executive Matthew Gill has been appointed as Endeavor’s General Manager. He is a three-time winner of the Australian Mine Manager of the Year Award and received the AusIMM Leadership Award in 2008.

Polymetals has secured most of its key redevelopment staff and senior operational management, many of whom are residing in Cobar.

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Australia’s Next Silver and Zinc Producer SECTION -

01

Endeavor Mine will deliver first cash in May 2025

+$150m worth of infrastructure in place. 1

Mine Headframe

Fully equipped underground mine including a 7km decline from surface, 380m deep shaft with associated headframe, winder, U/G crusher and U/G infrastructure. Pastefill plant - 800ktpa capacity

Water

Secure water supply via a pipeline from Cobar.

Grid Power

12.5 MW / 132 kV, substation owned and maintained by Essential Energy.

Processing Plant

1Como 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/researchreports

Offices and workshop Substantial offices, laboratory, workshops, critical spares and stores.

Real estate

42 houses; Six vacant residential and industrial lots and four blocks of units. Independent valuation A$11.4 million

1.2 MTPA processing plant including a surface crushing plant, SAG mill, two ball mills and Pb/Zn flotation circuit.

Transport

Railway to mine connected to national rail network.

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Polymetals is delivering on its targets.

	Polymetals is delivering on its tarets
Australia’s Next Silver and Zinc Producer 01 Endeavor Mine will deliver first cash in May 2025 SECTION -	g. Due diligence drilling – high grade silver zinc UNL Option to acquire Endeavor Mine A $15m offtake facility with Ocean Partners Endeavor Mine Restart Study Updated Endeavor Mine Plan Deferral of environmental bond Strategic alliance – Metals Acquisition (ASX:MAC) Finalise project finance – Secured US$20 million Loan Facility Completed Milestones
		Current and Future Milestones
		Mine restart activities Sept 2024 – April 2025
		First production April 2025
		Sale of first zinc and silver-lead concentrates May 2025
		First revenue May 2025
		Near mine exploration drilling Sept 2024 – Aug 2025

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01

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Australia’s Next Silver and Zinc Producer

SECTION -

Endeavor Mine will deliver first cash in May 2025

Endeavor Mine has an initial 10-year mine life.

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Production Upper main lode Deep zinc lode Concentrate Production Zinc
Tonnes per annum Main ore body Sector 1 tailings Dry metric tonnes per annum Silver-lead
1,400,000 160,000
140,000
1,200,000
120,000
1,000,000
100,000
800,000
80,000
600,000
60,000
400,000
40,000
200,000
20,000
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FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35

FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35

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A$1.85b in revenue to be
1
Australia’s Next .
generated over first 10 years
Silver and Zinc
Producer
SECTION -
Payable Zinc Payable Lead Payable Silver
02 260,000t 90,000t 10.6Moz
US$2,860/t | A$4,418/t US$2,160/t | A$3,224/t US$28/oz | A$41.9/oz
Endeavor Mine
has strong
financial metrics. Total Revenue Pre-tax Free Cashflow Pre-tax NPV @ 8% discount
A$1.856b A$609m A$414m
Average Annual EBITDA Pre-tax IRR Payback
A$89m Years 1 -5 345% 14 months
Revenue Split %
Zinc 60 Silver 27 Pb 13
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1Refer ASX announcement “Significantly improved Endeavor Silver Lead Zinc Mine Plan” dated 5th August 2024

Six-year offtake agreement with Ocean Partners, with 50% zinc sold at spot prices and 50% at benchmark pricing. Blended pricing model balances risk and reward. No mandatory hedging provides flexibility to capitalise on favourable markets.

AUD:USD 0.67

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Prohibitive 100% silver Australia’s Next royalty has been reset to a Silver and Zinc Producer 4% Ag, Zn and Pb net SECTION - smelter royalty.

02

Endeavor Mine has strong financial metrics.

After restructuring silver royalties to reset project economics, Polymetals acquired the Endeavor Mine in 2024 following more than a year of due diligence.

With silver prices at 12-year highs, removing this significant financial constraint has enabled refocus on silver production and recovery options.

Royalty reset returns +25% of previously lost revenue.

1974 Elura deposit discovered (now Endeavor).

1983 Pasminco starts production @ 1.2Mtpa. POL Chairman David Sproule acquires and 1992 processes Endeavor Mine supergene tailings. Toro Zinc subsidiary CBH Resources acquires 2003 and operates mine. CBH enters 100% silver streaming royalty, 2005 signposting gradual production decline. Mine put into care and maintenance as zinc and 2020 lead alone fail to make metrics work. POL negotiates new royalty ahead of securing 2022 the mine in 2023.

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A$609 million in free cash
Australia’s Next
flow over first 10 years.
Silver and Zinc
Producer
SECTION -
Earnings Forecast CAPEX Revenue
A$million OPEX Cum. net cash flow
02
600
Endeavor Mine
has strong
financial metrics.
500
400
300
200
100
0
FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35
(100)
(200)
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Australia’s Next Silver and Zinc Producer

SECTION -

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03
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Potential to build +20-year mining operation.

1Refer Appendix 1

A long-life +20-year asset in one of Australia’s most prolific mining districts.

Largest known ore body within Cobar Basin. Pre-development +10.5Moz Au equivalent.

Mineral Resources[1] August 2024

16.3Mt

Lead 750,000t

Silver

Zinc

41.4Moz

1,300,000t

Historic Ore Production

1983 - 2020

32.0Mt

Lead

Silver

Zinc

1,600,000t

92.0Moz

2,600,000t

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Australia’s Next Silver and Zinc Producer

SECTION - 03

Potential to build +20-year mining operation.

Cobar Basin is a prolific mining district.

Major polymetallic (base and precious metals) ore bodies with short strike length and deep depth persistence cluster throughout the basin.

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03

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Australia’s Next Silver and Zinc Producer

Bonanza supergene can occur above sulphide lenses.

Endeavor Supergene

100kt mined contained 16Moz Silver + 30koz Gold

SECTION -

Potential to build +20-year mining operation.

Peak Mine

Aurelia Metals

45km south of Endeavor Mine

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CSA Mine Metals Acquisition Limited 30km south of Endeavor Mine

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-
Cu
- Cu
Zn Pb -
Zn Pb
0 500 1000m
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Endeavor Mine Polymetals

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Australia’s Next Silver and Zinc Producer

SECTION -

03

Potential to build +20-year mining operation.

1. Refer ASX Releases: 17/04/2023 ‘Polymetals intercepts 81 m at 19.5% zinc equivalent’ and 09/05/2023 ‘Outstanding high grade assays Zn-AgAu-Cu-Pb at Endeavor’

Major in-mine ore reserve growth potential.

Upper North Lode

: Contains high-grade metal[1]

• 2,799g/t silver, 13.3% Zinc, 22.7% Lead

• 34% Mineral Resource/Ore Reserve conversion

• Recently completed geotechnical drilling

Deep Zinc Lodes

First drilled in 2016

• Current Ore Reserve 1.73Mt @ 8.7% Zinc, 46.4 g/t Silver and 0.8% Lead

• Exploration Target >3Mt

• Exploration drive and drilling included in mine plan

North-Western Lodes Extension

• Open, with mineralised intercepts

• Exploration drive and drilling included in mine plan

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Australia’s Next Silver and Zinc Producer

SECTION -

03

Potential to build +20-year mining operation.

Priority Carpark prospect neighbours existing mine.

December 2023 drilling confirmed prospectivity of geophysical and geochemical anomaly 150m to the south of main Endeavor orebody.

• Twelve holes drilled to date, broad +100m zinc & lead anomalism.

• Zinc and lead anomalism first identified in RC drill hole PCP001 now extends for over 150m.

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Prospective for silver, zinc and lead.
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Australia’s Next Silver and Zinc Producer

SECTION - 03

Potential to build +20-year mining operation.

1 Calculation is based on publicly available pre-mining resources

More prospects in close proximity to Endeavor Mine.

Exploration activities focused on delivering new economic copper, gold, and silver-zinclead deposits.

Metal endowment of the Cobar Basin increases towards the north.

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Mineral Deposits 1
Pre-development Endeavor
CSA
Moz Au.eq
10.5
Peak
8.5
Hera
3.5
1.0
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03

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Australia’s Next Silver and Zinc Producer

SECTION -

Potential to build +20-year mining operation.

Significant potential for the discovery of Cobar style copper deposits.

C1-C4 targets identified in December 2023 have copper anomalism up to six times greater than background.

• Initial drilling of C2 and C3 planned during quarter.

• First drilling since 1990 RAB program at hole spacing 250m x 100m. Bottom of hole sampling at an average depth of 40m.

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Australia’s Next Silver and Zinc Producer

SECTION - 04

Highly experienced Board and management.

Leadership who knows the lay of the land.

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Jess Oram

Alistair Barton

David Sproule Executive Chairman

Non-Executive Director

Non-Executive Director

Alistair has nearly 50 years of experience in the mining industry including exploration, project development, mining operations, contract mining and engineering services, consulting, capital fund raising and public company management. He has held the positions of Managing Director for ASX listed Probe Resources, and GM of Operations for Barrack Mines.

Jess is an experienced exploration geologist with over 30 years’ practice in mineral exploration and management across a variety of commodities, companies and countries. He has been involved in mineral discovery, resource delineation and expansion and mining feasibility studies. He is currently the Senior Vice President – Exploration for ASX listed Paladin Energy, and has previously worked with CRA Exploration, Xstrata, and RGC.

David has worked across Australia and in Africa, leading the development of several successful gold mining and processing operations. He specialises in value creation when developing mine projects by applying an ‘owner build’ model, which has proven to significantly reduce development costs. He was previously Chairman of Polymetals from its listing on ASX in 2011 until the company merged with Southern Cross Goldfields.

Board and management have invested A$8 million and have over 30 years mining experience in the Cobar Basin.

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Matthew Gill

Linden Sproule

John Haley

CFO & Co-Sec

GM Endeavor Mine

Corporate Development

John has over 40 years’ experience, specifically providing taxation advice to clients in the Australian mining industry which includes approximately 20 years as a Director/Chief Financial Officer and Company Secretary of junior mining companies in Australia and Canada. He was a founding Director of three ASX listed companies, Metallica Minerals Limited (ASX: MLM), MetroCoal Limited and Cape Alumina Limited.

Matthew is a mining engineer with over 40 years’ who has been instrumental in the development of four gold mines Porgera (PNG), Beaconsfield (Tas), Ballarat (Vic) and Morning Star (Vic)). He is a three-time winner of the Australian Mine Manager of the Year Award and received the AusIMM Leadership Award in 2008. Previously, CEO and MD of ASX listed White Rock Minerals and has also held the role of Group Chief Operating Officer for Singapore-listed LionGold Corp.

A geologist, Linden has eight years’ experience with Alternate Capital, Private Credit, Corporate Finance, Business Strategy & Development. He has extensive international experience throughout Asia and has worked across a range of multi-faceted private equity transactions and credit deployments within the metals & mining industry.

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Corporate Snapshot.

Australia’s Next Silver and Zinc Producer

Share price Market capitalisation Shares on issue Cash Options Debt A$0.31 A$62.31m 194.8m A$7.8m Nil Nil As at 25 September 2024 As at 25 September 2024 As at 25 September 2024 As at 30 June 2024 52 week high $0.45, low $0.21 Share Registry ASX Share price performance ($A) Year to 25 September 2024 0.40 44% Retail 0.35 35% Board 0.31 0.30 11% Institutional 0.10 6% Management 4% Metals Acquisition | Jan 2024 | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep

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Australia’s Next Silver and Zinc Producer

Near-term value creation activities.

01

02

Mine restart.

Processing plant upgrades.

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

• First production in April 2025, and revenues in May 2025.

• Increase zinc and precious metals recovery from stored tailings.

• Sale of first zinc-lead concentrates in June quarter 2025.

03

04

Resource/Reserves upgrade.

Near mine drilling and regional exploration.

• Extending Deep Zinc Lode resources, • Continued testing of known near-mine which are open along strike and at and regional exploration targets. depth.

• Define in-mine gold rich zones.

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Linden Sproule Corporate Development

linden.sproule@polymetals.com +61 2 3212 6299

Unit 1, 101 Main Street Alstonville New South Wales 2477 Australia

Polymetals Ltd ABN 76 075 103 221 ASX:POL

Connect with us.

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eNews

Follow us Subscribe to our e-news: www.linkedin.com/company/ polymetals.com polymetals

Join the conversation www.x.com/polymetals

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Australia’s Next Silver and Zinc Producer

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 1. Endeavor Mine Resources

1

2

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Notes

1. Reported without use of cut-off grade

2. Discrepancies may occur due to rounding.

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