POLYMETALS RESOURCES LTD — Investor Presentation 2024

Feb 4, 2024

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POLYMETALS RESOURCES (ASX: POL) Blue Ocean Equities: ‘New South Wales and Queensland Precious and Base Metals Mining Conference’ February 5, 2024

ASX:POL

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POLYMETALS RESOURCES LIMITED

• Listed in June 2021

Share Price Since IPO: High = A$0.465, Low = A$0.08

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• Acquisition of Endeavor Mine in 2023 [1]

• +30 years within Cobar Basin, exploring, developing and operating

• Management has invested +$6.5M cash

• POL share price performance in top 7% of ASX materials companies

Board

Dave Sproule – Executive Chairman ( Metallurgical Engineer ) Alistair Barton – Non-executive Director ( Geologist ) Matt Gill – Non-executive Director ( Mining Engineer ) Jess Oram – Non-executive Director ( Exploration Geologist )

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Shareholders
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12%
Board
Market Ca italisation A$42M
p
Management
41%
Shares on Issue 158M
39% Top 20
O tions Nil
p
Other Free Float
7%
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Management Team

John Haley – CFO & Company Secretary ( Accountant / Legal ) Jason Creighton – GM Projects ( Process Engineer ) Troy Lowien – GM Operations ( Resource Geologist )

Linden Sproule – Corporate Development ( Geology / Finance ) David Pelchen – Endeavor Site Representative (Mining Engineer) Patrick McDowall – Exploration Manager (Exploration Geologist) Michael Garman – Project Geologist (Exploration Geologist) 2

Polymetals Resources ǀ ASX: POL

1. Refer ASX Release: 28/03/2023 ‘Endeavor Mine Acquisition Final‘

SILVER-ZINC-LEAD

Short lead time to production, Long life operation, Low risk restart & Exceptional growth potential.

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Long term growth opportunity INVESTMENT SUMMARY

ESTABLISHED MINE & INFRASTRUCTURE

1

(38-years of operational life, $250M asset value)

APPROVED & PERMITTED

2

(Mining and milling optionality – Ag, Pb, Zn, Cu, & Au)

NEAR-TERM CASHFLOW

3

(Stage 1: Initial 10-year mine life, $323 million net cashflow)

CLEAR GROWTH STRATEGY

4

(Establish Cashflow, Expand Reserves, New Discoveries)

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Polymetals Resources ǀ ASX: POL

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ENDEAVOR PROJECT SUMMARY

• 32.0Mt mined & processed over 38-years (91.8Moz Silver, 2.6Mt Zinc & 1.6Mt Lead produced)

• Existing asset portfolio

(mine, processing, power, rail, road, water & real estate)

• Project unlocked by reset of 100% silver streaming royalty to a 4% Ag, Pb & Zn NSR

• Mine Restart: Initial 10-year Life

• $23.7M CAPEX

• $323M net cashflow

• ~$42M average annual EBITDA

• Under-explored - compelling targets (near-mine & regional exploration focus: Ag, Zn, Cu, Au)

• Value adding optionality (precious metals focus)

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Polymetals Resources ǀ ASX: POL

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PROJECT HISTORY

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1974	Discovery of Elura (now Endeavor)
1976	Maiden Resource 27Mt @ 8.3% Zn, 5.6% Pb, 140 g/t Ag
1983	Production commenced @ 1.2Mtpa
1992	D Sproule acquired & processed tailings(550g/t Ag, 3.5g/t Au)
2003	Operation purchased by ASX listed CBH Resources
2005	CBH entered 100% Silver Streaming Royalty
2010	A$360M privatisation by Toho Zinc (Tokyo Listed)
2020	Placed on C&M, 32Mt mined, 16.3Mt resources remain
2022	POL reset of 100% Ag royalty to a 4% Ag, Zn & Pb NSR

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Polymetals Resources ǀ ASX: POL

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Established long-life asset PROJECT OVERVIEW

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Established long-life asset	Established long-life asset	Established long-life asset
PROJECT OVERVIEW
Tenements	5 Mining Leases (30km2), 3 Exploration Licences (1,107km2)
Mineral Resources	16.3Mt - 41.4Moz Silver, 1.3Mt Zinc & 0.75Mt Lead
Ore Reserve	5.6Mt - 14.1Moz Silver, 224.6kt Zinc & 100.0kt Lead
Mining Methods	Long hole open stoping, sub-level stoping and cut & fill
Processing Method	UG & surface crushing, grind & differential flotation
Processing Capacity	1.2mtpa (Stage 1 restart throughput 840,000tpa)
Power & Water	Grid power 15MW & secure Cobar water supply
Transport	Railway to national network, sealed road from Cobar
Real Estate	42 houses, 4 blocks units and 6,000 acres pastoral land

Polymetals Resources ǀ ASX: POL

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Mine Restart Study outcomes STAGE 1: 10-YEAR MINE LIFE

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• Due-diligence drilling March 2023

• Increased contained silver in Upper North Lode by 48%, Mineral Resource = 94% Measured & Indicated

• Mine Restart Study completed October 2023 [1]

• Stage 1: 26% of Mineral Resources converted to Ore Reserves

• Geotechnical, infill & exploration drilling to convert further resources to reserves (included in mine plan)

• 9 months from funding to cashflow

• Ore Reserve increase expected through ongoing optimisation

Metric	Outcome
Stage 1: Mine Life	10 years
LOM Revenue	A$1,412 million
LOM OPEX	A$934 million
Pre-production CAPEX	A$23.7 million
Peak Cash Drawdown	A$32.0 million
Free Cashflow	A$323 million
Pre-Tax NPV8%	A$201 million
Pre-Tax IRR	91%
Operating Margin	28.5%
Capital Return	2.3 years

Polymetals Resources ǀ ASX: POL

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1. Refer ASX Release: 16/10/2023 ‘Endeavor Silver Lead Zinc Mine Restart Study completed’

COBAR BASIN GEOLOGY

• Clustered polymetallic (base & precious metals) ore bodies

• Short strike length & deep depth persistence

• Average depth of oxidation ~80m

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• Bonanza supergene can occur above sulphide lenses

Example:

• Endeavor 100,000 tonne mined

• contained 16Moz Silver + 30koz Gold

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Polymetals Resources ǀ ASX: POL

Ore Reserve Growth

IN-MINE

• Upper North Lode (364g/t Ag, 5.6% Zn & 4.4% Pb)

• :

• Contains high-grade supergene - intercepts include [1] 2,799g/t Silver, 13.3% Zinc, 22.7% Lead, 13.9 g/t Gold & 7.4% Copper

• 34% Mineral Resource / Ore Reserve conversion

• Geotechnical drilling included in mine plan to enhance Ore Reserves & confirm mining method

• North-Western Lodes Extension

• Exploration drive & drilling included in mine plan

• Deep Zinc Lodes – first drilled in 2016

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

  • Open along strike & at depth, growth target >2Mt

  • Exploration drive & drilling included in mine plan

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Polymetals Resources ǀ ASX: POL

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

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Targeting Proximal Discoveries NEAR-MINE

• Project closure has provided exploration window

• ML’s remain largely un-tested

• Past 18-months reprocessing historic exploration data

• Numerous targets generated as geological & geophysical understanding advances (Ag, Pb, Zn & Cu)

• ‘Priority A’ Mining Lease Targets

• –

• Carpark Ag, Zn & Pb

• C1, C2, C3 & C4 Cu

• ‘Priority B’ Mining Lease Targets • Panda – Cu / Zn

• Bengaccah – Ag, Zn, Pb

• • Garman - Ag, Zn, Pb

• Poon Boon – Cu, Ag, Zn, Pb

• South Endeavor - Ag, Zn, Pb

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Polymetals Resources ǀ ASX: POL

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Target adjacent to existing mine development ’PRIORITY A’: Carpark Ag, Zn & Pb

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• Identified in November 2023

• A coincident geophysical (IP, Magnetic & Gravity) and geochemical anomaly 100m south of the main orebody

• December 2023 drill hole PCP001 confirmed prospectivity

• Recent drilling & geophysical modelling suggests the Endeavor orebody may extend to the south

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• Phase 2 drilling planned to commence mid-February 2024

• Targeting high-grade supergene and new primary lodes

Polymetals Resources ǀ ASX: POL

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Potential for new mineral systems ‘PRIORITY A’: C1 – C4 Copper

• Identified in December 2023

• 1990 RAB drilling program at hole spacing 250m x 100m

• Bottom of hole sampling @ an average depth ~40m

• Copper anomalism up to 320ppm

• Targets have copper anomalism up to 6x greater than background

• Significant potential for the discovery of Cobar style copper deposits

• Initial drilling of C2 & C3 planned during quarter

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Polymetals Resources ǀ ASX: POL

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Advanced prospects REGIONAL EXPLORATION

• 1,107km[2] exploration licences

• 60km strike in northern Cobar Basin

• Numerous advanced targets

• Exploration focused on economic copper, gold & silverzinc-lead deposits

• Re-processing geophysical data underway

• Priority Targets:

• Kiri – Copper & Zinc

• –

• Boundary Tank Copper & Gold

• –

• Furney’s Tank Lead, Zinc & Gold

• –

• Wayne’s Find Gold & Copper

Polymetals Resources ǀ ASX: POL

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INVESTMENT OPPORTUNITY

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Serviced, dewatered, ventilated & maintained MINE READY AND OPERATIONAL

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• Major mine asset, approved & permitted

• Minimal restart risk & near term cashflow

• Substantial near-mine & regional exploration potential

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Polymetals Resources ǀ ASX: POL

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Long term growth opportunity INVESTMENT SUMMARY

1. Approved & Operationally Ready Mine

2. Established Infrastructure (+$250 million)

3. Stage 1 - 10-year mine life

4. Commodities leveraged to global infrastructure & energy transition demand

5. Clear Growth Strategy – Cashflow, Reserve Expansion, Discovery & Value adding

6. Building a substantial & sustainable business

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Polymetals Resources ǀ ASX: POL

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THANK YOU ASX: POL

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www.polymetals.com Linden Sproule - Corporate Development linden.sproule@polymetals.com

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JORC (2012) MINERAL RESOURCES

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Underground JORC (2012) Mineral Resource[1]

JORC Category Mt Zinc % Lead % Silver g/t Zinc Mt Lead Mt Silver Moz	JORC Category Mt Zinc % Lead % Silver g/t Zinc Mt Lead Mt Silver Moz	JORC Category Mt Zinc % Lead % Silver g/t Zinc Mt Lead Mt Silver Moz	JORC Category Mt Zinc % Lead % Silver g/t Zinc Mt Lead Mt Silver Moz	JORC Category Mt Zinc % Lead % Silver g/t Zinc Mt Lead Mt Silver Moz	JORC Category Mt Zinc % Lead % Silver g/t Zinc Mt Lead Mt Silver Moz	JORC Category Mt Zinc % Lead % Silver g/t Zinc Mt Lead Mt Silver Moz	JORC Category 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 Resource[2]

Category	Mt	Zinc (%)	Lead (%)	Silver (g/t)
Indicated	3.6 1.6	2.14 2.07	1.56 1.53	80 77
Inferred
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 23[rd] May 2023

Polymetals Resources ǀ ASX: POL

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2. Refer ASX announcement “Endeavor Silver Lead Zinc Mine Restart Study completed” dated 16[th] October 2023

JORC (2012) ORE RESERVES

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Mine Restart Study Ore Reserves[1 ]

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 Probable Reserves		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.

Polymetals Resources ǀ ASX: POL

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1. Refer ASX announcement “Endeavor Silver Lead Zinc Mine Restart Study completed” dated 16[th] October 2023

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 Ore Reserve & Mineral Resources is based on information compiled by Mr Troy Lowien & 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 & 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 pre1989 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

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 associated economic changes.

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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 Resources ǀ ASX: POL

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ASX: POL