POLYMETALS RESOURCES LTD — Investor Presentation 2025

Aug 5, 2025

Australia’s New Silver and Zinc Producer ASX: POL | 1

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Polymetals is an Australian precious & base metals company

• Hands-on development and operations

• East Coast domiciled – 30 years in Cobar Basin

• Cost efficient & productive - core team have worked together for decades

• Committed – Board and management hold ~35% (invested +$10 million)

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ASX: POL |

An Australian Silver and Zinc Producer

The past year – acquired, financed, developed, cashflow…

August 2024

September 2024

November 2024

May, June & July 2025

Acquired the Endeavor Silver Zinc Mine

Secured project finance

Redevelopment began and secured owneroperator mining fleet

Mining production, mill commissioning & cashflow

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ASX: POL |

An Australian Silver and Zinc Producer

Endeavor Silver Zinc Mine Cobar Basin, NSW Australia

Cobar Basin

• 155 years of underground mining.

• Five active copper, gold, silver and zinc operations.

Endeavor Silver Zinc Mine

• Largest known orebody in the Cobar basin.

• Discovered in 1974, Commissioned 1982, Operational for 38-years.

• Shut down in December 2019 due to 100% silver royalty (Polymetals reset to 4% NSR).

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ASX: POL | 4

An Australian Silver and Zinc Producer

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Established asset with infrastructure built to last

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Fully approved and permitted

1.2Mtpa processing capacity

Underground mine with shaft and decline access.

Water pipeline, grid power, sealed road and railway.

42 houses, four apartment complexes, 30km[2 ] ML’s, 1,100km[2] EL’s and 6,000 acre pastoral lease.

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ASX: POL |

An Australian Silver and Zinc Producer

Proven producer with multi-decade future

32Mt of ore mined producing:

Silver Zinc Lead 92Moz 2.6Mt 1.6Mt

16Mt of remaining Mineral Resources containing:

Silver Zinc Lead 44Moz 1.3Mt 0.73Mt

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ASX: POL | 6

An Australian Silver and Zinc Producer

Initial 10-year mine plan focused on early silver cashflow

First 2 years: 5Moz Silver - $250m EBITDA

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Contained Zinc Contained Lead Contained Silver
400,000t 172,000t 21.4Moz
US$2,860/t | A$4,418/t US$2,160/t | A$3,224/t US$28/oz | A$41.9/oz
Total Revenue Pre-tax Free Cashflow Pre-tax NPV @ 8%
discount
A$1.856b A$609m A$414m
Average Annual Pre-tax IRR Payback
EBITDA
A$98m 345% 14 months
Life of Mine Revenue Split %
Zinc 55 Silver 32 Pb 13
27
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(400g/t Silver Reserve)
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ASX: POL |

An Australian Silver and Zinc Producer

Upper North Lode (Level 1-2 Sulphides)

Opportunity

• Historic reserve ‘undercall’ in adjacent South Lode which led to mining 100kt @ 5,000g/t, 9g/t Au, 7% Zn and 5% Pb (Reserve assumed 500g/t Ag…)

• Mine Plan (Aug 24’) assumed ‘Cut & Fill’ mining – subsequent geotechnical drilling shows potential for improved mining methods

Early high-grade silver cashflow with upside on tonnes and grade

Published Resources & Reserves

Resource (94% M&I) Ore Reserve 818kt 270kt 338g/t Ag 370g/t Ag 7.1% Zn 5.66% Zn 5.1% Pb 4.24% Pb

Upper North Lode Drill Intercepts

MET_1LS_1:

81m @ 1.15g/t Au, 473g/t Ag, 7.4% Zn, 5.5% Pb & 0.11% Cu

PNL010:

22m @ 0.69g/t Au, 816g/t Ag, 4.6% Zn, 2.6% Pb & 1.27% Cu

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ASX: POL |

An Australian Silver and Zinc Producer

Endeavor Silver Zinc Mine

May 2025

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ASX: POL |

An Australian Silver and Zinc Producer

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Production drilling
June 2025
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Underground crusher in operation
June 2025
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ASX: POL |

An Australian Silver and Zinc Producer

Ore feed June 2025

Zinc flotation June 2025

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Ore stockpile
June 2025
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ASX: POL |

An Australian Silver and Zinc Producer

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First zinc concentrate
June 2025
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Silver-lead flotation
June 2025
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Concentrate stockpiles
June 2025
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ASX: POL |

An Australian Silver and Zinc Producer

Endeavor production ramp-up and cashflow milestone

Production ramp-up progress

• Endeavor Mine now meeting its operating costs after its first full month of production.

• Ore stockpiles continue to build ahead of steadystate operations.

• Produced 5,398 dry metric tonnes (dmt) of silverlead and zinc concentrates in July.

Cashflow and financial Position

• Concentrate prepayments for July 2025 total $11.6 million.

• $15.5 million operating cashflow generated to end July 2025.

• A$22 million cash at bank as at 4 August 2025.

• A$7 million available from finance facility.

• Strategic procurement initiatives underway to reduce input costs.

• Drilling programs continue to target mine life extension and Reserve conversion.

• Strategic initiatives underway to increase throughput, reduce input costs, and process external ore feeds.

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ASX: POL |

An Australian Silver and Zinc Producer

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ASX: POL | 14

An Australian Silver and Zinc Producer

$7.5m annual exploration budget

Exploration Find and delineate economic mineral deposits.

Aim to extend mine life and discover new deposits

Reserve Expansion

“Fill the mill and increase mine life”

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ASX: POL |

An Australian Silver and Zinc Producer

Polymetals owns 100% of the Northern Cobar Basin – 70 km strike

• Large tenement holding of 1,107km[2] exploration licences.

• Regional scale exploration and target generation with potential for the discovery of new Cobar style deposits; polymetallic copper-gold and silver-zinc.

• Excellent opportunity to find, delineate and mine smaller satellite deposits for processing through Endeavor mill, particularly supergene-style mineralisation.

• Next project is likely identified from existing portfolio or via breakthrough metallurgical solutions.

NSW scale aerial magnetics image (NSW Geological Survey), showing Polymetals prospects and tenements

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ASX: POL |

An Australian Silver and Zinc Producer

Proven asset, infrastructure and resources of scale.

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01

02

Return Endeavor Optimise Existing to Production Assets

• Production commenced 6 June 2025

• Increase production - 350ktpa spare capacity

• Cashflow to end July 2025 $15.5 million

• Reduce input costs – strategic procurement

• Processing external ore feed (CSA Zn/Pb)

Plus real exploration opportunity in the hands of an effective management team.

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Grow Mine Life and Generate Sustainable Scale Business

• Convert further resources (16.3Mt) to reserves

• Aiming to be Australia's lowest cost zinc producer

• Establish a capital management policy to deliver shareholder value (dividends)

• Extension drilling underway

• Exploration drilling targeting new CopperGold / Silver-Zinc deposits

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ASX: POL |

An Australian Silver and Zinc Producer

Corporate performance ASX:POL

Analyst Coverage

Paul Kaner – Ord Minnett Richard Close – Blue Ocean Equities

Share price

Share price Market capitalisation Shares on issue Cash A$0.78 A$210m 268m A$22m As at 5 August 2025 As at 5 August 2025 As at 5 August2025 As at 5 August 2025 52 week high $1.01, low $0.21

Drawn Debt Available Finance A$14m A$7m As at 5 August 2025 As at 6 August 2025

ASX Share price performance ($A)

Share Registry

12 months to 4 August 2025

As at 4 August 2025

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37% Institutional
31% Board
28% Retail
4% Management
| Sept 2024 | Nov | Jan 2026 | Mar | May | July
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1.00
0.78
0.60
0.40
0.20
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ASX: POL |

An Australian Silver and Zinc Producer

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Linden Sproule Corporate Development linden.sproule@polymetals.com

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

Polymetals Ltd ABN 76 075 103 221 ASX:POL

ASX: POL

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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. ALL MATERIAL WITHIN THIS PRESENTATION IS AVALIABLE PUBLICALLY AND HAS BEEN PREVIOUSLY RELEASED IN ASX ANNOUNCEMENTS.

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.

References

The information in this report references the following ASX announcements:

• ASX Announcement “Endeavor Production Meets Operating Costs in First Full Mont” dated 4 August 2025

• ASX Announcement “POL delivers silver and zinc concentrate at Endeavor Mine” dated 24 June 2025

• ASX Announcement “Production underway at the Endeavor Silver Zinc Mine” dated 16 June 2025

• ASX Announcement “Endeavor Silver Zinc Mine Commissioning Underway” dated 21 May 2025

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.

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.

• ASX Announcement “December 2024 Quarterly Report” dated 6 January 2025

• ASX Announcement “Endeavor Project Finance completed” dated 8 November 2024

• ASX Announcement “Significantly improved Endeavor Silver Lead Zinc Mine Plan” dated 5 August 2024

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.

• ASX Announcement “Completion of Endeavor Mine Acquisition” dated 1 August 2024

• ASX Announcement “Endeavor Silver Lead Zinc Mine Restart Study completed” dated 16 October 2023

The Company confirms that it is not aware of any information or data that materially affects the information included in the relevant market announcement and all material assumptions and technical parameters underpinning the estimates in the Original Announcement continue to apply and have not materially changed.

No new information statement

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 refers to Exploration Results, estimates of Mineral Resources and Ore Reserves contained in the Endeavor Mine Plan which was announced on 5 August 2024 and prior market announcements released by Polymetals, (Prior Reports). The Prior Reports are referenced in this Disclaimer and available from: www.Polymetals.com Polymetals confirms that it is not aware of any new information or data that materially affects the information included in the Prior Reports and, in the case of Exploration Results, estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the results or estimates in the Prior Reports continue to apply and have not materially changed

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ASX: POL | 20

An Australian Silver and Zinc Producer

Appendix A. JORC (2012) Mineral Resource & Ore Reserve

1

Underground JORC (2012) Mineral Resource

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

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 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

Stage 1 Endeavor Mine Plan JORC (2012) Ore Reserve[2]

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Lead Silver Silver
JORC Mt Zinc % Zinc Kt Lead Kt
% g/t Moz
Category
Proved 0.9 6.17% 3.82% 92 56 34 2.7
(UG)
Probable 2.3 6.8% 2.07% 55 156 48 4.1
(UG)
Probable
3.4 2.14% 1.56% 80 73 53 8.7
(Tailings)
Total 6.6 4.32% 4.5% 84 285 135 15.5
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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 a full-time 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.

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 full-time 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 Gill consents to the inclusion of matters based on information in the form and context in which it appears.

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ASX: POL |

Australia’s New Silver and Zinc Producer