POLYMETALS RESOURCES LTD — Investor Presentation 2026

Feb 2, 2026

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Endeavor Mine From restart to revenue. Blue Ocean Equities Precious and Base Metals Conference

ASX: POL polymetals.com

POLYMETALS

SILVER, ZINC, LEAD PRODUCER

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February 2026

2025 restart of the Endeavor silver, zinc, lead mine.

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POLYMETALS

SILVER, ZINC, LEAD PRODUCER

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February 2026

Over twelve months, acquired, financed, redeveloped and delivered cashflow.

July 2025

Dec 2025

August 2024 November 2024 May 2025 July 2025 Acquired the Redevelopment First ore crushed and First cashflow achieved. Endeavor Silver began. Secured processed. Site Concentrate prepayments Zinc Mine. owner-operator commissioning. total A$11.6 million. mining fleet. September 2024 January 2025 June 2025 October 2025 Secured project Surface and Commenced First shipments of finance. underground production. zinc concentrates refurbishment works continue.

First shipments of silver-lead concentrates.

POLYMETALS

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February 2026

Endeavor’s restart was a testament to our hard-working team.

• Polymetals now has +200 personnel.

• 28th October 2025 incident.

• Tragic loss of Patrick “Ambrose” McMullen and Holly Clarke.

• We are committed to finding out how this incident happened.

• The safety of our team remains our highest priority.

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February 2026

Shipped our first cargoes of silver-lead, and zinc concentrates late 2025.

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February 2026

Endeavor is a proven producer with a longterm future.

32Mt of ore mined producing:

Silver Zinc Lead 92Moz 2.6Mt 1.6Mt

16Mt of remaining Mineral Resources containing:

Lead 0.73Mt

Silver Zinc 44Moz 1.3Mt

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POLYMETALS

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February 2026

Ramping up production against rising silver and firming zinc prices.

three times our Silver price currently modelled price, significantly bolstering forecast cash flow.

• Mining from the high-grade silver Upper North Lode (UNL) will continue over the next two years.

UNL Resource (94% M&I)

818,000 t

338g/t Ag | 7.1% Zn | 5.1% Pb

Silver price ($US/oz) 10 years to 26 January 2026

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109.43
100
80
60
40
20
| 2016 | 2018 | 2020 | 2022 | 2024 | 2026
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February 2026

5 million ounces of silver to be mined over the next two years.

• ~400kt UNL ore to be mined

• Maximising metal output and revenues.

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Native silver panned from sludge sampling above the 10120 development drive.

Looking East UNL and Main Lode, average grade per RL

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verified.
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February 2026

Healthy zinc outlook. Deep Zinc Lode will fill the mill.

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• H1 CY2026 commencement of development to the DZL, located at the base of the existing Endeavor Mine. The DZL remains open along strike and down dip.

• Resource expansion drilling to be completed in parallel with the mining development.

• Mining from the DZL aims to ‘fill the mill’ to its nameplate treatment capacity of 100,000 tonnes per month during H1 CY2027.

Zinc price ($US/t)

Source: tradingeconomics.com

• 12 months to 30 January 2026

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POLYMETALS

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February 2026

Our balance sheet is strong.

Following the 28 October 2025 incident, additional working capital facilities were secured.

• Ocean Partners exercised 1,250,000 POL options at A$1.00/share and provided a commitment for a further US$10 million bridging facility.

• The Sproule family provided a 12-month A$5 million loan at nil interest.

• Both debt facilities are unsecured.

• A placement was completed on 2 December to raise $34.4 million through the issue of 39,500,000 new fully paid ordinary shares at an issue price of $0.87 per New Share.

Cash at bank Undrawn Finance A$30 million A$24 million As at 31 December 2025

POLYMETALS SILVER, ZINC, LEAD PRODUCER

November 2025 11

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February 2026

$7.5m annual exploration budget to extend mine life and discover new deposits.

. Exploration Reserve Expansion Find and delineate “Fill the mill and economic mineral deposits. increase mine life”

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February 2026

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

• .

• Large exploration landholding of 1,107km[2]

• Four high priority targets to be tested by drilling: No. 4 Tank – gold & copper

Boundary Tank – gold & copper target Furney’s Tank – lead, zinc & gold target Kiri – copper & zinc target

• Excellent opportunity to discover and mine ore bodies for processing through our Endeavor mill

• Particular focus on shallow high-grade supergene-style mineralisation.

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NSW scale aerial magnetics image (NSW
Geological Survey), showing Polymetals
prospects and tenements
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February 2026

Corporate overview (ASX:POL)

Share price Market capitalisation Shares on issue A$1.46 A$450m 308m

As at 30 January 2026 52 week high $1.645, low $0.625

Share Registry

Analyst Coverage

Richard Close – Blue Ocean Equities Paul Kaner – Ord Minnett

Available Finance

Drawn Debt

Cash

A$24m

A$19m

A$30m

As at 31 December 2025

As at 31 December 2025

As at 31 December 2026

ASX Share price performance ($A)

12 months to 30 January 2026

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37%
Institutional
31% Board
28% Retail
4%
Management
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1.60
1.46
1.20
1.00
0.80
0.60
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| Feb 2025 | April | June | August | October | Jan 2026

POLYMETALS

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February 2026

Near-term priorities to drive cash flow, improve balance sheet strength and grow the business.

01

02

03

04

Operational Excellence

Commercial Delivery

Balance Sheet Discipline.

Exploration and Discovery.

Increase mine and mill performance toward steadystate operations.

Establish regular concentrate shipments and predictable sales cash flow.

Strengthen the balance sheet through debt reduction and Environmental Bond replacement.

Target near-mine and regional discoveries to extend mine life and ‘fill the mill’.

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February 2026

“We look forward to the future with confidence and remain committed to building a resilient, longlife mining business that delivers value for all stakeholders.”

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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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POLYMETALS

SILVER, ZINC, LEAD PRODUCER

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February 2026

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 to previously released ASX Announcements. ASX Announcement “Annual Report to shareholders” dated 29 September 2025 ASX Announcement “September 2025 Quarterly Report” dated 10 October 2025 ASX announcement, “POL AGM Notice 2025” dated 20 October 2025 ASX Announcement “Annual Report to shareholders” dated 29 September 2025 ASX announcement, “Exploration Update-Endeavor Silver Zinc Mine” dated 23 October 2025 ASX announcement, “Significant Incident Endeavor Mine” dated 31 October 2025 ASX Announcement “Operations Resume at Endeavor Mine” dated 16 November 2025 ASX Announcement “Endeavor Silver Zinc Mine-November Update” dated 18 November 2025 ASX Announcement “Endeavor Mine Working Capital Facilities Secured” dated 28 November 2025 ASX Announcement “Polymetals raises $34m for the Endeavor Silver Zinc Mine” dated 3 December 2025 ASX Announcement “Disclosure regarding LR 10.14” dated 22 December 2025 ASX Announcement “December 2025 Quarterly Report” dated 14 January 2026

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 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

Competent Persons Statement

The information supplied in this release regarding Exploration Targets & Exploration Results of the Endeavor Project is based on information compiled by Mr Jess Oram. Mr Oram is an Executive Director of Polymetals Resources Ltd. The information supplied in this release regarding Mineral Resources of the Endeavor Project is based on information compiled by Mr Troy Lowien. Mr Lowien was previously a full-time employee of Polymetals Resources Ltd.

Mr Jess Oram and Mr Troy Lowien are each Competent Persons and Members of the Australian Institute of Mining and Metallurgy. Mr Jess Oram and Mr Troy Lowien each 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 a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Oram and Mr Lowien 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. Forwardlooking 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.

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 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

SILVER, ZINC, LEAD PRODUCER

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February 2026

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]

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

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 was 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 was 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.