POLYMETALS RESOURCES LTD — Major Shareholding Notification 2023

May 25, 2023

603 page 1/2 22 May 2023

Form603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/Scheme Polymetals Resources Limited ACN/ARSN ACN 644 736 247 1. Details of substantial holder (1) Name Stephen Lee Jackson and Associated parties ACN/ARSN (if applicable) ACN 117 652 687 (SL Jackson Contracting Pty. Ltd)

The holder became a substantial holder on 12/ 05/2023

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities(4)	Number of securities	Person's votes(5)	Voting power(6)
Ordinary Shares	16,486,492	16,486,492	12.07%

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

follows:
Holder of relevant interest		Nature of relevant interest (7)Class and number of securities
SL Jackson Contractors Pty. Ltd		Stephen Lee Jackson is a Director and15,400,204 Ordinary Shares
		Shareholder of SL Jackson Contractors Pty. Ltd
Stephen Lee Jackson		Direct	1,086,288 Ordinary Shares
present registered holders
gistered as holders of the securities referred to in paragraph 3 above are as			follows:
Holder of relevant		Registered holder of	Person entitled to beClass and number of
interest		securities	registered as holder (8)securities
SL Jackson Contractors Pty. Ltd	SL Jackson Contractors Pty. Ltd		SL Jackson Contractors Pty. Ltd 15,400,204
Stephen Lee Jackson		Stephen Lee Jackson	Stephen Lee Jackson1,086,288

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder isas follows:

Holder of relevant	Date of acquisition		Consideration (9)	Consideration (9)	Class and number of
interest					securities
		Cash		Non-cash
SL Jackson Contractors Pty. Ltd	12 May 2023			Sale of shares in	13,580,358 Ordinary Shares
				private company to
				Polymetals
				ResourcesLimited

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if applicable) Nature of association SL Jackson Contractors Pty. Ltd Stephen Lee Jackson is a Director and Shareholder of SL Jackson Contractors Pty. Ltd

7. Addresses

The addresses of persons named in this form are as follows:

Name	Address
SL Jackson Contractors Pty. Ltd	PO Box 13, Rutherglen, VIC 3865
Stephen Lee Jackson	PO Box 13, Rutherglen, VIC 3865

Signature

Stephen Lee Jackson Personally and as a Director print name capacity date 22 / 05 / 2023 sign here

DIRECTIONS

• (1) If there area number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members clearly set out in paragraph 7 of the form.

• (2) See the definition of "associate" in section 9 of the Corporations Act 2001.

• (3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

• (5) The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.

• (6) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

• (7) Include details of:

  • (a) any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, pay of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

  • (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting person or disposal of the securities to which the relevant interest relates(indicating clearly the particular securities to which the qualification applies).

  • See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• (8) If the substantial holder is unable to determine the identity of the person ( eg. if the relevant interest arises because an option) write "unknown".

• (9) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.