POLYMETALS RESOURCES LTD — Major Shareholding Notification 2023

May 25, 2023

603 page 1/2 22 May 2023

Form 603

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 Paul Robert McCallum and Associated parties ACN/ARSN (if applicable) ACN 630 652 069 (P and D Super Australia Pty. Ltd)

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

2. Details of voting power

2. Details of voting power	2. Details of voting power	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 securitiesPerson's votes(5)	Voting power(6)
Ordinary Shares11,663,59411,663,594	8.5%

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
P and D Super Australia Pty. Ltd	Paul Robert McCallum is a Director and	10,849,765 Ordinary Shares
(P and D Super Fund)	Shareholder of P and D Super Australia
	Pty. Ltd
Mr. Paul Robert McCallum	Direct	563,835 Ordinary Shares
Mr. Paul Robert McCallum	Direct	250,000 Ordinary Shares
(Drew McCallum A/c)

4. Details of present registered holders

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

Holder of relevant interest	Registered holder of	Person entitled to be registered as	Class and number of securities
	securities	holder (8)
P and D Super Australia Pty. Ltd	P and D Super Australia Pty. Ltd	P and D Super Australia Pty. Ltd	10,849,765 Ordinary Shares
(P and D Super Fund)	(P and D Super Fund)	(P and D Super Fund)
Mr. Paul Robert McCallum	Mr. Paul Robert McCallum	Mr. Paul Robert McCallum	913,835 Ordinary Shares

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:

conseraon pa or eac reevan nerebstantial holder isas follows:	conseraon pa or eac reevan nerebstantial holder isas follows:	reerre o n paragrap a	reerre o n paragrap a	ve, an acqure n e our	ve, an acqure n e our	ve, an acqure n e our	ons pror o e	y a e susana oer ecame a	y a e susana oer ecame a
	Holder of relevantinterest		Date of acquisition		Consideratio		n (9)C	lass and number of securities
					Cash		Non-cash
	P and D Super Australia Pty	td	12 May 2023			Sal	of shares in	9866071 Ordinary Shares
	.(P and D Super Fund)					privPol	ate company toymetals Resources	,,
						Limited
	P and D Super Australia Pty. Ltd(P and D Super Fund)		28 April 2023			Distribution in specieby a private company		789,124 Ordinary Shares

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 P and D Super Australia Pty. Ltd Paul Robert McCallum is a Director and Shareholder of P and D Super Australia Pty. Ltd

7. Addresses

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

Name	Address
P and D Super Australia Pty. Ltd	Level 9, 636 St Kilda Road, Melbourne, VIC 3004
Mr. Paul Robert McCallum	Level 9, 636 St Kilda Road, Melbourne, VIC 3004

Signature

Paul Robert McCallum Personally and as a Director print name capacity

sign here date 12/05/2023/ /

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.