POLYMETALS RESOURCES LTD — Major Shareholding Notification 2025

Dec 10, 2025

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Form 603

Corporations Act 2001 Section 671B Notice of initial substantial holder

To Company Name/Scheme Polymetals Resources Ltd ACN/ARSN ACN 644 736 247

1. Details of substantial holder (1)

Name Manulife Financial Corporation ACN/ARSN (if applicable) N/A The holder became a substantial holder on 12/9/2025

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	14,475,937	14,475,937	5.41%

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:

Holder of relevant interest Nature of relevant interest (7) Class and number of securities #

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Manulife Financial Coproration

Ordinary: 14,475,937

4. Details of present registered holders

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

interest Holder of relevant	of securities Registered holder	registered as holder(8) Person entitled to be	Class and number of securities
CQS (UK) LLP	CQS Natural Resources Growth and Income PLC	Unknown	Ordinary: 7,444,674
CQS (UK) LLP	Global Prospect Precious Metals Limited	Unknown	Ordinary: 7,031,263

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 is as follows:

interest Holder of relevant	Date of acquisition	Consideration (9)	Consideration (9)	Class and number of securities	Class and number of securities
		Cash	Non-cash
CQS(UK)LLP	2/12/2025	2,250,000			2,812,500
CQS(UK)LLP	3/31/2025	135,329			155,807
CQS(UK)LLP	3/31/2025	220,723			254,387
CQS(UK)LLP	4/1/2025	122,867			141,085
CQS(UK)LLP	4/2/2025	289,648			333,017
CQS(UK)LLP	4/3/2025	43,842			50,343
CQS(UK)LLP	4/4/2025	492,356			565,361
CQS(UK)LLP	7/8/2025	3,500,000			4,375,000
CQS(UK)LLP	7/10/2025	330,590			458,694
CQS(UK)LLP	7/11/2025	12,747			17,687
CQS(UK)LLP	7/17/2025	160,161			223,122
CQS(UK)LLP	7/29/2025	36,394			50497
CQS (UK) LLP	7/31/2025	122,041			169,332
CQS (UK) LLP	8/1/2025	108,586			150,663
CQS (UK) LLP	12/8/2025	1,599,999			1,839,080
CQS (UK) LLP	12/9/2025	628,163			722,027

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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)	Name and ACN/ARSN (if applicable)	Nature of association
Manulife Financial Corporation		Parent Companyof CQS UK LLP

7. Addresses

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

addresses ofpersons named in this form are as follows:
Name	Address
Manulife Financial Corporation	200 Bloor Street East, Toronto, Ontario, M4W 1E5, Canada
CQS(UK)LLP	4th Floor,One Strand,London,WC2N 5H4,United Kindom

Signature

print name	Graham Miller	capacity	Agent*
sign here	Graham Miller	date	Dec / 10 / 2025

DIRECTIONS

• (1) If there are a 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 is 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.

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(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, a copy 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 or 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 powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securitiesto 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 of 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.