POLYMETALS RESOURCES LTD — Major Shareholding Notification 2025

Jul 14, 2025

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

Polymetals Resources Limited To Company Name/Scheme

644 736 247

ACN/ARSN

1

Details of substantial holder (1) Jupiter Asset Management Limited

Name

ACN/ARSN (if applicable)

There was a change in the interests of the substantial holder on

14/07/2025

The previous notice was given to the company on 24 /03 / 2025 The previous notice was dated 24 /03 /2025

2. Previous and present 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 when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4) Previous notice Present notice Person’s votes Voting power (5) Person’s votes Voting power (5) Ordinary shares 20,164,306 8.33% 34,217,920 12.77% 3. Changes in relevant interests Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows: Date of change Person whose relevant interest changed Nature of change (6) Consideration given in relation to change (7) Class and number of securities affected Person's votes affected 25/03/2025 Jupiter Asset Management Limited Purchase 336,348.05 412,592.00 Jupiter Asset Management Limited 26/03/2025 Jupiter Asset Management Limited Purchase 70,871.88 87,593.00 Jupiter Asset Management Limited 27/03/2025 Jupiter Asset Management Limited Purchase 35,029.29 42,036.00 Jupiter Asset Management Limited 28/03/2025 Jupiter Asset Management Limited Purchase 145,783.46 167,061.00 Jupiter Asset Management Limited 31/03/2025 Jupiter Asset Management Limited Purchase 80,211.09 91,624.00 Jupiter Asset Management Limited 01/04/2025 Jupiter Asset Management Limited Purchase 219,862.32 251,433.00 Jupiter Asset Management Limited 02/04/2025 Jupiter Asset Management Limited Purchase 207,644.24 238,169.00 Jupiter Asset Management Limited 03/04/2025 Jupiter Asset Management Limited Purchase 247,443.30 263,106.00 Jupiter Asset Management Limited 14/07/2025 Jupiter Asset Management Limited Placing 10,000,000.00 12,500,000.00 Jupiter Asset Management Limited 4. Present relevant interests Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows: See Annexure A 5. Changes in association The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the companyor scheme are as follows: Holder of relevant interest Registered holder of securities Person entitled to be registered as holder(8) Class and number of securities Jupiter Asset Management Ltd Jupiter Asset Management Ltd Jupiter Asset Management LTD Ordinary Shares 34,217,920	Class of securities (4) Previous notice Present notice Person’s votes Voting power (5) Person’s votes Voting power (5) Ordinary shares 20,164,306 8.33% 34,217,920 12.77% 3. Changes in relevant interests Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows: Date of change Person whose relevant interest changed Nature of change (6) Consideration given in relation to change (7) Class and number of securities affected Person's votes affected 25/03/2025 Jupiter Asset Management Limited Purchase 336,348.05 412,592.00 Jupiter Asset Management Limited 26/03/2025 Jupiter Asset Management Limited Purchase 70,871.88 87,593.00 Jupiter Asset Management Limited 27/03/2025 Jupiter Asset Management Limited Purchase 35,029.29 42,036.00 Jupiter Asset Management Limited 28/03/2025 Jupiter Asset Management Limited Purchase 145,783.46 167,061.00 Jupiter Asset Management Limited 31/03/2025 Jupiter Asset Management Limited Purchase 80,211.09 91,624.00 Jupiter Asset Management Limited 01/04/2025 Jupiter Asset Management Limited Purchase 219,862.32 251,433.00 Jupiter Asset Management Limited 02/04/2025 Jupiter Asset Management Limited Purchase 207,644.24 238,169.00 Jupiter Asset Management Limited 03/04/2025 Jupiter Asset Management Limited Purchase 247,443.30 263,106.00 Jupiter Asset Management Limited 14/07/2025 Jupiter Asset Management Limited Placing 10,000,000.00 12,500,000.00 Jupiter Asset Management Limited 4. Present relevant interests Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows: See Annexure A 5. Changes in association The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the companyor scheme are as follows: Holder of relevant interest Registered holder of securities Person entitled to be registered as holder(8) Class and number of securities Jupiter Asset Management Ltd Jupiter Asset Management Ltd Jupiter Asset Management LTD Ordinary Shares 34,217,920	Class of securities (4) Previous notice Present notice Person’s votes Voting power (5) Person’s votes Voting power (5) Ordinary shares 20,164,306 8.33% 34,217,920 12.77% 3. Changes in relevant interests Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows: Date of change Person whose relevant interest changed Nature of change (6) Consideration given in relation to change (7) Class and number of securities affected Person's votes affected 25/03/2025 Jupiter Asset Management Limited Purchase 336,348.05 412,592.00 Jupiter Asset Management Limited 26/03/2025 Jupiter Asset Management Limited Purchase 70,871.88 87,593.00 Jupiter Asset Management Limited 27/03/2025 Jupiter Asset Management Limited Purchase 35,029.29 42,036.00 Jupiter Asset Management Limited 28/03/2025 Jupiter Asset Management Limited Purchase 145,783.46 167,061.00 Jupiter Asset Management Limited 31/03/2025 Jupiter Asset Management Limited Purchase 80,211.09 91,624.00 Jupiter Asset Management Limited 01/04/2025 Jupiter Asset Management Limited Purchase 219,862.32 251,433.00 Jupiter Asset Management Limited 02/04/2025 Jupiter Asset Management Limited Purchase 207,644.24 238,169.00 Jupiter Asset Management Limited 03/04/2025 Jupiter Asset Management Limited Purchase 247,443.30 263,106.00 Jupiter Asset Management Limited 14/07/2025 Jupiter Asset Management Limited Placing 10,000,000.00 12,500,000.00 Jupiter Asset Management Limited 4. Present relevant interests Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows: See Annexure A 5. Changes in association The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the companyor scheme are as follows: Holder of relevant interest Registered holder of securities Person entitled to be registered as holder(8) Class and number of securities Jupiter Asset Management Ltd Jupiter Asset Management Ltd Jupiter Asset Management LTD Ordinary Shares 34,217,920
Name and ACN/ARSN (if applicable) 6. Addresses The addresses ofpersons named in this form are as follows: Name Jupiter Asset Management Limited	Name and ACN/ARSN (if applicable)	Nature of association
	Name	Address
	Jupiter Asset Management Limited	The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ

	Name and ACN/ARSN (if applicable)	Nature of association
6.	Addresses
The addresses ofpersons named in this form are as follows:
	Name	Address
	Jupiter Asset Management Limited	The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ

0044 2038171620

Signature

K Wild 14/07/2025

sign here

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

• (6) Include details of:

• (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. 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 securities to which the qualification applies).

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

• (7) 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.

• (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) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice. THIS IS ANNEXURE A OF 1 PAGE REFERRED TO IN FORM 604

Polymetal Resources Limited

644 736 247

LIST OF ASSOCIATES OF Jupiter Asset Management Limited

Jupiter Fund Management PLC England and Wales Merian Global Investors Limited Jersey Merian Global Investors (Jersey) Limited Jersey Merian Global Investors ( Finance) Limited Jersey Merian Global Investors Holdings Limited England and Wales Jupiter Investment Management Limited England and Wales Jupiter Fund Managers Limited England and Wales Jupiter Asset Management (Asia Pacific) Limited Hong Kong Jupiter Asset Management (Europe) Limited Ireland Jupiter Fund Management Group Limited England and Wales Jupiter Asset Management Group Limited England and Wales Knightsbridge Asset Management Limited England and Wales Jupiter Investment Management Group Limited England and Wales Jupiter Asset Management Limited England and Wales Jupiter Asset Management ( Hong Kong) Limited Hong Kong Jupiter Asset Management (Switzerland) AG Switzerland Tyndall Holdings Limited England and Wales Jupiter Asset Management (Canada) Limited Canada Jupiter Asset Management (N. America) Inc USA Jupiter Asset Management Holdings US LLC USA Jupiter Investment Management Holdings LLC USA Jupiter Management GP LLC USA NZS Capital LLC USA Jupiter Unit Trust Managers Limited England and Wales Jupiter Asset Management International S.A. Luxembourg Jupiter Asset Management (Asia) Private Limited Singapore

Jupiter Investment Trust Limited England and Wales Tyndall Investments Limited England and Wales Jupiter Asset Management International S.A. Spanish Branch Madrid Jupiter Asset Management International S.A Nordic Branch Stockholm Jupiter Asset Management International S.A. Niederlassuno Deutscheland Frankfurt Jupiter Asset Management International S.A. Irish Branch Dublin Jupiter Asset Management International S.A. Italian Branch Milan Jupiter Asset Management Australia Pty Limited Australia