POLYMETALS RESOURCES LTD — Regulatory Filings 2021

Nov 21, 2021

AUGER DRILLING COMMENCES AT ALAHINÉ IN SIGUIRI BASIN, GUINEA

KEY HIGHLIGHTS

• Planned 10,000m auger drilling program commences at Alahiné gold project in the gold-rich Siguiri Basin, Guinea.
• Auger program focussed on near surface supergene gold zones previously identified by Polymetals and undrilled prospects which display significant (>100ppb) soil Au anomalies.
• Polymetals CEO and Board members to attend site early December.
• Polymetals completes the installation of water bores at Alahiné and Saourou villages.

Polymetals Resources CEO, Alex Hanly said,

"As previously reported, our Phase 2 drilling program earlier this year at Alahiné generated significant gold intercepts, providing Polymetals with numerous near surface priorities and broadertargets open at depth.

"The planned 10,000m auger program is designed to extend the high grade near surface potential defined in Phase 2, in addition to testing undrilled targets that display +100ppb gold in soils within the Alahiné licence.

"The use of relatively cheap auger drilling to vector in on gold mineralisation has been a very successful strategy deployed elsewhere in the Siguiri Basin, in particular by our peer, Predictive Discovery who has now delineated a multi-million ounce deposit which was initially identified by coincident soil anomalies and positive auger results, so we hope to replicate that success.

Additionally, we are pleased to advise that Chairman David Sproule, Technical Director Dr Christopher Johnston and myself will be conducting a site visit to Guinea in early December. We look forward to spending time with the Guinea team and also meeting with the local communities."

Polymetals Resources Ltd (ASX: POL, "Polymetals" or the "Company") is pleased to advise that it has commenced a planned 10,000m auger drilling program at the Company's Alahiné Gold Project (Alahiné), located in Guinea's Siguiri Basin, West Africa.

AUGER PROGRAM

Auger drilling will initially focus on near surface high grade supergene gold deposits. This will involve drilling of several examples of this ore type identified by the Company's Phase 2 drilling program.

The gold content of the near surface lateritic gravels is variable, but high grade values of 1m at 51.73 g/t in hole AH21ARC094¹ and 1m at 96.00 g/t in hole AH21ARC095¹are considered very significant. The planned targets proximate to the near surface high grade zones will be completed on a 20m x 20m grid (please refer to figure 3 for further detail).

The Company notes the successful use of auger drilling to identify gold mineralisation, with a recent case study being that of one of our peers, Predictive Discovery who has now delineated a multi-million ounces gold discovery at its Bankan Project, also in the Siguiri Basin. Predictive undertook considerable auger drilling to look beneath an expansive soil anomaly, and given the relatively low cost of auger drilling, this is a simple cost effective strategy we are seeking to replicate. The Company has engaged Sahara Natural Resources to complete the auger program. The samples are to be analysed at the SGS laboratory in Bamako, Mali.

The planned program will also test several undrilled prospects which display significant (>100ppb) soil Au anomalies. Results from the Phase 2 drilling program suggest that soil values of this magnitude and higher are indicative of near surface high grade supergene gold deposits.

Ten priority targets, adjacent to >100ppb gold in soil anomalies and nearby artisanal workings were selected for testing within this program. Testing will be completed on a 50m x 100m grid (please refer to figure 2 for further information).

Further preparatory field work and laboratory studies will be carried out to confirm primary gold mineralisation targets within this well-endowed gold exploration licence.

¹Refer to ASX release dated 20 October 2021 "Additional Positive Results From Phase 2 Drilling Program"

ASX Announcement

Figure 1: Alahiné auger program commencing at hole AH21AU001.

Figure 2: Alahiné planned auger program (Figure 3 inset).

ASX Announcement

Figure 3: Planned auger program focussed on high-grade Phase 2 results (20x20 grid).

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Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | info@polymetals.com

POLITICAL UPDATE

Polymetals advises that Moussa Magassouba, the former director general of AngloGold Ashanti's (JSE: ANG) (NYSE: AU) local subsidiary has been appointed as Guinea's mines and geology minister.

Magassouba, has more than 20 years experience in the industry. Industry experts believe this appointment is reassuring for the wider mining industry and expect Magassouba will be attentive to industry stakeholders.

Polymetals is pleased to advise that despite the coup in September of this year, its operations on the ground have not been impacted, and we further note the appointment of Guinea's new Prime Minister Mohamed Beavogui to oversee the transition to a civilian-led government.

COMPANY SITE VISIT

Polymetals' CEO, Chairman and Technical Director are pleased to advise that they will be conducting a site visit to Guinea in early December.

Given the international travel restrictions in place since the inception of Covid 19, the CEO and Board have been unable to travel to site. They look forward to spending the coming weeks with the Country Manager and Exploration Team walking the Company's tenements, engaging with the local communities and building on the exploration programs planned for 2022.

COMMUNITY DEVELOPMENT PROGRAM

Polymetals is actively engaged with the local community and have built strong relationships with the local community. During October, Polymetals drilled and installed water wells within Alahiné and Saourou villages to provide accessible water to the community.

Figure 4: Saourou Village Chief drawing the first water from the village water bore.

COMPETENT PERSON STATEMENT

The information in this ASX Announcement that relates to Exploration Results is based on information compiled by Dr Christopher Johnston, a Competent Person who is a Member of the Australian Institute of Geoscientists. Dr Johnston is a Director 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". Dr Johnston consents to the inclusion in this ASX Announcement of the matters based on his information in the form and context in which it appears.

This announcement was authorised for release by the Board of Polymetals Resources Ltd.

Contact information:

Alex Hanly

Chief Executive Officer alex.hanly@polymetals.com +61 (0) 448 418 725

Victoria Humphries Media & Investor Relations victoria@nwrcommunications.com.au +61 (0) 431 151 676

For more information, visit www.polymetals.com.

ABOUT POLYMETALS

Polymetals aims to become a gold production company, initially focusing on its two 100% owned exploration licences within Guinea's Siguiri Basin, totalling 112km² .

The Siguiri Basin hosts several large active gold mining operations and is notable for its significant and widespread gold anomalism.

Polymetals' Exploration Licences, known as Alahiné (64.2km² ) and Mansala (48.2km² ), host extensive historic and current artisanal gold production which reinforces exploration potential of the area.

Figure 5: Proximal gold deposits relative to Polymetals Exploration Licences.

APPENDIX 2 – JORC Code (2012 Edition), Assessment and Reporting Criteria

Section 1: Sampling Techniques and Data

Criteria	Explanation	Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random	The sampling described in this report
techniques	chips, or specific specialised industry standard	refers to auger drill samples.
	measurement tools appropriate to the minerals under	The 2kg samples will be collected from
	investigation, such as down hole gamma sondes, or	composite samples across the lithology
	handheld XRF instruments, etc). These examples should not	of the hole ending in a saprolite sample
	be taken as limiting the broad meaning of sampling.	beneath lateritic surficial materials. The
	• Include reference to measures taken to ensure sample	samples will be submitted for fire assay
	representivity and the appropriate calibration of any	gold analysis at the SGS laboratory in
	measurement tools or systems used.	Bamako, Mali.
	• Aspects of the determination of mineralisation that are
	Material to the Public Report. In cases where 'industry
	standard' work has been done this would be relatively
	simple (eg 'reverse circulation drilling was used to obtain 1
	m samples from which 3 kg was pulverised to produce a 30
	g charge for fire assay'). In other cases more explanation
	may be required, such as where there is coarse gold that has
	inherent sampling problems. Unusual commodities or
	mineralisation types (eg submarine nodules) may warrant
	disclosure of detailed information.
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer,	The drilling will be carried out using
techniques	rotary air blast, auger, Bangka, sonic, etc) and details	a 4WD-mounted auger rig by Sahara
	(egcore diameter, triple or standard tube, depth of diamond	Natural Resources.
	tails, face-sampling bit or other type, whether core is
	oriented and if so, by what method, etc).

ASX Announcement

Criteria	Explanation	Commentary
Drill sample recovery Logging	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support	Sample recovery is not assessed for power auger drilling as it is a geochemical method. In general, however, recoveries are good because the hole has to be cleared by the screw-type rods in order for the drill rods to advance downwards. None of these samples will be used in a Mineral Resource estimation.
	appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	Nonetheless, all auger holes will be geologically logged in a qualitative fashion.
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	Each 1 m interval in the composite interval will be subsampled using a scoop. The sample is considered sufficiently representative of the drilled material in a geochemical drilling program.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	The analytical method used will be an SGS fire assay method with a 5ppb Au detection limit which is appropriate for a geochemical drilling program. Standard reference materials and duplicates are included in the analytical stream by both the company and the laboratory. Comparison of the measured value of the standard and the accepted value provides a clear measure of laboratory performance. Analysis of duplicates provides a measure of repeatability, but this approach is less reliable when coarse gold is present in the samples.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	Hole twinning is not normally practised with auger drilling.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	Drill collars are initially located on the ground using handheld GPS receivers. Accuracy expected is ±3m. Geological mapping of trenches, mine workings and other locations is also done at an accuracy of ±3m.

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Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | info@polymetals.com

Criteria	Explanation	Commentary
		DGPS pick up of all drill collars will be carried out on completion of individual drilling programs to locate drill holes to ±1m or better accuracy. In the current project, the relevant grid system is UTM WGS84 Zone 29 Northern Hemisphere.
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	Auger holes will be located on a 20m square grid surrounding previous near surface results. Auger holes throughout the undrilled areas of the licence will be located on a 50m by 100m grid adjacent to >100pb Au in soils. This type of drilling is not appropriate for the calculation of any Mineral Resource estimate.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	Orientation of drill traverses at this early stage of exploration is considered satisfactory. When the structural controls on mineralization becomes clear, hole orientations may be changed.
Sample security	• The measures taken to ensure sample security.	Drill samples are returned to the Company compound in Alahiné every evening. One security guard is on duty at the compound at all times.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	There has been no external audit or review of the Company's techniques or data for Phase 2. Review of sampling techniques used in Phase1 drilling by the Company's independent Geologist found the sampling procedures to be satisfactory.

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Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | info@polymetals.com

Section 2: Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	Exploration Licence No. 22123 (Alahiné Project), comprising a total land area of 64.21 km2 located at Alahiné village in Siguiri prefecture, Guinea. The licence will expire on 10 April 2022.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	The details of previous exploration and results were summarised as Annexure B – Independent Geologist's Report, pages 106-293 – in the Polymetals Prospectus and can be found on the website; https://www.polymetals.com/site/Op erations/reports.
Geology	• Deposit type, geological setting and style of mineralisation.	Primary target is Birimian/Siguiri-style regolith-hosted oxide gold and supergene mineralisation.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	Appropriate locality maps for the planned holes also accompanies this announcement.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and	No weighted average or truncation methods will be used for the auger results.

Criteria	JORC Code explanation	Commentary
	longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').	True widths cannot be estimated for the auger drill results as the orientation of the underlying weathered rocks is not known.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Appropriate maps are included within this report.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced avoiding misleading reporting of Exploration Results.	The accompanying document is considered to represent a balanced report.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	There are no other exploration data which is considered material to the results reported in the announcement.
Further work	• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Results of the auger program will be assessed and subsequent exploratory testing will be planned.