POLYMETALS RESOURCES LTD — Regulatory Filings 2021

Jul 25, 2021

26 July 2021

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ALAHINÉ PHASE 2 DRILLING PROGRAM UPDATE

KEY HIGHLIGHTS

• 71 drill holes totalling 5,200m completed at Alahiné since 29 June.

• Deep weathering at Alahiné has resulted in greater than anticipated Air Core drilling coverage throughout the Phase 2 Program.

• Polymetals has commenced a minimum additional 2,000m of drilling at Alahiné to continue to test artisanal gold workings, areas enclosed by 40 ppb Au-in-soil contour and new priority targets.

• First samples delivered to the SGS laboratory in Bamako, Mali with initial results expected mid-August.

• Polymetals is well funded to accelerate exploration at Alahiné after its successful $5.2 million initial public offer and ASX listing completed in June 2021.

Polymetals Resources Ltd (ASX: POL , “ Polymetals ” or the “ Company ”) is pleased to announce it will extend the planned Phase 2 drilling program metres at its Alahiné project located in Guinea’s Siguiri Basin.

Since commencement of Phase 2 drilling on 29 June 2021 (refer to ASX release dated 30 June 2021 “Drilling commences at Alahiné” ), Polymetals has drilled a total of 5,200m consisting of 68 Air Core ( AC ) holes for 4,840m and 3 Reverse Circulation ( RC ) holes for 360m. Deeper than anticipated weathering has resulted in softer drilling conditions and has significantly reduced the intended use of RC drilling in favour of the lower cost and faster AC drilling.

Polymetals plans to complete at least an additional 2,000m of AC drilling based on geological interpretations and site geologist recommendations. The additional AC drilling will continue to test artisanal gold workings, areas enclosed by 40 ppb Au-in-soil contour and new priority targets recently identified.

The first shipment of samples from the Phase 2 drilling have been delivered to the SGS laboratory in Bamako, Mali, with initial results expected by mid-August.

ASX: POL

Page 1 of 10 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | info@polymetals.com

ASX Announcement

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Polymetals Resources CEO, Alex Hanly said,

“The soft drilling conditions at Alahiné North has provided greater than anticipated AC depths and increased drilling rates. Momentum will be maintained as we move to Alahiné South with a minimum additional 2,000m targeting existing geochemical anomalies in addition to testing new priority targets in areas never previously drilled.”

The POL program at Alahiné North has tested the lateral and vertical extent of the Phase 1 Hole 14 gold-mineralised zone and surrounding shallow Siguiri-style oxide gold potential.

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Figure 1: Phase 2 Program – Alahiné North grid image highlighting the 40 ppb Au-in-soil contour, Phase 1 and Phase 2 drilling programs.

Page 2 of 10 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | info@polymetals.com

ASX Announcement

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The additional 2,000m is expected to be completed by early August and the completion of the entire +7,000 sample analyses anticipated during September. Receipt of analyses will enable Polymetals to process the results and plan next steps in its Siguiri Basin exploration strategy.

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Figure 2: Phase 2 Program – Alahiné South grid image highlighting the 40 ppb Au-in-soil contour and Phase 2 drilling program.

Page 3 of 10 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | info@polymetals.com

ASX Announcement

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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 112km[2] .

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 (64.2km[2] ) and Mansala (48.2km[2] ), host extensive historic and current artisanal gold production which reinforces exploration potential of the area.

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Figure 3: Proximal gold deposits relative to Polymetals Exploration Licences.

Page 4 of 10 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | info@polymetals.com

ASX Announcement

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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 Victoria Humphries Chief Executive Officer Media & Investor Relations alex.hanly@polymetals.com victoria@nwrcommunications.com.au +61 (0) 448 418 725 +61 (0) 431 151 676

For more information, visit www.polymetals.com.

Page 5 of 10 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | info@polymetals.com

ASX Announcement

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APPENDIX 1 – JORC Code (2012 Edition), Assessment and Reporting Criteria

Section 1: Sampling Techniques and Data

Criteria	**Explanation **	Commentary
Sampling techniques	• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • 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.	The sampling referred to in this release refers to RC drilling and air core drilling. Drilling operations commenced on 29 June 2021. A total of 3 RC holes of planned depth 120m and 109 Aircore Holes of planned depth 60m are detailed in the accompanying announcement. Representative samples of the material drilled will be collected for every metre drilled directly from the rig cyclone. Each 1 metre sample will be weighe prior to splitting, to provide a record of sample recovery. Samples for assay will be riffle-split from each 1 metre interval. Weight of such samples will be 2-3kg. The samples are considered to be representative of the rock being drilled The nature and quality of the of sampling is carried out in conformity with industry standard QAQC procedures.
Drilling techniques	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is _oriented and if so, by what method, etc). _	The sampling referred to in this release refers to reverse circulation drilling and air core drilling. The contractor is Target Drilling Limited.
Drill sample recovery	• 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.	Representative samples of the material drilled will be collected for every metre drilled. Each 1 metre sample will be weighed prior to splitting, to provide a record of sample recovery. Drilling method will be selected so as to maximise sample recovery. Assay values for each sample batch will be compared with sample weights, and a correlation coefficient will be calculated.
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support 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.	Drill chips will be logged for lithology, mineralogy, mineralization, weathering, alteration, colour and any other relevant characteristics. Geological logging will conform to the standardized system adopted by the Company during its first drilling program. Logging is both qualitative of quantitative depending on the characteristic being recorded. The whole length of each hole will be logged.

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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

ASX Announcement

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Criteria	**Explanation **	Commentary
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.	Both RC and Air Core cuttings when dry, will be sampled by riffle splitting. For wet samples, the cuttings will be dried as much as is practicable on site, then coned and quartered to produce a suitable weight for assay. Samples will be transported to SGS Laboratories in Bamako, Mali. There, they will be dried, crushed to 75% passing 2mm. The crushed material will then be riffle split to provide a 1.5kg sample to be pulverized to 85 percent passing 75 microns. The milling process will thoroughly homogenize the sample to allow a 50g sub-sample to be collected manually for fire assay for gold. Duplicate samples are collected for assay at 50 metre intervals. The sample size far exceeds the “million grain rule” and as such is appropriate in this instance.
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 technique selected is a fusion technique which breaks down the mineral content of the sample completely. The PbO flux is reduced to Pb metal during the fusion process, and precious metals are accumulated within the resultant Pb prill. Dissolution of the prill, and measurement of the Au abundance in the resultant solution provides a precise and accurate measure of the total Au abundance in the sample. 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 ispresent 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.	All drilling results are scrutinized by senior management of the company. Significant intercepts will be checked by re-assay. The use of twinned holes is not relevant in to release. All drilling data is accumulated initially in spreadsheets, and ultimately transferred to a master database for archiving.
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 ±5m.

Page 7 of 10 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | info@polymetals.com

ASX Announcement

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Criteria	**Explanation **	Commentary
		Geological mapping of trenches, mine workings and other locations is done at and accuracy of ±5m. 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.	At this early stage in the exploration of the tenement, spacing of drill holes along traverses of 50m is considered appropriate. Spacing of drill traverses is relatively wide at 250m and 500m, but is designed to examine individual Au-anomalous areas rather than measure mineral resources. No sample compositing has been applied.
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 Alahine Village every evening. Two security guards watch over the compound at all times.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	Review of sampling techniques used in Phase 1 drilling by the Company’s independent Geologist found the sampling procedures to be satisfactory.

Page 8 of 10 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | info@polymetals.com

ASX Announcement

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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 (Alahine Project), comprising a total land area of 64.21 km2located 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.
Geology	• Deposit type, geological setting and style of mineralisation.	Primary target is Birimian/Siguiri- style regolith-hosted oxide gold 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.	Phase 1 scout RC drilling (21 holes) and the details and results are summarised in the Annexure B – Independent Geologist’s Report, pages 106-293 – in the Polymetals Prospectus.
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 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	NA

Page 9 of 10 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | info@polymetals.com

ASX Announcement

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Criteria	JORC Code explanation	Commentary
	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’). _	NA
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.	Included in the Prospectus - Annexure B: Independent Geologist’s Report, pages 106-293.
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.	NA
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.	NA
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.	Phase 2 drilling is planned to continue to test the Au-in-soil anomalies via a combination of AC and RC drilling.

Page 10 of 10 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | info@polymetals.com