POLYMETALS RESOURCES LTD — Regulatory Filings 2021

Jul 1, 2021

SUPPLEMENTARY ANNOUNCEMNT

The Board of Polymetals Resources Limited refers to the announcement dated 30 June 2021, "Drilling Commences at Alahiné (Release) and advises that Section 1 of Appendix 1, "Sampling Techniques and Data" was inadvertently omitted.

Attached is an updated version of the Release incorporating the updated Appendix 1. There is no change to the rest of the Release.

Approved by the board of Polymetals Resources Ltd.

For more 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

APPENDIX 1 - JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Criteria	Explanation	Commentary
Sampling	• Nature and quality of sampling (eg cut channels,	The sampling referred to in this release refers
techniques	random chips, or specific specialised industry standard	to RC drilling and air core drilling.
	measurement tools appropriate to the minerals under	Drilling operations commenced on 29 June
	investigation, such as down hole gamma sondes, or	2021.
	handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of	A total of 2 RC holes of planned depth 120m
	sampling.	and 110 Aircore Holes of planned depth
	• Include reference to measures taken to ensure sample	80m are detailed in the accompanying
	representivity and the appropriate calibration of any	announcement.
	measurement tools or systems used.	Representative samples of the material
	• Aspects of the determination of mineralisation that are Material to the Public Report. In cases where 'industry	drilled will be collected for every metre
	standard' work has been done this would be relatively	drilled directly from the rig cyclone.
	simple (eg 'reverse circulation drilling was used to	Each 1 metre sample will be weighed prior to
	obtain 1 m samples from which 3 kg was pulverised to	splitting, to provide a record of sample
	produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there	recovery.
	is coarse gold that has inherent sampling problems.	Samples for assay will be riffle-split from each
	Unusual commodities or mineralisation types (eg	1 metre interval. Weight of such samples
	submarine nodules) may warrant disclosure of detailed	will be 2-3kg.
	information.	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	• Drill type (eg core, reverse circulation, open-hole	The sampling referred to in this release refers
techniques	hammer, rotary air blast, auger, Bangka, sonic, etc) and	to reverse circulation drilling and air core
	details (eg core diameter, triple or standard tube, depth	drilling. The contractor is Target Drilling
	of diamond tails, face-sampling bit or other type,	Limited.
	whether core is oriented and if so, by what method, etc).
Drill sample	• Method of recording and assessing core and chip	Representative samples of the material
recovery	sample recoveries and results assessed.	drilled will be collected for every metre
	• Measures taken to maximise sample recovery and	drilled.
	ensure representative nature of the samples. • Whether a relationship exists between sample recovery	Each 1 metre sample will be weighed prior to
	and grade and whether sample bias may have occurred	splitting, to provide a record of sample
	due to preferential loss/gain of fine/coarse material.	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	Drill chips will be logged for lithology,
	and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining	mineralogy, mineralization, weathering,
	studies and metallurgical studies.	alteration, colour and any other relevant
	• Whether logging is qualitative or quantitative in nature.	characteristics. Geological logging will
	Core (or costean, channel, etc) photography.	conform to the standardized system
	• The total length and percentage of the relevant intersections logged.	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.
Sub-sampling	• If core, whether cut or sawn and whether quarter, half	Both RC and Air Core cuttings when dry, will
techniques and	or all core taken.	be sampled by riffle splitting. For wet
sample	• If non-core, whether riffled, tube sampled, rotary split,	samples, the cuttings will be dried as
preparation	etc and whether sampled wet or dry. • For all sample types, the nature, quality and	much as is practicable on site, then coned
	appropriateness of the sample preparation technique.	and quartered to produce a suitable
		weight for assay.

Criteria	Explanation	Commentary
	• 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.	Samples will be trucked 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 is present in
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.	the samples. 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. 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

Criteria	Explanation	Commentary
		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.