POLYMETALS RESOURCES LTD — Regulatory Filings 2021

Jun 29, 2021

ASX Announcement 30 June 2021

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DRILLING COMMENCES AT ALAHINÉ

Polymetals Resources Ltd is an Australian-based gold exploration and mining company, focussed on the systematic exploration of its highly prospective gold assets in the Siguiri Gold Basin, in Guinea, West Africa.

Key Highlights

• 2021 Exploration drill program (Phase 2) commenced at Alahiné on 29[th] of June

• 112 holes for 5,100 metres of combined Air-Core (AC) and Reverse Circulation (RC) drilling is planned to test the productive artisanal gold diggings enclosed by the 40 ppb Au-in-soil anomaly contour line at the East Alahiné North, Central and South prospects

• Earlier Phase 1 drill program (2,400 metres) previously completed returned a best intercept of 12 metres @3.09 g/t Au, from 89 metres down hole (Hole 14)

• The Phase 2 drilling program will test the lateral and vertical extent of the Hole 14 gold-mineralised zone and the inferred Siguiri-style shallow gold oxide potential

Polymetals Resources Ltd ( POL , Polymetals or the Company ) is pleased to advise that its planned 5,100-metre Phase 2 Air-Core (AC) and Reverse Circulation (RC) drilling programme at East Alahiné has commenced.

Phase 2 East Alahiné Drilling Programme

Target Drilling, an Australian-based West African drilling contractor, has been commissioned to complete the Phase 2 drilling program at Polymetals’ Alahiné Project. The program is designed to test the area enclosed by the 40 ppb Au-in-soil contour. Numerous productive shallow artisanal gold pits and diggings are present in this area.

ASX: POL

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Figure 1: Commencement of Phase 2 drilling (AH21ARC029)

A total of 112 holes along 14 drill fences are planned and are shown in Figure 2.

Phase 2 will continue to test the lateral and vertical extent of the Phase 1 Hole 14 gold mineralised zone, as well as the Siguiri-like shallow oxide gold potential, as demarcated by the 40 ppb Au-in-soil anomaly contour and by active artisanal gold workings.

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Page 2 of 7 | ACN 644 736 247| ASX: POL Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com

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Figure 2: Au-in-soil grid image highlighting the 40 ppb Au-in-soil contour (white), which also encloses numerous active artisanal gold diggings. The planned 112 holes will test the East Alahiné North (80 holes), Central (18 holes), and South (14 holes) prospects.

A senior POL Australian geologist is on-site to manage the program, assisted by four local geologists and the Company’s Country Manager.

All samples are to be analysed by SGS at their Bamako facility in Mali.

Further details will be provided as and when they become available.

Approved by the board of Polymetals Resources Ltd.

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For more 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

COMPETENT PERSONS’ STATEMENT

The information in this ASX Announcement that relates to Exploration Results is based on information compiled by Mr Henry Tebar, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr Tebar is a full-time contractor of Polymetals Resources Limited 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”. Mr Tebar consents to the inclusion in this ASX Announcement of the matters based on his information in the form and context in which it appears.

ABOUT POLYMETALS

Polymetals is focussed on exploring two licences within Guinea’s Siguiri Basin which hosts several large active gold mining operations and is notable for its significant and widespread gold anomalism.

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Page 4 of 7 | ACN 644 736 247| ASX: POL Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com

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Figure 3: Regional West African gold deposits relative to the Company’s Exploration Licences

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Page 5 of 7 | ACN 644 736 247| ASX: POL Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com

APPENDIX 1 - JORC Code, 2012 Edition – Table 1 Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Mineral	•	Type, reference name/number, location and	•	Exploration Licence No. 22123 (Alahine
tenement and		ownership including agreements or material issues		Project), comprising a total land area of
land tenure		with third parties such as joint ventures,		64.21 km2located at Alahiné village in
status		partnerships, overriding royalties, native title		Siguiri prefecture, Guinea. The licence will
		interests, historical sites, wilderness or national park		expire on 10 April 2022.
		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	•	Acknowledgment and appraisal of exploration by	•	The details of previous exploration and
done by other		other parties.		results were summarised as Annexure B –
parties				Independent Geologist’s Report, pages
				106-293 – in the Polymetals Prospectus.
Geology	•	Deposit type, geological setting and style of	•	Primary target is Birimian/Siguiri-style
		mineralisation.		regolith-hosted oxidegold mineralisation.
Drill hole	•	A summary of all information material to the	•	Phase 1 scout RC drilling (21 holes) and
Information		understanding of the exploration results including a		the details and results are summarised in
		tabulation of the following information for all		the Annexure B – Independent Geologist’s
		Material drill holes:		Report, pages 106-293 – in the Polymetals
		o easting and northing of the drill hole collar		Prospectus.
		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.
Data	•	In reporting Exploration Results, weighting	•	NA
aggregation		averaging techniques, maximum and/or minimum
methods		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
		detail.
	•	The assumptions used for any reporting of metal
		equivalent values should be clearly stated.
Relationship	•	These relationships are particularly important in the	•	NA
between		reporting of Exploration Results.
mineralisation	•	If the geometry of the mineralisation with respect to
widths and		the drill hole angle is known, its nature should be
intercept		reported.
lengths	•	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’). _
Diagrams	•	Appropriate maps and sections (with scales) and	•	Included in the Prospectus - Annexure B:
		tabulations of intercepts should be included for any		Independent Geologist’s Report, pages
		significant discovery being reported These should		106-293.
		include, but not be limited to aplan view of drill

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		hole collar locations and appropriate sectional
		views.
Balanced	•	Where comprehensive reporting of all Exploration	•	NA
reporting		Results is not practicable, representative reporting
		of both low and high grades and/or widths should
		be practiced avoiding misleading reporting of
		Exploration Results.
Other	•	Other exploration data, if meaningful and material,	•	NA
substantive		should be reported including (but not limited to):
exploration		geological observations; geophysical survey results;
data		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.
Further work	•	The nature and scale of planned further work (eg	•	Phase 2 drilling is planned to continue to
		tests for lateral extensions or depth extensions or		test the Au-in-soil anomalies via 112 holes
		large-scale step-out drilling).		via a combination of AC and RC 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.

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