POLYMETALS RESOURCES LTD — Regulatory Filings 2021

Jun 24, 2021

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24 June 2021

Andrew Kabega ASX Limited Exchange Centre, 20 Bridge Street Sydney NSW 2000

By email: andrew.kabega@asx.com.au

Dear Andrew

RE: Condition to Quotation 2.2.12

I refer to your letter dated 22 June 2021, in relation to the application of Polymetals Resources Ltd (ACN 644 736 247) ( Company or POL ) to be admitted to the Official List of the ASX and to have its securities quoted ( Admission Letter ).

I also refer to the Company’s initial public offering of fully paid ordinary shares ( Shares ) under its prospectus dated 21 April 2021, as varied by the supplementary prospectuses dated 28 May 2021 and 10 June 2021 (collectively, Prospectus ), to raise a minimum of $5,000,000 by the issue of 25,000,000 Shares ( Offer ).

On behalf of the Company, in relation to item 2.2.12 of the Condition of Quotation set out in the Admission Letter, I set out below the updated sources and uses of funds.

The updated use of funds has been based the financial information included in section 5.6 of the Prospectus update for the following;

1. the proceeds received from David Sproule of $250,000, which were largely sued to fund ;

2. payment of costs associated with the Offer; and

3. payment of various administrative costs.

The Company

Please contact the undersigned if you require further clarification of the above.

Yours sincerely

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Vince Fayad Company Secretary

a : suite 6, level 5, 189 kent street p gpo box 2733 ph : +61 2 8046 2799 sydney nsw 2000 sydney nsw 2001 w : www.polymetals.com

Annexure 1

Sources and uses of funds

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Cash reserves - 1 February 2021 173,497
Proceeds of Loan from David Sproule 250,000
Proceeds from seed capital 318,318
Drilling & Site Preparation - 240,626
Administration - 405,000
Funds Raised from the Offer 5,200,000
Total Funds that are
5,296,189
available to the Company
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Expenditure Year 1 Year 2 Total
Exploration at Alahiné and
Mansala2 $859,374 $1,250,000 $2,109,374
Baseline environmental surveys
& Consultants2 $50,000 $100,000 $150,000
In-Country operations and
logistics (incl. community)2 $250,000 $250,000 $500,000
Expenses of the Offer3 $637,000 0 $637,000
Administration Costs4 $440,908 $1,008,908 $1,449,815
Repayment of David Sproule
Loan5 $250,000 0 $250,000
Working Capital $200,000 0 $200,000
Total uses of funds $2,687,281 $2,608,908 $5,296,189
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