POLYMETALS RESOURCES LTD — Regulatory Filings 2021

Jun 24, 2021

==> picture [134 x 43] intentionally omitted <==

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 2.2.5

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 2.2.5 of the Conditions of Quotation set out in the Admission Letter, a pro forma statement of financial position based on the actual amount of funds raised under the Prospectus has been provided within Annexure 1 enclosed.

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

Yours sincerely

==> picture [163 x 63] intentionally omitted <==

Vince Fayad

Company Secretary

a : suite 6, level 5, 189 kent street p gpo box 2733 sydney nsw 2000 sydney nsw 2001 w : www.polymetals.com

ph : +61 2 8046 2799

==> picture [133 x 43] intentionally omitted <==

Polymetals Resources Limited Annexure 1 Pro Forma statement of financial position

CURRENT ASSETS Cash and cash equivalents Trade and other receivables [GST] NON CURRENT ASSETS Property, plant and equipment Exploration and evaluation exploration TOTAL ASSETS CURRENT LIABILITIES Trade and other payables Borrowings - related party NON CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS Issued capital Accumulated losses Non Controlling Interest [NCI]	173,900.01 (77,308.13) 5,200,000.00 (250,000.00) - - 5,046,591.88 8,410.31 22,352.25 - - 4,875.00 - 35,637.55 Audited Financial Statements - 31 Janaury 2021 Repayment of Loan [Sproule Family] 29 June 2021 Non Controlling Interest - Share Issue Costs Pro Forma Balance Sheet 29 June 2021 Bank Transactions 1 Feb 2021 to 23 June 2021 IPO Raise 29 June 2021 Trade Creditors 29 June 2021
	182,310.32 (54,955.88) 5,200,000.00 (250,000.00) 4,875.00 - 5,082,229.44
	2,466.83 - - - - - 2,466.83 1,460,952.73 240,626.16 - - 27,233.49 - 1,728,812.39
	1,463,419.56 240,626.16 - - 27,233.49 - 1,731,279.21
	1,645,729.88 185,670.28 5,200,000.00 (250,000.00) 32,108.49 - 6,813,508.65
	26,286.92 (22,495.50) - - 395,858.49 - 399,649.91 - 250,000.00 - (250,000.00) - - -
	26,286.92 227,504.50 - (250,000.00) 395,858.49 - 399,649.91
	- - - - - - -
	26,286.92 227,504.50 - (250,000.00) 395,858.49 - 399,649.91
	1,619,442.96 (41,834.22) 5,200,000.00 - (363,750.00) - 6,413,858.74
	1,248.00 - - - - - 1,248.00 (869,778.79) (116,914.63) - - (103,750.00) - (1,090,443.41)
	(868,530.79) (116,914.63) - - (103,750.00) - (1,089,195.41) 2,553,843.66 318,317.90 5,200,000.00 - - (569,107.39) 7,503,054.17
Less: Share issue costs applicable to NCI	(65,869.90) (243,237.49) - - (260,000.00) 569,107.39 -
TOTAL EQUITY
	1,619,442.97 (41,834.22) 5,200,000.00 - (363,750.00) - 6,413,858.75