POLYMETALS RESOURCES LTD — Regulatory Filings 2024

Oct 8, 2024

9 October 2024

NEW DRILLING PROVIDES FURTHER UPSIDE AT ENDEAVOR MINE

Diamond drilling intercepts up to 13.5 g/t gold, 1,410 g/t silver, 12.5% zinc & 34.0% lead.

HIGHLIGHTS

• Exceptional intercepts returned from geotechnical drilling of the high-grade Upper North Lode at the Endeavor Mine, Cobar, including 67.1m @ 517g/t silver equivalent.
• Results increase confidence that ore extraction rates from the Upper North Lode may be significantly improved.
• Further metallurgical optimisation test work underway, to also include gold recovery.

Polymetals Resources Ltd (ASX: POL) (Polymetals or the Company) has increased confidence that the Company's Endeavor Mine in Cobar will deliver increased tonnages in shorter timeframes for greater revenue from the Upper North Lode (UNL) after completing recent geotechnical drilling.

Impressive intercepts from the UNL's mineralisation, including 67.1m @ 517g/t silver equivalent (AgEq) 1 and 45m @ 2.01 g/t Au, along with evidence that a significant portion of the UNL (particularly the massive sulphide mineralisation) will be sufficiently competent to support accelerated mining rates, strongly indicate more robust production cashflows earlier than modelled.

The Endeavor Mine is on track to be re-started and first cashflows in H1 2025. In August 2024, the Company's optimised mine plan demonstrated the Endeavor Mine will produce 260,000 tonnes (t) of payable zinc, 90,000t of lead and 10.6 million ounces of silver to generate A$1.85 billion in revenue over an initial 10-year Stage 1 mine life2 .

Polymetals Executive Chairman Dave Sproule said:

"As previously announced, the optimised Endeavor mine plan demonstrates a robust initial 10-year life. The competency of the Upper North Lode mineralisation demonstrated by the geotechnical drilling provides us with a great deal of encouragement that the mining rate and extracted volume of the main high-grade area may be increased beyond that currently modelled. This would deliver a significant increase in revenue earlier, derisking the operation during its first year.

1 Refer: Appendix 1

2 Refer: ASX announcement dated 5 August 2024*, "Significantly improved Endeavor Silver Lead Zinc Mine Plan",*

Also, whilst gold revenues have not been included in the mine plan, the approximately 13,000 oz gold hosted within the UNL represents another potential significant source of revenue during the early stages of the project. Gold recovery test work will be completed alongside the silver, lead and zinc flotation optimisation work underway.

As momentum builds with the recent recommencement of refurbishment works, continued recruitment of operational staff and with imminent draw down of project funding, we are very much looking forward to generating first concentrates and cash flow during H1 2025."

Geotechnical drilling returns impressive intercepts of silver, gold, zinc and lead.

Polymetals recently completed a programme of five diamond drill holes targeting the Upper North Lode (UNL) for the purpose of collecting geotechnical data (Figure 1). The drill core obtained (Figure 2) will also be used for further metallurgical test work aiming to optimise process metal recoveries including potential recovery of gold. The mineralised core from four of the geotechnical holes was split and submitted for analysis with individual assays reported in Appendix 1.

All four holes ended in mineralisation with intercepts summarised as follows:

PGNL005 (67.1m @ 517 g/t silver equivalent)

• 67.1m @ 1.04 g/t Au, 395 g/t Ag, 7.19% Zn and 4.57% Pb from 66m to 133.1m (ending in mineralisation)

PGNL003 (53.8m @ 551 g/t silver equivalent)

• 53.8m @ 1.19 g/t Au, 405 g/t Ag, 7.28% Zn and 6.24% Pb from 96m to 149.8m (ending in mineralisation)

PGNL002 (45.1m @ 483 g/t silver equivalent)

• 45.1m @ 2.01 g/t Au, 345 g/t Ag, 5.97% Zn and 6.61% Pb from 72.5m to 117.6m including 6.1m @ 8.77g/t Au (ending in mineralisation)

PGNL001 (54.1m @ 455 g/t silver equivalent)

• 54.1m @ 1.24 g/t Au, 334 g/t Ag, 6.05% Zn and 5.06% Pb from 98.75m to 152.8m (ending in mineralisation)

Geotechnical drilling shows that the majority of the Upper North Lode is likely to be sufficiently competent for lower cost and more rapid small open stoping and backfilling as the mining method.

The proposed 'cut and fill' mining method for the UNL in the current mine plan is a conservative assumption due to uncertainties around ground conditions, and the data collected from the geotechnical holes is helping to build a better picture of the variability in rock properties and stability. Advice from the independent geotechnical consultants suggests alternate mining methods (stoping) that would reduce the time and cost to mine the main part of the UNL may be possible.

Further geotechnical analysis and assessment of the most suitable mining method will be undertaken once access is re-established to current development in the UNL.

Stoping will allow faster, and more complete extraction of the Upper North Lode at lower costs in comparison to the 'cut and fill' mining method assumed in the Endeavor Mine Plan.

Figure 1. Section of the Endeavor Mine showing location of the high grade Upper North Lode (UNL)

Figure 2: Massive Sulphide Mineralised Core from the Upper North Lode

This announcement was authorised for release by Polymetals Resources Ltd Board.

For further information, please contact:

Linden Sproule Simon Condon Corporate Development Investor Relations Polymetals Resources Ltd simon@republicpr.com.au linden.sproule@polymetals.com +61 417 021 312

REFERENCES

The information in this report references the following ASX announcements:

• ASX Announcement "Endeavor Silver Lead Zinc Mine Restart Study completed" dated 16 October 2023
• ASX Announcement "Endeavor Near Surface Resource 94% Measured & Indicated" dated 23 May 2023
• ASX Announcement "Significantly improved Endeavor Mine Plan" dated 5 August 2024

The Company confirms that it is not aware of any information or data that materially affects the information included in the relevant market announcement and all material assumptions and technical parameters underpinning the estimates in the Original Announcement continue to apply and have not materially changed.

COMPETENT PERSONS STATEMENT

The information supplied in this release regarding Mineral Resources of the Endeavor Project is based on information compiled by Mr Troy Lowien, a Competent Person who is a Member of the Australian Institute of Mining and Metallurgy. Mr Lowien is a full-time employee 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". Mr Lowien consents to the inclusion of matters based on information in the form and context in which it appears.

The information supplied in this release regarding Ore Reserves of the Endeavor Project is based on information compiled by Mr Matthew Gill, a Competent Person who is a Fellow of the Australian Institute of Mining and Metallurgy. Mr Gill is a full-time employee 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". Mr Gill consents to the inclusion of matters based on information in the form and context in which it appears.

FORWARD LOOKING STATEMENT

This announcement contains "forward-looking information" that is based on POL's expectations, estimates and projections as of the date on which the statements were made. This forward-looking information includes, among other things, statements with respect to the mine restart study, POL's business strategy, plan, development, objectives, performance, outlook, growth, cashflow, projections, targets and expectations, mineral resources, ore reserves, results of exploration and related expenses. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as 'outlook', 'anticipate', 'project', 'target', 'likely', 'believe', 'estimate', 'expect', 'intend', 'may', 'would', 'could', 'should', 'scheduled', 'will', 'plan', 'forecast', 'evolve' and similar expressions. Persons reading this announcement are cautioned that such statements are only predictions, and that POL's actual future results or performance may be materially different. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause POL's actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices and demand of iron and other metals; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accident, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. This list and the further risk factors detailed in the remainder of this announcement are not exhaustive of the factors that may affect or impact forwardlooking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information. POL disclaims any intent or obligations to revise any forward-looking statements whether as a result of new information, estimates, or options, future events or results or otherwise, unless required to do so by law. Statements regarding plans with respect to POL's mineral properties may contain forward-looking statements in relation to future maters that can only be made where POL has a reasonable basis for making those statements. Competent Person Statements regarding plans with respect to POL's mineral properties are forward looking statements. There can be no assurance that POL's plans for development of its mineral properties will proceed as expected. There can be no assurance that POL will be able to confirm that any mineralisation will prove to be economic or that a mine will successfully be re-developed.

ABOUT POLYMETALS

Polymetals Resources Ltd (ASX: POL) is a mining company developing the high-grade Endeavor silver zinc lead mine within Australia's premier polymetallic mineral province the Cobar Basin, New South Wales, Australia. Polymetals is on track to become a long term, profitable base and precious metal producer. Polymetals holds a strong exploration portfolio for organic growth with excellent potential for discovery of copper, gold, silver and zinc orebodies. For more information visit www.polymetals.com

APPENDIX 1 – Drilling Results and Assay Intervals

Hole ID	From	To	Pb%	Zn%	Ag g/t	Au g/t
PGNL001	98.75	99.2	4.15	4.31	641	3.65
PGNL001	99.2	100.1	4.61	3.77	744	3.99
PGNL001	100.1	100.8	0.96	0.24	25	0.24
PGNL001	100.8	101.2	3.69	4.48	1300	2.79
PGNL001	101.2	102	0.2	0.04	18	0.07
PGNL001	102	102.9	4.04	1.78	595	0.53
PGNL001	102.9	104	9.55	9.78	725	1.46
PGNL001	104	105	9.02	10.65	632	1.16
PGNL001	105	106	5.67	6.36	464	1.5
PGNL001	106	107	6.19	7.63	439	1.62
PGNL001	107	108	9.54	7.52	559	1.55
PGNL001	108	109	9.73	8.62	542	1.18
PGNL001	109	110	6.39	7.86	547	1.36
PGNL001	110	111	10.45	7.53	516	1.05
PGNL001	111	112	24.6	5.1	694	0.66
PGNL001	112	113	8.25	6.28	404	1.17
PGNL001	113	114	7.49	8.46	367	1.19
PGNL001	114	115	6.85	9.71	410	1.3
PGNL001	115	116	7.46	9.72	461	1.57
PGNL001	116	117	3.57	6.34	193	1.12
PGNL001	117	118	3.48	6.05	254	1.06
PGNL001	118	118.7	4.53	6.86	252	1.03
PGNL001	118.7	119.5	3.7	6.07	277	1.13
PGNL001	119.5	120	3.66	6.12	227	1.15
PGNL001	120	121	3.81	6.68	242	1.03
PGNL001	121	122	3.84	6.75	221	1.04
PGNL001	122	123	2.54	5.66	253	1.27
PGNL001	123	123.3	2.76	7.75	264	1.63
PGNL001	123.3	124	3.71	8.52	327	1.46
PGNL001	124	125	5.42	7.32	353	1.27
PGNL001	125	126	4.73	7.1	295	1.49
PGNL001	126	127	4.86	6.9	426	1.48
PGNL001	127	128	2.7	5.92	344	1.76
PGNL001	128	129	4.74	5.31	259	1.47
PGNL001	129	130	5.3	5.88	259	1.43
PGNL001	130	131	5.07	4.88	266	1.6
PGNL001	131	132	8.31	5.89	320	1.19
PGNL001	132	133	2.7	4.68	222	1.14
PGNL001	133	134	8.9	8.14	426	0.84
PGNL001	134	135	4.56	7.07	282	0.85

Hole ID	From	To	Pb%	Zn%	Ag g/t	Au g/t
PGNL001	135	136	2.68	5.51	188	0.74
PGNL001	136	137	2.5	4.17	227	0.78
PGNL001	137	138	1.14	2.47	118	0.48
PGNL001	138	139	1.66	3.35	124	0.44
PGNL001	139	139.6	3.37	6.27	233	0.72
PGNL001	139.6	140.6	0.69	1.25	127	0.42
PGNL001	140.6	141.4	0.58	1	60	0.59
PGNL001	141.4	142	3.03	6.39	283	1.44
PGNL001	142	143	3.29	5.05	271	1.56
PGNL001	143	144	2.34	4.61	297	1.54
PGNL001	144	145	3.27	7.63	301	1.66
PGNL001	145	146	2.88	6.99	264	2.35
PGNL001	146	147	2.96	7.19	274	1.62
PGNL001	147	148	3.61	7.39	173	1.37
PGNL001	148	149	3.32	7.48	202	1.4
PGNL001	149	150	3.88	6.02	165	0.96
PGNL001	150	151	2.1	2.66	144	0.68
PGNL001	151	152	3.51	4.79	262	0.9
PGNL001	152	152.8	11.45	6.9	348	0.7
PGNL002	72.5	73	2.78	0.35	23	3.13
PGNL002	73	74	6.12	0.31	284	5.3
PGNL002	74	75	1.82	0.36	157	2.94
PGNL002	75	76	2.3	0.53	150	13.45
PGNL002	76	78.3	4.02	0.47	165	8.97
PGNL002	78.3	80.2	1.38	0.77	1410	0.98
PGNL002	80.2	81	5.93	4.54	344	0.87
PGNL002	81	81.6	7.5	3.48	365	0.67
PGNL002	81.6	82	9.5	9.36	336	0.96
PGNL002	82	83	10.85	7.23	392	1.39
PGNL002	83	84	6.81	8.3	329	1.39
PGNL002	84	85	7.06	6.19	300	1.33
PGNL002	85	86	7.09	6.64	272	1.24
PGNL002	86	87	18.4	6.83	495	0.88
PGNL002	87	88	11.05	7.77	305	0.89
PGNL002	88	89	6.25	9.75	258	0.9
PGNL002	89	90	11.35	8.86	257	0.94
PGNL002	90	91	20.3	5.06	385	0.83
PGNL002	91	92	13.7	5.45	313	1.22
PGNL002	92	93	11.1	7.75	391	1.64
PGNL002	93	94	16.7	8.91	487	1.51
PGNL002	94	95	19.65	8	583	1.37

Hole ID	From	To	Pb%	Zn%	Ag g/t	Au g/t
PGNL002	95	96	7.25	8.82	379	1.11
PGNL002	96	97	5.07	11.15	248	1.45
PGNL002	97	98	7.13	11.45	302	1.26
PGNL002	98	99	7.3	8.35	310	1.36
PGNL002	99	100	7.81	9.37	378	1.26
PGNL002	100	100.9	6.97	7.74	351	1.21
PGNL002	101	102	5.62	8.94	269	1
PGNL002	102	103	6.36	9.03	308	1.18
PGNL002	103	104	7.22	6.43	353	1.14
PGNL002	104	105	5.29	7.5	294	1.15
PGNL002	105	106	2.87	4.6	280	1.18
PGNL002	106	107	4.63	4.84	350	1.65
PGNL002	107	108	4.3	3.3	198	1.13
PGNL002	108	109	0.88	1.01	95	0.67
PGNL002	109	109.6	1.26	1.36	149	1.25
PGNL002	109.6	110	3.82	5.61	347	1.61
PGNL002	110	111	2.33	4.08	264	1.7
PGNL002	111	112	1.52	2.96	217	1.53
PGNL002	112	113	2.96	7.94	231	1.29
PGNL002	113	114	1.76	7.12	253	1.13
PGNL002	114	115	1.54	6.18	206	0.94
PGNL002	115	116	3.2	9.93	308	1.33
PGNL002	116	117	4.85	9.73	357	1.21
PGNL002	117	117.6	4.71	10.85	566	1.34
PGNL003	96	97	6.02	7.73	463	1.66
PGNL003	97	98	6.53	8.3	441	1.53
PGNL003	98	99	6.66	9.48	491	1.56
PGNL003	99	100	6.94	10.3	839	1.18
PGNL003	100	101	6.99	7.55	292	0.98
PGNL003	101	102	5.34	6.65	321	1.1
PGNL003	102	103	7.73	7.44	431	1.3
PGNL003	103	104	5.81	8.04	386	1.44
PGNL003	104	105	7.64	7.7	399	1.42
PGNL003	105	106	5.54	10.1	288	1.42
PGNL003	106	107	5.94	7.64	335	1.32
PGNL003	107	108	6.39	6.91	301	1.24
PGNL003	108	109	7.51	8.07	376	1.05
PGNL003	109	110	6.32	6.94	288	1.11
PGNL003	110	111	9.55	6.25	373	1.08
PGNL003	111	112	7.83	8.38	329	1.05
PGNL003	112	113	11.4	5.27	292	0.84
PGNL003	113	114	17.55	6.83	444	0.8
PGNL003	114	115	34	5.6	752	0.73

Hole ID	From	To	Pb%	Zn%	Ag g/t	Au g/t
PGNL003	115	116	9.2	7.32	313	1.25
PGNL003	116	117	8.22	9.82	344	0.97
PGNL003	117	118	10.9	8.28	445	0.88
PGNL003	118	119	5.26	9.96	285	1.25
PGNL003	119	120	9.46	9.38	418	1.2
PGNL003	120	121.06	8.03	10.05	423	1.32
PGNL003	121.52	122	8.16	8.05	330	1.13
PGNL003	122	123	6.55	9.86	363	1.2
PGNL003	123	124	6.84	9.54	497	1.02
PGNL003	124	125	6.13	8.78	433	1.18
PGNL003	125	126	5.29	8.71	361	1.28
PGNL003	126	127	4.4	7.11	352	1.11
PGNL003	127	128	3.73	7.36	448	1.28
PGNL003	128	129	4.7	9.62	393	1.35
PGNL003	129	130	4.24	8.73	420	1.54
PGNL003	130	131	3.56	7.65	264	1.39
PGNL003	131	132	3.87	8.69	321	1.81
PGNL003	132	133	2.63	4.13	236	1.03
PGNL003	133	134	4.37	8.18	503	1.25
PGNL003	134	135	4.25	8.28	521	1.07
PGNL003	135	136	3.38	5.58	375	1.28
PGNL003	136	137	3.09	4.63	351	1.03
PGNL003	137	138	3.4	6.86	504	1.32
PGNL003	138	139	2.84	6.64	507	1.49
PGNL003	139	140	2.92	6.59	429	1.54
PGNL003	140	141	3.17	5.07	392	1.37
PGNL003	141	142	2.83	3.34	356	0.92
PGNL003	142	143	2.31	4.08	272	1.77
PGNL003	143	144	2.64	5.33	402	1.1
PGNL003	144	145	3.81	6.54	471	1.14
PGNL003	145	146	4.51	5.45	588	1.06
PGNL003	146	147	4	6.46	592	1.16
PGNL003	147	148	4.59	7.23	601	1.11
PGNL003	148	149	2.66	4.38	335	0.61
PGNL003	149	149.8	2.12	2.7	280	0.52
PGNL005	66	66.8	2.74	0.27	48	0.92
PGNL005	67.6	68.2	5.41	0.27	39	0.46
PGNL005	68.2	69.2	6.46	0.42	54	0.42
PGNL005	69.2	70.2	6.78	0.41	169	0.74
PGNL005	70.2	74.3	1.08	0.26	891	1.98
PGNL005	79.2	80	6.74	7.98	402	1.12
PGNL005	80	81	9.97	7.16	577	0.83
PGNL005	81	82	6.36	7.04	445	1

Hole ID	From	To	Pb%	Zn%	Ag g/t	Au g/t
PGNL005	82	83	5.37	4.04	403	0.79
PGNL005	83	84.1	5.99	6.63	567	0.79
PGNL005	84.1	85	5.95	8.31	299	0.91
PGNL005	85	86	5.75	9.99	353	1.37
PGNL005	86	87	5.44	9.16	303	0.95
PGNL005	87	87.5	5.28	6.87	280	0.88
PGNL005	87.5	88.4	6.06	7.01	362	1.58
PGNL005	88.4	89.5	4.79	9.55	306	1.41
PGNL005	89.5	90.3	5.22	6.65	342	1.13
PGNL005	90.3	91.3	6.01	5.81	323	1.04
PGNL005	91.3	92	4.86	7.64	346	0.95
PGNL005	92	93	5.17	8.04	317	0.92
PGNL005	93	94	4.77	7.94	285	1.17
PGNL005	94	95	8.06	7.9	349	1.03
PGNL005	95	96	5.33	9.33	329	0.97
PGNL005	96	97	14.4	8.19	527	1.15
PGNL005	97	98	5.91	9.29	318	0.89
PGNL005	98	99	3.17	8.53	322	0.78
PGNL005	99	100	5.76	9.12	363	0.87
PGNL005	100	101	3.32	8.29	361	0.86
PGNL005	101	102	4.16	8.01	431	0.83
PGNL005	102	103	6.29	7.13	559	1.07
PGNL005	103	104	4.34	7.85	397	0.87
PGNL005	104	105	3.03	9.75	402	0.9
PGNL005	105	106	3.15	8.66	375	1.05
PGNL005	106	107	5.58	10.15	623	1.04
PGNL005	107	108	4.51	9.58	386	1.37
PGNL005	108	109	5.39	8.66	306	0.88
PGNL005	109	110	3.65	8	392	1.25
PGNL005	110	111	4.02	9.5	358	1
PGNL005	111	112	4.16	10.95	372	1.13
PGNL005	112	113	4.53	8.13	376	1.33
PGNL005	113	114	4.87	9.76	268	1.29
PGNL005	114	115	3.78	9.12	304	1.36
PGNL005	115	116	4.42	9.37	339	1.2
PGNL005	116	117	4.96	9.17	513	1.13
PGNL005	117	118	4.4	8.86	361	1.02
PGNL005	118	119	4.68	8.54	731	1.34
PGNL005	119	120	4.99	8.33	780	1.09

Hole ID	From	To	Pb%	Zn%	Ag g/t	Au g/t
PGNL005	120	121	3.34	8.26	453	1.45
PGNL005	121	122	4.11	8.26	477	1.21
PGNL005	122	123	3.38	9.45	412	1.1
PGNL005	123	124	4.53	11.8	741	1.29
PGNL005	124	125	3.7	9.98	543	1.3
PGNL005	125	126	5.24	10.45	488	1.19
PGNL005	126	127	6.97	11.1	414	0.86
PGNL005	127	128	5.23	11.75	500	1.22
PGNL005	128	129	5.2	10.6	446	1.16
PGNL005	129	130	4.45	10.2	530	1.49
PGNL005	130	131	4.99	12.45	396	1.35
PGNL005	131	132	5.68	12.4	371	1.52
PGNL005	132	133.1	7.72	10.9	358	1.14

Silver Equivalent (AgEq g/t: Silver is deemed to be the appropriate metal for equivalent calculations as silver is the dominant metal within Upper North Lode area. Silver equivalent calculations are based on assumed metal prices taken at spot value on 16/04/2023 (below), 38-years of average process recoveries for lead, zinc and silver and hydrometallurgical precious metal recovery testwork. Gold recovery test work is yet to be completed and has therefore not been included in the AgEq calculation. Inputs for the AgEq g/t calculation are as follows; metallurgical recoveries of 70.05% silver, 78.58% zinc and 70.97% lead. Metal prices of US$32/oz silver, US$3150/t zinc and US$2150/t lead. AgEq g/t = [(Ag g/t x (32/31.1035) x 0.7005) + (Zn% x 3150 x 0.7858) + (Pb% x 2150 x 0.7097) / (32)] x 31.1035. Polymetals Resources is of the opinion that all elements included in the metal equivalent calculation have reasonable potential to be recovered and sold.

JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Samplingtechniques	•Nature and quality of sampling (eg cutchannels, random chips, or specificspecialisedindustrystandardmeasurement tools appropriate to theminerals under investigation, such asdownholegammasondes,orhandheld XRF instruments, etc). Theseexamples should not be taken aslimitingthebroadmeaningofsampling.•Include reference to measures taken toensure sample representivity and theappropriatecalibrationofanymeasurement tools or systems used.•Aspectsofthedeterminationofmineralisation that are Material to thePublic Report.•In cases where 'industry standard'work has been done this would berelatively simple (eg 'reverse circulationdrilling was used to obtain 1 msamplesfromwhich3kgwaspulverised to produce a 30 g charge forfireassay').Inothercasesmoreexplanation may be required, such aswhere there is coarse gold that hasinherent sampling problems. Unusualcommodities or mineralisation types(eg submarine nodules) may warrantdisclosure of detailed information.	•Diamond drilling was carried out, from whichvariable length samples (predominantly 1m)were obtained which were crushed, pulverizedand split for assay.
Drillingtechniques	•Drill type (eg core, reverse circulation,open-hole hammer, rotary air blast,auger, Bangka, sonic, etc) and details(eg core diameter, triple or standardtube, depth of diamond tails, facesampling bit or other type, whethercore is oriented and if so, by whatmethod, etc).	•Diamond Drilling was carried out from surfacelocationstargetingtheUpperMainLodenorthern pod.•5 holes were drilled for a total of 661m and theywere HQ in size.•Core was oriented using a digital tool.
Drill samplerecovery	•Method of recording and assessingcore and chip sample recoveries andresults assessed.•Measures taken to maximise samplerecovery and ensure representative	•The core trays were laid out along rackingsystems, washed down and metre marked by ageologistusing a chinagraph pencil and/orpermanent marker and then measured forrecovery and RQD information.

Criteria	JORC Code explanation	Commentary
	nature of the samples.•Whether a relationship exists betweensamplerecoveryandgradeandwhethersamplebiasmayhaveoccurred due to preferential loss/gainof fine/coarse material.	•Recovery was generally poor in the oxidizedportionofthemineraliseddomain,withnumerous voids intersected. Recovery below thebase of oxidation was good.•There is no apparent relationship betweensample recovery and grade.The fresh ore iscompetent with no apparent loss of fine orcoarse material that would introduce bias.
Logging	•Whether core and chip samples havebeen geologically and geotechnicallylogged to a level of detail to supportappropriateMineralResourceestimation,miningstudiesandmetallurgical studies.•Whetherloggingisqualitativeorquantitativeinnature.Core(orcostean, channel, etc) photography.•The total length and percentage of therelevant intersections logged.	•All diamond drill core was delivered to the coreyard compound on surface at the end of eachshift by the drilling contractor or geologist whereit was then prepared for logging. The core trayswere laid out along racking systems, washeddown and metre marked by geologist using achinagraph pencil and/or permanent marker andthenmeasuredforrecoveryandRQDinformation.•Core was routinely photographed and stored inracking systems or on pallets.•The core was logged for lithology, mineralisation,weathering, alteration, colour, and any otherrelevant characteristics.•The core was also geotechnically logged by ageotechnical engineer.•Logging was both qualitative of quantitativedepending on the characteristic being recorded.The entire length of each hole was logged.
Subsamplingtechniquesand samplepreparation	•If core, whether cut or sawn andwhether quarter, half or all core taken.•Ifnon-core,whetherriffled,tubesampled, rotary split, etc and whethersampled wet or dry.•For all sample types, the nature,quality and appropriateness of thesample preparation technique.•Quality control procedures adoptedforallsub-samplingstagestomaximise representivity of samples.•Measures taken to ensure that thesampling is representative of the insitu material collected, including forinstanceresultsforfieldduplicate/second-half sampling.•Whether sample sizes are appropriateto the grain size of the material beingsampled.	•Core was cut down the structural long axis usinga fully automated Almonte Core Saw with halfcore samples submitted for assay.•Samples were crushed in a small jaw crusher anda split was pulverized using a ring mill pulveriser.•Sample sizes are appropriate for the grain size ofthe material being sampled.•No field duplicate or second half sampling wascarried out.

Criteria	JORC Code explanation	Commentary
Quality ofassay dataandlaboratorytests	•Thenature,qualityandappropriateness of the assaying andlaboratoryproceduresusedandwhether the technique is consideredpartial or total.•For geophysical tools, spectrometers,handheld XRF instruments, etc, theparameters used in determining theanalysis including instrument makeand model, reading times, calibrationsfactors applied and their derivation,etc.•Nature of quality control proceduresadopted(egstandards,blanks,duplicates, external laboratory checks)andwhetheracceptablelevelsofaccuracy (ie lack of bias) and precisionhave been established.	•Samples were assayed at the ALS laboratory inBurnie, Tasmania.•Assay techniques used were:•Pb, Zn - Finely pulverized sample is ovendriedbeforepre-oxidationanddecomposition by fusion with 66:34 lithiumborate flux containing 20% Sodium Nitrateas an oxidizing agent. The resulting melt ismanually poured to form a fused disk.SodiumNitrateenablesthefusionofmaterial containing sulphides. This disk isthen analyzed using a wavelength dispersiveX-Ray fluorescence spectrometer.•Ag - A prepared sample (0.4g) is digestedwith concentrated nitric acid in a graphiteheating block. An ionisation suppressant isadded if molybdenum is to be measured.Theresultingsolutionisdilutedwithconcentratedhydrochloricacidbeforecooling to room temperature. The samplesare diluted with demineralised water in avolumetric flask and analysed by flameatomic absorption spectrometry.•Au - A prepared sample (5 – 50 g) is fusedwith a mixture of lead oxide, sodiumcarbonate, borax, silica and other reagentsas required, inquarted with 6 mg of goldfree silver and then cupelled to yield aprecious metal bead. The bead is digestedin a mixture of nitric acid (1 mL) andhydrochloric acid (2 mL) in a water bath. Thedigested solution is cooled, diluted with deionized water to a final volume of 10 mL andanalyzedbyatomicabsorptionspectroscopyagainstmatrix-matchedstandards.•Assay techniques are considered total andappropriate for the mineralisation style.•Quality Control procedures were implemented,with the accuracy of the assay data and thepotential for cross contamination of samplesduring sample preparation assessed based onthe assay results of standards and blanksinserted into the sample stream.Standards(including blanks) were inserted at the rate ofapproximately one in 15 samples.•Acceptable levels of precision and accuracy havebeen established.

Criteria	JORC Code explanation	Commentary
Verificationof samplingandassaying	•Theverificationofsignificantintersections by either independent oralternative company personnel.•The use of twinned holes.•Documentation of primary data, dataentry procedures, data verification,data storage (physical and electronic)protocols.•Discuss any adjustment to assay data.	•The Competent Person inspected mineralisedintervals in core.•No twinned holes were assessed.There areseveraldrillholesthathaveinterceptedmineralisation within relatively close proximity tothese holes which contain similar grades.•The Competent Person is not aware of anyadjustment to assay data.
Location ofdata points	•Accuracy and quality of surveys used tolocate drill holes (collar and down-holesurveys), trenches, mine workings andotherlocationsusedinMineralResource estimation.•Specification of the grid system used.•Quality and adequacy of topographiccontrol.	•The Endeavor Mine is situated within Zone 55 ofthe MGA94 grid coordinate system. A local minegrid was established for the site. All drill holessurvey data was collected using geographiccoordinatesandtransformedtocoordinates and to the local grid.•The local mine grid to MGA94 using the followingtransform:			MGA94
				MGA94	Local MineGrid
		Point 1	Northing	6551419.471	6451.175
			Easting	372517.808	5231.564
		Point 2	Northing	6551409.739	6452.863
		Elevation Correction	Easting	371884.310+10,000	4597.827
Dataspacing anddistribution	•DataspacingforreportingofExploration Results.•Whetherthedataspacinganddistribution is sufficient to establish		•Drill hole collars were surveyed using a handheldGPS with a minimum 5 minute point averagingtime.•Holes paths were surveyed using a downholegyro every 15 metres downhole.•The level of accuracy for drill hole locations isconsidered appropriate for Resource estimationpurposes.•A detailed surface topographic survey was used.•Drill hole intercept spacing averages around 5mto 10m (in plan) in the Upper Main Lode northernpod.Downholesamplingintervalswerepredominantly 1m in length.
	the degree of geological and gradecontinuity appropriate for the MineralResource and Ore Reserve estimationprocedure(s)andclassificationsapplied.•Whether sample compositing has beenapplied.	•	classifications applied.		The data spacing and distribution is sufficient toestablish grade continuity appropriate for theMineral Resource estimation procedures and

Criteria	JORC Code explanation	Commentary
Orientationof data inrelation togeologicalstructure	•Whether the orientation of samplingachievesunbiasedsamplingofpossible structures and the extent towhich this is known, considering thedeposit type.•If the relationship between the drillingorientation and the orientation of keymineralised structures is considered tohave introduced a sampling bias, thisshould be assessed and reported ifmaterial.	•The mineralisation occurs as sub-vertical pipelike structures with concentric grade zoning. Drillholes have been collared from the surface atmultiple angles. This reduces the likelihood ofbiased sampling.
Samplesecurity	•The measures taken to ensure samplesecurity.	•All samples were collected and sub-sampled onsite by company staff. Samples were submittedto an off site laboratory.•Sample intervals were marked on the preservedcore.•A geologist was in attendance at all stages ofdrilling.
Audits orreviews	•The results of any audits or reviews ofsampling techniques and data.	•There have been no audits or reviews of this dataat this time.

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineraltenement andland tenurestatus	•Type, reference name/number, location andownership including agreements or materialissues with third parties such as joint ventures,partnerships, overriding royalties, native titleinterests, historical sites, wilderness or nationalpark and environmental settings.•The security of the tenure held at the time ofreporting along with any known impedimentsto obtaining a licence to operate in the area.	•The project is located within grantedExploration Licence EL5785 Miningleases ML158, ML159, ML160, ML316,ML161, and ML930 with the earliestexpiry date of 12 March 2028.Theleases are held by Cobar OperationsPty Ltd.•Metalla Royalty and Streaming Ltdhave a royalty based a flat rate of 4%on payable Pb, Zn and Ag.•All tenements are in good standing.
Explorationdone by otherparties	•Acknowledgment and appraisal of explorationby other parties.	•Exploration of the Elura deposit hasbeencarriedoutbyvariouscompaniessincetheearly1970'susingsurfaceandundergroundmapping and sampling, geophysicalinvestigations, diamond and reversecirculationdrilling.Previousexploration appears to have beenperformed to industry standards.

Criteria	JORC Code explanation	Commentary
Geology	•Deposit type, geological setting and style ofmineralisation.	•Mineralisation at the Elura deposit ishostedbyfinegrainedturbiditesequence of the Cobar Basin andcomprisesmultiplesub-verticalelliptical shaped pipe-like pods thatoccur within the axial plane of ananticline and are surrounded by anenvelopeofsulphidestringermineralisation, in turn surrounded byan envelope of siderite alterationextending for tens of metres awayfrom the sulphide mineralisation.•Around 150m below the base of themainmineralisedpods/lodes,mineralisation is hosted within thewestern limb of a folded limestoneunit, occurring in veins and fractures.•Recent reviews favour a syngeneticformationmodelofanoriginalstratiformdepositthatwaslateremplaced by tectonic force into afavourablestructuralsiteduringdeformation.•The zonation of mineralisation typeshasbeencategorisedwithabbreviations as follows:•PO –massive pyrrhotite-pyritegalena-sphaleriteore,withpyrrhotite predominant, formingthe central core of all zones,typically averaging about 9% Znand 6% Pb.•PY –massive pyrite-pyrrhotitegalena-sphalerite ore, with pyritepredominant,commonlysurrounding the pyrrhotitic coreor at the outer margin of massivemineralisation,againtypicallyaveraging about 9% Zn and 6%Pb.•SIPO – siliceous pyrrhotite-pyritegalena-sphaleriteore,withinclusionsofsilicifiedcountryrock and some quartz veining;pyrrhotite is the predominantsulphide; occurs at the margin of
		PO and PT mineralisation; typicalore grade averages around 12%

Criteria	JORC Code explanation	Commentary
		combined Pb+Zn.•SIPY – siliceous pyrite-pyrrhotitegalena-sphaleriteore,withinclusionsofsilicifiedcountryrock and some quartz veining;similar to SIPO but pyrite is thepredominant sulphide.•VEIN – lower grade mineralisationcomprising a stockwork of quartzandsulphideveinswithinsilicifiedsiltstone,aroundtheedges of mineralised pods.•MINA–mineralisedalteredsiltstone.•SG – Supergene enriched zone atthe top of the Main Lode.
Drill holeInformation	•A summary of all information material to theunderstandingoftheexplorationresultsincludingatabulationofthefollowinginformation for all Material drill holes:oeasting and northing of the drill hole collaroelevation or RL (Reduced Level – elevationabove sea level in metres) of the drill holecollarodip and azimuth of the holeodown hole length and interception depthohole length.•If the exclusion of this information is justifiedon the basis that the information is notMaterial and this exclusion does not detractfrom the understanding of the report, theCompetent Person should clearly explain whythis is the case.	•Tables showing collar coordinates,elevation, dip, azimuth, hole depthand assay results are provided in thebody of this announcement. .
Dataaggregationmethods	•In reporting Exploration Results, weightingaveragingtechniques,maximumand/orminimum grade truncations (eg cutting of highgrades) and cut-off grades are usually Materialand should be stated.•Where aggregate intercepts incorporate shortlengths of high grade results and longer lengthsof low grade results, the procedure used forsuch aggregation should be stated and sometypical examples of such aggregations shouldbe shown in detail.•The assumptions used for any reporting ofmetal equivalent values should be clearlystated.	•Where drill hole intercepts have beenreported as an aggregate a typicallength-weighted method has beenused. No grade truncating has beencarried out

Criteria	JORC Code explanation	Commentary
Relationshipbetweenmineralisationwidths andinterceptlengths	•These relationships are particularly importantin the reporting of Exploration Results.•If the geometry of the mineralisation withrespect to the drill hole angle is known, itsnature should be reported.•If it is not known and only the down holelengths are reported, there should be a clearstatement to this effect (eg 'down hole length,true width not known').	•The geometry of the mineralisation(vertical, 40-50m wide pods) has beenwell defined from diamond drillingand underground development. Drillholes have been collared from thesurface at multiple angles, and arepredominantly aligned down dip.•Whilstthesedrillholesdonotinterceptthefullwidthofmineralisation, the extents of themineralisation is well understood inthe immediate area from numerousholes previously drilled.
Diagrams	•Appropriate maps and sections (with scales)andtabulationsofinterceptsshouldbeincluded for any significant discovery beingreported.These should include, but not belimited to a plan view of drill hole collarlocations and appropriate sectional views.	•Relevant cross sections have beenprovided in previous announcements.
Balancedreporting	•WherecomprehensivereportingofallExplorationResultsisnotpracticable,representative reporting of both low and highgrades and/or widths should be practiced toavoid misleading reporting of ExplorationResults.	•The results from these drill holes areconsistentwithpreviousdrillingresults and not considered to bemisleading without reporting previousresults in this announcement.
Othersubstantiveexplorationdata	•Other exploration data, if meaningful andmaterial, should be reported including (but notlimitedto):geologicalobservations;geophysical survey results; geochemical surveyresults; bulk samples – size and method oftreatment;metallurgicaltestresults;bulkdensity, groundwater, geotechnical and rockcharacteristics;potentialdeleteriousorcontaminating substances.	•Theprojectisamaturestagedevelopment with the bulk of drillingundertakenforgradecontrolpurposes.•The CP considers there is no othermeaningful and material explorationdata in relation to this announcement.
Further work	•The nature and scale of planned further work(eg tests for lateral extensions or depthextensions or large-scale step-out drilling).•Diagrams clearly highlighting the areas ofpossibleextensions,includingthemaingeological interpretations and future drillingareas,providedthisinformationisnotcommercially sensitive.	•Furtherexplorationworkplannedincludesdrillingforpotentialeconomicgoldandcoppermineralisation, and investigation ofpotentialnearby(<5km)mineralisationusingdrillingandgeophysical methods.