Polymetals Resources (POL) AGM 2025 Presentation summary

Operational achievements and milestones

• Endeavor Mine was acquired in August 2024, redeveloped, and achieved first ore processing by May 2025.

• First cashflow was realized in July 2025, with concentrate prepayments totaling A$11.6 million.

• First shipment of zinc concentrate completed in October 2025; silver-lead concentrate shipment planned for December.

• Steady-state operations targeted for the January quarter, with strong early production of silver, zinc, and lead.

• August 2025 revenue met operating costs and repaid A$2.5 million of debt.

Production and resources

• September quarter production: 222,565 oz silver, 2,902 t lead, 4,507 t zinc.

• Initial access to high-grade Upper North Lode established in September 2025; metallurgical testwork underway.

• Endeavor has produced 92Moz silver, 2.6Mt zinc, 1.6Mt lead to date, with 16Mt of remaining resources.

• Initial 10-year mine plan prioritizes early silver-rich stopes, targeting 5Moz silver and A$250m EBITDA in first 2 years.

• JORC (2012) total mineral resource: 16.3Mt at 8.0% Zn, 4.5% Pb, 84g/t Ag; ore reserve: 6.6Mt at 4.32% Zn, 4.5% Pb, 84g/t Ag.

Financial performance and outlook

• Market capitalization of A$254.4m as of November 2025; share price A$0.95 (52-week high A$1.01, low A$0.24).

• Cash balance of A$17m and drawn debt of A$14m as of September 2025.

• Pre-tax NPV (8% discount) of A$414m, pre-tax IRR of 345%, and payback period of 14 months.

• Ongoing focus on operational excellence, commercial delivery, balance sheet discipline, and exploration.

• Exploration aims to extend mine life and discover new deposits, with a 1,107km² landholding in the Northern Cobar Basin.