Polymetals Resources (POL) Investor Presentation summary

Strategic positioning and project overview

• Positioned to become a leading silver and zinc producer in Australia, with the Endeavor Mine in Cobar, New South Wales as the flagship asset.

• Holds 1,107km² of exploration licences and 30km² of mining leases in the prolific Cobar Basin.

• Endeavor Mine restart is fully funded, targeting first production in April 2025 and first cash flow in May 2025.

• Over $150 million in infrastructure is already in place, including processing plant, water, power, and real estate assets.

• Board and management have invested A$8 million and bring over 30 years of mining experience in the region.

Resource base, production, and financial metrics

• Total underground mineral resource of 16.3Mt (41.1Moz silver, 1.3Mt zinc, 100Kt lead) and 5.2Mt tailings resource.

• Initial 10-year mine life with 10.6Moz payable silver, 260Kt zinc, and 90Kt lead projected.

• Expected A$1.9b in revenue, A$688m EBITDA, and A$609m free cash flow over the first decade.

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

• Six-year offtake agreement with Ocean Partners, with flexible pricing and no mandatory hedging.

Operational progress and milestones

• Key milestones achieved: due diligence drilling, mine acquisition, financing, and updated mine plan.

• Current focus on mine restart activities, with first concentrate sales and revenue expected by May 2025.

• Processing plant upgrades planned to enhance silver and gold recovery from tailings.

• Ongoing near-mine and regional exploration to upgrade resources and extend mine life.