Slide 1: Endeavor Mine Presentation May 2023
ENDEAVOR MINE PRESENTATION MAY 2023 ASX: POL www.polymetals.com Native Silver Endeavor Mine
Slide 2: Important Notices and Disclaimer
Important Notices and Disclaimer Disclaimer The purpose of this presentation is to provide background information to assist readers in obtaining a general understanding of Polymetals Resources Ltd (ASX: POL, “Polymetals” or the “Company”) and its objectives. This presentation is not a disclosure doc
Slide 3: Corporate Overview
Corporate Overview Capital Structure Share Price Performance – 52 week High = A$0.465, Low = A$0.089 Share Price (22/05/2023) A$0.37 AUD/share Shares on Issue (Post Endeavor Acquisition) 136.6 million Performance Rights 0.0 million $0.40 Options (A$0.25, Expiry 11/24) 3.5 million Cash A$0.25 million
Slide 4: Polymetals – Company Overview
Polymetals – Company Overview Polymetals focusing on the restart of the Endeavor Silver-Zinc-Lead Mine located within the Cobar Basin, NSW • In March 2023 Polymetals announced the transformational acquisition of the Endeavor Silver- Zinc-Lead Mine within the Cobar Basin NSW Australia. – JORC Resourc
Slide 5: The Royalty Restructure: Pre-requisite to Mine Acquisition
The Royalty Restructure: Pre-requisite to Mine Acquisition Renegotiation of royalty agreement provides immediate value uplift opportunities An immediate unlocking of +25% in project economics • Mine acquisition negotiations with CBH commenced following agreement with royalty owner, Metalla Royalty a
Slide 6: History & Production Profile
History & Production Profile High-quality long-life asset producing zinc and silver/lead concentrates with potential for gold and copper credits Pb/Zn tonnes 160,000 • Electrolytic Zinc discovery of Elura (now Endeavor) 1974 Deposit 100% Silver 140,000 Stream Royalty 1976 • Maiden Resource of 27Mt @
Slide 7: Endeavor Mine - Overview
Endeavor Mine - Overview High-quality asset producing zinc and silver/lead concentrates Location • 40km north of Cobar, NSW Australia, and 30km north of CSA Copper Mine History • Discovered in 1974, production commenced in 1982 and placed on Care and Maintenance - December 2019 • Mined & Processed 3
Slide 8: All infrastructure and approvals in place for mine restart
All infrastructure and approvals in place for mine restart Process plant & mine infrastructure replacement cost of ~$280 million estimated by Como Engineers Secure water supply via a pipeline from Cobar. Endeavor Mine Headframe Fully equipped underground mine including a 7km decline from surface, 38
Slide 9: Large, High Quality Resource Underpinning Mine Restart Options
Large, High Quality Resource Underpinning Mine Restart Options • May 2023 – JORC (2012) Resource - Contained Metal: 44.0Moz Silver, 1.3Mt Zinc & 0.73Mt Lead • Establish sufficient Ore Reserves to support recommencement of operations; – Stage 1: establish and develop near surface Ore Reserves (above
Slide 10: Establishing Ore Reserves To Support Recommencement Of Operations
Establishing Ore Reserves To Support Recommencement Of Operations Phase 1 Drilling – Upper Main Lodes completed March 2023 21 RC Drill holes completed – examples of intercepts Oblique view of unmined Upper Main Lodes (North & South Lode), existing mine development and drill hole traces. Intercept Ho
Slide 11: Stage 1 – Establish and Develop Near Surface Ore Reserves
Stage 1 – Establish and Develop Near Surface Ore Reserves High value shallow Mineral Resources (Upper Main Lodes) providing an opportunity for near term Endeavor mine restart generating strong cash flow to self fund long life operation • May 2023 (JORC 2012) Upper Main Lode MRE • above 10040mRL or w
Slide 12: Stage 2 - Establish whole of mine Ore Reserves
Stage 2 - Establish whole of mine Ore Reserves Whole of Mine operation within 24 months funded by Upper Main Lode cash flow Mine Restart Studies – Targeting minimum initial 5-year mine life with optimum +10-year mine plan • In addition to the Upper Main Lodes there are significant remaining Measured
Slide 13: Regional opportunities and exploration potential – 1,100km2
Regional opportunities and exploration potential – 1,100km2 Regional Pb, Zn, Cu, Ag and Au anomalies to be validated by low-cost exploration and funded by Upper Main Lode cash flow • Evaluating 50 years of exploration data focusing on Au, Cu, Ag, Zn and Pb • Walk-up: Sparsely or Untested targets • G
Slide 14: Board and Senior Management
Board and Senior Management Management track record of developing mining operations from early-stage exploration projects through the mining life cycle into producing mines Board David Sproule – Executive Chairman Alistair Barton – Non-executive director Matthew Gill – Non-executive director Jess Or
Slide 15: Polymetals DNA – Proven Operational Track Record
Polymetals DNA – Proven Operational Track Record Long history of unlocking “hidden value” resource production opportunities Past Projects Details Location Commodity Elura (now Endeavor) Supergene Purchased Mt Boppy Mine and infrastructure and developed hydrometallurgical Cobar Basin Silver & Gold Ta
Slide 16: Key Milestones Planned
Key Milestones Planned Low Capital and Near-Term re-start of operations Calendar Year Q2 Q3 Q4 H1 H2 2023 2023 2023 2024 2024 North & South Lode (above 10040mRL) Apr May Jun Jul Aug Sep Oct Nov Dec Mineral resource estimate for the North and South Lodes (to include gold) Metallurgical test work to c
Slide 17: Summary
Summary • May 2023 – JORC (2012) Resource - Contained Metal: 44.0Moz Silver, 1.3Mt Zinc & 0.73Mt Lead • Establish sufficient Ore Reserves to support recommencement of operations; – Stage 1: establish and develop near surface Ore Reserves (above 10040mRL or within 180 metres of surface) – target mine
Slide 18: ASX: POL
ASX: POL www.polymetals.com Endeavor Mine March 2023
Slide 19: APPENDIX: JORC (2012) - Endeavor Mineral Resources
APPENDIX: JORC (2012) - Endeavor Mineral Resources Endeavor Mine JORC Mineral Resource Estimate – ‘Groundworks Plus May 2023 Independent Endeavor Mine Resource Report’1 JORC Category Mt Zinc % Lead % Silver g/t Zinc Mt Lead Mt Silver Moz Measured 4.4 8.3% 5.1% 93 0.37 0.22 13.2 Indicated 8.8 7.9% 4.