Polymetals Resources : Alahine Phase 3 Drilling Program Commences

ASX Announcement

15 JUNE 2022

For personal use only

ALAHINÉ DRILLING FOCUSSES ON HIGH PRIORITY GOLD TARGETS

KEY HIGHLIGHTS

• Reverse Circulation (RC) drilling program commences at the Alahiné Gold Project in the Siguiri Basin, Guinea.
• 64 holes for 6,100m to test priority targets over 4km of interpreted strike.
• Program planned to confirm strike continuity of NE quadrant and test extent of high grade mineralisation open at depth.
• Alahiné licence airborne magnetic survey completed with interpretation underway and results expected shortly.

Polymetals Resources Ltd (ASX: POL, "Polymetals" or the "Company") is pleased to advise that it has commenced its planned 6,100m Phase 3 Reverse Circulation (RC) drilling program at the Company's wholly owned Alahiné Gold Project (Alahiné) in Guinea, West Africa.

Figure 1: Commencement of Phase 3 drilling at the Company's Alahiné Gold Project.

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Polymetals Resources Ltd | ACN 644 736 247ASX: POL Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000

www.polymetals.com | [e-mail]

ASX Announcement

For personal use only

ALAHINÉ PHASE 3 DRILLING PROGRAM

The Phase 3 Reverse Circulation (RC) drilling program will focus on numerous targets generated during previous drilling programs. Infill drilling will continue to define the 4km of interpreted strike within the very prospective NE quadrant of the Alahiné licence.

The program aims to test broad areas of Siguiri style mineralisation akin to the AngloGold Ashanti (ASX:AGG, NYSE:AU) +10Moz Siguiri Gold Mine, located 37km west of the Alahiné licence.

Confirm strike continuity

The objective of the Phase 3 program is to test the strike continuity of the delineated mineralised zone. Thirty-Five (35) holes totalling 3,170m are planned to test the strike extent of broad zones of mineralisation identified within previous drilling through step out traverses located 200m north and south of the Company's 2021 Phase 2 traverses.

A further thirteen (13) holes totalling 1,510m will test the updip and downdip extent of mineralised zones intersected during previous drilling programs.

The significant Siguiri-style mineralised sections12 from previous drilling include:

• AH21ARC066

• 1. 14m @ 1.14 g/t Au;
• AH21ARC074
• 1. 10m @ 1.32g/t Au;

• 1. 15m @ 0.92 g/t Au; and
  1. 7m @ 1.63g/t Au
• AH21ARC103
• 1. 19m @ 0.99g/t Au

In addition, Phase 3 drilling will also target previous12 high-gradeend-of-hole intersections examples of which include 1m @ 21.40 g/t Au, 1m @ 7.12 g/t Au and 1m @ 11.56 g/t Au.

Optimal drilling direction is yet to be settled in this terrain. To address this, ten (10) holes for 1000m will be drilled on an azimuth of 310º Grid and the results compared with the same mineralised zones intersected during the Company's previous drilling programs on a drill azimuth of 270º Grid.

Testing new targets

The program will also test the western limb of a newly identified anticlinal structure (see Figure 2) at 090º Grid azimuth with 6 holes comprising 420m.

1. Refer to ASX release dated 15 September 2021 "Further Positive Results from Phase 2 Drilling Program"
2. Refer to ASX release dated 20 October 2021 "Additional Positive Results from Phase 2 Drilling Program"

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Polymetals Resources Ltd | ACN 644 736 247

Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000

www.polymetals.com | [e-mail]

ASX Announcement

For personal use only

Figure 2: Plan view of Alahiné Phase 3 RC program (planned holes shown in blue, and prominent mineralised trend shown in red).

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Polymetals Resources Ltd | ACN 644 736 247

Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000

www.polymetals.com | [e-mail]

ASX Announcement

r personal use only

Figure 3: Section 1294950N showing planned Phase 3 RC drill holes as pecked blue lines. Where mineralisation is intercepted at planned depth drilling will be continued subject to drilling conditions.

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Polymetals Resources Ltd | ACN 644 736 247

Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000

www.polymetals.com | [e-mail]

Page 5 of 13 Polymetals Resources Ltd | ACN 644 736 247 Suite 6, Level 5, 189 Kent Street, Sydney NSW 2000 www.polymetals.com | [e-mail]

r personal use only

ASX Announcement

Figure 4: Section 1294450N showing planned Phase 3 RC drill holes as pecked blue lines. Where mineralisation is intercepted at planned depth drilling will be continued subject to drilling conditions.