Polymetals Resources : New Targets Identified at Alahine Gold Project

ASX Announcement

18 March 2022

For personal use only

NEW TARGETS IDENTIFIED AT

ALAHINÉ GOLD PROJECT

KEY HIGHLIGHTS

• Auger Results outline three (3) new mineralised trends within the Alahiné Gold Project.
• 751 holes totalling 8,619m of shallow auger drilling completed at the Alahiné.
• Airborne magnetics survey scheduled to commence within the next 2 weeks to define additional targets at both Alahiné and Mansala Projects.

Polymetals Resources Ltd (ASX: POL, "Polymetals" or the "Company") is pleased to provide results of the auger drilling program recently completed at the Company's Alahiné Gold Project (Alahiné) in Guinea, West Africa.

Polymetals Resources Lead Geologist, Nana Asante said,

"The auger results from Alahiné clearly reinforce the prospectivity of the project. Three new mineralised trends identified during the recent drilling provide Polymetals with several follow up targets in addition to the well-definedNorth-North-East trend confirmed during the Phase 2 Air Core Drilling Program.

We are excited about the imminent airborne geophysics survey and the upcoming Alahiné Phase 3 program testing the breadth of the prominent NNE trend and we look forward to providing further market updates as we progress."

ALAHINÉ AUGER PROGRAM

Since the commencement of the Alahiné auger drilling on 22 November 20211, Polymetals has drilled a total of 8,619m comprising 751 holes. The Alahiné program was focussed on testing mineralised saprolite beneath areas that display >100ppb gold in soil anomalies.

Mineralisation is associated with steeply dipping quartz veins striking approximately 080ºM. In this situation pattern drilling with vertical auger holes will understate the extent of the mineralisation. Follow-up work with angled AC holes should achieve more reliable results.

1 Refer to ASX release dated 22 November 2021 "Auger Drilling Commences at Alahiné in Siguiri Basin, Guinea"

Page 1 of 36

Polymetals Resources Ltd | ACN 644 736 247

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

www.polymetals.com | [e-mail]

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ASX Announcement

The three new NNE trends identified provide justification for further testing and will be prioritised alongside existing targets in the planning of the upcoming Phase 3 drilling program.

Polymetals' auger drilling program was carried out by Sahara Natural Resources with all assays completed by the SGS laboratory in Bamako, Mali.

Plan views of the reported holes are provided in Figures 1 and 2.

Details of all the holes including significant assay results are provided in Table 1, included within Appendix 1.

Figure 1: Alahiné auger program (Inset E is detailed in Figure 2)

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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]

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ASX Announcement

Figure 2 below displays the results received within the period after the previous market update2 and illustrates the interpreted mineralised trend.

Figure 2: Inset E - Auger program plan view showing interpreted trend.

2 Refer to ASX release dated 11 February 2022 "Drilling Update - Alahiné Gold Project"

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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]

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NEXT STEPS

The Company is accelerating the exploration within the Alahiné licence with a suite of geological testing over the coming months.

Airborne Magnetic Survey

An airborne magnetic survey is scheduled to commence late-March 2022 at both the Alahiné and Mansala Gold Projects. Results will be used to refine existing drill targets in addition to generating new drill targets.

Alahiné Phase 3 RC drill program

A Phase 3 RC drill program at the Alahiné Gold Project is currently under development by the exploration team. The program will focus on the numerous targets generated at depth during the 7,300m Phase 2 drilling program and the anomalous zones identified by the recent auger program.

The Phase 3 drilling program is scheduled to commence during May 2022.

COMPETENT PERSON STATEMENT

The information in this ASX Announcement that relates to Exploration Results is based on information compiled by Dr Christopher Johnston, a Competent Person who is a Member of the Australian Institute of Geoscientists. Dr Johnston is a Director 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". Dr Johnston consents to the inclusion in this ASX Announcement of the matters based on his information in the form and context in which it appears.

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

Contact information:
Alex Hanly	Victoria Humphries
Chief Executive Officer	Media & Investor Relations
[e-mail]	[e-mail]
[phone]	[phone]

For more information, visit www.polymetals.com.

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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]

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ABOUT POLYMETALS

Polymetals aims to become a gold production company, initially focusing on its two 100% owned exploration licences within Guinea's Siguiri Basin, totalling 112km2.

The Siguiri Basin hosts several large active gold mining operations and is notable for its significant and widespread gold anomalism.

Polymetals' Exploration Licences, known as Alahiné (64.2km2) and Mansala (48.2km2), host extensive historic and current artisanal gold production which reinforces exploration potential of the area.

Figure 3: Proximal gold deposits relative to Polymetals Exploration Licences.

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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]