• Two employees fatally injured in unintended detonation incident on 28 October 2025
• Operations significantly disrupted, staged recommencement of operations in November
• First shipments of zinc and silver-lead concentrate completed in Q4

Polymetals Resources Ltd reported its Q4 2025 results, which were defined by the tragic incident on 28 October 2025 where two employees were fatally injured due to an unintended detonation of a ballistic disc. The company undertook an independent investigation and comprehensive review of procedures before recommencing operations in mid-November. Despite the challenges, key milestones were achieved, including the first shipments of zinc and silver-lead concentrate. Exploration continued, with drilling at the near-mine Carpark prospect intersecting mineralization and the company mobilizing a second rig to advance regional prospects. On the corporate front, Polymetals strengthened its liquidity and balance sheet through additional facilities and a successful $34.4 million placement. Mining from the high-grade silver Upper North Lode commenced, which will bolster production and revenues given the significant increase in silver prices. Looking ahead, the company's priorities remain safety, reliable operations, disciplined balance sheet management, and discovery through exploration.

Polymetals expects to mine approximately 400,000 tonnes of high-grade silver ore from the Upper North Lode over the next two years. Development of the Deep Zinc Lode is also planned to commence in the June 2026 quarter, with first stoping scheduled for H1 2027, aimed at filling the mill to its nameplate capacity of 100,000 tonnes per month.

Polymetals remains committed to rebuilding momentum, delivering safe and reliable operations, and creating long-term value for shareholders. The company's priorities include an unwavering commitment to safety, disciplined balance sheet management, and accelerating near-mine and regional exploration to drive discovery.