Independent Geologist’s Report for the Guinea Gold Project, Siguiri Basin, Guinea, West Africa Presented To: Mr David Sproule Polymetals Resources Limited 72 Marom Creek Road Meerschaum Vale NSW 2477 Submitted By: Rutherford Mineral Resource Consultants 87 Brook Street Coogee New South Wales 2034 +61 2 9665 8263 +61 0 415 226 030 Date issued: Distribution by Electronic Copy 21 April 2021 Document Reference Polymetals Resources Independent Geologist’s Report Distribution Polymetals Resources Limited Rutherford Mineral Resource Consultants Author Neil Rutherford BSc (Hons) PhD GradDipNatRes FAIG FAAG MSEG Report Date 21 April 2021 Executive Summary Polymetals Resources Limited (Polymetals or the Company) commissioned Rutherford Mineral Resource Consultants (RMRC) to prepare an Independent Geologist’s Report (IGR or the Report) on two mineral exploration licences, located in Guinea, West Africa, which form the core assets of Polymetals. Polymetals acquired the licences by purchase of the holder company Golden Guinea Resources SARL (GGR) a wholly owned subsidiary of Craton Resources Limited (Craton). The tenements are located within the Siguiri Basin in the north eastern portion of Guinea in West Africa. RMRC understands that this IGR will be included in a prospectus to be lodged with the Australian Securities & Investments Commission (ASIC) on or about the 16th of April 2021. From information provided to RMRC by Polymetals, the purpose of the Prospectus is to offer 25,000,000 fully paid ordinary shares at an issue price of $0.20 per share, to raise $5,000,000 Australian Dollars (AU$), before the costs of issue which include preparation of a Prospectus and listing on the Australian Securities Exchange (ASX). This report has been prepared as a public document in the format of an independent specialist's report and gives a technical review of the exploration licences. As such, it has been undertaken in accordance with the guidelines of the Australasian Code for Public Reporting of Technical Assessments and Valuations of Mineral Assets - the 2015 VALMIN Code (VALMIN) and the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves - the 2012 JORC Code (JORC). In addition, it has been prepared in accordance with the relevant requirements of the Listing Rules of the Australian Stock Exchange (ASX) and relevant ASIC Regulatory Guidelines. The objective of this IGR is to present a geological description of the project licences, give an outline of previously completed exploration and other recent work undertaken, offer an opinion on the prospectivity of the project licences in their regional context and comment on Polymetals’ proposed costed exploration programs over the next two years. The exploration licences lie in the north eastern region of Guinea in the Neoproterozoic age (2200-2050 Ma) Birimian sedimentary sequences forming the Siguiri Basin. Within Guinea the Siguiri Basin contains several major active producing open pit gold mining operations as do the extensions of this Basin into adjacent Mali and Senegal within similar age host geology. Regionally, there has been a notable long history of small scale alluvial, at surface and shallow underground laterite and saprolite-hosted mining operations. Both licences are known to encompass both current and historic artisanal mining sites. These provide a focus for exploration and for the larger primary and secondary sources of gold associated with basement hosted structures amenable to open pit mining. Well-defined regolith sequences of different ages are developed capping and variably masking the eroded primary bedrock landscape across the Siguiri region including within the Polymetals licences. Limited records suggest that the two licence areas, Alahiné and Mansala, appear to have had little recent company exploration, in particular drilling, but have clear evidence of extensive artisanal mining and indications of shallow prospecting activity at both abandoned and active sites shown in high resolution satellite imagery covering the licences. Such situations can be regarded as direct indicators of prospectivity and vectors for modern exploration regionally. The overall lower tenor of this style of mineralisation typically falls in the 0.5-2.5g/t range but is of large tonnage. These grades necessitate mining to be amenable from surface or shallow depths. Once grade to depth is found it can be tested to depths of up to about ±100m and mined in a pit. Such mineralisation is readily dispersed over time by erosion across the landscape and becomes incorporated in ferricrete and ferruginous duricrust, a feature seen in both licences held by Polymetals, and is the target of artisanal mining activity. The Alahiné licence was originally held by AngloGold Ashanti (AGA) but was dropped as part of regional title reduction once mining was established. There are seemingly no public AGA reports available of exploration activities on the Alahiné Licence area. The Alahiné licence has clear title and is readily amenable to routine exploration. Licence wide soil geochemistry has proven to be effective as an early phase method of assessment. The large volume bulk leachable gold method (BLEG) method utilised in Phase 1 and 2 work produced numerous broad targets with a wide range of high to low values within the licence reflecting natural ranges of fine to coarse gold derived from narrow veins eroded into the ferricrete and laterite that i cap the countryside. This may be deceptive however as there are also cases of low or no gold reporting in samples coincident with artisanal activities and care needs to be taken with interpretation based just on highest values. A greater level of geological input and the use of multielement geochemistry may be more productive in discriminating more favourable sites. A series of Reverse Circulation (RC) drill holes testing along four traverses through the highest-grade soil anomalies in the north east corner of the Licence highlighted the nature of gold host and, source and distribution, through the deeply weathered profile. These holes did assist in redefining the exploration program moving forward and define the basis for definition of economic mineralisation. Two holes showed promising grade intersections to depth, characteristic of economic deposits of the type recognised regionally. The Mansala Licence is also notable for the extensive evidence of artisanal activity in detailed satellite imagery, albeit perhaps much of it seemingly older than for the Alahiné Licence area. Soil sampling results have defined discrete anomaly sites within a broad, albeit low level, Au background across the licence related to colluvial probably sheetwash ferricrete and duricrust outcrop in the eastern portion of the licence with sporadic high Au values in some samples. The higher Au anomalism is accompanied by anomalous mobile elements Ag-As-Sb-Mo-Ba-P±Pb±W possibly indicative of proximity to a bedrock source. Follow up field geological assessment work and drilling will be required to resolve the extent and significance of the multielement anomalism. The extent of artisanal workings shown is encouraging in terms of vectors to potential primary Au sources to depth rather than shallow placer or sheetwash alluvial Au. The potential of the Mansala Licence is not well defined at this early stage. Soil geochemistry and proposed field geological assessment and recognition of widespread surface artisanal activity give encouragement for more detailed exploration based on proposed shallow drilling of areas defined from available soil data. The Exploration Budget is focussed on an initial geological review of surface regolith geology followed by shallow systematic drill testing (±30-50m depth) to locate centres of higher grade shallow saprolite hosted quartz vein related Au mineralisation. The budget is sufficient to drill many wide spaced auger, aircore or RC holes to assess broad target areas at spacing intervals of 100x200m or 100x100m across zones with anomalous surface regolith and with anomalous windows of basement saprock through ferruginous duricrust. Drill hole spacing can be closed-up as required for detail. Deeper systematic testing to about ±100m or so should be a later infill objective. Diamond drilling may be contemplated on favourable intersections to depth to obtain structure and vein orientation, and alteration and mineralisation character. The 2-year budget is sufficient to enable rapid assessment of both the Alahiné and Mansala licences. The area has notable defined surface anomalism and early project drilling indicates potential to depth at two sites related to highly anomalous soil anomalism. The continuity of anomalism through the Alahiné Licence, some (6-8 km on eastern side) suggests scope for potentially significant areas of source vein and shear hosted mineralisation in deformation zones extending to depth beneath superficial ferricrete and duricrust capping. ii Table of Contents 1. Introduction ...................................................................................................... 1 1.1 Terms of Reference ............................................................................................................. 1 1.2 Standard of Reporting and Compliance ................................................................................. 1 1.3 Reliance on Experts ............................................................................................................. 2 1.4 Statement of Independence ................................................................................................