Further Growth Opportunities

EV/ Reserves EV/ Reserves (US$/oz) $1,444 Fresnillo $549 $425 $359 $323 Randgold Large producers (average) Mid-tier producers (average) Polymetal Source: Company reports, BMO Capital Markets, SNL Large producers (production > 1000 Koz), Medium (Production > 200 Koz) ▲ POLYMETAL INTERNATIONAL PLC 19

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