Polymetal International : Results of the first tranche of the Exchange Offer

NEWS RELEASE

Polymetal International plc

Results of the first tranche of the Exchange Offer

This announcement is being made in accordance with Rules MDR 7.1 - 7.4 of the AIX Market Disclosure Rules.

Further to the Exchange Offer announced on 23 November 2023 and as approved by Shareholders at the General Meeting on 8 December 2023, the Board of Polymetal International plc ("Polymetal" or the "Company") is pleased to announce that a total of 5,082,079 Ordinary Shares (1.07% of the outstanding share capital) have been repurchased by the Company under the first tranche of the Exchange Offer (the "First Eligible Shares") in consideration for the issuance of the AIX Exchange Shares, on a one-for-one basis.

Following the repurchase of the First Eligible Shares and the issuance of the corresponding Exchange Shares, the total number of voting rights in the Company remains unchanged and is 473,645,141 Ordinary Shares at par value of US$ 0.03, each carrying one vote. The Company holds 46,696,757 Ordinary Shares in treasury, which do not enjoy any voting or economic rights. Polymetal intends to cancel these shares. However, such a cancellation is contingent upon the relaxation of the restrictions on NSD, and until such time that the restrictions are relaxed, the First Eligible Shares will be held in treasury by the Company and will not be available for re-issue.

The above figure of 473,645,141 Ordinary Shares may be used by shareholders (and others with notification obligations) as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, Polymetal under the Rule MDR3.3 of the AIX Market Disclosure Rules.

Eligible Shareholders are invited to tender Eligible Shares in exchange for the shares issued on AIX (Exchange Shares) prior to 30 September 2024.

Unless otherwise defined herein, defined terms have the same meaning as those attributed to them in the Circular: https://www.polymetalinternational.com/en/investors-and-media/shareholder-centre/general-meetings/.

Further details of the Exchange Offer as well as answers to the frequently asked questions are available at the Company's website: https://www.polymetalinternational.com/ru/share-exchange/.

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FORWARD-LOOKING STATEMENTS

This release may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements speak only as at the date of this release. These forward-looking statements can be identified by the use of forward- looking terminology, including the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or "should" or similar expressions or, in each case their negative or other variations or by discussion of strategies , plans, objectives, goals, future events or intentions. These forward-looking statements all include matters that are not historical facts. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the company's control that could cause the actual results, performance or achievements of the company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the company's present and future business strategies and the environment in which the company will operate in the future. Forward-looking statements are not guarantees of future performance. There are many factors that could cause the company's actual results, performance or achievements

NEWS RELEASE

to differ materially from those expressed in such forward-looking statements. The company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.