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/.