Polymetals Advances Endeavor Mine Restart, Cash Flow on Track for H1 2025

Restart Momentum Builds at Endeavor

Polymetals Resources Ltd (ASX:POL) has provided a confident update on the restart of its Endeavor Silver Zinc Mine in New South Wales, signalling steady progress toward its goal of generating cash flow in the first half of 2025. The company has completed recruitment of senior management, technical staff, and supervisors, with onboarding of mining, maintenance, and processing crews advancing according to plan.

Surface and underground refurbishment activities are well underway, with critical path tasks initiated on schedule. Notably, the recommencement of underground mining has begun, including initial blasting and trucking operations focused on the high-grade silver Upper North Lode (UNL), a core strategic asset for Polymetals.

Financing and Operational Readiness

Polymetals drew the first tranche of US$5 million from a US$20 million pre-payment facility arranged with Ocean Partners in December 2024, aligning capital deployment with the restart expenditure program. This financial backing underpins the refurbishment of the process plant and surface infrastructure, with specialist technicians engaged to ensure key milling equipment such as the SAG and ball mills, along with Larox concentrate filters, are fully operational.

The company now employs 79 full-time personnel at Endeavor, with plans to expand to over 200 employees by the third quarter of 2025. This growing workforce reflects the ramp-up in mining and processing activities, as well as ongoing near-mine exploration efforts including drilling and geophysical surveys at the Carpark prospect.

Strategic Outlook and Market Confidence

Executive Chairman Dave Sproule highlighted the "can-do" culture driving the project, emphasizing the capital-efficient and timely approach to refurbishment. The potential modification of mining methods, informed by recent geotechnical drilling, aims to enhance extraction and productivity of the high-grade UNL mineralisation.

Market recognition has been positive, with a notable increase in new shareholders as the project derisks toward production. Polymetals’ extensive landholding in the prolific Cobar Super Basin positions it well for a long-term production profile exceeding 20 years, initially within its five approved mining leases.

As the Endeavor Mine restart progresses, the company’s focus remains on meeting its H1 2025 cash flow target, a milestone that will be critical for validating the project’s economic viability and sustaining investor confidence.