Polymetals Ships First Zinc Concentrate as Endeavor Mine Ramps Up
Polymetals Resources has advanced its Endeavor Mine ramp-up, producing over 15,000 tonnes of concentrates and scheduling its first zinc shipment. The company also reduced debt and strengthened its cash position, signaling progress toward steady-state operations.
- 15,667 dry metric tonnes of zinc and silver-lead concentrates produced
- First zinc concentrate shipment scheduled for October from Adelaide port
- Access established to high-grade silver Upper North Lode
- US$2.5 million debt repaid, cash balance at $17.05 million
- Near-mine drilling and regional exploration programs underway
Steady Ramp-Up at Endeavor Mine
Polymetals Resources Ltd has reported continued progress in the ramp-up of its Endeavor Silver-Zinc Mine for the quarter ended 30 September 2025. The operation produced 15,667 dry metric tonnes of zinc and silver-lead concentrates, marking a significant milestone in the mine’s development phase. This production volume reflects the company’s focus on optimising plant performance and sequencing stopes to ensure a consistent ore supply.
Logistics for concentrate transport have been established, with the first shipment of 11,000 wet metric tonnes of zinc concentrate scheduled to depart from Berth 29 in Adelaide during October. A silver-lead concentrate shipment is planned to follow in November, marking the commencement of commercial deliveries to customers.
Access to High-Grade Ore and Operational Challenges
During the quarter, Polymetals successfully established access to two of the three planned levels within the high-grade silver Upper North Lode (UNL), a resource boasting an impressive grade of 338 grams per tonne silver alongside zinc and lead. While access to the 10120 level remains pending, the company’s geotechnical team has confirmed competent ground conditions that support more cost-effective stoping methods, potentially boosting production rates and ore recovery.
Operational challenges typical of a ramp-up phase were encountered, including a ball mill gearbox bearing failure, which was swiftly addressed. The company remains confident that such issues will diminish as it approaches steady-state production, expected in the December quarter.
Financial Discipline and Exploration Initiatives
Polymetals continues to demonstrate financial discipline, with production cash flow covering operating costs and enabling a US$2.5 million reduction in debt during the quarter. The company ended September with $17.05 million in cash and $9.52 million in available financing. Notably, an undrawn US$10 million debt facility was replaced by a $15 million equity placement, strengthening the balance sheet.
Exploration efforts remain a core focus, with near-mine drilling at the Carpark and Endeavor South prospects progressing alongside a pioneering passive seismic survey aimed at understanding structural controls on mineralisation. Regional exploration has also commenced, leveraging decades of historical data to identify new polymetallic targets within the extensive 1,107 square kilometre Cobar Basin tenement package.
Looking Ahead
Polymetals’ priorities for the coming quarter include advancing mine and mill performance toward steady-state operations, maintaining regular concentrate shipments, continuing debt reduction, and progressing the replacement of the Environmental Rehabilitation Bond to secure full ownership of the Endeavor real estate portfolio. Exploration will intensify with further drilling, geophysical surveys, and mapping to extend mine life and discover new ore bodies.
With the Endeavor Mine now generating positive cash flow and commercial shipments imminent, Polymetals is positioning itself as a resilient player in the silver and zinc mining sector, with strategic optionality across multiple metals and a commitment to sustainable development in the Cobar region.
Bottom Line?
As Polymetals nears steady-state production and first shipments, the market will watch closely for sustained operational and financial momentum.
Questions in the middle?
- Will metallurgical testwork confirm optimal recovery rates from the high-grade Upper North Lode?
- How will exploration results from the seismic survey and drilling impact the mine’s resource base and life?
- What are the risks and timelines associated with replacing the Environmental Rehabilitation Bond?
