Polymetals Raises $15M as Endeavor Mine Resumes Production Post-Incident
Polymetals Resources has bolstered its financial position with new loan facilities and option exercises following a fatal incident at its Endeavor Mine, which has now resumed continuous operations.
- US$10 million bridging facility offered by Ocean Partners
- A$5 million nil interest loan from Chairman Dave Sproule
- Ocean Partners exercises 1.25 million options at A$1.00/share
- Endeavor Mine resumes continuous shift production after October incident
- Ongoing investigations into fatal unintended detonation
Financial Support Strengthens Amid Operational Challenges
Polymetals Resources Ltd (ASX, POL) has secured additional working capital facilities to underpin ongoing operations at its Endeavor Mine following a tragic incident on October 28, 2025. The company announced a US$10 million bridging facility from its key trading partner Ocean Partners, alongside a A$5 million interest-free loan from Chairman Dave Sproule. These funds are intended to provide financial flexibility as the mine ramps back up to full production.
Ocean Partners, which had previously extended a US$10 million working capital facility and a concentrate prepayment arrangement, has also exercised 1.25 million options at A$1.00 per share, signaling continued confidence in Polymetals’ prospects despite recent setbacks.
Resumption of Production and Maintenance Activities
The Endeavor Mine, located in New South Wales’ prolific Cobar Basin, has resumed continuous shift operations after the incident that claimed two lives. The company is currently completing a scheduled SAG mill reline and other minor maintenance tasks, with milling expected to restart in early December 2025. This operational recovery is critical for maintaining production momentum and meeting stakeholder expectations.
Ongoing Investigations and Safety Measures
Authorities continue to investigate the unintended detonation incident that resulted in the deaths of employees Holly Clarke and Ambrose McMullen. The NSW Resources Regulator issued a Safety Alert shortly after the event, underscoring the seriousness of the situation. Polymetals has committed to transparency and support, providing external counselling services to its workforce and promising updates as investigations progress, though the process is expected to be lengthy.
Executive Chairman Dave Sproule emphasized the resilience of the Polymetals team, stating that the company is "back on the horse" and focused on sustaining the business to support employees and stakeholders alike.
Looking Ahead
While the additional funding and operational restart are positive steps, the company faces ongoing challenges related to the incident’s investigation and its implications. The final terms of the new bridging facility are still being negotiated, and the full impact on production and costs remains uncertain. Investors will be watching closely for further disclosures and the company’s ability to navigate this difficult period.
Bottom Line?
Polymetals’ financial and operational recovery is underway, but the path ahead hinges on investigation outcomes and sustained production.
Questions in the middle?
- What are the final terms and conditions of the new US$10 million bridging facility?
- How will the incident investigation outcomes affect future operational and safety protocols?
- What impact will the incident and funding arrangements have on Polymetals’ financial forecasts and shareholder value?
