Polymetals Resources (ASX:POL) will use an extended US$20 million ($29 million) working capital facility to fund development at its Endeavor mine in New South Wales.
The company executed the extension with trading partner Ocean Partners UK, which can be drawn to US$10 million as required. The increase supplements an existing US$10 million loan facility with Ocean Partners UK, established on 28 November 2025, and lifts the total facility to US$20 million.
Polymetals will pay interest of 5% per annum on the amount drawn.
The extension follows the replacement of the $27.956 million Endeavor Mine rehabilitation bond from cash reserves in July, alongside lower-than-planned September quarter revenue detailed in the company’s 14 October announcement.
Executive Chairman David Sproule says the funds will support continued development of the new Upper Main Lode area, potential Supergene Zone, and Deep Zinc Lode, as well as ongoing near-mine and regional exploration.
“Ocean Partners appreciate the long-term potential of the Endeavor Mine, and we thank them for their continued financial and marketing support,” Sproule says.
Sproule adds that operations for the December quarter remain on schedule, and the company expects to release an updated mine reserve statement during the current quarter.
Polymetals Resources is a silver and zinc producer operating and expanding the Endeavor mine in the Cobar Basin of NSW.
Write to Paula Fabe at Mining.com.au
Main image: Polymetals Resources
