Polymetals Resources (ASX:POL) has cemented US$20 million ($30 million) in redevelopment funding for the Endeavor Silver-Zinc-Lead Mine in New South Wales.
The emerging producer, which has a market capitalisation of $144.1 million, has completed formal documentation for the pre-payment loan facility being provided by Ocean Partners.
Funds are now available to be drawn down as needed to meet Polymetals’ redevelopment capital requirements for the restart of the Endeavour Mine.
Executive Chairman Dave Sproule says the company continues to meet its stated objectives on time, with senior management focused on redevelopment work to bring Endeavor back online.
“We are very much looking forward to generating first concentrates and cash flow during H1 2025,” he says.
As part of the funding deal, Polymetals will issue Ocean Partners 2.5 million options exercisable at $1 within 24 months.
Endeavor is located 40km north of Cobar, in central-western NSW Australia and was picked up by Polymetals in 2023.
Polymetals says it is the second largest mine – behind the CSA Copper mine, 30km south. The mine operated previously between 1982 and 2020 producing 2.6 million tonnes of zinc, 1.6 million tonnes of lead and 92 million ounces of silver.
Silver is currently selling for over US$32 an ounce, zinc is fetching US$2,955 per tonne and lead is trading for $2,003 per tonne.
The project has a fully equipped underground mine and a 1.2-million-tonne-per-annum processing plant.
Write to Angela East at Mining.com.au
Images: Polymetals
