Polymetals Resources (ASX:POL) subsidiary Cobar Metals has received $250,000 of a $500,000 grant awarded by the New South Wales Government Critical Minerals Activation Fund.
The company, which has a market capitalisation of $46.08 million, says the first-tranche funds will support the delivery of its Endeavour Mine Restart Study.
Commenting on the awarded grant, Polymetals Resources Non-Executive Director Alistair Barton says: “Polymetals and its wholly owned subsidiary Cobar Metals are grateful to receive this generous support from the New South Wales Government to assist our restart of the Endeavour Mine, one of the state’s largest silver-zinc-lead mines.
“The Endeavour Mine is recognised as a state significant project, which hosts zinc and silver as critical minerals, as well as lead, gold, and copper”
The funding has been allocated for work undertaken as part of the Endeavour Mine Restart Study, which will be completed during the December quarter. The Endeavour Mine is recognised as a state significant project, which hosts zinc and silver as critical minerals, as well as lead, gold, and copper.”
The $130 million New South Wales Government Critical Mineral and High-Tech Metals Activation Fund was initiated in 2022 to help drive investment in and the development of critical minerals projects, aiming to position New South Wales as a major global supplier in the sector.
The funding under the program will be delivered over multiple rounds, with Stream 1 being a maximum of $500,000 to support the cost of studies necessary to activate or scale-up projects in the critical minerals sector.
Polymetals Resources is an Australian mining and exploration company with a portfolio of assets that holds ‘significant’ potential for the discovery and development of precious and base metal resources.
Images: Polymetals Resources