Polymetals Resources (ASX:POL) has secured the option for a further US$10 million ($15.3 million) in funding from Ocean Partners following a fatal explosion at the company’s Endeavor Mine in Cobar, New South Wales.
The company attained a US$10 million working capital facility from Ocean Partners in October 2024, of which US$3 million has been paid back to date. The bridging facility is unsecured.
This will bring the capital facility to a total of US$20 million. Ocean Partners has also exercised 1.25 million options at $1 each.
In conjunction with this offer, the Sproule family has provided an unsecured $5 million loan, repayable over a 12-month period with no interest.
Executive Chairman Dave Sproule says the mine is now operating on a continuous shift basis following the incident, describing the team as “firmly back on the horse”.
“The past month has tested the resolve of the Polymetals family; however, the team understands that the business must continue and prosper to support its employees, their families, and the many stakeholders who rely on it,” Sproule says.
“The support of our trading partner, Ocean Partners, has been unwavering and remains strongly aligned with the Endeavor Project and the broader aims of the company.”
As reported by Mining.com.au, two people died from an explosion at Polymetals’ Endeavor Mine on 28 October 2025.
The explosion happened around 700m underground at 3am AEDT ahead of shot firing operations as a secondary detonation activity, killing Patrick McMullen and Holly Clarke.
McMullen was confirmed dead upon arrival of the police, while Clarke was announced dead after being brought to the surface.
The incident also injured MacKenzie Stirling, who was airlifted to hospital for hearing damage and shock. The cause of the incident is still unknown, with investigations still ongoing.
Polymetals has restarted production at the mine with a SAG mill reline currently being completed with minor plant maintenance. Milling is expected to restart in early December 2025.
Following the deaths of McMullen and Clark, the mining industry has seen five workplace fatalities in 2025, up until this period according to SafeWork Australia.
Mining faced a total of 11 deaths last year, ranking as the fourth highest fatality rate, compared to the transport, postal, and warehousing industry ranking the highest last year with 53 deaths last year.
Write to Maddison Elliott at Mining.com.au
Images: Polymetals
