Polymetals Releases Enhanced Mine Plan for Endeavor Project, Australia
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Polymetals Resources has released the results of its refined mine plan for the Endeavor Silver, Lead, and Zinc Mine, located north of Cobar, NSW.
This new plan follows the mine restart study (MRS) published on October 16, 2023, and it highlights significant improvements over previous estimates. The Endeavor Mine Plan (EMP) is expected to deliver exceptional financial returns and provide substantial benefits for both Polymetals’ shareholders and the Cobar region. It shows marked increases in ore reserves, mine production, free cash flow, net present value (NPV), and internal rate of return (IRR).
“The achievements of our technical team in the Endeavor Mine restart are truly remarkable. They reflect Polymetals’ proactive and innovative approach to mining, and the board is confident in our ability to achieve a practical and timely path to profitability,” said Polymetals Executive Chairman Dave Sproule.
“Beyond these significant gains, we are exploring new methods to extract gold and silver from existing tailings using advanced hydrometallurgical techniques. We are also focused on expanding the mineral resources to prolong the life of the mine. The Endeavor Mine’s asset quality, our experience in the Cobar Basin, the substantial metal reserves, and the vast exploration potential position us well for meaningful and long-term returns for both our shareholders and the region,” added Sproule.
“We extend our gratitude to our staff and consultants for their vital contributions to the EMP and are excited about the prospect of making the Endeavor Mine a profitable, long-term operation,” concluded Sproule.
Following a successful capital raise in June and the completion of the acquisition and mine plan in July and August respectively, Polymetals is now focused on securing a $30 million debt facility. This funding will support the redevelopment of the project and is expected to bring it to positive cash flow by the first half of 2025.
The company has already started crucial site refurbishments, including work on the level 6 substation and surface ventilation fan. Once the debt facility is finalized, Polymetals will accelerate these refurbishments to meet its mining and processing schedule. Meanwhile, exploration activities continue, with further drilling underway at the Carpark Prospect.
The company recently appointed Matt Gill as GM for Endeavor Mine restart.
Polymetals Resources is a mining company developing the high-grade Endeavor silver, zinc, and lead mine located within Australia’s premier polymetallic mineral province the Cobar Basin, New South Wales, Australia. Polymetals is on track to become a long term, profitable base and precious metal producer. Polymetals holds a strong exploration portfolio for organic growth with excellent potential for discovery of copper, gold, silver, and zinc orebodies.
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