Polymetals Secures $20 Million for Endeavor Mine Restart, Australia
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Polymetals Resources has secured a pre-payment / loan facility to fund the Endeavor Mine restart along with favorable offtake terms for delivery of zinc and silver-lead concentrates commencing during Q1 2025.
Following a competitive project funding process, Polymetals Resources has entered a binding financing term sheet and concentrate offtake arrangement with global precious and base metal commodities trader, Ocean Partners UK Ltd.
The financing facility will fund the redevelopment of the company’s wholly owned Endeavor Silver, Lead, and Zinc Mine located north of Cobar, NSW, Australia. Ocean Partners had initially provided a $10 million pre-payment facility in June 2023 as well as an equity contribution of $500,000. That pre-payment arrangement has now been replaced by the upgraded $20 million revolving loan facility, subject of this announcement.
“Completion of the project financing and offtake arrangement is the last hurdle in supporting the restart of Endeavor production, remaining on track for first concentrate output and cash flow during Q1 2025. Surface and underground refurbishment work is underway, and we very much look forward to realizing on the significant Endeavor asset with its substantive remaining ore reserves and exploration potential,” said Polymetals Executive Chairman Dave Sproule.
“The strategic partnership with Ocean Partners builds upon an existing 20-year relationship between us, with Endeavor being a perfect fit for our respective capability and experience. The intent is to build a platform for growth, and the flexibility provided by the Ocean Partners facility allows us to execute this strategy,” added Sproule.
“The path to production is now secure and we remain laser focused on delivering on our commitment to our shareholders and the Cobar Region,” concluded Sproule.
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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