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Polymetals finalises acquisition of Endeavor silver-lead-zinc mine in NSW’s Cobar Basin

ASX News, Materials
ASX:POL      MCAP $142.0M
01 August 2024 10:18 (AEDT)
Image of a mining operation in NSW.

Source: Adobe Stock.

Polymetals Resources Ltd (ASX:POL) has completed its acquisition of the Endeavor silver, lead and zinc underground mine in New South Wales, intending to release an updated mine study shortly, before moving on to production in the first half of 2025.

The mine was acquired from CBH Resources Ltd, following a plan first announced in May for Polymetals to revive the project – although it had already made a similar offer in 2022.

Confirmed by the transfer of all shares held by CBH and its subsidiaries Endeavor Operations Pty Ltd and Cobar Operations Pty Ltd to Polymetals subsidiary Cobar Metals Pty Ltd, the acquisition will now allow Polymetals to ramp up refurbishment and recruit personnel for the work.

As part of the final stage of this process, one million Polymetallics shares will be issued to CBH Resources.

Executive Chairman Dave Sproule said the company was pleased to finalise the acquisition.

“Polymetals Board and management are extremely pleased to achieve 100% ownership of the Endeavor silver, lead and zinc mine,” he said.

“We can now get on with what the company has done best for many years, namely the cost-efficient development, management and operation of mines within Australia and particularly within the very familiar and fertile polymetallic Cobar Basin.

“The Endeavor Mine remains with an outstanding endowment of JORC Resources (16.3 million tonnes at 8% zinc, 4.5% lead and 84 grams per tonne silver) and compelling exploration potential likely to extend the initial 10-year mine life.”

Polymetals has been trading at 27.5 cents.

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