Ore from a silver mine
Source: Adobe Stock
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

Polymetals Resources Ltd (ASX:POL) has achieved all the needed funding to allow for a restart of the Endeavour silver-zinc-lead mine in central New South Wales, completing formal documentation for its US$20 million Pre-payment Loan Facility with Ocean Partners.

One part of the Facility included the issuing of $2,500,000 options, priced at $1.00 each.

With the papers signed, Polymetals can now access the funds and meet its own redevelopment capital requirements to recommence mining from Endeavor, with first
cashflow on track for the first half of 2025.

Executive chairman Dave Sproule said that confirmation of funding was an important milestone in achievement of a restart for Endeavour – which is located in NSW’s Cobar Basin.

“The Company continues to meet its stated objectives on time, with its senior management in place focussed on the re-development work required to bring Endeavor back online,” he said.

“We are very much looking forward to generating first concentrates and cash flow during H1 2025.”

Polymetals has been trading at 69 cents.

Join the discussion: See what HotCopper users are saying about Polymetals and be part of the conversations that move the markets.

POL by the numbers
More From The Market Online
Gambling

Star sells events centre for $60M to theatre company run by former gaming insider

Star Entertainment (ASX:SGR) has kicked off the fire sale everybody was expecting, lobbing off an events…
AI image of raw uranium

Boss surges 12% after Honeymoon mine ram-up pays off

Boss Energy Ltd has seen its shares rise in early trading as it reported on-track guidance…
Image of the Pont de Cocody in the Cote d'Ivoire

Perseus gold production up 9% in December quarter, but higher costs loom too

Perseus Mining Ltd has reported its December quarter results, with production higher and falling within the…
Mosquito

Bio-Gene jumps sharply as US DoD awards grants for novel insecticide development

Bio-Gene Technology (ASX:BGT) has revealed its receipt of contracts from the US Department of Defence to…