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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.
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