Polymetals raises cash for Endeavour mine

30th November 2023 By: Mariaan Webb - Creamer Media Senior Deputy Editor Online

Australian exploration company Polymetals Resources has announced a one-for-six nonrenounceable rights issue of new shares to raise up to A$8.12-million.

Executive chairperson David Sproule will subscribe for A$1-million worth of shares.

The funds will be used to advance exploration at, and the development of, its cornerstone asset, the Endeavour silver/zinc/lead mine in New South Wales.

A recently completed restart study demonstrated robust financial returns for this past-producing asset, situated about 30 km from the CSA copper mine.

Over an initial ten-year mine life, Endeavour will produce an average of 210 000 t of zinc, 62 000 t of lead and 9.76-million ounces of silver. Project revenues of A$1.4-billion and project earnings before interest, taxes, depreciation and amortisation of A$400-million have been forecast.

First concentrate production is targeted for the second half of 2024.