Polymetals Resources Finalizes Acquisition of Endeavor Silver, Lead, and Zinc Mine

Polymetals Resources Ltd (ASX: POL) is delighted to announce the completion of its acquisition of the Endeavor Silver, Lead, and Zinc mine, situated 40km north of Cobar, NSW.

Polymetals has achieved full ownership of the Endeavor Silver, Lead, and Zinc underground Mine, encompassing 1,100 km² of tenements, a 1.2 Mtpa processing plant, and substantial supporting infrastructure. With this acquisition, Polymetals is set to advance both surface and underground refurbishment efforts, aiming for first concentrate production in the first half of 2025. As part of the final acquisition payment, one million shares have been issued to the vendor.

The acquisition of the Endeavor Mine is now complete, with 100% of the shares previously held by CBH Resources Limited and its subsidiaries, Endeavor Operations Pty Ltd and Cobar Operations Pty Ltd, being transferred to Polymetals’ wholly owned subsidiary, Cobar Metals Pty Ltd. As part of the final consideration for the acquisition, one million fully paid POL shares will be issued to CBH Resources.

Polymetals will now accelerate its planned refurbishment efforts and proceed with recruiting key management personnel, aiming to produce its first concentrate and achieve sales revenue in the first half of 2025. In addition to on-site activities, finalizing the Endeavor Mine plan optimization and completing project financing are the remaining major corporate tasks.

Polymetals Executive Chairman Dave Sproule stated: “We are thrilled to achieve 100% ownership of the Endeavor silver, lead, and zinc mine. This allows us to focus on what Polymetals does best—cost-effective development, management, and operation of mines in Australia, particularly within the well-known and productive Cobar Basin. The Endeavor Mine boasts a significant JORC Resources endowment (16.3Mt at 8% Zn, 4.5% Pb, and 84g/t Ag) and offers substantial exploration potential that could extend the mine's initial 10-year life. We will soon release an updated mine plan that will outline the improved outcomes compared to the initial Mine Restart Study published on October 16, 2023.”

Polymetals Resources Ltd (ASX: POL) is a mining company focused on developing the high-grade Endeavor silver, zinc, and lead mine situated in Australia's top polymetallic mineral region, the Cobar Basin, New South Wales. The company is poised to become a long-term, profitable producer of base and precious metals. Polymetals also boasts a robust exploration portfolio, offering significant potential for discovering copper, gold, silver, zinc, and lead deposits. Polymetals Resources Ltd is an Australian mining and exploration firm with a project portfolio that holds substantial potential for discovering and developing both precious and base metal resources.