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Highlights
Polymetals Resources (ASX:POL) initiates commercial production at Endeavor silver-zinc mine.
Underground ore is being hoisted to surface as development progresses toward high-grade silver zones.
First cashflow expected in June, with zinc concentrate shipments scheduled for early July.
Polymetals Resources (ASX:POL) has commenced commercial production at its Endeavor silver-zinc mine, situated in the Cobar region of New South Wales. As a constituent of the ASX 200, the company is developing what it identifies as a major underground polymetallic asset in one of Australia's most mineral-rich provinces.
The Endeavor mine, regarded by the company as the second-largest operation in the Cobar Basin after the CSA Copper Mine, has reached a significant milestone with regular ore hoisting activities now underway. Crushed ore sourced from underground workings is being lifted to the surface as infrastructure continues to advance.
First Ore from Upper-Level Silver Zones Targeted for August
Access development to the upper levels of the Endeavor mine, which are reported to host high-grade silver ore, is progressing. The first extraction from these levels is anticipated to begin in August, marking the next phase of production expansion. This is part of the company’s broader strategy to incrementally ramp up mining output through the second half of the calendar year.
Pre-Payment Cashflow and Zinc Concentrate Shipment Scheduled
Polymetals’ management has confirmed that first cash inflows are expected this month, derived from a pre-payment arrangement on its zinc concentrate inventory. The initial transportation of this concentrate is scheduled to begin early next month, contributing to the company’s operational momentum.
Efforts are continuing to fine-tune the processing operations, specifically the grinding and flotation circuits, with the aim of achieving consistent output of high-grade zinc and silver-lead concentrate. These refinements are essential to meet quality and volume expectations as production scales up.
Endeavor Recommissioning Marks Nine-Month Transformation
The recommissioning of the Endeavor mine has spanned the past nine months, during which substantial technical and logistical groundwork was undertaken. According to company leadership, the process of restoring the mine to operational status has presented both challenges and rewards, reflecting the strategic importance of the asset in the company's portfolio.
Polymetals Resources has positioned itself as an emerging player in Australia’s base and precious metals segment, with the Endeavor mine serving as its cornerstone production project. By capitalising on the established infrastructure within the Cobar Basin, the company aims to strengthen its presence within the ASX 200 and Australia’s broader resources sector.
