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Highlights:
- Strategic Recommissioning: Endeavor Silver-Zinc Mine near Cobar poised to generate cash flow in the current half-year through timely and capital-efficient refurbishment activities.
- Operational Progress: Both surface and underground works are advancing on schedule, supported by increased mobile fleet deliveries and renewed access to high-grade silver deposits.
- Workforce and Infrastructure Expansion: Recruitment of senior management and technical staff is complete, with the full-time team at the mine set to expand from 79 to over 200 personnel by Q3 2025, alongside ongoing underground rehabilitation and process plant refurbishment.
A comprehensive operational re-launch at the Endeavor Silver-Zinc Mine near New South Wales’ historic mining town of Cobar marks a significant milestone for Polymetals Resources Ltd (ASX:PMR). The current phase is underscored by a disciplined approach to refurbishing both the surface and underground infrastructures, laying a strong foundation for anticipated cash flow during this half-year period.
Extensive refurbishment efforts have been structured to ensure that capital is deployed in a highly efficient manner. Detailed project planning has seen critical path activities initiated on schedule, while the delivery of essential mobile fleet equipment has kept pace with the overall ramp-up of operations. Central to the restart plan is the renewed access to the high-grade silver Upper North Lode (UNL), which remains a cornerstone of the mine’s production strategy.
In parallel with infrastructural developments, significant progress has been reported in workforce expansion and recruitment. The strategic recruitment process has successfully onboarded senior management, technical experts, and supervisory staff. Additional personnel—including underground operators, tradespeople specializing in electrical and mobile services, and processing operators—are being integrated as part of an ongoing effort to boost operational capacity. Presently, 79 full-time professionals are engaged at Endeavor, with plans to exceed 200 team members by the third quarter of 2025.
The operational focus extends to a rigorous underground rehabilitation program. Recent deliveries of mobile underground equipment have enabled the commencement of targeted development work, particularly aimed at enhancing productivity in the high-grade UNL area. Favorable outcomes from recent geotechnical drilling and mining studies have prompted considerations of potential modifications to the existing mining methods, ensuring that extraction processes are optimized to maximize productivity without compromising safety or efficiency.
Refurbishment work on the process plant and associated surface infrastructure remains a priority. Efforts to restore the ore feed and grinding circuits are underway, with specialist technicians engaged to verify the optimal performance of primary SAG and secondary ball mills. Additionally, meticulous inspections and refurbishment of the Larox concentrate filters by external experts contribute to the overall readiness of the plant. Broader refurbishment, fabrication, and maintenance initiatives are being executed by dedicated project and operations teams, reflecting a commitment to operational excellence and reliability.
Alongside the core restart activities, near-mine exploration initiatives continue to be of strategic interest. Ongoing Carpark drilling programs and geophysical surveys are expected to provide further insights into the local mineralisation, thereby supporting future development potential and resource optimisation strategies.
Financially, the restart coincides with notable market developments. A US$5 million tranche from the US$20 million Pre-payment Facility with Ocean Partners was drawn in December, aligning with the scheduled expenditure program. This financial milestone complements the operational progress and is set against a backdrop of encouraging market sentiment. Over recent months, the company’s share price has seen a significant upward trajectory, moving from 24 cents in early September to a record high of $1.01 by mid-December. Such movements have coincided with growing investor recognition and an expanding shareholder base.
The ongoing restart of the Endeavor Silver-Zinc Mine reflects a broader strategic vision of leveraging operational expertise and a methodical approach to project development. A culture defined by diligent planning and execution is evident throughout the progress achieved to date. With underground blasting and trucking activities resuming, along with the refurbishment of the mill and ancillary infrastructure, the current phase sets the stage for a year marked by operational achievements and incremental growth. Stakeholders and industry observers alike are positioned to witness the unfolding of a robust operational turnaround at one of the region’s key mining sites.
In summary, Polymetals Resources Ltd (ASX:PMR) continues to implement its well-structured restart plan at the Endeavor Mine. Through synchronized efforts in equipment mobilization, workforce expansion, and infrastructure refurbishment, the project is on track to meet its cash flow targets while laying the groundwork for long-term operational success.
