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POL - Polymetals Resources

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@mullokintyre

2nd Pick for 2025.

POL is progressing the restart of the Endeavor Silver/Zinc mine and on track for production 1H 2025.

The above posts cover most of it.

Looking at the recent December 1/4ly I was happy to see new equipment for underground. The MD presents as very $ conscious, good to see investment in the critical stuff.

In a nutshell, restart production for cash flow, then looking to explore their tenements after having spent 2 years collating 50 years of reports, then reprocess tailing ponds.
 
@mullokintyre
Feb update.

POL put out a restart update today, subtitled Making the Endeavor Silver Zinc Mine Great Again .

Some snippets, bolds mine.

“With the festive season behind us, our capable and energetic team are again fully focused on the
execution of the Endeavor Mine restart plan. The development philosophy, which Polymetals has applied
over numerous resource projects, is again on show and it is a pleasure to work alongside the growing
team as the “can-do” culture is applied.

We are very pleased with progress to date with the recommencement of mining activities underground,
including our first blasting and trucking activities, and refurbishment of the mill all progressing well. Early
mining of high-grade silver Upper North Lode ore remains a core strategy, and we are looking forward to
a rewarding year ahead for our stakeholders.

Still expecting first cash flow 1H, 2025.
 
the wires are hinting Polymetals, the owner of the Endeavor silver-zinc-lead mine in the Cobar Basin region of NSW, is working with stockbroker Blue Ocean Equities to raise between $20M and $30M in fresh capital
 
@mullokintyre
March update.

POL announced a mining conference presentation a few days ago.

All on track.
Looking to be producing in May and cashflow in June.

$7.5mpa exploration budget.

Also in the presentation "Establish a capital management policy to deliver shareholder value (dividends)".
The Chairman is the major shareholder so should be aligned with shareholders.

MCap about $200m, targeting strong early cashflow.
 
@mullokintyre

April update.
POL announced their 1/4ly report today, most companies be another 3 weeks.

Still on track for May production and June cashflow. Wet commissioning this month.

Now that they are near production they are moving more resources to exploration.

Having compiled the historic geological, geochemical, geophysical and drilling information generated
over the last 50 years... .. we can now focus on prospects ranging from ready-to-drill to those more grassroots in nature.... Now
that the Endeavor Mine redevelopment is well underway, the Company plans to actively advance
exploration targets during the 2025 field season.

Near term cashflow and 50 years of information for exploration, I like.
 
@mullokintyre

May update.

Polymetals getting things done.

Yesterday's update in part -

• First ore crushed and hoisted.
• Process plant wet commissioning well underway.
• Ore processing to commence next week.
• Endeavor remains on schedule and within budget and cashflow to commence in June
The chairman sounds confident -
Our shareholders are realising ‘value for money’ from the in-house build undertaken which I can
confidently say is rarely achieved at this scale.

The high grade silver ore lode is being accessed with first mining of the area due July this year.

There is always room for unforeseen problems with a restart, but so far all is going to plan.

 
I live in Cobar and the wet commissioning is so far behind, they have sacked the metallurgy manager along with a few shift supervisors in the last couple of weeks. I do not even think they have filled the flotation cells with water yet. They have chosen an extremely hard ore body to try and bodgie things up with. I wish them the best.
 
POL with a production update.



Further down the announcement we have "Commissioning of the surface milling operation proceeds to plan with expected teething issues being resolved as they present."
We also have

Looks all in hand but a way to go yet.
 
...the existing US$20m debt facility with Ocean Partners has been reduced to US$10m due to the inability to obtain releases of additional security from existing security holders. The Company has replaced the undrawn US$10m debt with an equity placement of A$15m at $0.80 per new share. This ensures the Company has adequate working capital during the Endeavor Mine production ramp-up.

 
POL put out their 1/4ly early in the month, as is their wont.

In part - Site activities remain on schedule to be processing on average 65,000t of ore per month during H2 2025.

Mine development to access the high-grade silver ore in the Upper North Lode, which sits above the main ore body, is progressing well with first ore expected from that area in the coming weeks.

Looking to get a sugar hit from early silver production, however long term it will be about exploration and potentially tailings.

Nervous times at project restarts.

Held
 
More good progress for POL.

The Upper North silver lode should boost early cash flow.

The Executive Chairman is the major shareholder so well aligned with shareholders.

Still ramping up so not out of the woods yet.

 
Another positive update.

Some Highlights from the announcement -

• Ramp up momentum continues with 6,310wmt of concentrate produced in August.

• Production cashflow continues to meet operating costs whilst repaying US$2.5m of debt.

• First cargo of 11,000wmt of zinc concentrate to depart in October.
Short term the UNL silver lode is the priority to maximise early cash flow.
Access has now been established to the first of three zones in the high-grade silver Upper North Lode (UNL). Metallurgical test work in the newly upgraded site laboratory is in progress, with the objective of defining optimal processing parameters to maximise recoveries
And longer term we have -

In parallel we have also commenced independent metallurgical test work to evaluate options to unlock the significant gold and silver (as well as lead and zinc) mineral inventory contained in the existing stored tailings.

Happy with progress.

edit - 1 minute too slow
 
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