Polymetals Corporate Update

Polymetals Resources Ltd (ASX: $POL) has provided a corporate update, highlighting the advancement of its corporate strategy focused on the recommencement of production at the Endeavor silver, zinc, and lead mine. The strengthening lead and zinc prices, along with silver trading at highs not seen for over a decade, have added significant momentum to Endeavor's near-term operational recommencement.

Executive Commentary

I am pleased to announce the progress we have made on advancing the Endeavor project towards production. Last year's Mine Restart Study showed the high value and optionality of the project, which will only improve with the accelerating silver, zinc, and lead prices currently in swing. A reduction in zinc supply is now evident which has reduced global concentrate treatment charges by +40% which will have a significant positive impact for zinc producers. We are working diligently to complete the bond replacement, optimize the mine plan, establish synergies with regional partners, and finalize project financing. Our near-mine exploration is also progressing very well with follow-up drilling of the Carpark Prospect planned to commence during the quarter. The Company is excited to be advancing the high value Endeavor mine toward recommencement of operations.

Summary

Polymetals Resources Ltd (ASX: $POL) has reported a 28% improvement in the Endeavor Mine financial outcome, with a Pre-Tax NPV% of $257M and an IRR of 120%. The ongoing optimization of the Mine Plan has identified additional mineable ore sources, potentially to be included in an updated Ore Reserve. The Company is expected to announce the Environmental Rehabilitation Bond exchange solution in April and provide updates on the revised Endeavor Project economics and Project Financing details during the current quarter. With the accelerating silver, zinc, and lead prices, Polymetals is optimistic about the future prospects of the Endeavor mine and is diligently working towards recommencement of operations.