Polymetals announces revised acquisition agreements for Endeavor Silver, Zinc & Lead Mine

Polymetals Resources Ltd (ASX: $POL) has finalized revised acquisition agreements with CBH Resources Ltd for the purchase of the Endeavor Silver, Zinc & Lead Mine near Cobar, NSW. The revised arrangements provide Polymetals with 100% ownership of the mine and an additional 2 years to replace the approximately $28 million Endeavor Mine Rehabilitation Bond.

Executive Chairman Dave Sproule's commentary on the revised agreements

This is a major achievement for the Company. The Bond exchange has been a challenging hurdle to overcome in what had been a depressed market over the past 12-months. I would like to thank CBH and Toho for their continuing support of the Company and our plans to return the Endeavor Mine to operation. Bringing Endeavor back to production will be a great outcome for NSW and the Cobar community, creating over 200 direct jobs and injecting around $50m a year into the local community for at least another 10- years. On completion of the revised agreements and transfer of ownership to Polymetals, we will expedite project funding and the commencement of planned mine restart activities. Fortunately, we are moving into an increasing base metal price environment which significantly improves the project's economics.

Summary of Polymetals' revised acquisition agreements and outlook

Polymetals has successfully secured ownership of the Endeavor Silver, Zinc & Lead Mine through revised acquisition agreements, allowing an additional 2 years to replace the Endeavor Mine Rehabilitation Bond. The Company aims to expedite project financing and mine restart activities, targeting Silver, Zinc, and Lead production in H1 2025. The acquisition is subject to Polymetals shareholder approval, with a Notice of Meeting and accompanying Explanatory Statement to be circulated to shareholders. The completion of the acquisition will not only benefit the Company but also the NSW and Cobar community by creating jobs and injecting funds. Polymetals' outlook appears positive as it moves towards production and contributes to the local economy.