Polymetals 31 March 2024 Quarterly Update

Polymetals Resources Ltd (ASX: $POL) has released its 31 March 2024 Quarterly update, highlighting the progress in advancing the corporate strategy focused on the recommencement of production at the Endeavor Silver, Zinc & Lead Mine. The company's work has led to strengthened metal prices significantly improving the mine economics, with advanced planning for optimization and restart. Additionally, the Phase 2 drilling at Carpark has shown potential for a deeper sulphide source, with Phase 3 drilling planned to commence during the June quarter.

Executive Commentary on Corporate Strategy

The recent improvement in metal prices has been a significant boost for our Endeavor Mine project, strengthening its economics and reinforcing our commitment to the recommencement of operations. The progress in the Phase 2 drilling at Carpark has been promising, indicating the potential for a deeper sulphide source, which aligns with our exploration and development-driven approach. We are also actively engaged in arranging a suitable financing package for the mine restart plan and negotiating revised arrangements with respect to the exchange of the current Endeavor Environmental Rehabilitation Bond. These efforts are crucial steps towards achieving our corporate objectives and strategic partnering options.

Quarterly Update Summary and Outlook

Polymetals' 31 March 2024 Quarterly update reflects the company's significant progress in advancing the Endeavor Mine restart and exploration activities. The strengthened metal prices have notably improved the mine economics, driving the optimization and restart planning forward. The Phase 2 drilling at Carpark has shown promising results, indicating a potentially deeper sulphide source, leading to the planned commencement of Phase 3 drilling during the June quarter. The company is actively working on arranging a suitable financing package for the mine restart plan and negotiating revised arrangements for the exchange of the current Endeavor Environmental Rehabilitation Bond. With continued operational funding and progress in securing financing, Polymetals anticipates finalization of the Endeavor restart financing during the current quarter. The company's exploration and development-driven approach, coupled with its strategic acquisition opportunities, positions it for long-term, consistent, and profitable base and precious metal production.