Polymetals EGM results and key approvals

Polymetals Resources Ltd (ASX: $POL) successfully passed all resolutions at the Extraordinary General Meeting (EGM) held on 16th July 2024. The approvals include the financial assistance provided by CBH Resources for the Endeavor Silver Zinc Lead Mine acquisition and the placement shares to existing shareholder Sparta AG raising $560,000.

Executive Chairman's perspective on shareholder endorsement

The Board is delighted with the overwhelming shareholder endorsement of all resolutions at today's meeting. Approval of the Financial Assistance provided by CBH Resources, coupled with the recent POL equity raising and advancement of the redevelopment financing, removes all major hurdles to bringing the Endeavor Mine back online. Refurbishment works will now commence in earnest, providing clear site to near-term mine production and long term cashflow.

Outlook and conclusion

The successful approval of financial assistance for the Endeavor Mine acquisition and the placement shares signifies a significant step for Polymetals Resources Ltd. The company's Executive Chairman, Dave Sproule, expressed delight in the shareholder endorsement and highlighted the removal of major hurdles in bringing the Endeavor Mine back online. This paves the way for refurbishment works to commence, indicating a clear path to near-term mine production and long-term cash flow. The approval of the proposed issue of shares also enables existing shareholder, Sparta AG, to participate in the previous placement, further strengthening the company's financial position. Polymetals Resources Ltd looks forward to the next phase of development and the positive impact on its corporate strategy and future prospects.