Polymetals secures $6.2m equity capital raise

Polymetals Resources Ltd (ASX: $POL) has received firm commitments for a placement to raise $6.2 million by issuing 22 million New Shares at $0.28 per new fully paid ordinary share. The funds will be used for geotechnical drilling, Endeavor Mine Restart optimization, exploration, and refurbishment activities. Metals Acquisition Limited (ASX: $MAC) has committed to participate in the Placement to maintain its current 4.3% shareholding. With a pro forma cash position of approximately $8.7 million, Polymetals is well-funded for its strategic initiatives.

Executive Chairman's Commentary

We are very pleased with the interest received and welcome our new shareholders to Polymetals. This equity raising has strengthened both our balance sheet and share register at an exciting time for the Company and its Endeavor Mine strategy. Polymetals is now well funded to undertake geotechnical drilling, finalize optimization of the Endeavor Mine Restart, start refurbishment activities, and carry out exploration drilling at its near-mine prospects, such as Carpark and near-mine copper targets.

Summary and Outlook

Polymetals Resources Ltd (ASX: $POL) has successfully secured a $6.2 million equity capital raise through firm commitments, positioning the company to advance its strategic initiatives. The funds will support geotechnical drilling, optimization of the Endeavor Mine Restart, refurbishment activities, and exploration drilling at near-mine prospects. With a pro forma cash position of approximately $8.7 million, including recent cash receipts, Polymetals is well-equipped to execute its plans. The company's focus on becoming a consistent and profitable base and precious metal producer, along with its strong exploration portfolio, reflects its commitment to long-term growth and value creation.