Polymetals Resources secures crucial funding

Polymetals Resources (ASX:POL) has announced securing a US$20 million Pre-payment Loan Facility from Ocean Partners. The funding will facilitate the redevelopment of the Endeavor mine in New South Wales, Australia. This financial arrangement aims to cover capital needs, with expected first cash flow in the first half of 2025.

Strategic ambitions and future outlook

Polymetals Resources (ASX:POL) has finalized a significant US$20 million loan facility with Ocean Partners to fund the Endeavor mine's redevelopment. The loan is a part of the company’s broader strategy to reinstate the mine as a profitable source of silver, zinc, and lead. Additionally, 2,500,000 options at $1.00 per share will be issued to Ocean Partners, reflecting confidence in the redevelopment project. The company anticipates generating its first cash flow by the first half of 2025. Polymetals aims to establish itself as a long-term, profitable player in base and precious metals production, supported by a promising exploration portfolio in the Cobar Basin.

Executive commentary on funding and redevelopment

We are committed to our objectives and our senior management is ready to achieve the redevelopment goals,' said Executive Chairman Dave Sproule.