Polymetals Resources Ltd remains on track with the restart of the Endeavor Silver-Zinc Mine near the New South Wales mining town of Cobar and expects to deliver cash flow during the current half.
The company remains focused on the capital efficient and timely refurbishment activities at the mine to ensure planned cash flow is achieved.
Surface and underground works are progressing to plan while critical path activities began on schedule.
Mobile fleet deliveries continue in line with the activity ramp-up and the company is working to re-establish access to the high-grade silver Upper North Lode (UNL).
Arrival of the new Epiroc Simba production drill at Endeavor.
Recruitment progress
Recruitment of senior management, most technical staff and supervisors is complete, and the onboarding of mining, maintenance and processing crews is progressing to schedule.
The recruitment of underground operators and tradespeople, including electrical, fixed and mobile, continues apace, with processing operators now also coming on board.
There are 79 full-time personnel now employed at Endeavor which will grow to a full contingent of more than 200 by Q3 2025.
Full focus on restart plan
Polymetals executive chairman Dave Sproule said: “With the festive season behind us, our capable and energetic team are again fully focused on the execution of the Endeavor Mine restart plan.
"The development philosophy, which Polymetals has applied over numerous resource projects, is again on show and it is a pleasure to work alongside the growing team as the 'can-do' culture is applied.
"We are very pleased with progress to date with the recommencement of mining activities underground, including our first blasting and trucking activities, and refurbishment of the mill all progressing well.
"Early mining of high-grade silver Upper North Lode ore remains a core strategy, and we are looking forward to a rewarding year ahead for our stakeholders.”
Locomotive test of rail line prior to the resumption of concentrate freight.
Underground rehabilitation
The arrival of various mobile underground equipment during December saw the start of initial underground development rehabilitation work, particularly focused on the high-grade UNL.
Polymetals is progressing with a potential modification of mining method to improve the extraction and productivity of the high-grade UNL silver mineralisation because of recent favourable geotechnical drilling results and related mining studies.
Refurbishment of the process plant and surface infrastructure continues with current focus on the ore feed and grinding circuits.
Specialist technicians have been engaged to ensure the primary SAG and Secondary Ball mills are fully operational. The three Larox concentrate filters are also being inspected and refurbished as required by external technicians.
All other general refurbishment, fabrication and maintenance of the process plant is being completed by Polymetals’ Project and Operations teams.
Process plant control and analysis systems upgrade.
"Near mine exploration also remains in focus, with Carpark drilling and geophysical surveys underway,” Sproule said.
Positive share movements
The first US$5 million tranche of the US$20 million Pre-payment Facility with Ocean Partners was drawn in December and further tranches will be drawn in line with the scheduled restart expenditure program.
Progress at Endeavor coincides with positive recent share price movements from 24 cents on September 9 to a record high of $1.01 on December 11.
"It is also most gratifying to receive continued market recognition and the significant increase in new shareholders joining our register. We expect this trend to continue as the project is further derisked toward production,” Sproule added.