Polymetals Resources has successfully secured crucial funding to restart the historic Endeavor silver mine located near Cobar in New South Wales. The company is preparing the mine for a projected restart in early 2025, following encouraging results.
The Endeavor mine, which has a projected life of 10 years, is expected to produce 260,000 tonnes of zinc, 10.6 million ounces of silver, and 90,000 tonnes of lead.
Polymetals has finalized a binding financing term sheet and concentrate offtake agreement with Ocean Partners UK, a global trader in precious and base metals, securing $20 million in funding. This follows a competitive project funding process.
Dave Sproule, Executive Chair of Polymetals, stated, “The completion of the project financing and offtake arrangement is the final step to support the restart of Endeavor production, with first concentrate output and cash flow expected in H1 2025.”
Surface and underground refurbishment work at the mine is currently underway. Sproule expressed enthusiasm about leveraging Endeavor’s substantial remaining ore reserves and exploration potential.
He highlighted that the deal with Ocean Partners, which builds on a 20-year relationship, is a strategic move to drive growth and ensure the mine’s path to production. The flexibility provided by Ocean Partners’ funding will support the company’s growth strategy.
Established in 2004, Ocean Partners offers comprehensive commodity trading services to miners, smelters, refiners, and metal consumers.
Additionally, Polymetals’ strategic partner, Metals Acquisition Limited (MAC), which initially funded the resource drilling at Endeavor, will continue to support the project following the recent funding from Ocean Partners.
