Polymetals Raises Funds To Ramp Up Endeavor Mine
The Endeavor Mine In Outback New South Wales Is Ramping Back Into Production After A Period Of Inactivity. The Historic Silver-Zinc Operation Has Recently Restarted, With Mining Activity Building As The Site Returns To Steady Operations.
$34 Million Capital Raise
Polymetals Resources Has Raised More Than $34 Million Through A Capital Raising To Support The Next Phase Of Work At Endeavor.
The Funds Will Be Used To Accelerate Drilling, Lift Mining Rates, And Strengthen The Company’S Balance Sheet As Production Increases.
Focus On Drilling And Production
The Capital Injection Allows Polymetals To Expand Near-Mine And Regional Drilling Programs While Increasing Mining Activity At The Site. The Company Has Flagged Higher Mining Rates As Operations Progress, Supported By Improving Cashflow From The Restart.
Timely Boost Amid Strong Silver Prices
The Funding Comes At A Time Of Strong Silver Prices, Providing A Favourable Backdrop For The Restart. With Production Ramping Up And Exploration Continuing, Polymetals Is Positioning Endeavor As A Potential Long-Life Asset Within Its Portfolio.
ASX:POL