Polymetals Resources Ltd has completed the acquisition of the Endeavor Silver, Lead and Zinc Mine 40 kilometres north of the mining centre of Cobar in western NSW.
The transfer of 100% ownership from CBH Resources Limited to Polymetals paves the way for production at the mine to resume in the first half of 2025.
In addition to the underground mine, the acquisition includes 1,100 square kilometres of tenements, a 1.2 million tonnes per annum processing plant and significant supporting infrastructure.
“Can now get on with it”
Polymetals executive chairman Dave Sproule said: “Polymetals board and management are extremely pleased to achieve 100% ownership of the Endeavor silver, lead and zinc mine.
"We can now get on with what the company has done best for many years, namely the cost-efficient development, management and operation of mines within Australia and particularly within the very familiar and fertile polymetallic Cobar Basin.”
Ownership transferred
The transaction was completed with the transfer of 100% of the shares held by CBH Resources and its subsidiary companies, Endeavor Operations Pty Ltd and Cobar Operations Pty Ltd, to Polymetals wholly owned subsidiary Cobar Metals Pty Ltd.
One million fully paid POL shares will be issued to CBH Resources as the final element of the Endeavor Mine acquisition consideration.
To ramp-up work
Completing the acquisition means that Polymetals is now able to progress surface and underground refurbishment works at the operation in preparation for first concentrate production and sales revenue during H1 2025.
Planned refurbishment works will now be ramped up and Polymetals will continue with its recruitment of key management personnel.
Aside from the physical site activities, finalisation of the Endeavor Mine plan optimisation and completion of project financing remain the only major outstanding corporate items.
“Outstanding endowment”
"The Endeavor Mine remains with an outstanding endowment of JORC resources (16.3 million tonnes at 8% zinc, 4.5% lead and 84 g/t silver and compelling exploration potential likely to extend the initial 10-year mine life,” Sproule said.
"An updated mine plan will be announced shortly, documenting the much-improved modelled outcomes compared to the initial Mine Restart Study released on October 16, 2023.”