Polymetals Resources Ltd (ASX:POL) has received a A$250,000 cash boost from the NSW Government to finance the restart strategy at the Endeavor Silver-Zinc-Lead Mine in the Cobar Basin of central New South Wales.
The company's wholly-owned subsidiary Cobar Metals Pty Ltd was awarded the grant from the NSW Government Critical Minerals Activation Fund, as part of a larger grant of A$500,000.
The study is scheduled to wrap up in the December quarter, followed by a final investment decision shortly after.
Important project
“Polymetals and its wholly-owned subsidiary, Cobar Metals, are grateful to receive this generous support from the New South Wales Government to assist our restart of the Endeavor Mine, one of the state’s largest silver-zinc-lead mines,” Polymetals Resources non-executive director Alistair Barton said.
“The funding has been allocated for work undertaken as part of the Endeavor Mine Restart Study, which will be completed during the December quarter.
“The Endeavor Mine is recognised as a state-significant project, which hosts zinc and silver as critical minerals as well as lead, gold and copper.
“The NSW Government acknowledges the importance of critical mineral development and supports our restart strategy, which plans to build a significant long-term mining business bringing new jobs and opportunities to the people of Cobar and the central region of NSW.”
Providing support
The NSW Government's Critical Mineral and High-Tech Metals Activation Fund, introduced in 2022, has set its sights on fostering investment and growth within the critical minerals sector.
This move aligns with the broader goal of positioning New South Wales as a pivotal global supplier in the sector.
Funds are delivered over multiple rounds with Stream 1, up to a maximum of $500,000, to assist with the cost of studies necessary to activate or scale-up projects in the sector.