Name of the Project
Endeavour silver/lead/zinc mine restart project.

Location
North of Cobar, in New South Wales, Australia.

Project Owner/s
Polymetals.

Project Description
An optimised mine plan has demonstrated that the project will generate outstanding financial returns and create substantial value, with significant increases in ore reserves, mine production, free cashflow, the net present value (NPV) and internal rate of return (IRR), compared with the October 2023 mine restart study.

The Endeavour mine had underground mineral resources of 16.3-million tonnes as at May 2023, grading 8% zinc, 4.5% lead and 84 g/t silver.

Tailings storage facility Sector 1 tailings mineral resources were estimated at 5.2-million tonnes grading 2.12% zinc, 1.55% lead and 79 g/t silver as at September 2023. The mine plan envisages payable production of 260 000 t of zinc, 90 000 t of lead and 10.6-million ounces of silver over a ten-year mine life.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The mine plan shows a pretax IRR and NPV of 345% and $414-million respectively, with a short payback period of 14 months.

Capital Expenditure
$28-million, for which Polymetals is now working to finalise a A$30-million debt facility to support the project’s redevelopment to positive cash flow in the first half of next year.

Planned Start/End Date
First production is planned for the first half of 2025.

Latest Developments
Polymetals has started critical path site refurbishment activities, mainly pertaining to the underground infrastructure of the Level 6 substation and surface ventilation fan.

Once the debt facility has been finalised, the planned and relatively modest site refurbishment tasks will be ramped up to meet the scheduled mining and processing timeline.

Key Contracts, Suppliers and Consultants
Xenith Consulting (mine engineering, design and scheduling); Polymetals and AMC Consultants (process plant and infrastructure); ALS Metallurgy, AMC Consultants, CBH Resources and Polymetals (historical and recent metallurgical testwork and recoveries); and Polymetals and Xenith Consulting (geology, resources and geotechnical).

Contact Details for Project Information
Polymetals, tel +61 2 6830 2555 or email info@polymetals.com.