Polymetals raises fresh equity for Endeavor mine
ASX-listed Polymetals Resources has moved to further boost its financial position and advance development plans at the Endeavor silver/zinc mine, securing A$34.4-million in new equity while also locking in additional working capital support in the wake of last month’s fatal detonation incident.
The equity placement, backed by domestic and international institutional demand, was priced at A$0.87 a share, representing a 6.8% discount to the five-day volume-weighted average price and a 15.9% discount to the last traded price on November 28.
The company will issue 39.5-million new shares under its existing placement capacity.
Executive chairperson Dave Sproule said the breadth of institutional support reflected growing confidence in the company’s strategy and an improving production outlook at Endeavor. He added that mining rates were set to rise materially across the March quarter of 2026 as work advanced on the high-grade silver Upper North Lode, positioning the business to benefit from supportive silver pricing.
The fresh equity follows a funding update last week, when Polymetals confirmed it had secured further liquidity to underpin operations at Endeavor following the October 28 unintended detonation that claimed the lives of two people.
Ocean Partners, the company’s trading partner, offered an additional $10-million bridging facility on an as-needed basis, supplementing the $10-million working capital and concentrate prepayment facility agreed in October 2024, of which Polymetals has repaid $3-million. The Sproule family also provided a 12-month A$5-million unsecured loan at nil interest, while Ocean Partners exercised 1.25-million options priced at A$1.00 a share.
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