Polymetals secures additional working capital
ASX-listed Polymetals Resources has secured further working capital support to underpin operations at the Endeavor mine in New South Wales, following last month’s fatal detonation incident.
The company on Friday said trading partner Ocean Partners had offered an additional $10-million bridging facility, available on an as-needed basis, with final terms under discussion. The new facility comes on top of the $10-million working capital facility and concentrate prepayment arrangement agreed in October 2024. Polymetals has repaid $3-million of that initial facility to date.
The Sproule family has also provided a 12-month A$5-million loan at nil interest, while Ocean Partners has further demonstrated its support through the exercise of 1.25-million options at A$1.00/share. Both the bridging facility and Sproule loan are unsecured.
“Following the 28th October incident, the Polymetals team is firmly ‘back on the horse’ with Endeavor again operating on a continuous shift basis. The past month has tested the resolve of the Polymetals family; however, the team understands that the business must continue and prosper to support its employees, their families and the many stakeholders who rely on it," said executive chairperson Dave Sproule.
"The support of our trading partner, Ocean Partners, has been unwavering and remains strongly aligned with the Endeavor project and the broader aims of the Company. We also thank Ocean Partners for their bridging assistance and the exercise of their $1.00 priced options.”
Further, Polymetals confirmed that the Endeavor mine had resumed production and returned to continuous shift operations. A scheduled SAG mill reline and other minor plant maintenance activities were under way ahead of the planned recommencement of milling in early December.
Investigations by the authorities into the October 28-unintended detonation, which claimed the lives of Holly Clarke and Ambrose McMullen, remain ongoing.
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