Polymetals Resources Ltd (ASX: POL), an Australian silver and zinc producer, provided an update on its activities for the quarter ended 31 December 2025. The company continued its Endeavor Mine ramp-up following the tragic incident on 28 October 2025. Polymetals completed its first shipments of silver-lead and zinc concentrates during the quarter, marking a significant milestone despite operational disruptions.
The company reported that operations were significantly disrupted due to the tragic incident where two employees fatally injured. After the independent investigation Polymetals undertook a comprehensive review of its procedures for the handling and use of explosives before recommencing operations. Hoisting and milling restarted on 15 November, with mining moving from day-shift to continuous shift over the following fortnight.
Polymetals also made progress on near-mine exploration at Carpark, expanding drilling to double shifts. A second rig commenced on regional prospects. Mining from the Upper North Lode has commenced, with a strong March quarter expected. The company secured additional working capital through Ocean Partners and Chairman’s loan facilities. An institutional placement raised $34.4 million, strengthening the balance sheet and accelerating exploration activities. Cash at bank at quarter end was $30 million, with an additional $15 million of available finance.
Looking ahead, Polymetals Resources remains focused on safety, reliable operations, disciplined balance sheet management, and discovery through focused near-mine and regional exploration. The company extends its sincere condolences to the families and friends of the deceased and thanks all those who have provided support. Polymetals is committed to rebuilding momentum, delivering safe and reliable operations, and creating long-term value for all shareholders.
