Polymetals Resources Ltd has announced the successful completion of its acquisition of the Endeavor silver, lead and zinc mine, located 40 km north of Cobar, NSW.
The acquisition was finalized with the transfer of 100% of the shares from CBH Resources Limited and its subsidiaries, Endeavor Operations Pty Ltd and Cobar Operations Pty Ltd, to Polymetals’ wholly owned subsidiary, Cobar Metals Pty Ltd. As part of the acquisition deal, Polymetals will issue one million fully paid shares to CBH Resources.
With the acquisition now complete, Polymetals will proceed with planned refurbishment activities and continue recruiting key management personnel. The company aims to produce its first concentrate and generate sales revenue in the first half of 2025.
The major remaining tasks for Polymetals include finalizing the Endeavor Mine’s optimization plan and completing project financing.
Polymetals Executive Chairman Dave Sproule expressed satisfaction with the acquisition, stating, “The Polymetals Board and management are extremely pleased to achieve 100% ownership of the Endeavor silver, lead, and zinc mine. This allows us to focus on what we do best—cost-efficient development, management, and operation of mines in Australia, particularly in the polymetallic-rich Cobar Basin. The Endeavor Mine holds significant JORC Resources (16.3 Mt @ 8% Zn, 4.5% Pb & 84g/t Ag) and offers compelling exploration potential, which could extend the initial 10-year mine life. We will soon announce an updated mine plan with improved outcomes compared to the initial Mine Restart Study released on October 16, 2023.”
