POL - Polymetals finalises acquisition of Endeavor Silver Zinc & Lead Mine

(NewsDirect)

Polymetals Resources Ltd (ASX: POL) executive chairman DavidSproule sits down with Proactive’s Jonathan Jackson to discuss theacquisition of the Endeavor Silver, Zinc & Lead Mine. This revisedacquisition, through Polymetals' subsidiary Cobar Metals Pty Ltd,ensures 100% ownership of the mine and its associated explorationtenements in NSW's Cobar Basin. The new agreements allow for atwo-year deferral on the replacement of the approximately $28 millionEndeavor Mine Rehabilitation Bond, originally due by April 2024, underthe conditions of a prior agreement. This extension aids Polymetals insecuring project financing and hastening the mine’s restart, withproduction aimed for the first half of 2025. The updated deal not onlytransfers ownership but also positions Polymetals to enhance economiccontributions to the local community by creating over 200 jobs andpotentially increasing the mine's life through further explorationand treatment improvements. This acquisition, pending shareholderapproval and compliance with several set conditions, marks asignificant stride towards leveraging the favourable market conditionsfor base metals. Shareholder consent is particularly crucial for thegrant of security over assets owned by Cobar Operations Pty Ltd andEndeavor Operations Pty Ltd, as required under the financialassistance provisions of the Corporations Act 2001 (Cth).

ContactDetails

Proactive Investors

JonathanJackson

+61 413 713 744

jonathan@proactiveinvestors.com

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