Polymetals Resources has moved from a voluntary shutdown to first concentrate shipments within weeks at its Endeavor silver-zinc mine in New South Wales.
The company had a fatal underground incident on October 28, when two employees lost their lives due to the unintended detonation of a ballistic disc. Polymetals voluntarily suspended operations while an independent investigation and a comprehensive review of explosives handling procedures were undertaken.
“The December 2025 quarter was defined by two contrasting realities: continued progress toward steady-state operations at Endeavor and the profound impact of the tragic incident at the mine,” Polymetals Resources executive chairman Dave Sproule said.
“Following the incident, Polymetals undertook an independent investigation and comprehensive review of its procedures for the handling and use of explosives before recommencing operations.”
Mining and milling recommenced on a staged basis from mid-November, progressing from day shift to continuous operations by the end of the month.
Sproule said productivity was affected by the suspension, workforce absences and resignations, but recruitment and onboarding were helping restore capability towards pre-incident levels.
“Despite these challenges, key milestones were achieved. Our first zinc concentrate shipment was completed in October, followed by the first silver‑lead concentrate shipment in early December,” Sproule said. “Logistics and handling processes are now well established.”
Mining has commenced in the high-grade silver Upper North Lode, which is expected to support production and cash flow over a nominal two-year period. Near-mine exploration also advanced during the quarter, with drilling at the Carpark prospect expanding to double-shift operations and a second rig mobilised on regional targets.
The company strengthened its balance sheet during the quarter, raising $34.4 million through an institutional placement and securing additional working capital facilities. Cash at quarter end was $30 million, with a further $15 million of available finance.
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