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2026-11-06
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Polymetals Resources Ltd

Ramping Producer · Silver · Zinc · Lead · Australia · Guinea Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.43
1D
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1M
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YTD
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1Y
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Upside
Locked: sign in to view
Mkt cap
A$132.6M
EV
A$159.1M
Cash
A$19.7M
Debt
A$26.5M
1 newer ASX announcement not yet reflected in this valuation

Portfolio detail

Assets

2 assets

Core asset

Endeavor Silver Zinc Mine

Australia

Ramping Producer100% ownedSilverZincLeadGoldCopper

Wholly owned operating silver-zinc-lead mine near Cobar, with FY2026 concentrate and direct-shipping sales. September resource growth is material, but 63% of the in-situ resource lies near old stopes or subsidence and is not proven mineable; auditor flags going-concern uncertainty.

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVA$201M8% discount
IRR91%Published return
Initial capexA$23.7MPublished capital estimate
NPVA$414M8% discount
IRR345%Published return
Initial capexA$28MPublished capital estimate

Pre-tax Mine Restart Study economics at US$23/oz silver, US$2,750/t zinc, US$2,200/t lead and AUD:USD 0.67.

Pre-tax real ten-year plan at US$28/oz silver, US$2,860/t zinc, US$2,160/t lead and AUD:USD 0.67; not an after-tax equity value or a live FY2026 forecast.

Resources & reserves4
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceTotal JORC resource endowment; category split not reproduced in the acquisition release16.3M tonnes8% Zn, 4.5% Pb and 84 g/t AgSilver · Zinc · Lead2024-08-01
Mineral ResourceMeasured, Indicated and Inferred20.7M tonnes7.5% Zn, 4.2% Pb and 82 g/t AgSilver · Zinc · Lead2026-07-31
Ore ReserveProved and probable5.6M tonnes4.04% Zn, 1.79% Pb and 78 g/t AgSilver · Zinc · Lead2023-09-30
Ore ReserveProved and probable, underground and tailings6.6M tonnesUnderground 0.9 Mt proved at 6.17% Zn, 3.82% Pb and 92 g/t Ag; 2.3 Mt probable at 6.8% Zn, 2.07% Pb and 55 g/t Ag; tailings 3.4 Mt probable at 2.14% Zn, 1.56% Pb and 80 g/t AgSilver · Zinc · Lead2026-09-08
Tenements9
ela7027Application236 km2 · No expiry supplied
el5785Granted765 km2 · 2027-10-05
el8583Granted295 km2 · 2029-06-02
el8762Granted29 km2 · 2027-06-27
ml158Granted3 km2 · 2028-03-12
ml159Granted3 km2 · 2028-03-12
ml160Granted3 km2 · 2028-03-12
ml161Granted3 km2 · 2028-03-12
ml930Granted30 km2 · 2028-05-20
Milestones6
  1. Restart concentrate production and sales

    Achieved · High materiality

  2. Exchange vendor-held Endeavor rehabilitation bond

    Achieved · High materiality

  3. Complete CIPL transfer and vendor security discharge

    Achieved · High materiality

  4. Commence Deep Zinc Lode underground resource drilling

    Pending · Medium materiality

  5. Target Upper Main Lode production

    Pending · High materiality

  6. Begin Deep Zinc Lode development

    Pending · High materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Endeavor Mining Leases ML158, ML159, ML160, ML161 and ML930New South Wales, AustraliaGranted2028-03-12Yes
Economic studies2
StudyStageStatusDateSummary
Endeavor Mine Restart StudyUpdated FeasibilitySuperseded2023-10-16October 2023 restart study was superseded by the August 2024 improved Endeavor Mine Plan and is retained only as a historical comparison.
Significantly Improved Endeavor Mine PlanOperating PlanCurrent2024-08-05Ten-year production target: pre-tax real NPV8 A$414m, free cash flow A$609m, 6.6 Mt proved and probable reserves. The target is 29% inferred resource and predates FY2026 cash-flow evidence and the September 2026 resource estimate.

Other

Guinea exploration licences

Guinea

Early Explorer100% ownedGold

Legacy Guinea gold exploration interests held through subsidiaries; no decision-useful current resource or work-program evidence was present in the reviewed local package.