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2026-11-06
◂ Monitor POL ASX

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
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1M
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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

Narrative and provenance

Research & Sources

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Chronological evidenceSource-document inventory21 documents
Local ASX POL daily closing observationMarket Data · HighExtracted

Latest eligible local close selected by miners.reference_price: raw POL ordinary share close A$0.85 on 25 September 2026, 272,301 shares traded.

Document ID
asx-close-20260925
Published UTC
2026-09-25T06:00:00Z
Projects
—
Commodities
—
Open original source ↗
Application for quotation of securities - POLCorporate Action · MediumExtracted

Appendix 2A records 312,472 employee shares newly issued and 308,426,149 quoted ordinary shares after quotation.

Document ID
appendix2a-20260924
Published UTC
2026-09-23T22:13:00Z
Projects
—
Commodities
—
Open original source ↗
FY2026 Annual ReportResults · HighExtracted

Audited FY2026 report: first A$100m revenue but a A$47.0m loss, negative annual cash flow and material going-concern uncertainty; also updates reserves, offtake, finance and management.

Document ID
annual-report-2026
Published UTC
2026-09-08T00:29:00Z
Projects
endeavor · guinea-exploration
Commodities
silver · zinc · lead
Open original source ↗
Polymetals first production year: cash pressure remainsOther · LowExtracted

Independent editorial coverage frames first A$100m revenue against the A$47m loss, negative operating cash flow and auditor going-concern warning; it provides no independent mine valuation.

Document ID
outside-view-20260908
Published UTC
2026-09-08T00:00:00Z
Projects
endeavor
Commodities
silver · zinc · lead
Open original source ↗
Endeavor Mine 2026 Mineral ResourceResource Update · HighExtracted

Updated in-situ resource of 20.7 Mt at 7.5% zinc, 4.2% lead and 82 g/t silver; 63% lies close to old stopes or subsidence and no mining recovery factor was applied.

Document ID
endeavor-mre-20260907
Published UTC
2026-09-06T22:31:00Z
Projects
endeavor
Commodities
silver · zinc · lead
Open original source ↗
Date of 2026 Annual General MeetingGovernance · MediumExtracted

Issuer schedules the annual general meeting for 12 November 2026.

Document ID
agm-date-20260825
Published UTC
2026-08-24T23:06:00Z
Projects
—
Commodities
—
Open original source ↗
Polymetals Mid-Year Webinar 2026 AmendedPresentation · HighExtracted

Issuer presentation outlines high-grade silver production target, Upper Main Lode timing and Deep Zinc Lode development objectives.

Document ID
midyear-webinar-20260813
Published UTC
2026-08-12T23:54:00Z
Projects
endeavor
Commodities
silver · zinc · lead
Open original source ↗
Application for quotation of securities - POLCorporate Action · MediumExtracted

Appendix 2A for quotation of 618,750 previously issued employee incentive shares after the rehabilitation-bond vesting condition was satisfied.

Document ID
appendix2a-20260807
Published UTC
2026-08-06T22:27:51Z
Projects
—
Commodities
—
Open original source ↗
Completion of Endeavor Mine AcquisitionTransaction · HighExtracted

Discharge of vendor security and transfer of 100% ownership of Cobar Infrastructure Pty Ltd completed.

Document ID
acquisition-final-20260731
Published UTC
2026-07-30T22:22:18Z
Projects
endeavor
Commodities
—
Open original source ↗
Exchange of Endeavor Mine Rehabilitation BondTransaction · HighExtracted

Polymetals exchanged the vendor-held A$27.956 million Endeavor rehabilitation bond using cash placed in a restricted interest-bearing account, clearing the final acquisition condition.

Document ID
rehab-bond-20260728
Published UTC
2026-07-27T23:10:34Z
Projects
endeavor
Commodities
—
Open original source ↗
30 June Quarterly ReportOperations · HighExtracted

June 2026 quarterly reporting positive operating cash flow, record post-restart mining and processing, improved recoveries, production, liquidity, debt and inventory.

Document ID
jun26-quarterly
Published UTC
2026-07-13T22:52:00Z
Projects
endeavor
Commodities
silver · zinc · lead · gold
Open original source ↗
March 2026 Quarterly ReportOperations · HighExtracted

March 2026 quarterly showing stabilised production, first high-grade DSO, increased revenue and large payable metal inventory.

Document ID
mar26-quarterly
Published UTC
2026-04-13T22:58:51Z
Projects
endeavor
Commodities
silver · zinc · lead · gold
Open original source ↗
Notification of cessation of securities - POLCorporate Action · MediumExtracted

Appendix 3H recording the completed selective buy-back and cancellation of 562,500 ordinary shares at A$0.35 per share, offset against participant loans.

Document ID
buyback-cessation-20260310
Published UTC
2026-03-09T22:17:25Z
Projects
—
Commodities
—
Open original source ↗
Half Year AccountsResults · HighExtracted

Reviewed half-year accounts and operating report, including production, financing, rehabilitation obligations, capital movements and a material uncertainty related to going concern.

Document ID
half-year-20260227
Published UTC
2026-02-26T21:17:36Z
Projects
endeavor
Commodities
silver · zinc · lead · gold
Open original source ↗
Presentation to Blue Ocean Equities Conference Feb 2026Presentation · MediumExtracted

Operating presentation summarising Endeavor's restart, ore sources, infrastructure, production profile and exploration opportunity.

Document ID
blue-ocean-presentation-20260203
Published UTC
2026-02-02T22:20:13Z
Projects
endeavor
Commodities
silver · zinc · lead
Open original source ↗
31 December 2025 Quarterly ReportOperations · HighExtracted

December 2025 quarterly covering the staged restart after a fatal incident, reduced grades and continued production ramp-up.

Document ID
dec25-quarterly
Published UTC
2026-01-13T22:54:45Z
Projects
endeavor
Commodities
silver · zinc · lead
Open original source ↗
September 2025 Quarterly ReportOperations · HighExtracted

September 2025 quarterly describing ramp-up, concentrate production, debt repayment, liquidity and first zinc shipment logistics.

Document ID
sep25-quarterly
Published UTC
2025-10-09T22:31:14Z
Projects
endeavor
Commodities
silver · zinc · lead
Open original source ↗
Annual Report to shareholdersResults · HighExtracted

FY2025 annual report covering the Endeavor restart, first production, financing, audited financial statements, tenements and resource-reserve disclosures.

Document ID
annual-report-2025
Published UTC
2025-09-28T23:13:07Z
Projects
endeavor
Commodities
silver · zinc · lead · gold
Open original source ↗
Significantly Improved Endeavor Silver Lead Zinc Mine PlanStudy · HighExtracted

Issuer updated ten-year mine plan superseding the 2023 restart study: pre-tax real NPV8 A$414m and FCF A$609m at US$28/oz silver, US$2,860/t zinc, US$2,160/t lead and AUD:USD 0.67. The production target uses 29% inferred resources.

Document ID
endeavor-plan-20240805
Published UTC
2024-08-04T23:00:00Z
Projects
endeavor
Commodities
silver · zinc · lead
Open original source ↗
Completion of Endeavor Mine AcquisitionTransaction · HighExtracted

Polymetals announced transfer of the Endeavor operating entities and 100% project ownership, including a 1.2 Mtpa plant and 1,100 square kilometres of tenements.

Document ID
acquisition-20240801
Published UTC
2024-07-31T20:52:55Z
Projects
endeavor
Commodities
silver · zinc · lead
Endeavor Silver Lead Zinc Mine Restart Study completedStudy · HighExtracted

Mine Restart Study for a ten-year Endeavor restart using existing infrastructure, with explicit reserves, production, price assumptions and project economics.

Document ID
endeavor-mrs-20231016
Published UTC
2023-10-15T21:15:04Z
Projects
endeavor
Commodities
silver · zinc · lead
Open original source ↗
Evidence facts79
mrs-npvPre-tax NPV8

201022552 AUD

2023-10-16
mrs-capexPre-production capital

23733607 AUD

2023-10-16
mrs-lifeInitial project life

10 years

2023-10-16
mrs-reserve-tonnesProved and probable ore reserve

5600000 tonnes

2023-09-30
mrs-zinc-priceStudy zinc price

2750 USD/t

2023-10-16
mrs-lead-priceStudy lead price

2200 USD/t

2023-10-16
mrs-silver-priceStudy silver price

23 USD/oz

2023-10-16
mrs-fxStudy AUD:USD exchange rate

0.67 AUD:USD

2023-10-16
endeavor-ownership-2024Endeavor operating ownership

100 percent

2024-08-01
endeavor-resource-2024Endeavor JORC resource endowment

16300000 tonnes

2024-08-01
fy25-first-productionFirst ore treated

June 2025 None

2025-06-30
fy25-june-throughputCommissioning ore processed in June

36000 dmt

2025-06-30
sep25-concentrateZinc and silver-lead concentrates produced

15667 dmt

2025-09-30
dec25-silver-producedSilver produced

78100 oz

2025-12-31
hy25-unl-tonnesExpected Upper North Lode ore over two years

400000 tonnes

2026-02-27
hy25-tailings-resourceSector 1 tailings resource

5000000 tonnes

2026-02-27
hy25-going-concernMaterial uncertainty related to going concern

True None

2025-12-31
buyback-sharesOrdinary shares cancelled in selective buy-back

562500 shares

2026-03-06
post-buyback-quoted-sharesQuoted ordinary shares after cessation

307494927 shares

2026-03-10
mar26-revenueQuarterly customer receipts

27778000 AUD

2026-03-31
jun26-revenueJune-quarter revenue

45758000 AUD

2026-06-30
jun26-operating-cashflowJune-quarter operating cash flow

10240000 AUD

2026-06-30
jun26-cashCash and cash equivalents including receivable

29054000 AUD

2026-06-30
jun26-debtDrawn loan facilities

10714000 AUD

2026-06-30
jun26-leasesDrawn equipment lease facilities

13300000 AUD

2026-06-30
jun26-inventoryNet payable metal inventory

22642000 AUD

2026-06-30
jun26-ordinary-sharesIssued ordinary shares in quarterly table

308744927 shares

2026-06-30
jun26-silverSilver produced in June quarter

396485 oz

2026-06-30
jun26-zincZinc produced in June quarter

3268 t

2026-06-30
jun26-leadLead produced in June quarter

2061 t

2026-06-30
jun26-throughputOre processed in June quarter

114036 tonnes

2026-06-30
rehab-restricted-cashCash restricted for replacement rehabilitation bond

27956000 AUD

2026-07-28
cipl-property-valueIndependent value of CIPL real estate portfolio

19000000 AUD

2026-07-28
cipl-ownershipCobar Infrastructure ownership

100 percent

2026-07-31
aug26-shares-quotedEmployee incentive shares newly quoted

618750 shares

2026-08-06
aug26-quoted-sharesQuoted ordinary shares following quotation

308113677 shares

2026-08-07
fy26-revenueFY2026 revenue

100002365 AUD

2026-06-30
fy26-lossFY2026 after-tax loss

-47042826 AUD

2026-06-30
fy26-operating-cashFY2026 net operating cash flow

-21807149 AUD

2026-06-30
fy26-investing-cashFY2026 net investing cash flow

-9257841 AUD

2026-06-30
fy26-cashAudited FY2026 cash and equivalents

19658063 AUD

2026-06-30
fy26-borrowingsAudited current and non-current borrowings

26451171 AUD

2026-06-30
fy26-inventoryAudited FY2026 inventory carrying amount

10656368 AUD

2026-06-30
fy26-net-current-liabilitiesNet current liabilities

28129672 AUD

2026-06-30
fy26-bond-commitmentEnvironmental bond commitment

30065625 AUD

2026-06-30
fy26-optionsUnquoted options at A$1 expiring November 2026

1250000 options

2026-09-08
fy26-offtakeOcean Partners six-year zinc and silver-lead concentrate offtake

six years None

2026-09-08
fy26-related-loanInterest-free loan from director-controlled company

5000000 AUD

2026-06-30
fy26-rosterCurrent executive and senior management

David Sproule; Jess Oram; John Haley; Brad Stanmore None

2026-09-08
fy26-reserveStage 1 Endeavor ore reserve

6600000 tonnes

2026-09-08
fy26-going-concernAuditor going-concern material uncertainty

material uncertainty None

2026-09-08
emp24-npvUpdated Endeavor pre-tax real NPV at eight percent

414000000 AUD

2024-08-05
emp24-fcfTen-year pre-tax free cash flow

609000000 AUD

2024-08-05
emp24-reserveProved and probable underground plus tailings reserves

6600000 tonnes

2024-08-05
emp24-silverModel silver price

28 USD/oz

2024-08-05
emp24-zincModel zinc price

2860 USD/t

2024-08-05
emp24-leadModel lead price

2160 USD/t

2024-08-05
emp24-fxModel AUD:USD

0.67 USD/AUD

2024-08-05
emp24-payable-silverTen-year payable silver

10600000 oz

2024-08-05
emp24-payable-zincTen-year payable zinc

260000 tonnes

2024-08-05
emp24-payable-leadTen-year payable lead

90000 tonnes

2024-08-05
emp24-inferred-shareMine-plan production target from inferred resources

29 percent

2024-08-05
mre26-tonnesUpdated in-situ Endeavor mineral resource

20700000 tonnes

2026-07-31
mre26-zinc-gradeZinc grade

7.5 percent

2026-07-31
mre26-lead-gradeLead grade

4.2 percent

2026-07-31
mre26-silver-gradeSilver grade

82 g/t

2026-07-31
mre26-upper-mainUpper Main Lode resource

1600000 tonnes

2026-07-31
mre26-stope-skinResource within five metres of stopes and subsidence

63 percent

2026-07-31
mre26-mining-depletionOre mined June 2025 to July 2026

344000 tonnes

2026-07-31
web-uml-timingUpper Main Lode targeted online within six to twelve months

6-12 months None

2026-08-13
web-dzl-timingDeep Zinc Lode development targeted later in 2026

late 2026 None

2026-08-13
web-plan-updateUpdated reserve and mine plan to follow resource modelling

coming months None

2026-08-13
web-payable-silverTwo million payable silver ounces targeted over following 12 months

2000000 oz

2026-08-13
sep26-new-sharesNew employee-retention ordinary shares issued

312472 shares

2026-09-23
sep26-quoted-sharesQuoted ordinary shares following issue

308426149 shares

2026-09-24
sep26-unquoted-optionsRemaining unquoted A$1 options

1250000 options

2026-09-24
agm26-date2026 annual general meeting date

2026-11-12 None

2026-08-25
market-close-20260925POL ASX ordinary share closing price

0.85 AUD/share

2026-09-25
market-volume-20260925POL traded volume

272301 shares

2026-09-25
Conflicts requiring judgment2
  • ordinary shares outstanding

    The 24 September Appendix 2A reports the latest issued ordinary class total of 308,426,149, superseding the August class table and inconsistent June quarterly total.

  • 30 June 2026 cash

    The annual financial statements report audited cash and equivalents of A$19.658m; the quarterly A$29.054m caption includes receivables and is not the same cash definition.