Polymetals Resources has raised $34.4 million for its Endeavor silver zinc mine in New South Wales, received through the issue of new shares priced at $0.87 per share.
Polymetals executive chairman Dave Sproule thanked shareholders for their continued support, while welcoming new investors.
“We are particularly pleased to see significant interest from high-quality domestic and international institutions,” Sproule said.
The company received commitments from domestic and international institutional and sophisticated investors under the placement to raise the amount through the issue of 39,500,000 new fully paid ordinary shares.
“Polymetals anticipates a strong period of news flow supported by rising production cashflow and ongoing exploration success from near-mine and regional targets.”
The company said the funds will be used to accelerate near-mine drilling at Carpark, as well as drill testing high-priority silver-zinc and copper targets within the mining leases.
Additionally, it aims to fast-track regional exploration with the drilling of silver-lead-zinc, gold and copper-gold targets, as well as strengthen the balance sheet alongside the recently announced additional standby credit facilities.
The $0.87 per new share price represents a 15.9 per cent discount to the company’s last traded price of $1.035 on Friday, November 28 2025, a 6.8 per cent discount to the five-day volume-weighted average price (VWAP) of $0.934.
“Across the March quarter of 2026, mining rates will increase materially from the high-grade silver Upper North Lode, with the company well placed to take advantage of strong silver pricing.”
Polymetals shares resumed trading on the ASX market on Wednesday, December 3, with settlement of the placement expected on Wednesday, December 10, and allotment of new shares on the following day.
The capital raise comes four weeks after the company recommenced operations at Endeavor in the wake of the sudden and tragic loss of two employees, Holly Clarke and Patrick ‘Ambrose’ McMullen, in an incident at the mine.