Polymetals Resources has secured $30 million to fund the restart of the Endeavor Mine.
Polymetals announced on Monday they had entered into a strategic partnership with global commodity trader Ocean Partners securing the funding along with entering into a concentrate offtake arrangement.
The financing facility will fund the redevelopment of the Endeavor silver, lead and zinc mine.
Polymetals Executive Chairman Dave Sproule said Ocean Partners had initially provided a US$10 million pre-payment facility in June 2023 as well as an equity contribution of $500,000.
Mr Sproule reports that pre-payment arrangement has now been replaced by the upgraded US$30 million revolving loan facility.
“Completion of the project financing and offtake arrangement is the last hurdle in supporting the restart of Endeavor production, remaining on track for first concentrate output and cash flow during H1 2025,” Mr Sproule said.
“Surface and underground refurbishment work is underway, and we very much look forward to realising on the significant Endeavor asset with its substantive remaining ore reserves and exploration potential.”
