Polymetals Resources released their March 2026 quarterly report yesterday with Executive Chairman Dave Sproule reporting the Endeavor Mine operation had marked a turning point.
Mr Sproule said during the past quarter, Polymetals’ operational focus at Endeavor was on safely ramping up mining and processing performance while transitioning into higher-value ore sources.
In March, the company reported a stronger-than-expected start to mining at its Endeavor operation, after early ore results revealed significantly higher silver content than originally forecast.
Development of the high-grade Upper North Lode, a key zone within the mine, was completed in February, and active ore extraction is now underway.
Around 81,000 tonnes have already been mined, and the operation remains on track to extract the remaining reserves over the next 18 months in accordance with the mine plan.
Mr Sproule said in a positive development, analysis of the initial ore has shown silver grades well above modelled estimates.
He said the uplift has been attributed to the presence of “native silver”, visible silver, occurring naturally within the rock, which had proven difficult to fully quantify during earlier drilling.
This important outcome improves the payable silver of mined material and has positive implications for revenue.
The also company reported the Endeavor operation has a secure supply of diesel fuel to support all planned activities and they are working closely with their fuel supplier to manage fuel inventory and price whilst the current Middle East volatility persists.
“The Company finished the quarter with $22.9 million in cash and $37.9 million in unsold net metal inventory,” Mr Sproule reported.
“With revenues now being generated from both Direct Shipping Ore and concentrate production, Endeavor has turned the corner operationally and is positioned for a productive and sustainable future.”
