Polymetals Resources Completes $15 million Capital Raise to Support Endeavor Mine Ramp-Up

Highlights:

• Polymetals Resources Ltd (ASX: POL) completed a $15 million equity raise at $0.80 per share, realising net proceeds of $14.97 million at the time of writing.
• Funds will replace an undrawn US$10 million debt facility, supporting the Endeavor Mine production ramp-up in New South Wales.
• 18.75 million new shares were issued under ASX Listing Rule 7.1, bringing total shares on issue to 267,813,677.

Polymetals Resources Ltd (ASX: POL) has successfully completed its previously announced equity raise, generating net proceeds of $14.97 million at the time of writing. The raise, conducted at $0.80 per share, will be used to replace a previously undrawn US$10 million debt facility, providing the company with immediate working capital as it accelerates production at its flagship Endeavor Mine in New South Wales.

Placement Structure and Share Issuance

Under the placement, Polymetals issued 18,750,000 new fully paid ordinary shares, raising A$15 million before costs. The shares were issued in one tranche using the company’s available placement capacity, in line with ASX Listing Rule 7.1. After settlement costs of $30,000—equating to just 0.2% of gross funds—the company realised net funds of $14.97 million. As a result of this issuance, the company now has a total of 267,813,677 fully paid shares on issue. The newly issued shares commenced quotation and trading on Monday, 14 July 2025.

Strengthening Financial Flexibility

The decision to pursue equity funding over debt reflects Polymetals’ strategic aim to maintain a healthy balance sheet during a critical phase of its growth. The funds will directly support operational readiness and production scale-up at the high-grade silver-zinc Endeavor Mine, which is central to the company’s near-term production ambitions.

Focused on Growth and Exploration

Polymetals Resources Ltd is positioning itself as a long-term, profitable producer of base and precious metals. In addition to Endeavor, the company holds a robust exploration portfolio in the Cobar Basin, targeting further discoveries of copper, gold, silver, and zinc. The equity raise marks a key financial milestone as Polymetals enters a pivotal operational phase.

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