Polymetals Resources (POL) Diggers & Dealers Mining Forum 2025 summary

Recent achievements and operational update

• Commenced production at Endeavour Silver Zinc Mine six weeks ago, following acquisition and redevelopment over the past year.

• Achieved first mining production, mill commissioning, and cashflow by mid-2025, with $15.5 million generated and $22 million currently in the bank.

• Restructured a burdensome silver streaming royalty to a 4% NSR, restoring significant revenue potential.

• Operating at 60% of steady-state capacity, with plans to reach full capacity by October.

• Spent $30 million in capital to bring the project into production.

Resource base and mine plan

• Endeavour ore body has 16 million tons of joint resources remaining, with a 10-year mine plan in place.

• Endeavor Mine is the largest known orebody in the Cobar Basin, with 38 years of prior operation and 32Mt of ore mined historically.

• Fully permitted with 1.2Mtpa processing capacity, extensive infrastructure, and significant land holdings.

• Initial 10-year mine plan targets early silver cashflow, with $250m EBITDA projected in first 2 years.

• Pre-tax IRR of 345%, payback in 14 months, and pre-tax NPV of A$414m at 8% discount.

Exploration and growth strategy

• Ongoing drilling programs target both near-mine and regional extensions, with a focus on high-grade, deep Cobar-style deposits.

• $7.5m annual exploration budget aims to extend mine life and discover new deposits.

• Large tenement holding (1,107km²) in Northern Cobar Basin, targeting new copper-gold and silver-zinc deposits.

• Control of 70 km of strike in the Northern basin, with multiple historical targets to be explored.

• Next project likely to emerge from existing portfolio or new metallurgical solutions.