Polymetals Resources (POL) H1 2026 earnings summary

Executive summary

• First concentrate shipments commenced, generating $39.4 million in revenue for the half-year ended 31 December 2025, compared to nil in the prior period.

• Loss after tax increased to $34.5 million from $6.9 million year-over-year, reflecting ramp-up costs and a temporary production suspension following a fatal mining incident.

• Operations at the Endeavor Mine were temporarily suspended in late October due to a fatal incident, with staged recommencement in November and full production restored by December.

• Significant capital raised through share placements and option exercises to support exploration and strengthen the balance sheet.

Financial highlights

• Revenue for the half-year was $39.4 million, up from $0 in the prior year.

• Net loss after tax was $34.5 million, a 400% increase year-over-year.

• Net tangible assets per share rose to 7.93 cents from 3.91 cents at 30 June 2025.

• Cash and cash equivalents increased to $30.1 million from $8.4 million at 30 June 2025.

• Total assets grew to $126.9 million from $97.3 million at 30 June 2025.

Outlook and guidance

• Mining and processing of higher-grade ore from the Upper North Lode (UNL) is underway, expected to improve recoveries and revenues from January 2026.

• Development of the Deep Zinc Lode (DZL) is planned to commence in the June 2026 quarter, with production scheduled for H1 2027.

• Ongoing exploration and drilling programs target near-mine and regional prospects to extend mine life and resource base.