Polymetals Resources (POL) H2 2025 earnings summary

Executive summary

• Successfully restarted the Endeavor Silver Zinc Mine in Cobar, NSW, with first saleable concentrates produced in June 2025 and maiden revenues received in July 2025, transitioning from developer to producer and establishing a foundation for sustained cash flow and growth.

• Workforce expanded to 185 full-time employees by June 2025, with a target of 230 to support continuous operations.

• Major refurbishment of underground crushing, shaft hoisting, and processing plant completed over eight months, with logistics and offtake agreements in place for concentrate shipments.

• Institutional placements and share purchase plans raised over $35 million to support liquidity and production ramp-up.

Financial highlights

• Loss after income tax for FY2025 was $47.8 million, compared to a $3.3 million loss in FY2024, reflecting ramp-up and restart costs.

• Revenue for the year was $1,425, with first significant revenues from concentrate sales received post year-end.

• Cash and cash equivalents at 30 June 2025 were $8.4 million.

• Net cash outflows from operating and investing activities totaled $49.5 million for the year.

• Share capital increased to $79.6 million following multiple placements and equity raises.

Outlook and guidance

• Focus on achieving steady-state production and cash generation at Endeavor, with ramp-up to 65,000 tonnes per month targeted by end of calendar 2025.

• Ongoing optimisation of recoveries and sequencing of high-grade ore from the Upper North Lode to enhance economics and extend mine life.

• Disciplined exploration program to supplement mill feed and discover new systems in the Cobar Basin.