Polymetals Resources (POL) Q1 2026 TU earnings summary

Executive summary

• Achieved ramp-up momentum at Endeavor Mine, producing 15,667 dmt of zinc and silver-lead concentrates in the quarter.

• First shipment of 11,000 wmt zinc concentrate scheduled for October, with silver-lead to follow in November.

• Access established to high-grade Upper North Lode (UNL), with ongoing metallurgical testwork to optimize recoveries.

• Revenue from operations covered operating costs, and debt repayment of US$2.5 million was made.

• Workforce surpassed 200 full-time personnel, supporting ongoing ramp-up and operational growth.

Financial highlights

• Receipts from customers totaled $32.83 million for the quarter.

• Production expenditure was $26.3 million; exploration and evaluation expenses were $493,000.

• Cash at bank at quarter end was $17.05 million, with $9.52 million in available finance.

• Net cash from operating activities was negative $2.33 million, offset by $15 million equity raise and $3.85 million debt repayment.

• Estimated quarters of funding available: 11.43.

Outlook and guidance

• Steady-state operations expected during the December quarter.

• Ongoing focus on operational excellence, commercial delivery, balance sheet discipline, and exploration.

• Exploration and drilling to continue, aiming to extend mine life and discover new ore bodies.