Polymetals Resources (POL) Q4 2025 TU earnings summary

Executive summary

• Endeavor Silver Zinc Mine successfully restarted, with first concentrate production and maiden revenues received in July following eight months of refurbishment and commissioning.

• Mining and processing ramping up to planned levels, with over 40,000t of ore delivered to surface and 36,066 dmt of commissioning ore treated in June.

• Workforce surpassed 180 full-time personnel, targeting 230 as operations scale.

• Near-mine and regional exploration programs advanced, with significant drilling and data integration across the 1,107 km² Cobar tenement package.

Financial highlights

• Cash at bank at quarter end was $8.3 million, with an additional $6 million in available finance.

• Endeavor Project development expenditure during the quarter was $16 million; exploration and evaluation expenses were $222,000.

• Net cash used in operating activities for the quarter was $(7.2) million; net cash used in investing activities was $(16.0) million.

• Pro forma cash position at 30 June 2025 was $8.3 million, with first revenue from concentrate pre-payment received post-quarter.

Outlook and guidance

• Site activities on schedule to process an average of 65,000t of ore per month during H2 2025.

• First ore from the high-grade Upper North Lode expected in the coming weeks, with plans to process over five million ounces of contained silver over the next two years.

• Ongoing optimisation of plant to maximise recoveries and produce premium grade concentrates.

• Regional exploration to accelerate with a 10,000m aircore and percussion drilling program and staged IP surveys.