Polymetals Resources has raised AU$34.4 million for its Endeavor silver zinc mine in New South Wales.
Polymetals said it has received firm commitments from domestic and international institutional investors for its issue of 39.5 million shares, priced at 87 cents per share.
The company will use the funds raised from the issue to accelerate near-mine drilling at Carpark, as well as drill test high-priority silver-zinc and copper targets within the mining leases.
Polymetals will also use the funds to fast-track regional exploration and to strengthen its balance sheet.
Polymetals Executive Chairman Dave Sproule thanked new and existing shareholders for their support and expressed expectations for the miner’s performance in 2026.
“Polymetals anticipates a strong period of news flow supported by rising production cash flow and ongoing exploration success from near-mine and regional target.
“Across the March quarter of 2026, mining rates will increase materially from the high-grade silver Upper North Lode, with the company well placed to take advantage of strong silver pricing.”
The settlement of the placement is expected on December 10, with allotment of new shares scheduled for December 11.
