Polymetals Resources (POL) H2 2025 earnings summary

Executive summary

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

• Workforce expanded to 185 full-time employees, targeting 230 for steady-state operations; logistics and offtake agreements in place to support concentrate shipments and working capital.

• Raised $33.3 million via institutional placement and $0.42 million through a Share Purchase Plan at $0.80 per share, enhancing liquidity for production ramp-up.

• Appointed key personnel to drive operations and exploration, including a new Executive Director - Exploration and a General Manager for the Endeavor Mine.

Financial highlights

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

• Revenue for the year was $1,425, with first significant revenues from concentrate sales received in July 2025, after year-end.

• Cash position at 30 June 2025 was $8.3 million, bolstered by equity raises and prepayment from offtake partner.

• Total assets increased to $97.3 million from $30.9 million year-over-year, driven by mine acquisition and capital investment.

• Share price rose to $0.81 at year-end from $0.25 the previous year.

Outlook and guidance

• Focus on achieving steady-state production, increasing monthly throughput to 65,000 tonnes by end of calendar 2025.

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

• Disciplined exploration program to supplement mill feed and identify new regional opportunities.

• Silver market conditions remain favourable, with prices at multi-year highs, supporting positive outlook.