Polymetals Resources (POL) H2 2026 earnings summary

Executive summary

• Transitioned from mine developer to producer in FY2026, with Endeavor Mine moving from restart to revenue generation and establishing a platform for future growth.

• Achieved first concentrate production, shipments, and established sales channels, marking a significant operational milestone.

• Focused on ramping up production, advancing the Deep Zinc Lode, and expanding mine life through exploration.

• Responded to a fatal underground accident with operational suspension, review, and subsequent safe resumption.

Financial highlights

• Revenue for FY2026 reached $100.0 million, with a 65% increase to $45.8 million in the June quarter.

• Operating cash flow for the June quarter was $10.4 million, with cash at year-end of $29.1 million, up 26% sequentially.

• Net loss after tax was $47.0 million (FY2025: $47.8 million loss).

• Group operating costs totaled $128.45 million, or $358.9 per tonne of ore processed.

• Basic and diluted EPS were both -16.2 cents.

Outlook and guidance

• Priorities include increasing underground production, maximizing value from the Upper North Lode, advancing Deep Zinc Lode, and converting exploration success into additional resources and reserves.

• Strategy is to progressively increase mill utilization toward nameplate capacity of 100,000 tonnes per month in H1 CY2027.

• Exploration and drilling continue to expand resource base and support longer mine life.