Last Thursday (August 1), Polymetals Resources (ASX:POL) announced that it had finalized the acquisition of the Endeavor silver-lead-zinc mine near Cobar in western New South Wales. On Monday, he revealed that he had stood idly by, revealing mining plans that had obviously been drawn up knowing that the deal would go through.
Polymetals said its mining plan has been “significantly enhanced” to exploit silver, lead and zinc resources at the Endeavour mine, with the goal of mining in the first part of 2025.
With an approximate cost of between 28 and 30 million dollars and a payback period of only 14 months, the company intends to start production in the first part of 2025, after the completion of a line of credit of 30 million dollars.
The plan foresees the total production of 260,000 tons of zinc, 10. 6 million of silver and 90,000 tons of lead in 10 years.
The plan has a pre-tax net offer price (NPV) of $414 million and an internal rate of return (IRR) of 345%. It expects free cash before taxes of $609 million, generating annual EBITDA (earnings before interest, taxes). , depreciation and amortization) of $89 million in the first five years.
The company said the plan “demonstrates that the allocation will generate exceptional financial returns and create very high value for Polymetals shareholders and the Cobar region; with significant increases in ore reserves, mine production, flexible cash flow , the net supply value (NPV) and Internal Rate of Return (IRR) relative to the SRM.
Polymetals chief executive Dave Sproule said the effects of restarting the mine were impressive.
“In addition to this maximum value, we are also testing various concepts to extract the gold and silver contained in the existing hydrometallurgical techniques from stored tailings, and we are actively engaged in exploration to develop the deposit’s mineral resources in order to extend the life of the mine. Formation
“The quality of the Endeavor mining asset, our operational wisdom of the Cobar Basin, the significant remaining steel reserve and the enormous exploration prospect provide a platform to realize substantial long-term returns for our shareholders and the region.
Polymetals says it has already begun redevelopment activities at the critical trail site, adding improvements to the underground infrastructure. It is also actively exploring near-mine spaces and additional drilling is underway at the Carpark prospect.
This mining assignment is related to the agreement that the company entered into with the neighboring company Metals Acquisition Corp (MAC), owner of the Cobar copper operation.
As part of the deal, MAC invested in the $6. 2 million element controlled by Poly to help finance the development. MAC invested its 4. 3% stake in the display for a total investment in Poly of $5 million. The two corporations signed an agreement to process high-grade ore at the Endeavor mine, and Poly will provide MAC with access to water collection for use at the CSA mine in Cobar.
The factor hit 28 cents, and the stock ended at that point on a dismal day in the market, posting an 8 per cent gain on a day when the ASX lost 3. 7 per cent.
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