Polymetals Resources (POL) has acquired the Endeavor silver, lead and zinc mine, situated 40km north of Cobar, New South Wales (NSW) in Australia.

The acquisition was finalised with the transfer of 100% shares to Polymetals' wholly owned subsidiary, Cobar Metals, from CBH Resources and its subsidiary companies, Endeavor Operations and Cobar Operations.

The sale covered the Endeavor underground mine, a 1.2 million tonnes (mt) per annum processing plant, 1,100km² of tenements and supporting infrastructure.

As part of the acquisition terms, one million fully paid POL shares will be issued to CBH Resources.

With the ownership transfer complete, Polymetals is set to ramp up refurbishment works at the site and proceed with the recruitment of key management personnel.

Polymetals will now focus on commencing production and generating sales revenue from the Endeavor mine during H1 2025.

In addition to the on-site activities, Polymetals is finalising an optimisation plan for the Endeavor Mine and securing project financing.

Polymetals executive chairman Dave Sproule said: “We can now get on with what the company has done best for many years, namely the cost-efficient development, management and operation of mines within Australia and particularly within the very familiar and fertile polymetallic Cobar Basin.

“The Endeavor mine remains with an outstanding endowment of JORC Resources (16.3mt @ 8% Zn, 4.5% Pb [lead] and 84g/t Ag) and compelling exploration potential likely to extend the initial ten-year mine life.”

In 2023, Polymetals launched a mine restart study (MRS) for the Endeavor lead-zinc-silver mine, which is said to hold highly prospective exploration licences.

The mine is estimated to hold 16.3mt of lead, zinc and silver within its mining leases.