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Polymetals Resources Ltd. ( (AU:POL) ) has issued an update.
Polymetals Resources has begun mining high-grade silver ore from the Upper North Lode at its Endeavor mine, with initial production of about 11,000 tonnes showing materially higher silver grades than previously modelled due to the presence of native silver. The company is trialling a 30,000-tonne direct shipping ore parcel to smelters to capture additional value from silver and payable gold that would not be fully recovered through on-site processing.
Management says the stronger grades and ability to direct ship ore support higher revenues, underpinning growth and prompting work to convert more mineral resources into ore reserves at higher silver price assumptions. With a zinc concentrate shipment imminent, the first DSO cargo to follow and significant inventory of concentrate and stockpiled ore, Polymetals expects more consistent cash flow and a firmer financial footing for future operations.
The most recent analyst rating on (AU:POL) stock is a Sell with a A$0.94 price target. To see the full list of analyst forecasts on Polymetals Resources Ltd. stock, see the AU:POL Stock Forecast page.
More about Polymetals Resources Ltd.
Polymetals Resources Ltd is an Australian mining company focused on the Endeavor silver, zinc and lead mine near Cobar in New South Wales. The company produces silver-rich ore, zinc concentrate and related base metals products, targeting both traditional concentrate markets and potential direct shipping ore opportunities to smelters.
Average Trading Volume: 1,480,015
Technical Sentiment Signal: Hold
Current Market Cap: A$289.6M
Learn more about POL stock on TipRanks’ Stock Analysis page.