The owner of Cobar’s Endeavor Mine has secured funding that will assist with the escalation of mining.

Polymetals Resources confirmed early this week it had secured a loan to fund their activity at the lead, zinc and silver mine through a strategic partnership with global global metal and commodities trader, Ocean Partners.

The historic mine, 40 kilometres north west of Cobar, has been in care and maintenance for five years, but will be scaled back up after a restart study demonstrated better than anticipated profitability and an increased present value of $414 million from $201 million (Resurgent metal prices behind Endeavor Mine reopening).

The new deal with Ocean Partners includes an initial US$20 million loan, as well as an offtake agreement for the ore.

Polymetals Executive Chairman Dave Sproule welcomed the announcement as the last hurdle in supporting the restart at Endeavor, with the company on track to having production moving and cash flow in the first half of 2025.

“Surface and underground refurbishment work is underway, and we very much look forward to realising on the significant Endeavor asset with its substantive remaining ore reserves and exploration potential," he said.

“The strategic partnership with Ocean Partners builds upon an existing 20-year relationship between us, with Endeavor being a perfect fit for our respective capability and experience. The intent is to build a platform for growth, and the flexibility provided by the Ocean Partners facility allows us to execute this strategy.

“The path to production is now secure and we remain laser focused on delivering on our commitment to our shareholders and the Cobar region.”